"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.

Autorentext

Olivier Blanchard

A citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, Massachusetts. After obtaining his PhD in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to be the Economic Counsellor and Director of the Research Department of the International Monetary Fund. Since October 2015, he is 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

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 10 years, teaching macroeconomics to undergraduate students. After studying electrical engineering in Milan he received a PhD in economics at MIT in 1978. He then taught at the University of Essex. His research has focused on fiscal policy, exchange rates and the creation of the EMU.

Alessia Amighini

Alessia Amighini is associate professor of Economics at Universita del Piemonte Orientale in Novara, Italy and adjunct professor of international economics at the Catholic university in Milan. After graduating from Bocconi University she received a PhD in development economics from the University of Florence and then worked as an associate economist at UNCTAD in Geneva.

Klappentext

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 & 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 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.

This is an essential text for students studying Macroeconomics at intermediate level, fully supported by MyLab Economics.

Reach every student by pairing this text with MyLab Economics

"MyLab(TM) is the teaching and learning platform that empowers you to reach every student. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student.

Pearson, the world's learning company.

Inhalt

CORE

Introduction

1. A tour of the world 2. A tour of the book

The short run

3. The goods market

4. Financial markets: I

5. Goods and financial markets: the IS-LM model

6. Financial markets II: the extended IS-LM model

The medium run

7. The labour market

8. The Phillips curve, the natural rate of unemployment and inflation

9. From the short to the medium run: the IS-LM-PC model

10. The COVID economic crisis

The long run

11. The facts of growth

12. Saving, capital accumulation and output

13. Technological progress and growth

14. The challenges of growth

EXTENSIONS

EXTENSIONS

Expectations

15. Financial markets and expectations

16. Expectations, consumption and investment

17. Expectations, output and policy

The open economy

18. Openness in goods and financial markets

19. The goods market in an open economy

20. Output, the interest rate and the exchange rate

21. Exchange rate regimes

Back to policy

22. Should policy makers be restrained?

23. Fiscal policy: a summing up

24. Monetary policy: a summing up

25. Epilogue: the story of macroeconomics

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