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Modern Macroeconomics

Modern Macroeconomics [Pdf/ePub] eBook ISBN-10: 1845424670
Publisher: Edward Elgar Publishing
File Size: 664 KB
File Format: Pdf
Read Count: 3874388


Modern Macroeconomics by Book Resume:

Snowdon and Vane s book is extremely welcome. Indeed the authors examine, compare, and evaluate the evolution of the major rival stories comprising contemporary macroeconomic thought, but they also trace the development and interaction of key events and ideas as they occurred in the last century. Interviews with leading economists, one or two at the end of each chapter, also greatly help to shed light on this complexity. . . In sum, this is book which is very difficult to put down. Alessio Moneta, Journal of the History of Economic Thought It is not difficult to understand why this volume commands high praise from macroeconomic theorists, practitioners and teachers. It contains many interesting features that make it an excellent companion for both students and teachers of tertiary level macroeconomics. . . The authors present the material in a way that conveys to readers that macroeconomics is a living science , continually developing and still open to debate, controversy and competing policy prescriptions. In this respect it is a book that ought to be required reading for all teachers of the subject. It is also a valuable source of background reading for professional economists involved with economic policy making. Economic Outlook and Business Review . . . a wonderful history of macroeconomic thought from Keynes to the present, with an outstanding bibliography. It should be useful to undergraduates and graduate students as well as professional economists. Highly recommended. Steven Pressman, Choice Brian Snowdon and Howard Vane are well-known for their astute understanding of the main macroeconomic schools of thought and their skilled use of interviews with major figures. Here, they deploy a depth of scholarship in explaining the different schools and their key points of departure from one another. This book will be particularly useful to students looking for a clear, non-technical explanation of the main approaches to macroeconomics. Patrick Minford, Cardiff University, UK There are two steps to learning macroeconomics. First, to see it as it is today. Second, to understand how it got there: to understand the right and the wrong turns, the hypotheses that proved false, the insights that proved true, and the interaction of events and ideas. Only then, does one truly understand macroeconomics. This book is about step two. It does a marvellous job of it. The presentation is transparent, the interviews fascinating. You will enjoy, and you will learn. Olivier Blanchard, Massachusetts Institute of Technology, US In 40 years of teaching macroeconomics, there has been just one textbook that I have assigned year after year after year, namely, A Modern Guide to Macroeconomics by Snowdon, Vane and Wynarczyk. That altogether admirable book made clear to students what were, and are, the main intellectual issues in macroeconomics and did so with just enough formal modeling to avoid distortion by over-simplification. That book is now ten years old and the debate in macro has moved on. So there is good reason to welcome Snowdon and Vane back with this superb updated version. Axel Leijonhufvud, University of Trento, Italy This outstanding book avoids the narrow scope of most textbooks and provides an excellent guide to an unusually broad range of ideas. Thomas Mayer, University of California, Davis, US More than a decade after the publication of the critically acclaimed A Modern Guide to Macroeconomics, Brian Snowdon and Howard Vane have produced a worthy successor in the form of Modern Macroeconomics. Thoroughly extended, revised and updated, it will become the indispensable text for students and teachers of macroeconomics in the new millennium. The authors skilfully trace the origins, development and current state of modern macroeconomics from an historical perspective. They do so by thoroughly appraising the central tenets underlying the main competing schools of macroeconomic thought as well as their diverse policy imp


Macroeconomics [Pdf/ePub] eBook ISBN-10: 0262357925
Author: Felipe Larrain B.
Publisher: MIT Press
File Size: 924 KB
File Format: Pdf
Read Count: 8145221


Macroeconomics by Felipe Larrain B. Book Resume:

An accessible introduction to the basics of macroeconomics and how it affects the local and global economies. Macroeconomics takes a broad perspective on the economy of a country or region; it studies economic changes in the aggregate, collecting data on production, unemployment, inflation, consumption, investment, trade, and other aspects of national and international economic life. Policymakers depend on macroeconomists' knowledge when making decisions about such issues as taxes and the public budget, monetary and exchange rate policies, and trade policies—all of which, in turn, affect decisions made by individuals and businesses. This volume in the MIT Press Essential Knowledge series offers an introduction to the basics of macroeconomics accessible to the noneconomist. Readers will gain the tools to interpret such economic events as the 2008 financial meltdown, the subsequent euro crisis, and the current protectionist dynamics seen in some developed countries. The author, an academic economist and two-time Chilean Finance Minister, devotes a substantial part of his analysis to economic development, explaining why some countries achieve continuing economic growth while others become stagnant. He discusses the links between economic activity and employment; employment and unemployment rates; factors behind economic growth; money, inflation, and exchange rate systems; fiscal deficits; balance of payment crises; consumption and savings; investment decisions; fiscal policy; and the process of globalization and its macroeconomic implications.

