Macroeconomics

"I have learned a lot from this textbook: its integrated analytical framework provides an illuminating guide to understanding the macroeconomic challenges facing Europe; as a professor, I consider it to be the best textbook for university courses in Macroeconomics." Philip R. Lane, Executive Board Member, European Central Bank; Honorary Professor of Economics, Trinity College Dublin Develop a unified view of the latest global macroeconomic events, connecting the short, medium and long run. Macroeconomics: A European Perspective, 4th edition, by Blanchard, Amighini and Giavazzi is based on the best-selling US text by Olivier Blanchard and presents an integrated, global view of macroeconomics, explaining 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 COVID-19 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. Key features: 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 study of macroeconomics further. Organised into two distinct parts: a core section focuses on short, medium, and long-run markets and two major extensions offer more in-depth coverage of the issues at hand. Margin noteshelp re-create a student-teacher dialogue, adding further explanation to more difficult concepts and helping you gain a deeper understanding of the subject. Focus boxesdiscuss real macroeconomic events and facts from Europe, the United States or around the world. About the authors: Olivier Blanchard studied at the University of Paris, Nanterre and has taught at the Massachusetts Institute of Technology since 1982. He was chief economist at the International Monetary Fund from 2008 to 2015. He is now the Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, in Washington. He also remains Robert M. Solow Professor of Economics emeritus. Francesco Giavazzi is Professor of Economics at Bocconi University in Milan and has been a visiting professor at the Massachusetts Institute of Technology for over a decade, where he has taught a course on macroeconomics to undergraduate students based on this textbook. Alessia Amighini is associate professor of Economics at Universitad el Piemonte Orientale in Novara, Italy and adjunct professor of International Economics at the Catholic university in Milan. Pearson, the world's learning company.

Olivier Blanchard studied at the University of Paris, Nanterre, and has taught at the Massachusetts Institute of Technology since 1982. He was Chief Economist at the International Monetary Fund between 2008 and 2015. He is currently the Fred Bergsten Senior Fellow at the Peterson Institute for International Economics in Washington. He also remains Robert M. Solow Professor of Economics Emeritus. Francesco Giavazzi is a Professor of Economics at Bocconi University in Milan and has been a visiting professor at the Massachusetts Institute of Technology for over a decade, where he teaches a course on Macroeconomics to Undergraduate students based on this textbook. Alessia Amighini is an associate professor of Economics at Universita del Piemonte Orientale in Novara, Italy, and an adjunct professor of international economics at the Catholic university in Milan.

CORE Introduction A tour of the world A tour of the book The goods market Financial markets Goods and financial markets: the IS-LM model Financial markets II: the extended IS-LM model The labour market The Phillips curve, the natural rate of unemployment and inflation From the short to the medium run: the IS-LM-PC model The COVID economic crisis The facts of growth Saving, capital accumulation and output Technological progress and growth The challenges of growth Financial markets and expectations Expectations, consumption and investment Expectations, output and policy The open economy Openness in goods and financial markets The goods market in an open economy Output, the interest rate and the exchange rate Exchange rate regimes Back to policy Should policy makers be restrained? Fiscal policy: a summing up Monetary policy: a summing up Epilogue: the story of macroeconomicsAppendix 1 An introduction to national income and product accountsAppendix 2 A maths refresherAppendix 3 An introduction to econometricsGlossarySymbols used in this book