Macroeconomics, 3rd Edition

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MACROECONOMICS UNDERSTANDING THE GLOBAL ECONOMY 3rd Edition David Miles (Bank of England, UK) Andrew Scott (London Business School, UK) Francis Breedon (Queen Mary, University of London, UK) Order your inspection copy at www.macroeconomics3rdedition.com The perfect mix of sound pedagogy with contemporary material … “Reading this textbook reminded me why I love macroeconomics. It is very readable, packed full of topical examples and the questions at the end of each chapter are a really helpful way of ensuring your mind takes in the material.” Jim O’Neil, Goldman Sachs “This third edition of a highly successful textbook integrates the lessons from the current financial crisis fully into its analytical framework. It is a model of clarity, and is interesting and fun to read.” Mervyn King, Governor of the Bank of England “ This third edition … explains clearly the key insights of economic theory and uses a wealth of real world data to make the relevance of the theory come alive. It is particularly valuable in its focus on the interaction between finance and the real economy, a subject inadequately addressed in much recent economics. It aims to make the reader a sophisticated consumer of economics and is excellently crafted to achieve that objective.” Adair Turner, The Financial Services Authority (FSA)

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Transcript of Macroeconomics, 3rd Edition

Page 1: Macroeconomics, 3rd Edition

MacroeconoMicsUnderstanding the global economy

3rd Edition

David Miles (Bank of England, UK) Andrew Scott (London Business School, UK) Francis Breedon (Queen Mary, University of London, UK)

Order your inspection copy at www.macroeconomics3rdedition.com

The perfect mix of sound pedagogy with contemporary material …

“reading this textbook reminded me why i love macroeconomics. it is very readable, packed full of topical examples and the questions at the end of each chapter are a really helpful way of ensuring your mind takes in the material.”

Jim o’neil, goldman sachs

“this third edition of a highly successful textbook integrates the lessons from the current financial crisis fully into its analytical framework. it is a model of clarity, and is interesting and fun to read.”

mervyn King, governor of the bank of england

“ this third edition … explains clearly the key insights of economic theory and uses a wealth of real world data to make the relevance of the theory come alive. it is particularly valuable in its focus on the interaction between finance and the real economy, a subject inadequately addressed in much recent economics. it aims to make the reader a sophisticated consumer of economics and is excellently crafted to achieve that objective.”

adair turner, the Financial services authority (Fsa)

Page 2: Macroeconomics, 3rd Edition

Macroeconomics: Understanding the Global Economy,

3rd Edition is designed to help students understand

contemporary and past economic events that shape

the world we live in, and at a sophisticated level. But it

does so without focusing on mathematical techniques

and models for their own sake.

Theory is taken seriously – so much so that the authors

go to pains to understand the key aspects of theories

in a way that will not put people off before they see

how theories are useful to analyse issues. The authors

believe that theories are essential to better understand

the world, thus the book includes a wealth of historic

and current episodes and data to both see how theories

can help interpret the world and also to judge their

validity.

Economies today are very inter-connected; what

happens in China matters pretty much everywhere;

and what happens in one (even small) country in the

euro zone has implications for the whole euro area

and beyond, consequently Macroeconomics, 3rd Edition

adopts a very international focus.

Would your students benefit from a range of real-life international examples?

Are you looking for a textbook that draws upon real world data?

Do your students struggle with mathematical problems?

View a sample chapter at www.macroeconomics3rdedition.com

Page 3: Macroeconomics, 3rd Edition

FEATurES:

• NEW ViDEO clipS - the authors have provided comprehensive lecture videos to aid student comprehension in areas such as gdP and happiness, long run growth and the brics, fiscal multipliers, monetary policy and more. a sample is available online at www.macroeconomics3rdedition.com. Please see the reverse of this leaflet for further details.

• two new chapters on banking and sovereign debt and default.

• thoroughly updated to include extensive discussion of the financial crisis and global recession and extraordinary policy responses to it (eg Quantitative easing).

• significantly increased coverage of the macroeconomic role of financial markets and financial intermediaries.

• greater coverage of the brics and other developments such as environmental economics and sovereign Wealth Funds.

e-textbook available

View a sample video clip at www.macroeconomics3rdedition.com

cONTENTS:

Preface

pArT ONE. iNTrODucTiON Chapter 1. What Is Macroeconomics? Chapter 2. The Language of Macroeconomics: The National Income Accounts

pArT TWO. EcONOMic GrOWTh AND ThE Supply SiDE Chapter 3. The Wealth of Nations: The Supply Side Chapter 4. Capital Accumulation and Economic Growth Chapter 5. Total Factor Productivity, Human Capital and Technology Chapter 6. Endogenous Growth and Convergence Chapter 7. Unemployment and the Labour Market Chapter 8. International Trade Chapter 9. Globalization

pArT ThrEE. BuSiNESS cyclES AND EcONOMic pOlicy Chapter 10. Consumption and Investment Chapter 11. Business Cycles Chapter 12. Money and Prices Chapter 13. Monetary Policy Chapter 14. Fiscal Policy and the Role of Government Chapter 15. Stabilization Policy

pArT FOur. ASSET MArkETS AND ThE FiNANciAl SEcTOr Chapter 16. Financial Markets: Equities and Bonds Chapter 17. The Banking Sector Chapter 18. Sovereign Debt and Default

pArT FiVE. ExchANGE rATES AND GlOBAl cApiTAl MArkETS Chapter 19. Exchange Rate Determination I: The Real Exchange Rate Chapter 20. Exchange Rate Determination II: Nominal Exchange Rates

and Asset Markets Chapter 21. Currency Crises and Exchange Rate Systems Glossary Notes Index

MacroeconoMicsunderstanding the Global Economy, 3rd Edition

David Miles (Bank of England, UK), Andrew Scott (London Business School, UK), Francis Breedon (Queen Mary, University of London, UK)

iSBN: 978-1-1199-9571-5 • paperback • 640 pages March 2012 • £49.99 / €60.00

Page 4: Macroeconomics, 3rd Edition

Follow us on:

FOr lEcTurErS:

NEW! ViDEO clipS - the authors have provided comprehensive lecture videos to aid student comprehension. the video clips cover:

• GDp and happiness and inequality – relates to chapters 2 and 3

• long run Growth and the Brics – relates to chapters 4, 5 and 6

• Fiscal Multipliers, crowding out and ricardo – relates to chapters 14 and 15

• how Does Trade Work and Trade protectionism – relates to chapter 8

• Monetary policy, Zero Bound, liquidity Traps and QE – relates to chapters 12 and 13

• Fragility of common currency - relates to chapters 20 and 21

• Sovereign Debt and Debt Sustainability – relates to chapter 18

• Balance of payments, Global imbalances and Fx reserves – relates to chapters 9 and 19

PowerPoint slides – updated at regular intervals due to the fast-changing nature of today’s economy.

instructor’s manual

extensive testbank

solutions to Questions and Quizzes

FOr STuDENTS:

includes video resources, student quizzes and further reading links

Visit www.macroeconomics3rdedition.com for a sample chapter, sample video, and to request a copy

media and sUPPlements