Dynamic Macroeconomics

Dynamic Macroeconomics [Pdf/ePub] eBook ISBN-10: 0262355124
Author: George Alogoskoufis
Publisher: MIT Press
File Size: 1521 KB
File Format: Pdf
Read Count: 7111174


Dynamic Macroeconomics by George Alogoskoufis Book Resume:

An advanced treatment of modern macroeconomics, presented through a sequence of dynamic equilibrium models, with discussion of the implications for monetary and fiscal policy. This textbook offers an advanced treatment of modern macroeconomics, presented through a sequence of dynamic general equilibrium models based on intertemporal optimization on the part of economic agents. The book treats macroeconomics as applied and policy-oriented general equilibrium analysis, examining a number of models, each of which is suitable for investigating specific issues but may be unsuitable for others. After presenting a brief survey of the evolution of macroeconomics and the key facts about long-run economic growth and aggregate fluctuations, the book introduces the main elements of the intertemporal approach through a series of two-period competitive general equilibrium models—the simplest possible intertemporal models. This sets the stage for the remainder of the book, which presents models of economic growth, aggregate fluctuations, and monetary and fiscal policy. The text focuses on a full analysis of a limited number of key intertemporal models, which are stripped down to essentials so that students can focus on the dynamic properties of the models. Exercises encourage students to try their hands at solving versions of the dynamic models that define modern macroeconomics. Appendixes review the main mathematical techniques needed to analyze optimizing dynamic macroeconomic models. The book is suitable for advanced undergraduate and graduate students who have some knowledge of economic theory and mathematics for economists.

Big Ideas in Macroeconomics

Big Ideas in Macroeconomics [Pdf/ePub] eBook ISBN-10: 026231441X
Author: Kartik B. Athreya
Publisher: MIT Press
File Size: 1087 KB
File Format: Pdf
Read Count: 9401878


Big Ideas in Macroeconomics by Kartik B. Athreya Book Resume:

An accessible description of modern macroeconomics, and a defense of its policy relevance. Macroeconomists have been caricatured either as credulous savants in love with the beauty of their mathematical models or as free-market fundamentalists who admit no doubt as to the market's wisdom. In this book, Kartik Athreya draws a truer picture, offering a nontechnical description of prominent ideas and models in macroeconomics, and arguing for their value as interpretive tools as well as their policy relevance. Athreya deliberately leaves out the technical machinery, providing an essential guide to the sometimes abstract ideas that drive macroeconomists' research and practical policy advice. Athreya describes the main approach to macroeconomic model construction, the foundational Walrasian general-equilibrium framework, and its modern version, the Arrow-Debreu-McKenzie (ADM) model. In the heart of the book, Athreya shows how the Walrasian approach shapes and unifies much of modern macroeconomics. He details models central to ongoing macroeconomic analyses: the neoclassical and stochastic growth models, the standard incomplete-markets model, the overlapping-generations model, and the standard search model. Athreya's accessible primer traces the links between the views and policy advice of modern macroeconomists and their shared theoretical approach.


Macroeconomics [Pdf/ePub] eBook ISBN-10: 1136814175
Author: Robert J. Rossana
Publisher: Routledge
File Size: 794 KB
File Format: Pdf
Read Count: 2010138


Macroeconomics by Robert J. Rossana Book Resume:

Research in macroeconomics in the last thirty years has featured, almost exclusively on two characteristics: an emphasis on the microfoundations of macroeconomics and secondly, intertemporal economics, that is, the behavior of economic actors over time. Curiously, textbooks in intermediate macroeconomics have been very slow to adopt these traits. The aim of this book is to bring intermediate instruction in macroeconomics fully into line with the direction taken by the research community. Key hallmarks of the text include: a full introduction to the microfoundations of consumption and investment a complete model of the labor market with profit maximization for firms to determine labor demand and a utility maximization model to determine labor supply an analysis of the Baumol-Tobin model to determine money demand accompanied by a discussion of traditional money supply Possessing a full range of additional learning features including a companion website, test bank and instructor’s manual, the book takes an international view of macroeconomics with case studies and examples from the United States and beyond.

