Advanced Macroeconomics

A Primer, Second Edition

2nd edition

Patrick Minford, Professor of Applied Economics, Cardiff Business School, Cardiff University and David Peel, Professor of Economics, Lancaster University Management School, University of Lancaster, UK

This is a newly revised second edition of a key macroeconomic textbook. After explaining the historical development of the subject, the authors show how rational expectations are handled in macro models. The importance of structural micro-founded models is explained, with key examples of such structural models examined in detail and with extensions to the open economy; policy implications are highlighted throughout. Methods for testing these models against macro data behaviour are explained, detailing the latest evidence on these models' success.