Appropriate for courses in Intermediate Macroeconomics in economics and MBA programs.

Newly revised and thoroughly updated, this text helps students see how macroeconomics can be used to try to understand some of the most important issues of the last twenty-five years-from the transformation of Eastern Europe, to high unemployment in Western Europe, to rapid economic development in Asia, to widening income inequality in Canada and the United States. It presents macroeconomics as an applied science- a science that deals with complex and often urgent issues-and a science that must maintain both internal consistency and external reference. The example-rich approach provides a strong emphasis on the role of expectations, the openness of modern economics, and the role of dynamics.