This macroeconomics textbook is the first to be written from a European perspective. No previous knowledge is assumed and nearly all topics in macroeconomics are covered, including advanced concepts such as endogenous growth or time inconsistency. It presents the "new" macroeconomics--a synthesis of the older fixed price approach and of the newer microeconomic foundations and intertemporal aspects. The work looks at the open economy and the effect of openness as a source of disturbance, emphasizing the exchange rate and the importance of capital movements and other international linkages. Each chapter includes an overview, summary section, list of key concepts, and many exercises.
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Michael Burda, Professor of Economics, Humboldt Universitat zu Berlin. Charles Wyplosz, Professor of Economics, INSEAD (European Institute of Business Administration).Review:
`There is a German saying: The "better" is the enemy of the "good". This saying applies to the second edition of this fabulous book. It is the very best European text on macroeconomics that I have seen.' Professor Hans-Werner Sinn, University of Munich
`Once upon a time we had to use texts that dealt exclusively with US developments and debates; the second edition of Burda and Wyplosz's groundbreaking European macroeconomics text ensures that will never be the case again.' Professor Charles Bean, London School of Economics
`Here is a textbook which really deals with the modern approach to macroeconomics and is a beautiful blend of theory, empiricism and policy. A must for general and business economics students.' Professor Rick van der Ploeg, University of Amsterdam
`Intermediate in level, outstanding in quality. Already the standard by which Europe's students are judged.' Professor David Begg, Birkbeck College
The book offers an open economy analysis and provides economic data, and gives revelant examples and interesting case studies from European and world economies./Charles Wyplosz/Journal of Macroeconomics Spring 1998, Vol.20, No.2
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