Macroeconomics: An Evolutionary Approach
Edition: 1
Copyright: 2017
Edition: 1
Copyright: 2017
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The book uses the historical evolution of the science plus microeconomic concepts of supply and demand to analyze economic business cycles, economic growth, and economic crises. The development of Macroeconomics into Neoclassical and Keynesian Schools occurred during the Great Depression. The book covers the Great Depression of the 1930s, the Great Recession of 2008-2009, the change in Federal Reserve policy after 2008, and the Covid-19 global pandemic. It analyzes these fundamentals and views government policy in terms of optimal social insurance.
Note: The Federal Reserve Bank of St. Louis has replaced Econlowdown as of Jan 1, 2026 with FRE that has modules that can be uploaded into Canvas. I am using it. It replaces Econlowdown but has similar modules.
- questions at the end of each chapter
- an online learning system with interactive example questions through Scheid's Study Guide
1 Microeconomic to Macroeconomic Foundations
Micro Principles Used in Macro
Aggregate Output & Income
Macro Divergence from Micro
2 Comovement & Crises
Business Cycles, Crises & Growth
Money, Banking & Policy
Crises and Inflation
3 Cycles and Growth
Savings, Investment & Interest
AS – AD & Business Cycles
Growth, Progress & AS–AD
4 Policy
Policy as Social Insurance
Great Recession & Lost Decade
Glossary
Questions
Professor Gillman is author of journal articles and books including:
Principles of Macroeconomics: An Evolutionary Approach (2017 Kendall Hunt, Iowa).
Advanced Modern Macroeconomics: Analysis and Application (2011 Pearson UK, Financial Times Press).
Inflation Theory in Economics: Welfare, Velocity,Growth and Business Cycles (2009 Routledge).
Editor, Collected Papers on Monetary Theory by Robert E. Lucas, Jr. (2013 Harvard University Press).
Background: Previously Professor of Economics at Cardiff Business School in Wales, UK for over eight years. Before that Central European University in Budapest for seven years, full time, while now serving as Visiting Professor at CEU since 2006. Associate Researcher at the Institute of Economics, Hungarian Academy of Science, Budapest and Senior Researcher in CERGE-EI in Prague.
Research Agenda: Current research agenda focuses on business cycles, economic growth, and how money and banking influence both cycles and growth. A recent paper extends monetary theory to study tax evasion and growth through a human capital approach.
Education: Ph.D. The University of Chicago, Economics Department; A.M: The University of Chicago, Economics Department; A.B. The University of Michigan, Honors Economics, Mathematics double major.
Articles: Journal of Human Capital; Review of Finance; Journal of Monetary Economics; Journal of Money, Credit and Banking; Journal of Economic Dynamics and Control; Review of Economic Dynamics; Berkeley Electronic Press Journal of Macroeconomics; Journal of Macroeconomics; Economic Journal; Economica; The Manchester School; European Journal of the History of Economic Thought; Economics of Transition; Bulletin of Economic Research; Economic Inquiry; Contemporary Economics Issues; Journal of Economics Surveys; Japenese Economic Review; Australian Economic Review; Empirical Economics.
Tamas Csabafi works with me as Research Associate at University of Missouri, St. Louis; my former Ph.D. student from Cardiff University.