This book brings together Professor Buiter's majoy papers on macroeconomic theory and policy. A substantial new introduction presents a concise overview of the author's current thinking on the subject.

The papers cover among other topics; the theory of stabilization policy after the rational expectations revolution, with emphasis on the new-classical propositions on policy ineffectiveness; the empirical methodology on policy ineffectiveness; wage and price dynamics; stock-flow confusions in macroeconomic modelling; and public debt and deficits.

Professor Buiter has been at the center of recent debates in macroeconomics, and this book will be of interest to all specialists in macroeconomic theory and policy and to their students.

Willem H. Buiter is professor of economics at Yale University.