Macroeconomic Foundations of Macroeconomics

Macroeconomic Foundations of Macroeconomics [Pdf/ePub] eBook ISBN-10: 1134382243
Author: Alvaro Cencini
Publisher: Routledge
File Size: 727 KB
File Format: Pdf
Read Count: 8899981


Macroeconomic Foundations of Macroeconomics by Alvaro Cencini Book Resume:

Contrary to common belief, macroeconomics is not merely a theory of aggregates, and cannot be constructed from individual behaviour. Both nationally and internationally, there are economic laws that are logically independent of economic agents’ behaviour. These are the macroeconomic foundations of macroeconomics. Presenting cutting-edge material, Alvaro Cencini explores these foundations, and shows that the introduction of money entails economics being interpreted conceptually not mathematically. His innovative book provides the elements for a new approach by applying the most recent results of monetary analysis to the study of national and international economics. It covers recent progress in monetary theory, provides the reader with a greater understanding of the subject, and will be essential reading for economic students as well as a valuable resource for economists.

Quantum Macroeconomics

Quantum Macroeconomics [Pdf/ePub] eBook ISBN-10: 131728786X
Author: Jean-Luc Bailly,Alvaro Cencini,Sergio Rossi
Publisher: Taylor & Francis
File Size: 1893 KB
File Format: Pdf
Read Count: 8623175


Quantum Macroeconomics by Jean-Luc Bailly,Alvaro Cencini,Sergio Rossi Book Resume:

Quantum Macroeconomics presents a new paradigm in macroeconomic analysis initiated by Bernard Schmitt. It explains the historical origin, the analytical contents, and the actual relevance of this new paradigm, with respect to current major economic issues at national and international level. These issues concern both advanced and emerging market economies, referring to inflation, unemployment, financial instability, and economic crises. In the first part of this volume, leading scholars explain the historical origin and analytical content of quantum macroeconomics. The second part explores its relevance with respect to the current major economic issues such as the sovereign debt crisis and European monetary union. The volume also features two previously unpublished papers by Bernard Schmitt. The main findings of this book concern the need to go beyond agents’ behaviour to understand the structural origin of a variety of macroeconomic problems, notably, inflation, unemployment, financial instability, and economic crises. The originality that pervades all contributions is plain, when one considers the lack of any structural explanation of national and international economic disorders in the literature within the mainstream approach to economics. This edited volume is of great interest to those who study macroeconomics, monetary economics and money and banking.

Macroeconomics, 20e

Macroeconomics, 20e [Pdf/ePub] eBook ISBN-10: 9352837320
Author: Ahuja H.L.
Publisher: S. Chand Publishing
File Size: 826 KB
File Format: Pdf
Read Count: 5819777


Macroeconomics, 20e by Ahuja H.L. Book Resume:

This textbook acquaints the students with the latest trends and tendencies in macroeconomics analysis and policy. It keeps in view the macroeconomic

Development Macroeconomics

Development Macroeconomics [Pdf/ePub] eBook ISBN-10: 1800371128
Author: Basil Oberholzer
Publisher: Edward Elgar Publishing
File Size: 1436 KB
File Format: Pdf
Read Count: 9542913


Development Macroeconomics by Basil Oberholzer Book Resume:

This insightful book offers a comprehensive analysis of how macroeconomics can steer development and reduce poverty. It untangles how developing countries can apply effective economic policies in spite of the challenges they face.

Empirical Macroeconomics and Statistical Uncertainty

Empirical Macroeconomics and Statistical Uncertainty [Pdf/ePub] eBook ISBN-10: 1000170845
Author: Mateusz Pipień,Sylwia Roszkowska
Publisher: Routledge
File Size: 1879 KB
File Format: Pdf
Read Count: 1714279


Empirical Macroeconomics and Statistical Uncertainty by Mateusz Pipień,Sylwia Roszkowska Book Resume:

