Recent Books

strained macroeconomics, rational expectations and the new classi-

cal view, implicit contracts, and adverse selection in the labor market.

Macroeconomics: An Introduction to Advanced Methods. William

M. Scarth. Toronto, Ontario: Harcourt Brace Jovanovich, 1988.
209 pp. $21.95 (Canada). ISBN o-7747-3077-3.
This survey of recent controversies in macroeconomics focuses
on a useful synthesis of Keynesian and New Classical ideas. It pre-
sents topical issues, including nonuniqueness problems with rational
expectations, stabilization policy analysis, stock-flow dynamics, open-
economy issues, micro models of sticky wages, and the effects of
the rational expectations approach on empirical work.

Monetary and Fiscal Policy. Douglas Fisher. New York, NY: New
York University Press, 1988. 310 pp. NPA ISBN O-8147-2587-2.
Monetary and Fiscal Policy presents a survey of macropolicy
models and issues and emphasizes basic theories, extensions, and
empirical tests of rational expectations. The book also provides an
overview of basic policy models without rational expectations, a sec-
tion on Keynesian and monetarist perspectives on the policy de-
bate, and a discussion of objectives, instruments, targets and in-
dicators .

New Approaches to Monetary Economics. William A. Barnett and

Kenneth J. Singleton, ed. Cambridge, MA: Cambridge Univer-
sity Press, 1987. 367 pp. NPA ISBN O-521-33265-6.
This book is a compilation of papers presented at a conference
titled “New Approaches to Monetary Economics,” held at the IC2
Institute at the University of Texas at Austin in May 1985. The
papers mainly deal with transactions motivated monetary holdings
in general equilibrium, financial intermediation, monetary aggre-
gation theory, issues on aggregate fluctuations, and theoretical is-
sues in the foundations of monetary economics and macroeconom-
ics. Together, the papers reveal fundamental trends in monetary
economics research.

Nicholas Kaldor. Anthony P. Thirlwall. New York, NY: New York

University Press, 1987. 360 pp. NPA ISBN O-8147-8177-2.
This first major biography of 20th century economist Nicholas
Kaldor discusses his important contribution to areas of economic
research, including his work on the theory of the firm, Keynesian
economics, trade cycle theory, and taxation and tax policy in the

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