Fully updated to reflect modern perspectives on macroeconomics, particularly since the financial crisis.
EMEA and international examples and data provide a more global outlook.
“Economics in Practice” boxes give a real life perspective to the macroeconomics theories and models.
“Do the Maths” boxes explain the key mathematical concepts behind macroeconomic theory that are often difficult to grasp.
“By the Numbers” and “Extending the Model” boxes bring even more real word content to help explain the theories.
End of chapter questions and problems test students’ understanding of what they have just been studying.
Table of Contents PART 1 INTRODUCTION
1 Thinking about Macroeconomics
2 National-Income Accounting: Gross Domestic Product and the Price Level
PART 2 ECONOMIC GROWTH
3 Introduction to Economic Growth
4 Working with the Solow Growth Model
5 Conditional Convergence and Long-Run Economic Growth
PART 3 ECONOMIC FLUCTUATIONS
6 Macroeconomics without Microeconomic Foundations
7 Markets, Prices, Supply, and Demand
8 Consumption, Saving, and Investment
9 An Equilibrium Business-Cycle Model
10 Capital Utilization and Unemployment
PART 4 MONEY AND PRICES
11 The Demand for Money and the Price Level
12 Inflation, Money Growth, and Interest Rates
PART 5 THE GOVERNMENT SECTOR
13 Government Expenditure
15 Public Debt
PART 6 MONEY AND BUSINESS CYCLES
16 Money and Business Cycles I: The Price-Misperceptions Model
17 Money and Business Cycles II: Sticky Prices and Nominal Wage Rates
PART 7 INTERNATIONAL MACROECONOMICS
18 World Markets in Goods and Credit
19 Exchange Rates
Born in New York City, Robert Barro moved to Los Angeles, where he studied undergraduate physics at Caltech, including classes from the famous Richard Feynman. He changed his focus to economics for graduate school at Harvard University. Dr. Barro returned to Harvard as a professor in 1987. He served as president of the Western Economic Association and vice president of the American Economic Association. In addition to academic research, Professor Barro is an accomplished writer for the popular press. He worked as a viewpoint columnist for BUSINESSWEEK from 1998 to 2006 and contributing editor of THE WALL STREET JOURNAL from 1991 to 1998.
Angus Chu was born in Hong Kong and studied at Simon Fraser University and the University of British Columbia in Canada. He obtained his doctoral degree in Economics from the University of Michigan in the US. He is currently Professor of Economics at Fudan University, China and is an honorary Senior Fellow at the University of Liverpool, UK, where he was previously Chair of Economics. Angus’s research focuses on macroeconomics, monetary economics, economic growth, innovation and intellectual property rights.
Guido Cozzi was born in Rome and graduated in Economics from the University of Rome “La Sapienza”. He obtained his PhD in Economics from the University of New York, US. Guido is currently Professor of Macroeconomics at the University of St. Gallen, Switzerland and was previously Chair of Economics at the University of Durham, UK. His research focuses on macroeconomics, economic growth, innovation and intellectual property rights.