This book addresses one of the most important research activities in empirical macroeconomics. It provides a course of advanced but intuitive methods and tools enabling the spatial and temporal disaggregation of basic macroeconomic variables and the assessment of the statistical uncertainty of the outcomes of disaggregation. The empirical analysis focuses mainly on GDP and its growth in the context of Poland. However, all of the methods discussed can be easily applied to other countries. The approach used in the book views spatial and temporal disaggregation as a special case of the estimation of missing observations (a topic on missing data analysis). The book presents an econometric course of models of Seemingly Unrelated Regression Equations (SURE). The main advantage of using the SURE specification is to tackle the presented research problem so that it allows for the heterogeneity of the parameters describing relations between macroeconomic indicators. The book contains model specification, as well as descriptions of stochastic assumptions and resulting procedures of estimation and testing. The method also addresses uncertainty in the estimates produced. All of the necessary tests and assumptions are presented in detail. The results are designed to serve as a source of invaluable information making regional analyses more convenient and – more importantly – comparable. It will create a solid basis for making conclusions and recommendations concerning regional economic policy in Poland, particularly regarding the assessment of the economic situation. This is essential reading for academics, researchers, and economists with regional analysis as their field of expertise, as well as central bankers and policymakers.

International Macroeconomics for Business and Political Leaders

International Macroeconomics for Business and Political Leaders [Pdf/ePub] eBook ISBN-10: 135179695X
Author: John E. Marthinsen
Publisher: Taylor & Francis
File Size: 861 KB
File Format: Pdf
Read Count: 1427629


International Macroeconomics for Business and Political Leaders by John E. Marthinsen Book Resume:

International Macroeconomics for Business and Political Leaders explains the fundamentals of international macroeconomics in a very efficient and approachable text. It explores key macro concepts such as growth, unemployment, inflation, interest, and exchange rates. Crucially, it also examines how these markets are interconnected so that readers will fully understand why economic, political, and social shocks to nations, such as the United States, China, Germany, Japan, and Brazil, must be evaluated in the context of all three macroeconomic markets: goods and services, credit, and foreign exchange. This book is as relevant and useful to individuals who have successfully taken and passed a Principles of Economics course, or more, as it is to those who have never taken any economics in high school or college but are motivated to understand the way international economies act and react. It uses an innovative approach to teach supply and demand principles, without using graphs, so as to be understandable and accessible to any interested reader or audience. This is not a theory-for-theory’s-sake textbook but a practice-oriented, common-sense approach to explaining international macroeconomics which quickly connects readers to real world events.

Applied Macroeconomics for Public Policy

Applied Macroeconomics for Public Policy [Pdf/ePub] eBook ISBN-10: 0128156333
Author: Rafael Yanushevsky,Camilla Yanushevsky
Publisher: Academic Press
File Size: 1323 KB
File Format: Pdf
Read Count: 7187854


Applied Macroeconomics for Public Policy by Rafael Yanushevsky,Camilla Yanushevsky Book Resume:

Applied Macroeconomics for Public Policy applies system and control theory approaches to macroeconomic problems. The book shows how to build simple and efficient macroeconomic models for policy analysis. By using these models, instead of complex multi-criteria models with uncertain parameters, readers will gain new certainty in macroeconomic decision-making. As high debt to GDP ratios cause problems in societies, this book provides insights on improving economies during and after economic downturns. Provides a detailed analysis of existing macroeconomic models Addresses the dynamics of debt to GDP ratio and the effects of fiscal and monetary policy on this ratio Shows how to use models to evaluate the dynamics of the debt to GDP ratio in cases of government spending and tax cuts and to decide whether such economic measures are efficient Uses optimal theory to obtain optimal yearly debt levels to reach the established goals (decrease debt or balance budget) Provides many examples and software exercises to promote learning by doing

Applied Financial Macroeconomics and Investment Strategy

Applied Financial Macroeconomics and Investment Strategy [Pdf/ePub] eBook ISBN-10: 113740180X
Author: Robert T. McGee
Publisher: Springer
File Size: 1814 KB
File Format: Pdf
Read Count: 3521384


Applied Financial Macroeconomics and Investment Strategy by Robert T. McGee Book Resume:

The absolute and relative performance of various asset classes is systematically related to macroeconomic trends. In this new book, Robert McGee provides a thorough guide to each stage of the business cycle and analyzes the investment implications using real-world examples linking economic dynamics to investment results.

