(2)Paul Krugman's grasp of economics in action and his uncanny way of translating complex issues into everyday terms have made him the most widely read economist writing for the general public today. He has been awarded the 2008 prize in Economic Sciences for his study of international trade and the effects of globalisation. What's new? * Chapter order -- re-organised from the 1st edition to reflect how the subject is taught * Stronger international focus -- Global issues are dealt with throughout the text and emphasis is placed on looking at topics from an international perspective * Global Comparison boxes -- uses data driven examples to illustrate the international dimension of economic concepts * New chapters on Taxes, Inflation and Unemployment * Coverage of the financial crisis Strengths: * Real world examples, stories, applications and case studies -- These teach the core concepts and motivate learning * The writing style is accessible, entertaining and friendly * Tools for learning Tools for learning: Each chapter is structured around a common set of features that helps students learn while keeping them engaged * Chapter opening summaries -- Each chapter begins with a real-life story that is then integrated throughout the chapter. They illustrate concepts, build intuition and encourage students to think further * Economics in action -- each chapter closes with a real world case study * Each chapter also has: o What you will learn -- easy to read bulleted list o Quick review -- to cement ideas o Check your understanding -- short in text questions to test the student has understood the concepts o For enquiring minds -- concepts are applied to real world events o Global comparison boxes -- illustrations from around the world o Pitfalls -- Concepts that are often misunderstood or that students often struggle with are dealt with as they come up o Definition of key terms -- terms are defined in the text, then again in the margin o A look ahead -- Provides students wi
Macroeconomics: A European Perspective will give students a fuller understanding of the subject and has been fully updated to provide broad coverage of the financial crisis. In particular, this new edition provides: *NEW chapters and updated text across all chapters *NEW data on Europe and the financial crisis * And what has always been the strength of the book: A unified view of macroeconomics, enabling students to make the connections between the short, medium, and long run. "This is a truly outstanding textbook that beautifully marries theory, empirics and policy. It is surely destined to become the gold standard against which all other texts must be measured." Charles Bean, Deputy Governor, Bank of England "Refreshingly original for an undergraduate text. Relevant applications to European economies and elsewhere are plentiful, and the breadth of topics covered is truly impressive. Unlike many texts at this level, the authors do not avoid potentially tricky, yet important topics; they do their utmost to relate textbook theory to real-world economics. Relative to competing texts, I think students would find this more engaging." Paul Scanlon, Trinity College Dublin "Up-to-date material on the Euro, especially in light of the current crisis; strong open economy emphasis; and lots of examples from European countries. There is so much new material on the monetary union that there is much less need for supplementary reading." Pekka Ilmakunnas, Aalto University School of Economics
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The New Keynesian framework has emerged as the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. It is the backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, and provides the theoretical underpinnings of the inflation stability-oriented strategies adopted by most central banks throughout the industrialized world. This graduate-level textbook provides an introduction to the New Keynesian framework and its applications to monetary policy. Using a canonical version of the New Keynesian model as a reference framework, Jordi Gal explores issues pertaining to the design of monetary policy, including the determination of the optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the implications for monetary policy are addressed, with a special emphasis on the desirability of inflation targeting policies. The most up-to-date and accessible introduction to the New Keynesian framework available Uses a single benchmark model throughout Concise and easy to use Includes exercises An ideal resource for graduate students, researchers, and market analysts
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