MACROECONOM ICS

Macroeconomics
a european text
fifth edition

NEW EDITION

Michael Burda, Professor of Macroeconomics and Labour, Economics Department, Humboldt University, Berlin, and Charles Wyplosz, Professor of Economics, The Graduate Institute, Geneva
Presents macroeconomics from a European perspective making it easier for students to relate the concepts to their own economic environment. Uses up-to-date European and global monetary policy examples showing students the relevance of the theory. Reflects the dynamic nature of the subject by providing a comprehensive analysis of modern macroeconomics with a balance of theoretical approaches. A fully-equipped package of online content provides lecturers with a ready bank of practical resources to use in their teaching and students with ample opportunity to test their learning. New to this edition: Updated monetary policy examples throughout, including new examples from India and China. The table of contents has been revised to create a clearer distinction between the long run and short run material. The key chapters which derive the basic macroeconomic model have been rewritten to introduce the Taylor rule and to correspond with the modern New Keynesian synthesis.

Andrew Newell, Head of the Department of Economics, University of Sussex

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This book is one of the best. It is truly international, modern, well-written and rigorous where necessary.

Monetary policy and growth material has been restructured to provide a more intuitive framework for students. Macroeconomics provides a comprehensive analysis of modern macroeconomics, taking both a european and global focus. The theory is illustrated throughout with real life data and policy examples.
584 Pages January 2009 978-0-19-923682-4 Paperback 42.99

Boxes Help students appreciate the application of macroeconomics in a European and global context.

CONTENTS
PART ONE: INTRODUCTION TO MACROECONOMICS What is Macroeconomics? Macroeconomic Accounts PART TWO: THE MACROECONOMY IN THE LONG RUN The Fundamentals of Economic Growth Explaining Economic Growth in the Long Run Labour Markets and Unemployment; Money, Prices, and Exchange Rates in the Long Run PART THREE: THE MACROECONOMY IN THE SHORT RUN Borrowing, Lending, and Budget Constraints Private Sector Demand: Consumption and Investment Money and Monetary Policy Macroeconomic Equilibrium in the Short Run International Capital Flows and Macroeconomic Equilibrium Output, Employment, and Inflation Aggregate Demand and Aggregate Supply Asset Markets The Exchange Rate PART FOUR: MACROECONOMIC POLICY IN A GLOBAL ECONOMY Demand Management Policies Fiscal Policy, Debt, and Seigniorage Policies for the Long Run The Architecture of the International Monetary System Epilogue

Key concepts Are highlighted in the text and are listed at the end of the chapter to aid exam revision.

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MACROECONOM ICS

Macroeconomics
imperfections, institutions, and Policies
Wendy Carlin, Professor of Economics, University College London, and David Soskice, Research Professor of Political Science, Duke University and Wissenschaftszentrum Berlin
Provides comprehensive coverage of aggregate demand and supply within an integrated model fully incorporating open economy aspects. Provides a rigorous, yet accessible, treatment of growth theory and debates about convergence. Shows how a simplified version of the Schumpeterian growth model works and how it can be used to address a rich variety of questions about growth and institutions. Macroeconomics makes modern macroeconomics with its focus on imperfect competition, interest-rate setting central banks, and knowledge-based growth accessible to undergraduates. It provides microfoundations for the Philips curve, for persistent involuntary unemployment, for aggregate consumption and investment behaviour, and for inflation-targeting. It is based on the mainstream monetary macro model now used widely by academics and policy makers and shows students how to use it to understand a broad range of real-world macroeconomic behaviour and policy issues. It is also designed to appeal to gradate students, non-specialists in macroeconomics, professional economists and those from related disciplines who want a guide to the complexities of modern macroeconomics and to understand contemporary policy debates.
852 Pages 2005 978-0-19-877622-2 Paperback 41.99

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CONTENTS
Preface; Motivation for Macroeconomic Models; PART 1: THE MACROECONOMIC MODEL: Aggregate Demand, Aggregate Supply and Business Cycles; Inflation, Unemployment and Monetary Rules; Labour Markets and Supply-Side Policies; Monetary Policy; Fiscal Policy; PART 2: CONSUMPTION, INVESTMENT AND MONEY: Consumption and Investment; Money and Finance; PART 3: THE OPEN ECONOMY: The open economy in the short run; Inflation and Unemployment in the Open Economy; Shocks and Policy Responses in the Open Economy; Interdependent Economies; PART 4: GROWTH: Exogenous Growth Theory; Endogenous and Schumpeterian Growth; PART 5: MICRO-FOUNDATIONS AND POLITICAL ECONOMY: New Keynesian Micro-foundations; Political Economy; PART 6: APPLICATIONS: Performance and Policy in Europe, the USA and Japan; Unemployment: institutions, shocks and policies

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Olivier Blanchard, Class of 1941 Professor, Massachusetts Institute of Technology

Models for Dynamic Macroeconomics

Fabio-Cesare Bagliano, Professor of Economics in the Faculty of Economics, University of Turin, and Giuseppe Bertola, Professor of Economic Policy in the Faculty of Political Science, University of Turin
Now available in paperback, this excellent book, written by two leaders in the field, provides a rigorous introduction to modern dynamic macroeconomics. The text layout has been updated to make the book more user-friendly and each chapter benefits from the inclusion of a number of exercises and solutions, as well as suggested further reading.
296 Pages 2007 978-0-19-922832-4 Paperback 22.99

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At last, an advanced undergraduate book which maps theory to facts. The theory, from the new Keynesian model of fluctuations to Schumperian models of growth, is sound. The applications, from European unemployment to the Japanese slump, highly revealing. You will enjoy ever chapter, and become a good macroeconomist in the process.

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