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April 20, 2005

Hard Landings II...

When I look at the galleys of the new edition of my Macroeconomics textbook, I am struck by a sense of disappointment. Don't get me wrong--I do think that it is better than every other macro textbook out there, being clearer (though less comprehensive) than Abel-Bernanke, more comprehensive (at the cost of only a little bit of additional difficulty) than Mankiw, and much more approachable (though not as theoretically sophisticated) than Blanchard. But I wish that people who read through or take a course based on the book could then have the tools needed to analyze things like, say, the current debate over the dangers to the U.S. economy from a "hard landing" of the international monetary system.

And the textbook doesn't quite get you there. The amount of material needed to bring students truly up-to-speed on the major issues of the day seems to be a little bit more than I can dare demand.

If I were teaching intermediate macro right now, I would be very tempted to push the envelope and try to get the students to that spot right now. So here are my thoughts on the possibility of a "hard landing," crafted so that they can make sense to students who are only 3/4 of the way through intermediate macroeconomics.

Anyone who feels like making use of this, please feel free to do so--and, most important, tell me if it works.

Posted by DeLong at April 20, 2005 09:27 PM