Macroeconomics for Business

Lawrence S. Davidson is Professor Emeritus of Business Economics and Public Policy at the Kelley School of Business, Indiana University, Bloomington with a Ph.D. in Economics from the University of North Carolina. He was the Founding Director of the Indiana Center for Global Business and the Global Business Information Network and received the John Ryan Award for contributions to the international program at Indiana University. He was the Founding Director of the Kelley Center for the Business of Life Sciences and W. Michael and William D. Wells Life Sciences Faculty Fellow. Davidson worked as a visiting Professor in Finland, Germany, the Netherlands and South Korea. Andreas Hauskrecht is a Clinical Professor of Business Economics and Public Policy at the Kelley School of Business, Indiana University, Bloomington with a Ph.D. in economics from Freie Universitaet, Berlin. He has published two monographs and more than forty papers in journals and books. He has taught courses at universities in the US, Germany, Bulgaria, Bolivia, Ecuador, Croatia, Thailand, Vietnam, and Lao, and served as adviser to governments and central banks in Europe, Latin America, and Asia. He has worked as policy adviser for the Vietnamese government for more than two decades. Jürgen von Hagen is Professor of Economics, University of Bonn, Germany, and Visiting Professor, Department of Business Economics and Public Policy, the Kelley School of Business, Indiana University, with a Ph.D. from Rheinische Friedrich-Wilhelms-Universität Bonn and teaches M.B.A. macroeconomics at Indiana University. He taught economics at Indiana University, the Universität Mannheim, Germany, and the Rheinische Friedrich-Wilhelms-Universität Bonn. von Hagen has worked for the Federal Reserve Bank of St Louis and the European Central Bank and has been a consultant to the IMF, the World Bank, the Inter-American Development Bank, the European Commission, the Federal Reserve Board of Governors, the Deutsche Bundesbank, the Bank of Japan, and governments in Europe and beyond. Von Hagen's publications include over 90 articles in refereed professional journals and over forty monographs.

'This textbook is an invaluable resource for business students and practitioners interested in various macroeconomic topics and the most pressing issues of macro policy. Davidson, Hauskrecht, and von Hagen rigorously introduce the foundations of modern macroeconomic theory with clarity and grace. The depth and breadth of the macroeconomic analyses make this book a necessary reference for students and business executives.' Sunny Wong, University of Houston

• Preface; List of figures; List of tables; List of boxes; A note to the reader; 1. Macroeconomic concepts and indicators; 2. Aggregate demand; 3. Aggregate supply and short-run equilibrium; 4. Monetary policy and aggregate demand; 5. Fiscal policy and aggregate demand; 6. Monetary and fiscal policy in the long run; 7. Economic growth; 8. International trade, exchange rates and capital flows; 9. Free trade and protectionism; Index.