MIT Press, 2019. For MA students, beginning PhD students, and researchers.

Table of contents: PDF.

MIT Press book page.

MIT Press flyer.

“An orderly and elegant presentation of essential ideas of modern macroeconomics with a perfect mix of tools and applications.”
Thomas Sargent, Professor of Economics, New York University
“This book provides an excellent introduction into dynamic macroeconomics. Its analysis is deep, self-contained, and still concise. The chapters on labor search frictions, financial frictions, and money are an extra plus and make it a superb choice for a first-year PhD or advanced Masters’ course in macroeconomics.”
Markus Brunnermeier, Edwards S. Sanford Professor of Economics, Princeton University
“A needed, up-to-date primer on macroeconomic theory. It is comprehensive, covering all the essential topics, from optimal consumption and labor supply to economic growth, business cycles, and asset markets. It is thorough and rigorous, yet accessible, as it requires little prior knowledge of the key concepts and mathematical tools.”
George-Marios Angeletos, Professor of Economics, MIT
“Macroeconomic Analysis is the rare textbook that is both comprehensive and rigorous, as well as concise and simple. By staying focused on the core model of dynamic macroeconomics, it elegantly navigates through many topics. After studying this book, students will be ready to join the exciting debates in modern macroeconomics.”
Ricardo Reis, A. W. Phillips Professor of Economics, London School of Economics and Political Science
“Niepelt’s textbook provides a concise, but rigorous introduction to the key concepts, tools, and models that constitute modern macroeconomic theory. His pedagogical approach, introducing the key building blocks of the theory one at a time, and focusing on what is essential at each stage, should make the learning experience a pleasant one. I expect it to become a staple reference in first-year graduate courses.”
Jordi Galí, CREI, Universitat Pompeu Fabra and Barcelona GSE
“Finally, a book that fills the longstanding, and growing, gap between existing undergraduate and graduate macroeconomics textbooks. The winning approach of the author is to rigorously develop the core insights in each topic studied, avoiding superfluous diversions. The emphasis on government policy and political economy is especially useful in interpreting current global macroeconomic events.”
Gianluca Violante, Professor of Economics, Princeton University
“This is an excellent textbook for macroeconomics at the master’s or beginning PhD level. The topics and the material used to cover them are well chosen; the treatment gives a solid and unified background for positive and normative analysis. It strikes a good balance between being conceptually clear and logically consistent, and at the same time quite accessible.”
Fernando Alvarez, Saieh Family Professor of Economics, University of Chicago

Exercises in Macroeconomic Analysis

The exercise manual includes more than 200 problems with solutions.

  • Exercise manual can be downloaded here (shortly).
  • Solutions manual is available from MIT Press (shortly).


Macroeconomic data can be downloaded from these websites:

Computer Code

Computer code can be downloaded from these websites:

  • Paul L. Fackler’s page CompEcon Toolbox for Matlab. Matlab code. Accompanies Mario J. Miranda and Paul L. Fackler (2004), Applied Computational Economics and Finance, MIT Press.
  • Many pages on GitHub. Code in various programming languages.
  • S. Borağan Aruoba and Jesús Fernández-Villaverde’s page on GitHub. Code in C++11, Fortran 2008, Java, Julia, Python, Matlab, Mathematica, and R to solve the neoclassical growth model. Accompanies S. Borağan Aruoba and Jesús Fernández-Villaverde (2014), A Comparison of Programming Languages in Economics.
  • Jesse Perla, Thomas J. Sargent and John Stachurski’s page Lectures in Quantitative Economics. Python and Julia code.
  • Fabrice Collard’s page. Matlab code for various problems.