Seven Schools of Macroeconomic Thought

A review of the whole field by a renowned macroeconomist

This book presents a comprehensive and authoritative summary of modern approaches to macroeconomics. The book also provides a good survey of topics which feature prominently in the research agenda. This is the first in a promising new series of Ryde Lectures, which were established by Lund University in Sweden.This book offers an excellent survey of various macroeconomic topics which feature prominently in the research agenda and have inspired both theoretical and policy debate. The book presents an authoritative and comprehensive summary and original critique of modern macroeconomic approaches by a scholar whose own contribution to the field is considerable. In each of his seven chapters, the author reviews one school of economic thought. These are: the Keynesian school of macroeconomics; the monetarist school; the New Classical school; the New-Keynesian school; supply side macroeconomics, and `non-monetary' models of macroeconomics - the real business cycle theory and the `structuralist school' which views changes in unemployment as the outcome of shifts in the structural characteristics of the economy. The book is the text of the first series of Ryde Lectures, established by Lund University in Sweden.