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Macroeconomics, 6th edition

Published by Pearson (July 14, 2021) © 2018

  • Stephen D. Williamson Western University
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For courses in undergraduate Macroeconomics courses.

A modern approach to teaching macroeconomics                                                

Macroeconomics uses a thoroughly modern approach by building macroeconomic models from microeconomic principles. As such, it is consistent with the way that macroeconomic research is conducted today. This approach allows for deeper insights into economic growth processes and business cycles–the key topics in macroeconomics. An emphasis on microeconomic foundations better integrates the study of macroeconomics with approaches learned in microeconomics and field courses in economics. By following an approach to macroeconomics that is consistent with current macroeconomic research, students become better prepared for advanced study in economics.

The 6th Edition captures the latest developments in macroeconomic thinking, applied to recent economic events and developments in macroeconomic policy. With the financial crisis receding, new challenges that macroeconomists and policymakers currently need to address are covered in the text.

Table of Contents

Part 1: Introduction and Measurement Issues

  1. Introduction
  2. Measurement
  3. Business Cycle Measurement

Part 2: Basic Macroeconomic Models: A One-Period Model and Models of Search and Unemployment

  1. Consumer and Firm Behavior: The Work–Leisure Decision and Profit Maximization
  2. A Closed-Economy One-Period Macroeconomic Model
  3. Search and Unemployment

Part 3: Economic Growth

  1. Economic Growth: Malthus and Solow
  2. Income Disparity Among Countries and Endogenous Growth

Part 4: Savings, Investment, and Government

  1. A Two-Period Model: The Consumption–Savings Decision and Credit Markets
  2. Credit Market Imperfections: Credit Frictions, Financial Crises, and Social Security
  3. A Real Intertemporal Model with Investment

Part 5: Money and Business Cycles

  1. Money, Banking, Prices, and Monetary Policy
  2. Business Cycle Models with Flexible Prices and Wages
  3. New Keynesian Economics: Sticky Prices
  4. Inflation: Phillips Curves and Neo-Fisherism

Part 6: International Macroeconomics

  1. International Trade in Goods and Assets
  2. Money in the Open Economy

Part 7: Money, Inflation, and Banking

  1. Money, Inflation, and Banking: A Deeper Look

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