Now firmly established as one of the leading economics principles texts world-wide, this exciting, new fourth updated edition of Macroeconomics by N. Gregory Mankiw (Harvard University) and Mark P. Taylor (Washington University), has been fully updated. New topics have been added in including theories on, for example, Marxist and Feminist theories on labour giving wider context to economic issues. A new chapter on Issues in Financial markets has been added covering the financial crisis and its causes and the final chapter has been updated to reflect the post-crisis world and how theories of the crisis have emerged.
- Real life case studies highlight the economic issues that businesses and countries across the world face.
- Three new Introductory chapters (Part I).
- Brand new chapter on Issues in Financial Markets covering the financial crisis and its causes
- Problems and Applications at the end of every chapter test students on what they have just learned.
- Case Studies and In the News boxes have been updated throughout reflecting the current economic issues faced across the world.
- New topics on the post-financial crisis world, causes of the financial crisis, dynamic stochastic general equilibrium models, central bank operations, inflation targeting and the Phillips curve have been added making this one the most comprehensive introductory macroeconomics texts available.
PART 1 Introduction to economics
1 What is economics?
2 Thinking like an economist
3 The market forces of supply and demand
PART 2 The data of macroeconomics
4 Measuring a nation’s well-being
5 Measuring the cost of living
PART 3 The real economy in the long run
6 Production and growth
PART 4 Interest rates, money and prices in the long run
8 Saving, investment and the financial system
9 The basic tools of finance
10 Issues in financial markets
11 The monetary system
12 Money growth and inflation
PART 5 The macroeconomics of open economies
13 Open-economy macroeconomics: Basic concepts
14 A macroeconomic theory of the open economy
PART 6 Short-run economic fluctuations
15 Business cycles
16 Keynesian economics and IS–LM analysis
17 Aggregate demand and aggregate supply
18 The influence of monetary and fiscal policy on aggregate demand
19 The short-run trade-off between inflation and unemployment
20 Supply-side policies
PART 7 International macroeconomics
21 Common currency areas and European Monetary Union
22 The Financial Crisis and sovereign debt
N. Gregory Mankiw, Harvard University
N. Gregory Mankiw is Robert M. Beren Professor of Economics at Harvard University. For 14 years he taught EC10 Principles, the most popular course at Harvard. He studied economics at Princeton University and MIT. Prof. Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behaviour, financial markets, monetary and fiscal policy, and economic growth. His published articles have appeared in academic journals such as the American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics. His work has also appeared in more widely accessible forums, including The New York Times, The Washington Post, The Wall Street Journal, and Fortune. Prof. Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office, and a member of the ETS test development committee for the advanced placement exam in economics. From 2003 to 2005, he served as chairman of the President’s Council of Economic Advisers.
Mark P. Taylor, Dean of Olin Business School, Washington University, St. Louis
Mark P. Taylor is Dean of the John M Olin Business School at Washington University, US and was previously Dean of Warwick Business School at the University of Warwick, UK. He obtained his first degree in philosophy, politics and economics from Oxford University. He then worked as a foreign exchange dealer in London for two years while simultaneously studying part-time for a master’s degree in economics at London University, from where he also holds a doctorate in economics. Professor Taylor has taught economics at various universities (including Warwick, Oxford, Marseille and New York), at various levels (from principles courses to advanced graduate and MBA courses) and in various fields (including macroeconomics, microeconomics and econometrics). He also worked for several years as a senior economist at the International Monetary Fund and before that at the Bank of England. His work has been extensively published in scholarly journals, such as the Journal of Political Economy and the Economic Journal, and he is today one of the most highly cited economists in the world in economic research. In addition, Professor Taylor has acted as an advisor to the International Monetary Fund, the World Bank, the Bank of England, the European Commission and to senior members of the UK government. He is a research fellow of the Centre for Economic Policy Research, a member of council of the Royal Economic Society, and a fellow of both the Royal Statistical Society and the Royal Society of Arts.