Macroeconomics teaches students to be young economists, providing a contemporary approach to the subject and a wealth of real-life case studies to allow students to understand how economics works in practice.
The most applied macroeconomics textbook on the market, utilising case studies from the post-crisis macro economy to help students think like modern economists.
Presents macroeconomics from a European perspective making it easier for students to relate the concepts to their own economic environment.
Provides a comprehensive analysis of modern macroeconomics with a balance of theoretical approaches; fully up-to-date with the most current debates over the role of the banking system in the macroeconomy.
A wealth of online content provides lecturers with a ready bank of practical resources to use in their teaching and gives students the opportunity to test their understanding of key concepts.
New to this edition
The chapter on Money and Monetary Policy has been expanded into two new chapters: 'Money and Interest Rates' and 'Monetary Policy, Banks, and Financial Stability.
The banking system has been brought to the fore in the authors' description of the macroeconomic system and characterization of monetary policy.
Coverage of the interest rate's zero lower bound, quantitative easing, bank regulation, and the role of shadow banking has been included in Chapter 7 'Asset Markets'.
Coverage of the banking and European debt crises, European monetary union and money markets in a fixed exchange rate has been increased.
Chapter 14 'Aggregate Demand and Aggregate Supply' has been streamlined and simplified to aid understanding.
The new IMF standards for measuring balance of payments have been adopted.
The IS-TR chapters in the closed and open economy, in addition to the central model chapters, have been thoroughly revised.
Part I: Introduction to Macroeconomics
1: What is Macroeconomics?
2: Macroeconomic Accounts
Part II: The Macroeconomy in the Long Run
3: The Fundamentals of Economic Growth
4: Labour Markets and Unemployment
5: Money, Prices, and Exchange Rates in the Long Run
Part III: The Macroeconomy in the Short Run: the Building Blocks
6: Borrowing, Lending, and Budget Constraints
7: Asset Markets
8: Private Sector Demand: Consumption and Investment
9: Money and the Demand for Money
10: The Supply of Money and Monetary Policy
Part IV: Macroeconomic Equilibrium
11: Macroeconomic Equilibrium in the Short Run
12: International Capital Flows and Macroeconomic Equilibrium
13: Output, Employment, and Inflation
14: Aggregate Demand and Aggregate Supply
15: The Exchange Rate
Part V: Macroeconomic Policy in a Global Economy
16: Demand Management Policies
17: Fiscal Policy, Debt, and Seigniorage
18: Policies for the Long Run
19: The Architecture of the International Monetary System
20: Epilogue
