Macroeconomics in Context: A European Perspective

Front Cover

Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being.

This book is divided into four parts, covering the following key issues:

  • The context of economic analysis, including basic macroeconomic statistics and tools;
  • The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies;
  • Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy;
  • The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability.

Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis.

Visit http://www.bu.edu/eci/education-materials/textbooks/macroeconomics-in-context-a-european-perspective/ for online resources for both lecturers and students.

A video of a panel discussion about the book can be found at https://youtu.be/xjHJrW9WP44.

 

Contents

INTRODUCTION
1
SAMPLE COURSE OUTLINES
13
PART I THE CONTEXT FOR ECONOMIC ANALYSIS
17
PART II MACROECONOMIC BASICS
153
PART III MACROECONOMIC THEORY AND POLICY
283
PART IV MACROECONOMIC ISSUES AND APPLICATIONS
493
Glossary
653
Index
673
Copyright

Common terms and phrases

About the author (2017)

Sebastian Dullien is Professor for International Economics at HTW Berlin, University of Applied Sciences, and Senior Policy Fellow at the European Council on Foreign Relations. Prior to his appointment to the university in 2007, he worked in several positions, including economics editor for the Financial Times Deutschland, the German-language edition of the Financial Times. He has advised a number of ministries, members of the German and European Parliament, and several organizations of the United Nations.

Neva Goodwin is Co-Director of the Global Development and Environment Institute (GDAE) at Tufts University, where she is the director of the electronic Social Science Library: Frontier Thinking in Sustainable Development and Human Well-Being. Goodwin works toward a contextual economics theory that will have more relevance to contemporary real-world social and ecological concerns than the dominant economic paradigm does.

Jonathan M. Harris is Director of the Theory and Education Program at the Tufts University Global Development and Environment Institute, USA. His current research focuses on the implications of large-scale environmental problems, especially global climate change, for macroeconomic theory and policy.

Julie A. Nelson is Professor of Economics at the University of Massachusetts Boston and Senior Research Fellow at the Global Development and Environment Institute at Tufts University, USA. Many of her books and articles critique economic methodology from a feminist perspective. She has published in journals ranging from Econometrica and the Journal of Political Economy to Hypatia: Journal of Feminist Philosophy and Ecological Economics.

Brian Roach is Senior Research Associate at the Tufts University Global Development and Environment Institute and a lecturer at Tufts and Brandeis University, USA. He has published numerous articles on nonmarket valuation of natural resources, including drinking water quality, water-based recreation, and wildlife.

Mariano Torras teaches economics at Adelphi University in Garden City, New York, USA. A heterodox economist who specializes in ecological and development economics, Torras’s recent research has been in the areas of institutional economics and economic methodology; particular attention has been on approaches to addressing climate change.