The Future of Capitalism

The Future of Capitalism [Pdf/ePub] eBook ISBN-10: 0062748661
Author: Paul Collier
Publisher: HarperCollins
File Size: 1604 KB
File Format: Pdf
Read Count: 9963190


The Future of Capitalism by Paul Collier Book Resume:

From world-renowned economist Paul Collier, a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it. Deep new rifts are tearing apart the fabric of the United States and other Western societies: thriving cities versus rural counties, the highly skilled elite versus the less educated, wealthy versus developing countries. As these divides deepen, we have lost the sense of ethical obligation to others that was crucial to the rise of post-war social democracy. So far these rifts have been answered only by the revivalist ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit, and the return of the far-right in Germany. We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now. In a passionate and polemical book, celebrated economist Paul Collier outlines brilliantly original and ethical ways of healing these rifts—economic, social and cultural—with the cool head of pragmatism, rather than the fervor of ideological revivalism. He reveals how he has personally lived across these three divides, moving from working-class Sheffield to hyper-competitive Oxford, and working between Britain and Africa, and acknowledges some of the failings of his profession. Drawing on his own solutions as well as ideas from some of the world’s most distinguished social scientists, he shows us how to save capitalism from itself—and free ourselves from the intellectual baggage of the twentieth century.

Innovations in Macroeconomics

Innovations in Macroeconomics [Pdf/ePub] eBook ISBN-10: 3540682163
Author: Paul J.J. Welfens
Publisher: Springer Science & Business Media
File Size: 1370 KB
File Format: Pdf
Read Count: 4120991


Innovations in Macroeconomics by Paul J.J. Welfens Book Resume:

Modern macroeconomics suffers from an unclear link between short-term Keynesian analysis and long-term growth modelling. This book presents a new link between monetary analysis and growth modelling in open economies. Structural change, innovations and growth are considered from a new perspective. With respect to economic policy - in particular innovation policy - the analysis implies major changes, concerning both EU countries and other leading OECD economies.

Macroeconomics in Context

Macroeconomics in Context [Pdf/ePub] eBook ISBN-10: 1317289668
Author: Sebastian Dullien,Neva Goodwin,Jonathan M. Harris,Julie A. Nelson,Brian Roach,Mariano Torras
Publisher: Routledge
File Size: 1176 KB
File Format: Pdf
Read Count: 1856045


Macroeconomics in Context by Sebastian Dullien,Neva Goodwin,Jonathan M. Harris,Julie A. Nelson,Brian Roach,Mariano Torras Book Resume:

Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being. This book is divided into four parts, covering the following key issues: The context of economic analysis, including basic macroeconomic statistics and tools; The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies; Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy; The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability. Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis. Visit for online resources for both lecturers and students. A video of a panel discussion about the book can be found at


Macroeconomics [Pdf/ePub] eBook ISBN-10: 148601173X
Author: R. Glenn Hubbard,Anne M. Garnett,Philip Lewis,Anthony Patrick O'Brien
Publisher: Pearson Australia
File Size: 1136 KB
File Format: Pdf
Read Count: 2657343


Macroeconomics by R. Glenn Hubbard,Anne M. Garnett,Philip Lewis,Anthony Patrick O'Brien Book Resume:

Macroeconomics is the most engaging introductory economics resource available to students today. Using real businesses examples to show how managers use economics to make real decisions every day, the subject is made relevant and meaningful. Each chapter of the text opens with a case study featuring a real business or real business situation, refers to the study throughout the chapter, and concludes with An Inside Look—a news article format which illustrates how a key principle covered in the chapter relates to real business situations or was used by a real company to make a real business decision. Solved problems in every chapter motivate learners to confidently connect with the theory to solve economic problems and analyse current economic events.


Macroeconomics [Pdf/ePub] eBook ISBN-10: 0133252175
Author: Andrew B. Abel,Ben Bernanke,Dean Croushore
Publisher: Pearson Higher Ed
File Size: 390 KB
File Format: Pdf
Read Count: 3643018


Macroeconomics by Andrew B. Abel,Ben Bernanke,Dean Croushore Book Resume:

This book is intended for the intermediate macroeconomics course. This book is also suitable for all readers interested in the field of macroeconomics. Abel, Bernanke, and Croushore present macroeconomic theory in a way that prepares students to analyze real macroeconomic data used by policy makers and researchers. With a balanced treatment of both classical and Keynesian economics, the comprehensive coverage makes it easy for instructors to align chapters to fit their own syllabi. Students in this course often struggle to see how the macroeconomic models compare to one another, and fit into the big picture. This text uses a unified approach based on a single economics model that provides students with a clear understanding of macroeconomics and its classical and Keynesian assumptions. The main objective of the eighth edition is to keep the book fresh and up-to-date, especially in light of the recent crises in the United States and Europe and many new tools used by the Federal Reserve in response to the crisis. To reflect recent events and developments in the field, revisions have been made throughout the text, and additional new applications, boxes, and problems are included. Note: this is the standalone book, if you want the book/access card order the ISBN below: MyEconLab is not a self-paced technology and should only be purchased when required by an instructor 0133407926 / 9780133407921 Macroeconomics Plus NEW MyEconLab with Pearson eText -- Access Card Package Package consists of: 0132992280 / 9780132992282 Macroeconomics 0132993325 / 9780132993326 NEW MyEconLab with Pearson eText -- Access Card -- for Macroeconomics


