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 Macroeconomics of the global economic and financial crisis
Recent events are a running
theme in the business cycle chapters. featuring several case studies and boxes. Concepts
that drifted to the edge of intermediate macroeconomics curriculums in recent years, such as
liquidity traps, market psychology, risk premiums and deflation, receive renewed attention.
Monetary policy rules
While the text retains its full treatment of money markets, using the
LM curve, Chapter 3, Money and Interest Rates, has been thoroughly re-written to discuss the
implications of monetary policy rules, such as the Taylor Rule, that many central banks have
adopted. The chapter shows how the two approaches relate, offering instructors the option to
emphasise one or the other in later chapters.
Extended bridge towards graduate macroeconomics
The text's concluding chapters offer a
bridge towards graduate macroeconomics, with Chapter 16 offering a serious introduction to
the New Keynesian and Sticky Information Phillips Curves, and Chapter 17 introducing the real
business cycle approach.
Glossary and notes on Nobel laureates
A comprehensive Glossary of all relevant technical
terms has been added to the book, as has a new appendix titled Economics Nobel prize winners
and earlier giants, introducing students to the names and work of the greatest minds that have
contributed to the concepts and models that form the backbone of this textbook.
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