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Macroeconomics, by Robert J. Rossana
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Research in macroeconomics in the last thirty years has featured, almost exclusively on two characteristics: an emphasis on the microfoundations of macroeconomics and secondly, intertemporal economics, that is, the behavior of economic actors over time. Curiously, textbooks in intermediate macroeconomics have been very slow to adopt these traits.
The aim of this book is to bring intermediate instruction in macroeconomics fully into line with the direction taken by the research community. Key hallmarks of the text include:
- a full introduction to the microfoundations of consumption and investment
- a complete model of the labor market with profit maximization for firms to determine labor demand and a utility maximization model to determine labor supply
- an analysis of the Baumol-Tobin model to determine money demand accompanied by a discussion of traditional money supply
Possessing a full range of additional learning features including a companion website, test bank and instructor’s manual, the book takes an international view of macroeconomics with case studies and examples from the United States and beyond.
- Sales Rank: #742089 in Books
- Published on: 2011-03-02
- Original language: English
- Number of items: 1
- Dimensions: 10.00" h x 1.14" w x 7.01" l, 2.10 pounds
- Binding: Paperback
- 560 pages
Review
"Rossana has written a book that explains Macroeconomics very lucidly and in a very reader-friendly style. Covering Macroeconomics in a fair and balanced way with models from the major macroeconomic schools of thought and providing micro-foundations to the models, the book will be the text of choice for students who want to learn Intermediate Macroeconomics." – Tan Kim Heng, Nanyang Technological University
"This text is about making learning happen for students studying macroeconomics. It strikes the right balances between learning and applying economics. Macroeconomic theory is explained in a straightforward way and is brought to life using empirical evidence. The text enables students to do economics by using copious examples to aid students work through a variety of policy exercises. I recommend this book for students undertaking a single honours or joint degree in economics related courses as well as a useful resource for Post Graduate students." – Dr. Offiong Helen Solomon, London Metropolitan University, UK
"This book is well written, and introduces students to the microeconomic foundations of macroeconomics. It contains many real world applications that demonstrate the relevance of macroeconomics to everyday life." – Prof. Joseph DeJuan, University of Waterloo, Canada
About the Author
Robert J. Rossana is Professor of Economics, Department of Economics, Wayne State University, Detroit, USA.
Most helpful customer reviews
2 of 3 people found the following review helpful.
An awful and unnecessary addition to an already crowded Intermediate Macroeconomics textbook market.
By FredJohnston1981
Rossana frequently deviates from the standard treatment of the Intermediate Macroeconomics material. These deviations are usually pointless and serve only to severely complicate matters and confuse the student.
I illustrate using only his chapter on investment as an example (Chapter 5).
Here, Rossana adds in something called "costs of adjustment". As it is, most students already have enough trouble understanding the usual panoply of concepts and equations associated with capital accumulation. Rossana forces them to also absorb another completely distinct notion known as "costs of adjustment". This might be more realistic, but, as with any economic model, added realism comes at the cost of making things more complicated and detracting away from the most salient points that the modeler wishes to make. And when it comes to trying to teach 20 year old undergraduate students a little something about macroeconomics, the cost is utter and complete confusion.
Not longer after (p. 146ff), Rossana throws in yet another completely unexpected wrench - "Inventory Investment" (pp. 146-151). In most other Intermediate Macro textbooks, inventories are usually dealt with informally and without throwing in any additional notation. Rossana chooses to throw in also F (finished goods inventories), F* (desired level of finished goods), S (sales), α (a "Greek parameter", as he calls it, where α > 0 and F* = αS). What is most infuriating is when he throws in also something called the "Flexible Accelerator Model of Inventory Investment" (p. 149). Here he says that ΔF = λ·(F* - F), where the "Greek character λ is bounded between zero and unity". This is the "speed of adjustment" of inventories. This is incredibly confusing, if only because when dealing with capital stock, he already (p. 135) had ΔK = λ·(K* - K), where λ is the speed of adjustment of the capital stock. This is confusing on so many levels.
There is probably no one (other than Rossana) who uses this book anyway, but this book should serve as an exemplar of the unfortunate tendency in economics to explain ideas in the most convoluted and opaque way possible.
0 of 0 people found the following review helpful.
Five Stars
By Amazon Customer
I bought this book for a course my son was taking. It cost less here than at school.
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