Macroeconomics, 1st Edition

Macroeconomics is a general textbook in macroeconomics and provides examples from a wide international context. It therefore by necessity covers both standard introductory macroeconomic topics and also the latest concepts arising from study of this international context. Examples in the book that require mature economies relate to Europe and the U.S., upon which much of standard macroeconomic theory is based. Amongst others, issues spanning the U.S. ‘twin deficits,’ the euro and European economic and monetary union are treated. Macroeconomics also covers the changing international economic order, including the WTO, the growth model of Latin America in contrast to East Asia, the transition of China and other recently marketised economies. It also examines the financial crises of the past two decades that have fundamentally overhauled theories surrounding liquidity crises, exchange rates and structural reforms related to liberalisation.

Macroeconomics is suitable for several different levels of teaching. The first is a mode that requires review of some concepts normally covered in principles courses, such as the determinants of national income. This is to enable students with a less comprehensive background to access the required material in one text. The second is a standard intermediate treatment of macroeconomics, starting with a detailed derivation of the Keynesian Cross and components of aggregate demand, which leads to the general equilibrium models of IS-LM and AS-AD and the external sector. Finally, the textbook is suitable for more advanced teaching of macroeconomics: the standard models are followed by rigorous treatment of international policy coordination, financial crises, long-run economic growth and even development and transition economics.

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