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"There is an uncomfortably large gulf between academic research and what policy economists use to understand the economy. A Practical Guide to Macroeconomics shows how economists at policy institutions approach important real-world questions and explains why existing academic work - theoretical and empirical - has little to offer them. It argues that this disconnect between theory and practice is problematic for policymaking and the economics profession and looks at what's needed to make academic research more relevant for policy. The book also covers topics related to economic measurement and provides a compact overview of US macroeconomic statistics that will help researchers use these data in a better-informed way."--
List of contents
1. Introduction: is macroeconomics useful?; 2. Trends and cycles, shocks and stability; 3. Determinants of aggregate spending and saving; 4. Production functions and growth accounting; 5. The macroeconomics of 'the' labor market; 6. Understanding US inflation dynamics; 7. What does monetary policy do?; 8. What does fiscal policy do?; 9. Conclusion: is (macro)economics useful?; Appendix: miscellaneous notes on economic measurement.
About the author
Jeremy B. Rudd has worked as a policy economist for the past thirty years at the Council of Economic Advisers, the US Treasury Department, and the Federal Reserve Board. He was a Deputy Assistant Secretary for economic policy at the Treasury Department in 2007–2008 and 2009–2010.
Summary
The book gives an insider's perspective on how policy economists do their jobs. It is intended for academics and students who want to make their economic research more relevant for policy, or for anyone who wants an overview of some of the important unanswered questions in macroeconomics.
