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Development Macroeconomics
Fourth Edition
Pierre-Richard Agénor & Peter J. Montiel

Hardcover | 2015 | $95.00 | £79.95 | ISBN: 9780691165394
792 pp. | 7 x 10 | 62 line illus. 1 table.
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The global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased their exposure to external shocks, both real and financial. This new edition of Development Macroeconomics has been fully revised to address the more open and less stable environment in which developing countries operate today.

Describing the latest advances in this rapidly changing field, the book features expanded coverage of public debt and the management of capital inflows as well as new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, currency unions, and the choice of an exchange-rate regime. A new chapter on dynamic stochastic general equilibrium (DSGE) models with financial frictions has been added to reflect how the financial crisis has reshaped our thinking on the role of such frictions in generating and propagating real and financial shocks. The book also discusses the role of macroprudential regulation, both independently and through its interactions with monetary policy, in preserving financial and macroeconomic stability.

Now in its fourth edition, Development Macroeconomics remains the definitive textbook on the macroeconomics of developing countries.

  • The most authoritative book on the subject—now fully revised and expanded
  • Features new material on fiscal discipline, monetary policy regimes, currency, banking and sovereign debt crises, and much more
  • Comes with online supplements on informal financial markets, stabilization programs, the solution of DSGE models with financial frictions, and exchange rate crises

Pierre-Richard Agénor is the Hallsworth Professor of International Macroeconomics and Development Economics at the University of Manchester. Peter J. Montiel is the Fairleigh S. Dickinson Jr. '41 Professor of Economics at Williams College.


"Development Macroeconomics continues to set the standard for graduate textbooks in the field. In this hugely impressive new edition, Pierre-Richard Agénor and Peter Montiel bring their already superb text bang up to date, introducing new insights and techniques to economists wanting to understand the macroeconomics of developing countries in the post-crisis global economy. It will go straight to the top of my reading list."--Christopher Adam, University of Oxford

"This updated and extended edition of Agénor and Montiel's excellent book includes in-depth analyses of pertinent issues put to the fore by the global financial crisis, and of the policy dilemmas arising from the growing exposure to external real and financial shocks associated with globalization. Development Macroeconomics remains the essential reference for scholars, graduate students, and practitioners interested in the macroeconomic challenges that developing countries continue to face."--Joshua Aizenman, University of Southern California

"Simply the best macroeconomic textbook for developing economies on the market today."--Olivier Blanchard, International Monetary Fund

"Macroeconomics is not just for macroeconomists. Crisis avoidance, low volatility, and price stability are essential for poverty reduction. Agénor and Montiel's new edition of Development Macroeconomics is a must-reference for development economists and practitioners the world over."--Nora Lustig, Tulane University

"This continues to be the best treatise on macroeconomic theory and policy in emerging countries. It is profound and comprehensive. It looks at historical experiences with great care and extracts useful lessons for the future. This is a must-read for anyone interested in the economics of the future."--Sebastian Edwards, University of California, Los Angeles

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