Macroeconomics: A Fresh Start (Springer Texts in Business and Economics)

The world has changed dramatically in recent years and so has the field of economics, but many introductory economics textbooks have remained stuck in the past. ℗ This book provides a new beginning for the study of macroeconomics, fundamentally international in its approach and emphasizing current debates and research trends. The first, mostly descriptive half of the book presents the main macroeconomic and financial patterns observed across the world, the institutions that govern national economies and the policy options available to decision-makers. In the second half, ℗ different schools of thought in macroeconomics are introduced with an emphasis on their underlying assumptions, so that students can judge for themselves how well they apply in real-world situations. ℗ Throughout the book, the post-2007 financial crisis is a continuing focus and financial markets are fully integrated in the analysis. Policy debates are viewed in light of political economy considerations, both domestic and international. The book ́ s style focuses on in-depth explanations and supports teaching methodologies based on critical thinking and active learning, encouraging students to relate to current discussions,℗ especially those taking place online Front Matter....Pages i-x Front Matter....Pages 1-1 Introduction: Economic Growth and Development in Historical Perspective....Pages 3-19 Some Relevant Microeconomics....Pages 21-46 Front Matter....Pages 47-47 Accounts and Measurements....Pages 49-72 The Fundamental Macroeconomic Identities....Pages 73-88 Macroeconomic Issues: Output, Employment, Inflation, Stability....Pages 89-117 Macroeconomic Adjustment....Pages 119-138 An Introduction to Money, Banks and Financial Systems....Pages 139-166 International Finance: A World of Many Moneys....Pages 167-198 International Trade in an Interdependent World....Pages 199-222 Front Matter....Pages 223-223 Classical Economics and the Keynesian Challenge....Pages 225-239 Equilibrium National Income and Financial Balances in a Keynesian World....Pages 241-265 Keynesian Fiscal Policy....Pages 267-291 Central Banks and Monetary Policy....Pages 293-321 Business Cycles....Pages 323-342 The Crucible of the 1970s....Pages 343-362 The Rise and Fall of the Great Moderation....Pages 363-394 The Financial Crisis of 2008 and Its Aftermath....Pages 395-426 Back Matter....Pages 427-446