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A Review of Macroeconomics by Jagdish Handa
Macroeconomics is a textbook written by Jagdish Handa, a professor of economics at McGill University. The book covers the main topics and theories of macroeconomics, such as output, inflation, money supply, interest rates, growth, unemployment, fiscal and monetary policy, exchange rates and international trade. The book also presents the stylized facts on the important variables of the macro economy and uses them to differentiate how well particular economic theories perform or fail to do so.
The book adopts two approaches to the determination of aggregate demand: the traditional IS-LM analysis under the assumption that the money supply is exogenous because the central bank uses its monetary policy to control it, and the emerging IS-IRT analysis under the assumption that the interest rate is the exogenous monetary policy variable set by the central bank to manipulate aggregate demand in the economy. The IS-IRT analysis is important for the macro analyses of many economies, yet is totally neglected in most textbooks on macroeconomics.
The book also introduces students to the heritage of ideas in macroeconomics, and the evolution of ideas and approaches over the last two centuries. It also provides the justification for the simultaneous relevance of both Classical ideas and Keynesian ones. The two growth theory chapters go beyond the Solow growth model to cover the broad evolution of growth from Malthus's theory to the present endogenous approaches, and the link between money supply, inflation and growth over very long periods.
The book is suitable for intermediate and advanced undergraduate courses in macroeconomics, as well as graduate courses in economic policy management. It also serves as a useful reference for researchers and practitioners in economics and related fields. The book comes with a companion CD-ROM that contains data sets, exercises, solutions and PowerPoint slides.
Macroeconomics by Jagdish Handa is available at Amazon.co.uk and other online retailers.
The book is divided into four parts. The first part provides an overview of macroeconomics and its paradigms, as well as the measurement and analysis of macroeconomic data. The second part deals with the short-run fluctuations of output and employment, and the role of fiscal and monetary policy in stabilizing the economy. The third part examines the long-run issues of economic growth, productivity, technological change, and inflation. The fourth part explores the open economy macroeconomics, including the balance of payments, exchange rates, international trade, and capital flows.
The book is written in a clear and accessible style, with numerous examples, diagrams, tables, and boxes to illustrate the concepts and theories. The book also includes end-of-chapter questions and problems to test the students' understanding and application of the material. The book is checked for accuracy and consistency by a team of experts in the field of macroeconomics.
Macroeconomics by Jagdish Handa is a comprehensive and up-to-date textbook that covers the core topics and current debates in macroeconomics. It is an ideal choice for students who want to learn the principles and practice of macroeconomics in a rigorous and relevant way. aa16f39245