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Attempts an open-minded approach, encouraging students to think for themselves about unresolved policy debates
Fully international approach, beginning with the first chapter on theories of economic development
Starts off with the real world of economic performance and policy, before tackling theoretical schools and debates
Integrates financial markets in the analysis throughout the book
The post-2007 financial crisis is a continuing theme of the book, and material needed to understand it is highlighted throughout
Detailed explanation permits instructors to shift more classroom time away from lecturing and toward data labs, workshops and research projects
The world has changed dramatically in recent years and so has the field of economics, but many introductory economics textbooks have remained stuck in the past. This book provides a new beginning for the study of macroeconomics, fundamentally international in its approach and emphasizing current debates and research trends. The first, mostly descriptive half of the book presents the main macroeconomic and financial patterns observed across the world, the institutions that govern national economies and the policy options available to decision-makers. In the second half, different schools of thought in macroeconomics are introduced with an emphasis on their underlying assumptions, so that students can judge for themselves how well they apply in real-world situations. Throughout the book, the post-2007 financial crisis is a continuing focus and financial markets are fully integrated in the analysis. Policy debates are viewed in light of political economy considerations, both domestic and international. The book’s style focuses on in-depth explanations and supports teaching methodologies based on critical thinking and active learning, encouraging students to relate to current discussions, especially those taking place online.
1 Introduction: Economic Growth and Development in Historical Perspective.- 2 Some Relevant Microeconomics.- Part I: The Terrain of Macroeconomics.- 3 Accounts and Measurements.- 4 The Fundamental Macroeconomic Identities.- 5 Macroeconomic Issues: Output, Employment, Inflation, Financial Stability.- 6 Macroeconomic Adjustment.- 7 An Introduction to Money, Banks and Financial Systems.- 8 International Finance: A World of Many Moneys.- 9 International Trade in an Interdependent World.- Part II: Macroeconomic Theories in Conflict.- 10 Classical Economic Doctrine and the Keynesian Challenge.- 11 Equilibrium National Income and Financial Balances in a Keynesian World.- 12 Keynesian Fiscal Policy.- 13 Central Banks and Monetary Policy. Appendix: The IS-LM Model.- 14 Business Cycles.- 15 The Crucible of the 1970s.- 16 The Rise and Fall of the Great Moderation.- 17 The Financial Crisis of 2008 and Its Aftermath.- Glossary.- Index.