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.

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  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.

  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