Macroeconomics

• Presents macroeconomics from a European perspective making it easier for students to relate the concepts to their own economic environment.
• Uses up-to-date European and global monetary policy examples showing students the relevance of the theory.
• Reflects the dynamic nature of the subject by providing a comprehensive analysis of modern macroeconomics with a balance of theoretical approaches.
• A fully-equipped package of online content provides lecturers with a ready bank of practical resources to use in their teaching and students with ample opportuneity to test their learning.

New to this edition

• Monetary policy is now illustrated by the Taylor rule, instead of a money supply rule (although the IS-LM framework is still presented first).
• Chapters on growth have been redesigned to offer more intuition and real-world applications.
• The exchange rate is now presented in a single chapter.
• Policy examples have been updated throughout, including new examples from Africa and China.
• All chapters have been rewritten for substance, style, or both, resulting in increased clarity and accessibility.

Readership: Students on economics degrees taking an intermediate level module in macroeconomics. It is usually a second year module but it can be first year at higher level universities, particularly in Europe. It is generally a year long module.

Michael Burda, Professor of Macroeconomics and Labour, Economics Department, Humboldt University, Berlin, and Charles Wyplosz, Professor of Economics, Graduate Institute of International Studies, Geneva

"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 <I>Macroeconomics 5e</I> 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

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