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N. GREGORY MANKIW is a Professor of Economics at Harvard University, USA. He began his study of economics at Princeton University, where he received an AB in 1980. After earning a PhD in Economics from MIT, he began teaching at Harvard in 1985 and was promoted to full professor in 1987. Mankiw is a regular participant in academic and policy debates. His research ranges across macroeconomics and includes work on price adjustment, consumer behaviour, financial markets, monetary and fiscal policy, and economic growth. In addition to his duties at Harvard, he has been a research associate of the National Bureau of Economic Research, a member of the Brookings Panel on Economic Activity, and an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office. From 2003 to 2005 he was chairman of the President's Council of Economic Advisers.

PART I: INTRODUCTION The Science of Macroeconomics Introductory Discussion on Current Financial Crisis Edmund Phelps Added to FYI on Nobel Macroeconomists The Data of Macroeconomics Updated Data on GDP Updated Description of National Income Components Updated Data on the Labor Force PART II: CLASSICAL THEORY: THE ECONOMY IN THE LONG RUN National Income: Where it Comes from and Where it Goes New Box: 'The Financial System: Markets, Intermediaries, and the Crisis of 2008' Money and Inflation New Case Study about the Recent Hyperinflation in Zimbabwe The Open Economy Updated Case Study 'The US Trade Deficit' Updated Data for Case Study 'Big Mac Around the World' Unemployment Updated Case Study 'The Characteristics of Minimum-Wage Workers' Updated Data on Unemployment PART III: GROWTH THEORY: THE ECONOMY IN THE VERY LONG RUN Economic Growth I: Capital Accumulation and Population Growth Economic Growth II: Technology, Empirics, and Policy PART IV: BUSINESS CYCLE THEORY: THE ECONOMY IN THE SHORT RUN Introduction to Economic Fluctuations New Case Study called 'A Monetary Lesson from French History' New FYI box on the Monetary Theory of David Hume Aggregate Demand I: Building the IS-LM Model Aggregate Demand II: Applying the IS-LM Model New Case Study called 'The Financial Crisis and Economic Downturn of 2008' The Open Economy Revisited: The Mundell-Fleming Model and the Exchange-Rate Regime Aggregate Supply and the Short-run Tradeoff Between Inflation and Unemployment The Appendix Includes a New Schematic Diagram Illustrating How Various Macroeconomic Models are Related PART V: MACROECONOMIC POLICY DEBATES New Chapter: A Dynamic Model of Aggregate Demand and Aggregate Supply Stabilization Policy Government Debt and Budget Deficits PART VI: MORE ON THE MICROECONOMICS BEHIND MACROECONOMICS Consumption Investment New Discussion of the Recent Boom and Bust in the Housing Market Money Supply, Money Demand, and the Banking System New Section on Bank Capital Requirements Epilogue: What We Know, What We Don't