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A M

acro

econ

omic

s R

eade

r

A M

acro

econ

omic

s R

eade

r br

ings

tog

ethe

r in

a s

ingl

e vo

lum

e a

colle

ctio

n of

key

ar

ticl

es

on

d

evel

op

men

ts

and

cu

rren

t d

ebat

es

in

mo

der

nm

acro

econ

omic

s. T

he a

rtic

les

have

bee

n se

lect

ed t

o pr

ovid

e th

e re

ader

wit

han

acc

essi

ble

and

info

rmat

ive

over

view

of

a nu

mbe

r of

the

mos

t si

gnif

ican

tis

sues

and

con

trov

ersi

es i

n m

acro

econ

omic

s.

Are

as c

over

ed i

nclu

de:

Key

nesi

an E

cono

mic

s an

d th

e K

eyne

sian

Rev

olut

ion

The

Mon

etar

ist C

ount

er-R

evol

utio

nT

he C

halle

nge

of R

atio

nal E

xpec

tati

ons

and

New

Cla

ssic

al M

acro

econ

omic

sT

he R

eal

Bus

ines

s C

ycle

App

roac

h to

Eco

nom

ic F

luct

uati

ons

New

Key

nesi

an E

cono

mic

sT

he R

enai

ssan

ce o

f E

cono

mic

Gro

wth

Ana

lysi

s

Bri

an S

now

don

is P

rinc

ipal

Lec

ture

r in

Eco

nom

ics

at t

he U

nive

rsit

y of

No

rth

um

bri

a. H

is p

revi

ou

s b

oo

ks

incl

ud

e M

ark

ets,

In

terv

enti

on

an

dP

lann

ing

(198

7) a

nd (w

ith

How

ard

Van

e an

d P.

Wyn

arcz

yk) A

Mod

ern

Gui

deto

Mac

roec

onom

ics

(199

4).

Ho

war

d R

.Van

e is

Rea

der

in

Eco

no

mic

s at

Liv

erp

oo

l Jo

hn

Mo

ore

sU

niv

ersi

ty.

His

pre

vio

us

bo

ok

s (w

ith

J.T

ho

mp

son

) in

clu

de

Cu

rren

tC

on

tro

vers

ies

in M

acro

eco

no

mic

s (1

99

2)

and

An

In

tro

du

ctio

n t

oM

acro

econ

omic

Pol

icy

(199

3).

A M

acro

econ

omic

s R

eade

r

Edi

ted

byB

rian

Sno

wdo

n an

dH

owar

d R

.Van

e

Lon

don

and

New

Yor

k

Firs

t pu

blis

hed

1997

by R

outl

edge

11 N

ew F

ette

r L

ane,

Lon

don

EC

4P 4

EE

Sim

ulta

neou

sly

publ

ishe

d in

the

USA

and

Can

ada

by R

outl

edge

29 W

est

35th

Str

eet,

New

Yor

k, N

Y 1

0001

Rou

tled

ge is

an

impr

int

of t

he T

aylo

r &

Fra

ncis

Gro

up

Thi

s ed

itio

n pu

blis

hed

in t

he T

aylo

r &

Fra

ncis

e-L

ibra

ry, 2

003.

1

997

BR

IAN

SN

OW

DO

N a

nd H

OW

AR

D R

.VA

NE

All

righ

ts r

eser

ved.

No

part

of

this

boo

k m

ay b

e re

prin

ted

orre

prod

uced

or

utili

zed

in a

ny f

orm

or

by a

ny e

lect

roni

c,m

echa

nica

l, or

oth

er m

eans

, now

kno

wn

or h

erea

fter

inve

nted

, inc

ludi

ng p

hoto

copy

ing

and

reco

rdin

g, o

r in

any

info

rmat

ion

stor

age

or r

etri

eval

sys

tem

, wit

hout

per

mis

sion

inw

riti

ng f

rom

the

pub

lishe

rs.

Bri

tish

Lib

rary

Cat

alog

uing

in P

ublic

atio

n D

ata

A c

atal

ogue

rec

ord

for

this

boo

k is

ava

ilabl

e fr

om t

he B

riti

shL

ibra

ry

Lib

rary

of

Con

gres

s C

atal

ogin

g in

Pub

licat

ion

Dat

a

A c

atal

og r

ecor

d fo

r th

is b

ook

has

been

req

uest

ed

ISB

N 0

-203

-443

96-9

Mas

ter

e-bo

ok I

SBN

ISB

N 0

-203

-275

87-X

(O

EB

For

mat

)IS

BN

0-4

15-1

5715

-3 (

hbk)

0-41

5-15

716-

1 (p

bk)

To

Jean

and

Chr

isti

ne

Con

tent

s

Pre

face

xi

1T

he d

evel

opm

ent o

f mod

ern

mac

roec

onom

ics:

a r

ough

gui

deB

rian

Sno

wdo

n an

d H

owar

d R

.Van

e 1

Part

I K

eyne

sian

eco

nom

ics

and

the

Key

nesi

an r

evol

utio

n 2

7

In

trod

uctio

n 2

9

2K

eyne

sian

eco

nom

ics:

the

sear

ch fo

r fi

rst p

rinc

iple

sA

lan

Cod

ding

ton

Jour

nal o

f Eco

nom

ic L

iter

atur

e (1

976)

14,

Dec

embe

r,pp

. 125

873

36

3O

n di

ffer

ent i

nter

pret

atio

ns o

f the

Gen

eral

The

ory

Don

Pat

inki

nJo

urna

l of M

onet

ary

Eco

nom

ics

(199

0) 2

6, O

ctob

er, p

p. 2

054

3 5

5

4K

eyne

ss

Gen

eral

The

ory:

inte

rpre

ting

the

inte

rpre

tati

ons

Bill

Ger

rard

Eco

nom

ic J

ourn

al (1

991)

101

, Mar

ch, p

p. 2

768

7 9

5

5T

he f

all a

nd r

ise

of K

eyne

sian

eco

nom

ics

Ala

n S.

Blin

der

Eco

nom

ic R

ecor

d (1

988)

Dec

embe

r, pp

. 278

94

109

6Pr

ice

flex

ibili

ty a

nd o

utpu

t st

abili

ty: a

n ol

d K

eyne

sian

vie

wJa

mes

Tob

inJo

urna

l of E

cono

mic

Per

spec

tive

s (1

993)

7, W

inte

r, pp

. 45

65 1

35

Part

II T

he m

onet

aris

t cou

nter

-rev

olut

ion

157

In

trod

uctio

n 1

59

7T

he r

ole

of m

onet

ary

polic

yM

ilton

Fri

edm

anA

mer

ican

Eco

nom

ic R

evie

w (

1968

) 58

, Mar

ch, p

p. 1

17

16

4

viii

Co

nte

nts

8T

he s

truc

ture

of m

onet

aris

mT

hom

as M

ayer

Kre

dit u

nd K

apit

al (1

975)

8, p

p. 1

912

15, 2

923

13 1

80

9 M

onet

aris

m: a

n in

terp

reta

tion

and

an

asse

ssm

ent

Dav

id L

aidl

erE

cono

mic

Jou

rnal

(198

1) 9

1, M

arch

, pp.

12

8 2

16

10T

he m

onet

aris

t con

trov

ersy

rev

isit

edFr

anco

Mod

iglia

niC

onte

mpo

rary

Pol

icy

Issu

es (1

988)

6, O

ctob

er, p