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Macroeconomics: A European Perspective, 4th edition

Published by Pearson (April 15, 2021) © 2021

  • Olivier Blanchard
  • Alessia Amighini Bocconi University Milan, Italy
  • Francesco Giavazzi Bocconi University, Milan Italy

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Title overview

Develop a unified view of the latest global macroeconomic events.

Macroeconomics: A European Perspective,4th edition, is a leading text presenting an integrated, global view of Macroeconomics, showing the connections between goods, financial, and labour markets.

From the major economic crisis of the late 2000s to the profound economic effects caused by the COVID-19 pandemic, and the monetary policy in the US to Brexit, this latest edition provides an analysis of the most impactful events in Macroeconomics.

With new and revised content, questions, and further reading material, this must-have guide will provide the tools you need for your course.

Enhance your learning with MyLab® Economics.

Hallmark features of this title

Presenting a range of features to support your students' learning

  • Organised into two distinct parts: a core section focusing on short-, medium-, and long-run markets, and two extensions offering more in-depth coverage of the issues.
  • Margin notes further explaining more challenging concepts.
  • Focus boxes discussing macroeconomic events and facts from Europe, the United States, and around the world.

A series of end-of-chapter exercises allow students to test their understanding of the topic.

  • "Quick Check": basic-level exercises helping students check what they have learned.
  • "Dig Deeper": exercises requiring further thinking of the concepts presented.
  • "Explore Further": activities requiring either Internet access or the use of a spreadsheet program.

New and updated features of this title

Extensive updates and new material covering cutting-edge topics in real-world Macroeconomics

  • New chapter on the COVID-19 pandemic includes a two-sector model allowing sectors with different exposure to the virus to react differently.
  • New chapter discusses the challenges of growth. Topics include the impact of robots on mass unemployment, the relationship between growth and inequality, and the challenges of climate change.
  • Updates on the Phillips curve (Chapter 8) reflect changes in the US economy. The Phillips curve now demonstrates the relation between inflation and unemployment, instead of the relation between the change in inflation and unemployment.
  • Chapter 9 shows how the changes in the Phillips curve have led to changes in monetary policy.
  • New appendix in Chapter 1, 'What do macroeconomists do?', explores different career paths for those specialising in Macroeconomics.

Extensive updates and additions in the Key Focus Boxes

  • Updates include:
    • Will Bitcoins Replace Dollars? (Chapter 4)
    • The Fed's 2020 Monetary Policy Review (Chapter 24)
    • Austerity in Europe in 2010-13 (Chapter 17)
    • Irish ""Leprechaun Economics"" (Chapter18)
    • Nudging US Households to Save More (Chapter 11)
    • From Henry Ford to Jeff Bezos (Chapter 7)
    • What Lies Behind Chinese Growth? (Chapter 12)
    • Uncertainty and Fluctuations (Chapter 16)

Digital features

Features of MyLab® Economics for the 4th Edition

A fully integrated homework and tutorial system
  • Teach your course your way: Whether you would like to build assignments or create your own questions, MyLab Economics gives you the flexibility to create a course to fit your needs.
    • Empower your students to create a study plan and offer them the resources to create a personalised learning path.
    • Provide a wealth of questions and activities, Including algorithmic, graphing, and multiple-choice questions and exercises.
    • Deliver trusted content and allow them to access additional resources: Econ Experiments, figure animated videos, glossary, and the Pearson eText, an online version of the textbook which they can access anywhere, anytime.
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A plethora of additional lecturer resources
  • Track your students' performance in the sophisticated Gradebook and target the areas where the class needs more support.
  • Assign additional questions and exercises as homework, quizzes, and tests.
  • Access additional lecturer resources, which support the delivery of the module.
  • Drive student engagement with communications tools such as discussion boards.

Find out more about MyLab®Economics.

Features of Pearson eBook for the 4th Edition

A European perspective and integrated, global view of Macroeconomics.

Macroeconomics: A European Perspective, is an essential textbook for students studying Macroeconomics at an intermediate level, and a book rooted in the real world of current macroeconomic events

Improve your students' learning experience with a range of digital tools.

From fully online delivery to blended learning, this is a digital textbook with integrated resources designed to keep your students engaged and support their learning.

With eBooks your students can:

  • Customise how they study and add their own notes, bookmarks, and highlights directly in their eBook.
  • Organise study time and read online or offline, anytime, anywhere.
  • Optimise their studying and access learning content with their computer, mobile, and Android apps.
  • Study for their course with an environmentally friendly learning resource.

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Table of contents

    CORE Introduction

  1. A tour of the world
  2. A tour of the book
  3. The goods market
  4. Financial markets
  5. Goods and financial markets: the IS-LM model
  6. Financial markets II: the extended IS-LM model
  7. The labour market
  8. The Phillips curve, the natural rate of unemployment and inflation
  9. From the short to the medium run: the IS-LM-PC model
  10. The COVID economic crisis
  11. The facts of growth
  12. Saving, capital accumulation and output
  13. Technological progress and growth
  14. The challenges of growth
  15. Financial markets and expectations
  16. Expectations, consumption and investment
  17. Expectations, output and policy The open economy
  18. Openness in goods and financial markets
  19. The goods market in an open economy
  20. Output, the interest rate and the exchange rate
  21. Exchange rate regimes Back to policy
  22. Should policy makers be restrained?
  23. Fiscal policy: a summing up
  24. Monetary policy: a summing up
  25. Epilogue: the story of macroeconomics

    Appendix 1 An introduction to national income and product accounts

    Appendix 2 A maths refresher

    Appendix 3 An introduction to econometrics

    Glossary

    Symbols used in this book

Author bios

Olivier Blanchard studied at the University of Paris, Nanterre, and has taught at the Massachusetts Institute of Technology since 1982. He was Chief Economist at the International Monetary Fund between 2008 and 2015.

He is currently the Fred Bergsten Senior Fellow at the Peterson Institute for International Economics in Washington. He also remains Robert M. Solow Professor of Economics Emeritus.

Francesco Giavazzi is a Professor of Economics at Bocconi University in Milan and has been a visiting professor at the Massachusetts Institute of Technology for over a decade, where he teaches a course on Macroeconomics to Undergraduate students based on this textbook.

Alessia Amighini is an associate professor of Economics at Universita del Piemonte Orientale in Novara, Italy, and an adjunct professor of international economics at the Catholic university in Milan.

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