Wickens, Michael: Macroeconomic Theory. A Dynamic General Equilibrium Approach (Second Edition)
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In this second edition of his “Macroeconomic Theory—A Dynamic General Equilibrium Approach”, Michael Wickens almost completes the unbelievable task of writing a textbook on macroeconomics that tackles all fields that mainstream macroeconomists have ever touched. And he has done a great job in writing such a book. For any reader with a basic knowledge of economics this is a good starting point to get an overview of the modern state of macroeconomic theory. He tackles standard theories on economic growth and business cycles, fiscal policy and public finance issues, the open economy, price rigidities and monetary policy and theories of nominal exchange rates and financial markets based on macroeconomic approaches to asset pricing.
As the second edition is basically an update of the first edition with two new chapters, I concentrate on these two chapters in this review. These new chapters are on two issues which have found much attention in the literature in recent years. The first one is...