Intermediate Macro Texts and the Economic Crisis of 2008-09

The authors use quantitative and qualitative analyses to examine how well twelve leading intermediate macroeconomic textbooks would have prepared students for understanding the economic crisis and stabilization policies implemented in 2008-09. Evaluations distinguish between topical coverage of relevant concepts and theoretical underpinnings of interventionist policy. The authors conclude that most texts would have left students largely unprepared to understand arguments in support of interventionist policy and commentary intended for the general public. They provide examples from the texts to support their analysis and discuss the prospects for change in intermediate macro textbook content. Finally, they suggest students would be better served with a more well-balanced approach that features increased and integrated coverage of crises, potential causes, and policy responses