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A New Textbook Approach to Macroeconomics: A Debate


  • Alessia Amighini

    () (Università del Piemonte Orientale)

  • Emiliano Brancaccio

    () (SEGIS Università del Sannio)

  • Francesco Giavazzi

    () (Università Bocconi and MIT)

  • Marcello Messori

    () (Università di Roma “Tor Vergata”)


Messori’s paper analyzes the impact of the recent crises on the teaching of macroeconomics. In contrast with what happened during the Thirties, today we do not have a new macroeconomic paradigm. This is why the mainstream textbook of Blanchard, Amighini, Giavazzi (2010) remains irreplaceable for introductory macroeconomics. This conclusion is refused by Amighini, Giavazzi as well as by heterodox economists such as Brancaccio. The first two authors argue that the criticisms raised at the “mainstream” approach to the teaching of macroeconomics overlook the need for a strong pedagogy. On the contrary, Brancaccio criticizes the mainstream approach through modification of the functional form of a given equation system and reversal of its exogenous and endogenous variables.

Suggested Citation

  • Alessia Amighini & Emiliano Brancaccio & Francesco Giavazzi & Marcello Messori, 2012. "A New Textbook Approach to Macroeconomics: A Debate," Rivista di Politica Economica, SIPI Spa, issue 3, pages 101-129, July-Sept.
  • Handle: RePEc:rpo:ripoec:y:2012:i:3:p:101-129

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    References listed on IDEAS

    1. David Miles & Jing Yang & Gilberto Marcheggiano, 2013. "Optimal Bank Capital," Economic Journal, Royal Economic Society, vol. 123(567), pages 1-37, March.
    2. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
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    Blog mentions

    As found by, the blog aggregator for Economics research:
    1. Recensione a l'Anti-Blanchard di Brancaccio
      by Sergio Cesaratto in Politica&EconomiaBlog on 2012-11-30 13:40:00

    More about this item


    macroeconomics; teaching; comparative approach.;

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General


    This item is featured on the following reading lists or Wikipedia pages:
    1. Emiliano Brancaccio in Wikipedia Italian ne '')


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