Written in a clear and direct style, this is the ideal core textbook for students who seek a thorough understanding of the applications of macroeconomic theory. The book combines theoretical rigour with numerous...Show More
Written in a clear and direct style, this is the ideal core textbook for students who seek a thorough understanding of the applications of macroeconomic theory. The book combines theoretical rigour with numerous illustrative examples and engaging policy discussions. This highly-respected author has developed an innovative new approach to teaching macroeconomics, based on combining microeconomic foundations with Keynesian-style short-run policy analysis to build one unified model. Gottfries’ critically-acclaimed and highly relevant approach reinforces learning and makes it easier for students to comprehend, providing the ideal preparation either for work or for further postgraduate study.
The book is perfect for the higher-level intermediate macroeconomics courses, as well as offering a potential bridge between undergraduate level study and the step up to postgraduate and research level theory and content.
- A real-world approach that takes into account the many market imperfections and rigidities that characterize actual economies in action.
- A pronounced international flavour using examples from a variety of world economies, and the on-going comparison of US, UK and EU market behaviours.
- Theory is supported and illustrated by the presentation and analysis of data from several country economies.
- Detailed coverage of both long and short run approaches, and the closed and open economies, underpins the book.
- Valuable chapters on EMU, business cycles, institutions and policy, all the key financial markets and analysis of high-profile crises.
- Each chapter features exercises with varying levels of difficulty, useful summaries, and appendices providing more sophisticated mathematical content making the book adaptable to a range of student abilities and needs.
PART I: THE LONG RUN Production, Prices and the Distribution of Income
Interest Rates and Investment
Consumption and the Natural Rate of Interest
Capital Accumulation and Growth
Wage Setting and Unemployment
Money and Inflation in the Long Run
PART II: THE SHORT RUN The Interest Rate and Production in the Short Run
Economic Activity and Inflation in the Short Run
PART III: ECONOMIC POLICY Monetary Policy
PART IV: THE OPEN ECONOMY Exports, Imports, and International Financial Markets
The Open Economy in the Long Run
The Open Economy in the Short Run
Exchange Rate Systems and Monetary Union
PART V: BUSINESS CYCLES, POLICYMAKING, FINANCIAL MARKETS Business Cycles
Institutions and Economic Policy
- Answer sheets for chapter exercises in the book
- Author video presentations that cover key concepts from each chapter
- Multiple choice questions
- Suggestions for further reading compiled by the author
Nils Gottfries's thoughtful, consistent and lucid exposition breathes fresh air into a macroeconomics textbook. It balances descriptive realism with conceptual coherence judiciously, and its application of principles to the experiences of many countries over many decades is very welcome. – John Driffill, Birkbeck, University of London, UK
This is a great book. It uses a consistent theory throughout, explains it well, and does a tremendous job in confronting theory with data. – Steinar Holden, University of Oslo, Norway
Instead of presenting macroeconomics as separate pieces linked in an ad hoc way, Gottfries presents a consistent approach. This, in addition to the distinctly international approach to economic data and examples, will make the book very attractive to lecturers and to their students. – M.A. (Martin) van Tuijl, Tilburg University, the Netherlands
This is a superb book! It contains a rigorous treatment of the New Keynesian model combined with illustrative examples and interesting policy discussions. Students will find the book well-written and easily accessible. – Fredrik NG Andersson, Lund University, Sweden
This book is an excellent and innovative new textbook for intermediate macroeconomics, where conventional macroeconomics is explained with a deeper emphasis on the role of microfoundations. This allows students to be exposed to modern macroeconomic analysis in a rigorous yet still accessible way. – Gianluigi Vernasca, University of Essex, UK
ABOUT THE AUTHOR
- Economic Methodology Marcel Boumans, John Davis
- An Introduction to Behavioral Economics Nick Wilkinson, Matthias Klaes
- Operations Management David Barnes
- Essential Operations Management Alex Hill, Terry Hill
- The Economics of Social Problems Sheila Smith, Julian Le Grand, Carol Propper
- Macroeconomics William Mitchell, L. Randall Wray, Martin Watts
- Global Strategic Management Philippe Lasserre
- Health Economics Jay Bhattacharya, Timothy Hyde, Peter Tu
- Practising Social Work Law Suzy Braye, Michael Preston-Shoot
- Social Policy in Britain P. Alcock, Margaret May
- Applied International Trade Harry P. Bowen, Abraham Hollander, Jean Marie Viaene
- Economics of Development A.P. Thirlwall, Penélope Pacheco-López