Pierre-Richard Agénor & Peter J. Montiel
Development Macroeconomics
Review from The Economic Journal
What did The Economist have to say about this book?
Third Edition in preparation
Comments on the First Edition
"Development Macroeconomics fills an obvious gap, and it does so in a masterful way. Rather than focusing on formal, self-satisfied theory, the book is centered on the analytical foundations of macroeconomic policy formulation. That makes it especially effective as a teaching instrument and useful as a guide to policy makers and their advisors. For their work and effort, Agénor and Montiel deserve congratulations. They have created a wonderful book and will come away with the satisfaction and reward of great teachers."
from the foreword by Rudiger Dornbusch, Massachusetts Institute of Technology
"This book provides an in-depth review of the main contributions of the last two decades in the macroeconomics of developing countries. It’s presentation of the state of knowledge in this area strikes a very good balance between intuitive and analytical discussion, and is well motivated by constant references to the contemporary macroeconomic problems faced by policymakers in developing nations. This insightful book by Pierre-Richard Agénor and Peter Montiel is essential reading for those involved in the design of stabilization and structural adjustment programs, as well as graduate students and scholars with a keen interest in recent advancement in development economics."
Joshua Aizenman, Dartmouth College
"Development Macroeconomics is a much needed book in an important subfield within both development economics and open-economy macroeconomics. The authors' comprehensive and wide-ranging view of this growing area of research is impressive. Agénor and Montiel have provided the sort of overarching perspective that will be invaluable to other researchers and graduate students as well as policymakers and their advisors."
John T. Cuddington, Georgetown University
"Pierre-Richard Agénor and Peter Montiel have written a coherent and intellectually challenging book on the macroeconomics of developing countries. Central topics such as market structure, behavioral functions, exchange rate management, stabilization, structural reforms and growth are clearly presented. In each case the authors discuss the theoretical aspects involved and provide a detailed overview of the relevant empirical evidence. Those wishing to study development macroeconomics seriously will find in this book a valuable resource."
Felipe Larraín, Pontificia Universidad Catolica de Chile
2nd Edition
Comments on the Second Edition
"For students and teachers of money and finance in economic development,the revised edition is even more comprehensive and inclusive.While maintaining high standards of analytical rigor, the authors model a surprising wide range of tough macroeconomic problems--including the more recent Mexican and East Asian currency crises... an invaluable treatise."
Ronald McKinnon, Stanford University
"The first edition of Agénor and Montiel's book was an unprecedented resource for teaching and research on the macroeconomic problems of developing countries. This new edition, with its enhanced coverage of recent questions surrounding capital inflows, crises, and exchange rate strategies, is even more essential. Every serious student of the international economy will want to have this comprehensive treatise on his or her shelf."
Maurice Obstfeld, University of California, Berkeley
"As emerging markets become an integral part of the world economic landscape, no serious macroeconomist can afford the luxury of ignoring the valuable lessons and insights that can be drawn from many years of research in development macroeconomics. A veritable tour de force, Agénor and Montiel's book fills a large void by providing a timely, comprehensive, and lucid synthesis of this burgeoning field. A must-read for anyone interested in going beyond the clichés of the day and grasping the fundamental issues in development macroeconomics."
Carlos A. Végh, University of California, Los Angeles