A comprehensive textbook for first-year Ph.D. courses

Pre-order the book at Oxford University Press. Orders will ship on November 2026.

Our Approach

The book presents modeling and analytical tools of macroeconomic analysis and then applies them to the main topics within the field of macroeconomics.

  • Data Driven – A key feature is that we make explicit connection with data throughout the book. Macro theory is used to interpret the data.

  • Research Orientated – The book has the rigor of a Ph.D. course, but the material is presented in an accessible way, making it suitable to a wide range of students, including those in MA and MS courses.

  • Expert Led – The material in the book represents the state of the art knowledge of the field. Chapters 1-10 are written by the core authors. Chapters 11-25 are written by or co-authored with leading experts on particular topics.

Chapters

The first 10 chapters discuss core topics typically covered in a first-semester graduate macroeconomics sequence. A subset of the following chapters are usually covered in the second semester. They are self-contained, providing versatility to instructors to choose which material to focus one, while at the same time connecting concepts to the first section of the book.

READ CHAPTER SUMMARY

Online Appendix

Proofs and additional material is placed in the Online Appendix, intended to expand on the topics (link coming soon).

Slides

Access slides for all chapters here. Source code for slides (in LaTex) and figures can be found in our Github site.

ACCESS SLIDES

Code and Data

Code and data reproducing the figures, tables, and quantitative results in the book can be accessed in Github (selected chapters).  The code is often the most useful part. Several chapters work through models that can only be solved numerically, and reading the code alongside the text is usually the fastest way to see how a model actually gets solved.

ACCESS CODE & DATA

The Authors

This book brings together a set of leading experts on a variety of topics which are relevant to modern economists’ core knowledge.

Marina Azzimonti
Per Krusell
Alisdair McKay
Toshihiko Mukoyama
Timo Boppart
Giancarlo-Corsetti
Gianluca Violante
Gianluca Violante
Kjetil Storesletten
Kjetil Storesletten
Luca Dedola
Luca Dedola
Vincenzo Quadrini
John Hassler
John Hassler
Simon Lloyd
Kurt Mitman
Martin Schneider
Martin Schneider
Leo Martinez
Leo Martinez
Monika Piazzesi
Monika Piazzesi
Pete Klenow
Pete Klenow
Andreas Hornstein
Andreas Hornstein
Jonathan Heathcote
Jonathan Heathcote
Juan Carlos Hatchondo
J. C. Hatchondo
Victor Rios-Rull
Victor Rios-Rull
Conny Olovsson
Conny Olovsson
Richard Rogerson
Aysegul Sahin
Morten Ravn

Morten Ravn

Why the Giraffe?

In the mid-2010s, it was clear that macroeconomics had become in severe need of an animal as a symbol of the field. The animal sought after had to have a broad overview over its habitat. An eagle? After long deliberations, the giraffe was chosen because it combines the broad perspective with standing on the ground, on firm micro-foundations. Last but not least, the giraffe has the biggest heart of all animals.