MACROECONOMICS [Pdf/ePub] eBook ISBN-10: 9390544041
Publisher: PHI Learning Pvt. Ltd.
File Size: 1794 KB
File Format: Pdf
Read Count: 2342960



This book titled Macroeconomics is an outcome of the author's teaching-learning experience spanning several years of teaching economics at the undergraduate and postgraduate levels and has evolved from the earlier works of the author on the theme of Macroeconomics. It has evolved from actual classroom teaching and therefore adopts a conversational and lucid style of communication. The book seeks to capture the interest of the students towards macroeconomic issues and make it relatable to the actual dynamic functioning of economies. Primarily intended for the undergraduate students of commerce and economics, it will also be useful for the students pursuing BBA course. It covers an array of topics ranging from national income and related aggregates, the demand and supply of money, the role of central banks, theories of output, income and employment determination with special focus on Keynes theory, post-Keynesian developments like monetarism, supply-side economics. It also covers issues like inflation, deflation, Phillips curve, trade cycles, public finance, budget, budgetary deficits and so on. It has chosen to restrict itself to a closed economy and hence, does not deal with issues of an open economy which requires a totally different treatment. KEY FEATURES 1. Evolved from actual classroom teaching 2. Analysis of major concepts, theories and issues in macroeconomics 3. Blends economic concepts, theories and real data wherever relevant 4. Relevant statistics and data in the Indian context 5. An exhaustive list of references including websites is provided for ready reference 6. Key takeaways, thought provoking questions and relevant exercises provided at the end of every chapter TARGET AUDIENCE • B.Com • BA (Economics) • BBA


MACROECONOMICS, Second Edition [Pdf/ePub] eBook ISBN-10: 9389347882
Publisher: PHI Learning Pvt. Ltd.
File Size: 578 KB
File Format: Pdf
Read Count: 8049601



Macroeconomics, which along with microeconomics forms one of the two most general fields of studies in economics, deals with an economy as a whole—national, regional and global. This textbook on macroeconomics in its second edition makes significant contribution to teaching and learning of the subject. Macroeconomics texts that are available present mathematical models and theories without using mathematics. Hence, students find it difficult to get a clear idea of the theories presented. Using elementary tools of school level mathematics, this book presents the theories mathematically and illustrates them diagrammatically. The purpose is to give the students a clear vision of the theories presented. Meanings of every equation, every expression and intuition of every result are clearly explained. Every mathematical step involved in the derivation of the results is fully explained. Upon reading this book, a student will learn how to construct a macroeconomic model mathematically, how to illustrate the solution of the model diagrammatically and how to carry out stability analysis and comparative static exercises mathematically and diagrammatically. The book presents both Keynesian and neoclassical macroeconomic theories lucidly, evaluates them in the light of real life experiences and makes a comparative assessment of the two schools of thought in macroeconomics. In this respect also, this book constitutes a unique contribution as a textbook of macroeconomics. KEY FEATURES • Explains the concepts in an easy-to-understand language. • Includes numerous exercises within the text as well as at the end of each chapter. • Illustrates the concepts with the help of examples, figures and tables. NEW TO THE EDITION • Chapters 3, 9 and 10 have been revised thoroughly to add new insights into the theories presented there. • Some of the other chapters have also been revised to improve their quality and coverage. • The data tables have also been updated to illustrate the applications of the theories using recent data. • Solution hints have been added to most of the difficult problems. • This book is intended mainly as a text for undergraduate and postgraduate students of Economics for their courses in Macroeconomics. Besides, students of management will also find the book immensely useful in acquiring fundamental knowledge of macroeconomics, which is crucial for making business decisions. TARGET AUDIENCE • BA/B.Sc.—Economics on Macroeconomics. • MA/M.Sc.—Economics on Macroeconomics. • MBA—Most B–schools have a paper on Macroeconomics in their MBA programme.