Rethinking macroeconomics: an introduction created by John F. McDonald

Chapter1 Rethinking macroeconomics, 2 - Keynesian theory and policy, 3 - Keynesian theory after Keynes, 4 - The monetarist school of thought and monetary policy rules, 5 - Real business cycles and supply-side economics, 6 - Austrian capital and business cycle theory, 7 - World War I and aftermath, 8 - Depression, war, and aftermath, 9 - The 1950s and 1960s: a time of economic growth, 10 - The years of stagflation, 11 - The great moderation, 12 - Financial crisis and deep recession, 13 - Conclusion: what approaches do people in authority use?

The field of macroeconomics has always played host to contesting schools of thought, but the recent Global Financial Crisis has exacerbated those differences. In order to fully understand macroeconomics at the introductory level, students need to be aware of these controversies. Rethinking Macroeconomics introduces students to the different schools of thought, equipping them with the knowledge needed for a real understanding of today’s macro economy.
The text guides the reader through various approaches to the analysis of the macro economy of the U.S., before presenting the data for several critical economic episodes, in order to discover which analytical method provides the best explanation for each event. It covers key background information on topics such as the basics of supply and demand, macroeconomic data, international trade and the balance of payments, and the creation of the money supply.
Offering the context that is missing from existing introductory macroeconomics texts, John F. McDonald encourages students to think critically about received economic wisdom. This text is the ideal complement to any introductory macroeconomics textbook and is best suited for undergraduate students who have had an introductory course in economics.