Macroeconomics provides a solid foundation in contemporary macroeconomics, analysing different theoretical approaches and contextualising the theory with up to date monetary policy examples. The policy examples have been updated throughout to ensure that the reader can relate the economic concepts to the real world. The focus is on European economies but the increasing importance of economies like China and India is also addressed. Other changes to the new edition include a streamlined table of contents, designed to closely reflect the structure of modules, and the expansion of the Online Resource Centre to include additional European and global examples and further mathematical material. Online Resource Centre The text is accompanied by an Online Resource Centre, which will be updated for the new edition. The Online Resource Centre comprises: For lecturers: Case studies Excel exercises Animated figures Lecture plans PowerPoint slides Revision questions Solutions to end-of-chapter exercises Test bank For students: Concepts & issues Sample exam questions Self-test multiple-choice questions Review questions Web appendices Web boxes Web links
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This book is one of the best. It is truly international, modern, well-written, and rigorous where necessary. Andrew Newell, Head of Department of Economics, University of Sussex This new edition is a major accomplishment. It has two unique and invaluable features: it explains the modern approach to macroeconomics with simplicity and rigor, while retaining the focus on the special aspects of the European economy. Guido Tabellini, Bocconi University This well-known book by Michael Burda and Charles Wyplosz has justifiably established itself as a leading textbook for economics students interested in the European economy. It is well-written, well-illustrated and achieves a good balance between theory and practice. The fifth edition is more compact and better-written than the fourth edition. An important innovation is that monetary policy is now shown by the Taylor rule instead of the money supply rule of the conventional model. the ease with which the authors have built the "TR" curve into the conventional framework for short-run equilibrium is admirable. The conventional IS-LM model has guided our intuition about policy for many decades but current practice requires different thinking, and the fifth edition of Burda-Wyplosz is an excellent place to learn about it. Christopher Pissarides, LSE What sets Macroeconomics 5e by Burda and Wyplosz apart from the rest of the field is its wide-ranging treatment of macroeconomic theory, policy, and institutions within a Eurpean as well as an international context. This is and ideal intermediate text for economics and business students across Europe and the world. Thorvaldur Gylfason, University of Iceland
Table of Contents
PART ONE: INTRODUCTION TO MACROECONOMICS; 1. What is Macroeconomics?; 2. Macroeconomic Accounts; PART TWO: THE MACROECONOMY IN THE LONG RUN; 3. The Fundamentals of Economic Growth; 4. Explaining Economic Growth in the Long Run; 5. Labour Markets and Unemployment; 6. Money, Prices, and Exchange Rates in the Long Run; PART THREE: THE MACROECONOMY IN THE SHORT RUN; 7. Borrowing, Lending, and Budget Constraints; 8. Private Sector Demand: Consumption and Investment; 9. Money and Monetary Policy; 10. Macroeconomic Equilibrium in the Short Run; 11. International Capital Flows and Macroeconomic Equilibrium; 12. Output, Employment, and Inflation; 13. Aggregate Demand and Aggregate Supply; 14. Asset Markets; 15. The Exchange Rate; PART FOUR: MACROECONOMIC POLICY IN A GLOBAL ECONOMY; 16. Demand Management Policies; 17. Fiscal Policy, Debt, and Seigniorage; 18. Policies for the Long Run; 19. The Architecture of the International Monetary System; 20. Epilogue
Macroeconomics: A European Text by Michael Burda
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