Macroeconomics

Nils Gottfries's thoughtful, consistent and lucid exposition breathes fresh air into a macroeconomics textbook. It balances descriptive realism with conceptual coherence judiciously, and its application of principles to the experiences of many countries over many decades is very welcome. * John Driffill, Birkbeck, University of London, UK * This is a great book. It uses a consistent theory throughout, explains it well, and does a tremendous job in confronting theory with data. * Steinar Holden, University of Oslo, Norway * Instead of presenting macroeconomics as separate pieces linked in an ad hoc way, Gottfries presents a consistent approach. This, in addition to the distinctly international approach to economic data and examples, will make the book very attractive to lecturers and to their students. * M.A. (Martin) van Tuijl, Tilburg University, the Netherlands * This is a superb book! It contains a rigorous treatment of the New Keynesian model combined with illustrative examples and interesting policy discussions. Students will find the book well-written and easily accessible. * Fredrik NG Andersson, Lund University, Sweden * This book is an excellent and innovative new textbook for intermediate macroeconomics, where conventional macroeconomics is explained with a deeper emphasis on the role of microfoundations. This allows students to be exposed to modern macroeconomic analysis in a rigorous yet still accessible way. * Gianluigi Vernasca, University of Essex, UK *

Nils Gottfries is a Professor of Economics at Uppsala University, Sweden and former editor of The Scandinavian Journal of Economics. He has published extensively in journals including the QJE, JPE, EJ, EER. Most of his research has been concerned with the microeconomic foundations of macroeconomics, particularly the theory of the supply side: prices, wages, and unemployment. He was a member of the Swedish commission on the EMU. He has been teaching macroeconomics regularly at the intermediate and graduate levels.

Introduction PART I: THE LONG RUN Production, Prices and the Distribution of Income Interest Rates and Investment Consumption and the Natural Rate of Interest Capital Accumulation and Growth Wage Setting and Unemployment Money and Inflation in the Long Run PART II: THE SHORT RUN The Interest Rate and Production in the Short Run Economic Activity and Inflation in the Short Run PART III: ECONOMIC POLICY Monetary Policy Fiscal Policy PART IV: THE OPEN ECONOMY Exports, Imports, and International Financial Markets The Open Economy in the Long Run The Open Economy in the Short Run Exchange Rate Systems and Monetary Union PART V: BUSINESS CYCLES, POLICYMAKING, FINANCIAL MARKETS Business Cycles Institutions and Economic Policy Financial Markets.