Description

Macroeconomics: Theory/ Markets/ and Policy provides complete/ concise coverage of introductory macroeconomics theory and policy. It examines the Canadian economy as an economic system/ and embeds current Canadian institutions and approaches to monetary policy and fiscal policy within that system. The text observes short-run macroeconomic performance/ analysis/ and policy motivated by the recessions of the early 1980s and 1990s/ the financial crisis and recession of 2008-2009/ and the prolonged recovery in most industrial countries.A traditional Aggregate Demand and Supply (AD-AS) model is introduced/ and a basic modern AD-AS model is developed. Numerical examples/ diagrams/ and basic algebra are used in combination to illustrate and explain economic relationships. Students learn about: the importance of trade flows/ consumption/ and government budgets; money supply; financial asset prices/ yields/ and interest rates; employment and unemployment; and other key relationships in the economy. Canadian and selected international data are used to provide real world examples and comparisons. This text is intended for a one-semester course/ and can be used in a two-semester sequence with the companion text/ Microeconomics: Markets/ Methods/ and Models. The three introductory chapters and the International Trade chapter (Chapter 15) are common to both books. This book has been updated and revised by the publisher. A newer adaptation of this book is called Principles of Macroeconomics.