Now revised and updated, this volume offers the latest edition of the very successful macroeconomics textbook. The authors deal with sophisticated issues using advanced economic theory, but in a manner that is accessible to anyone taking a single course in macroeconomics.

Preface Part One. Introduction Chapter 1. What Is Macroeconomics? Chapter 2. The Language of Macroeconomics: The National Income Accounts Part Two. Economic Growth and The Supply Side Chapter 3. The Wealth of Nations: The Supply Side Chapter 4. Capital Accumulation and Economic Growth Chapter 5. Total Factor Productivity, Human Capital and Technology Chapter 6. Endogenous Growth and Convergence Chapter 7. Unemployment and the Labour Market Chapter 8. International Trade Chapter 9. Globalization Part Three. Business Cycles and Economic Policy Chapter 10. Consumption and Investment Chapter 11. Business Cycles Chapter 12. Money and Prices Chapter 13. Monetary Policy Chapter 14. Fiscal Policy and the Role of Government Chapter 15. Stabilization Policy Part Four. Asset Markets and the Financial Sector Chapter 16. Financial Markets: Equities and Bonds Chapter 17. The Banking Sector Chapter 18. Sovereign Debt and Default Part Five. Exchange Rates and Global Capital Markets Chapter 19. Exchange Rate Determination I: The Real Exchange Rate Chapter 20. Exchange Rate Determination II: Nominal Exchange Rates and Asset Markets Chapter 21. Currency Crises and Exchange Rate Systems Glossary Notes Index 

A thoroughly revised and updated third edition of a very successful macroeconomics textbook, Macroeconomics: Understanding the Global Economy, Third Edition is a core text for introductory courses on macroeconomics. Using recent events to illustrate and motivate models and concepts, the authors draw out the lessons of the financial crisis and give a global outlook using historical and contemporary data from around the world. Technical material is presented clearly and accessibly, allowing students to develop a solid, practical understanding of the global economy and how economists think. With two new chapters on banking and sovereign debt and default, this edition is revised to also provide significantly increased coverage of the macroeconomic role of financial markets and financial intermediaries and greater coverage of the BRICs and other developments such as environmental economics and Sovereign Wealth Funds. A comprehensive package of supplementary materials is available on the accompanying website at www.wileyeurope.com/college/miles, including PowerPoint slides (updated at regular intervals due to the fast-changing nature of today’s economy), Videos, Instructor’s Manual, an extensive Testbank, and solutions to questions and quizzes. This third edition of a highly successful textbook integrates the lessons from the current financial crisis fully into its analytical framework. It is a model of clarity, and is interesting and fun to read. Mervyn King, Governor of the Bank of England Reading this textbook reminded me why I love macroeconomics. It is very readable, packed full of topical examples and the questions at the end of each chapter are a really helpful way of ensuring your mind takes in the material. I found myself wanting to refer to some of the material in my own writing. Congratulations to the three authors. Jim O’Neill, Goldman Sachs and Inventor of the “BRICs” The financial crisis has posed many difficult questions to policymakers and economists but it has at least provided a dramatic set of interesting questions for students who want to learn about macroeconomics and the world economy. These questions are at the heart of this textbook which provides a clear understanding of the theories, structures and institutions that make up the world economy. If we are to get out of this crisis or avoid the next one we need textbooks like this that grapple with real world issues. Nouriel Roubini, Stern School of Business, New York University and Roubini Global Economics

Introduction 1. What is Macroeconomics? 2. The Language of Macroeconomics: The National Income Accounts Economic Growth and the Supply side. 3. The Wealth of Nations - the Supply Side. 4. Capital Accumulation and Economic Growth. 5. Total Factor Productivity, Human Capital, and Technology. 6. Endogenous Growth and Convergence. 7. Unemployment and the Labor Market. 8. International Trade. 9. Globalization. Money and Taxes. 10. Fiscal Policy and the Role of Government. 11. Money and Prices. Business Cycles and Economic Policy. 12. Consumption. 13. Investment. 14. Business Cycles. 15. Monetary Policy. 16. Stabilization Policy. Asset Markets and Financial Sector. 17. Equity Markets. 18. The Bond Market. Exchange Rates and Global Capital Markets. 19. Exchange Rate Determination I  - The Real Exchange Rate. 20. Exchange Rate Determination II - Nominal Exchange Rates and Asset Markets. 21. Currency Crises and Exchange Rate Systems.