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Develop a unified view of the latest global macroeconomic events, connecting the short, medium, and long-run markets. Macroeconomics: A European Perspective, 4th edition by Blanchard, Amighini & Giavazzi, offers the European perspective based on the best-selling US text by leading author Olivier Blanchard, presenting an integrated, global view of macroeconomics, and showing the connections between goods markets, financial markets, and labour markets worldwide. An essential textbook for students studying Macroeconomics at an intermediate level, this is a book rooted in the real world: from the major economic crisis of the late 2000s to the profound economic effects caused by the COVID-19 pandemic, from monetary policy in the US to Brexit, the problems of the Euro area, and growth in China, this edition will help you make sense not only of current macroeconomic events but also those that may unfold in the future. Key features include: A new chapter'The COVID economic crisis'examines the economic impact of the COVID-19 pandemic. A new appendix,'What do macroeconomists do?', explores career options for those thinking about taking their Macroeconomics study further. Organised into two distinct parts: a core section focuses on short, medium, and long-run markets, and two extensions offer more in-depth coverage of the issues. Margin notes help re-create a student-teacher dialogue, further explaining more challenging concepts. Focus boxes discuss real macroeconomic events and facts from Europe, the United States, and around the world. With a series of features and digital resources to help you cement your learning, this is a must-have textbook on the European perspective reflecting all major contemporary changes in the field. Also available with MyLab® Economics MyLabis the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLabEconomics personalises the learning experience and improves results for each student. If you would like to purchase both the physical text and MyLab® Economics, search for: 9781292360966 Macroeconomics: A European Perspective Paperback, 4th Edition plus MyLab Economics with Pearson eText. Package consists of: 9781292360898 Macroeconomics: A European Perspective Paperback, 4th Edition 9781292360935 Macroeconomics: A European Perspective Paperback, 4th Edition MyLab® Economics 9781292360973 Macroeconomics: A European Perspective Paperback, 4th Edition Pearson eText MyLab® Economics is not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information. Front Cover Half Title Title Page Copyright Page Brief Contents Contents List of figures List of tables List of Focus boxes About the authors Preface THE CORE INTRODUCTION Chapter 1 A tour of the world 1.1 The pandemic of 2020 1.2 The crisis of 2008-9 1.3 The United States 1.4 The EU and the euro area 1.5 China 1.6 Looking ahead Key terms Questions and problems Appendix 1: Where to find the numbers Appendix 2: What do macroeconomists do? Chapter 2 A tour of the book 2.1 Aggregate output 2.2 The unemployment rate 2.3 The inflation rate 2.4 Output, unemployment and the inflation rate: Okun's law and the Phillips curve 2.5 The short run, the medium run and the long run 2.6 A tour of the book Summary Key terms Questions and problems Further reading Appendix: The construction of real GDP and chain-type indexes THE SHORT RUN Chapter 3 The goods market 3.1 The composition of GDP 3.2 The demand for goods 3.3 The determination of equilibrium output 3.4 Investment equals saving: an alternative way of thinking about the goods-market equilibrium 3.5 Is the government omnipotent? A warning Summary Key terms Questions and problems Chapter 4 Financial markets: I 4.1 The demand for money 4.2 Determining the interest rate: I 4.3 Determining the interest rate: II 4.4 The liquidity trap Summary Key terms Questions and problems Further reading Chapter 5 Goods and financial markets: the IS-LM model 5.1 The goods market and the IS relation 5.2 Financial markets and the LM relation 5.3 Putting the IS and LM relations together 5.4 Using a policy mix 5.5 How does the IS-LM model fit the facts? Summary Key terms Questions and problems Further reading Chapter 6 Financial markets II: the extended IS-LM model 6.1 Nominal versus real interest rates 6.2 Risk and risk premiums 6.3 The role of financial intermediaries 6.4 Extending the IS-LM model 6.5 From a housing problem to a financial crisis: 2006-8 Summary Key terms Questions and problems Further reading THE MEDIUM RUN Chapter 7 The labour market 7.1 A tour of the labour market 7.2 Movements in unemployment 7.3 Wage determination 7.4 Price determination 7.5 The natural rate of unemployment 7.6 Where we go from here Summary Key terms Questions and problems Further reading Appendix: Wage- and price-setting relations versus labour supply and labour demand Chapter 8 The Phillips curve, the natural rate of unemployment and inflation 8.1 Inflation, expected inflation and unemployment 8.2 The Phillips curve and its mutations 8.3 The Phillips curve and the natural rate of unemployment 8.4 A summary and many warnings Summary Key terms Questions and problems Appendix: Derivation of the relation between inflation, expected inflation and unemployment Chapter 9 From the short to the medium run: the IS-LM-PC model 9.1 The IS-LM-PC model 9.2 From the short to the medium run 9.3 Complications and how things can go wrong 9.4 Fiscal consolidation revisited 9.5 The effects of an increase in the price of oil 9.6 Conclusions Summary Key terms Questions and problems Chapter 10 The COVID economic crisis 10.1 The economic effects of the lockdown 10.2 The macro policy response 10.3 The economy post-lockdown 10.4 The economy post-vaccine Summary Key terms Questions and problems THE LONG RUN Chapter 11 The facts of growth 11.1 Measuring the standard of living 11.2 Growth in rich countries since 1950 11.3 A broader look across time and space 11.4 Thinking about growth: a primer Summary Key terms Questions and problems Further reading Chapter 12 Saving, capital accumulation and output 12.1 Interactions between output and capital 12.2 The implications of alternative saving rates 12.3 Getting a sense of magnitudes 12.4 Physical versus human capital Summary Key terms Questions and problems Further reading Appendix: The Cobb-Douglas production function and the steady state Chapter 13 Technological progress and growth 13.1 Technological progress and the rate of growth 13.2 The determinants of technological progress 13.3 Institutions, technological progress and growth Summary Key terms Questions and problems Further reading Appendix: How to measure technological progress and the application to China Chapter 14 The challenges of growth 14.1 The future of technological progress 14.2 Robots and unemployment 14.3 Growth, churn and inequality 14.4 Climate change and global warming Summary Key terms Questions and problems Further reading EXTENSIONS EXPECTATIONS Chapter 15 Financial markets and expectations 15.1 Expected present discounted values 15.2 Bond prices and bond yields 15.3 The stock market and movements in stock prices 15.4 Risk, bubbles, fads and asset prices Summary Key terms Questions and problems Further reading Appendix: Deriving the expected present discounted value using real or nominal interest rates Chapter 16 Expectations, consumption and investment 16.1 Consumption 16.2 Investment 16.3 The volatility of consumption and investment Summary Key terms Questions and problems Appendix: Derivation of the expected present value of profits under static expectations Chapter 17 Expectations, output and policy 17.1 Expectations and decisions: taking stock 17.2 Monetary policy, expectations and output 17.3 Deficit reduction, expectations and output Summary Key terms Questions and problems Further reading THE OPEN ECONOMY Chapter 18 Openness in goods and financial markets 18.1 Openness in goods markets 18.2 Openness in financial markets 18.3 Conclusions and a look ahead Summary Key terms Questions and problems Further reading Chapter 19 The goods market in an open economy 19.1 The IS relation in the open economy 19.2 Equilibrium output and the trade balance 19.3 Increases in demand - domestic or foreign 19.4 Depreciation, the trade balance and output 19.5 Saving, investment and the current account balance Summary Key terms Questions and problems Further reading Appendix: Derivation of the Marshall-Lerner condition Chapter 20 Output, the interest rate and the exchange rate 20.1 Equilibrium in the goods market 20.2 Equilibrium in financial markets 20.3 Putting goods and financial markets together 20.4 The effects of policy in an open economy 20.5 Fixed exchange rates Summary Key terms Questions and problems Appendix: Fixed exchange rates, interest rates and capital mobility Chapter 21 Exchange rate regimes 21.1 The medium run 21.2 Exchange rate crises under fixed exchange rates 21.3 Exchange rate movements under flexible exchange rates 21.4 Choosing between exchange rate regimes Summary Key terms Questions and problems Further reading Appendix 1: Deriving the IS relation under fixed exchange rates Appendix 2: The real exchange rate and domestic and foreign real interest rates BACK TO POLICY Chapter 22 Should policymakers be restrained? 22.1 Uncertainty and policy 22.2 Expectations and policy 22.3 Politics and policy Summary Key terms Questions and problems Further reading Chapter 23 Fiscal policy: a summing up 23.1 What we have learned 23.2 The government budget constraint: deficits, debt, spending and taxes 23.3 Ricardian equivalence, cyclical adjusted deficits and war finance 23.4 The dangers of high debt 23.5 The challenges facing fiscal policy today Summary Key terms Questions and problems Further reading Chapter 24 Monetary policy: a summing up 24.1 What we have learned 24.2 From money targeting to inflation targeting 24.3 The optimal inflation rate 24.4 Unconventional monetary policy 24.5 Monetary policy and financial stability Summary Key terms Questions and problems Further reading EPILOGUE Chapter 25 The story of macroeconomics 25.1 Keynes and the Great Depression 25.2 The neoclassical synthesis 25.3 The rational expectations critique 25.4 Developments in macroeconomics up to the 2009 crisis 25.5 First lessons for macroeconomics after the crisis Summary Key terms Further reading APPENDICES Appendix 1 An introduction to national income and product accounts Appendix 2 A maths refresher Appendix 3 An introduction to econometrics Glossary Symbols used in this book Index Publisher's Acknowledgements Back Cover Develop a unified view of the latest global macroeconomic events. Macroeconomics: A European Perspective, 4th edition , by Blanchard, Amighini & Giavazzi is based on the best-selling US text by Blanchard and presents an integrated, global view of macroeconomics, showing the connections between goods markets, financial markets, and labour markets worldwide. This is a book rooted in the real-world: from the major economic crisis of the late 2000s to the profound economic effects caused by the * pandemic, from monetary policy in the US, to Brexit, the problems of the Euro area and growth in China, it will help you make sense not only of current macroeconomic events but also those that may unfold in the future