David Miles is a member of the Bank of England’s interest-rate setting Monetary Policy Committee. He is Visiting Professor at Imperial College, London and former Chief UK Economist of Morgan Stanley. He was Professor of Finance at Imperial College, London. Andrew Scott is Deputy Dean and Professor of Economics at London Business School, a Fellow of the Centre for Economic Policy Research and Non-Executive Director of the UK’s Financial Services Authority. Previously he was a Fellow at All Souls, Oxford, and held lecturing positions at Harvard University and London School of Economics. Francis Breedon is Professor of Economics and Finance at Queen Mary, University of London. Previously he was at Imperial College Business School. He has worked as Global Head of Foreign Exchange Research at Lehman Brothers and as a senior economist at the Bank of England.

• Preface Part One. IntroductionChapter 1. What Is Macroeconomics?Chapter 2. The Language of Macroeconomics: The National Income AccountsPart Two. Economic Growth and The Supply SideChapter 3. The Wealth of Nations: The Supply SideChapter 4. Capital Accumulation and Economic GrowthChapter 5. Total Factor Productivity, Human Capital and TechnologyChapter 6. Endogenous Growth and ConvergenceChapter 7. Unemployment and the Labour MarketChapter 8. International TradeChapter 9. GlobalizationPart Three. Business Cycles and Economic PolicyChapter 10. Consumption and InvestmentChapter 11. Business CyclesChapter 12. Money and PricesChapter 13. Monetary PolicyChapter 14. Fiscal Policy and the Role of GovernmentChapter 15. Stabilization PolicyPart Four. Asset Markets and the Financial SectorChapter 16. Financial Markets: Equities and BondsChapter 17. The Banking SectorChapter 18. Sovereign Debt and DefaultPart Five. Exchange Rates and Global Capital MarketsChapter 19. Exchange Rate Determination I: The Real Exchange RateChapter 20. Exchange Rate Determination II: Nominal Exchange Rates and Asset MarketsChapter 21. Currency Crises and Exchange Rate SystemsGlossaryNotesIndex

David Miles is a member of the Bank of England’s interest-rate setting Monetary Policy Committee. He is Visiting Professor at Imperial College, London and former Chief UK Economist of Morgan Stanley. He was Professor of Finance at Imperial College, London. Andrew Scott is Deputy Dean and Professor of Economics at London Business School, a Fellow of the Centre for Economic Policy Research and Non-Executive Director of the UK’s Financial Services Authority. Previously he was a Fellow at All Souls, Oxford, and held lecturing positions at Harvard University and London School of Economics. Francis Breedon is Professor of Economics and Finance at Queen Mary, University of London. Previously he was at Imperial College Business School. He has worked as Global Head of Foreign Exchange Research at Lehman Brothers and as a senior economist at the Bank of England.

• Preface Part One. IntroductionChapter 1. What Is Macroeconomics?Chapter 2. The Language of Macroeconomics: The National Income AccountsPart Two. Economic Growth and The Supply SideChapter 3. The Wealth of Nations: The Supply SideChapter 4. Capital Accumulation and Economic GrowthChapter 5. Total Factor Productivity, Human Capital and TechnologyChapter 6. Endogenous Growth and ConvergenceChapter 7. Unemployment and the Labour MarketChapter 8. International TradeChapter 9. GlobalizationPart Three. Business Cycles and Economic PolicyChapter 10. Consumption and InvestmentChapter 11. Business CyclesChapter 12. Money and PricesChapter 13. Monetary PolicyChapter 14. Fiscal Policy and the Role of GovernmentChapter 15. Stabilization PolicyPart Four. Asset Markets and the Financial SectorChapter 16. Financial Markets: Equities and BondsChapter 17. The Banking SectorChapter 18. Sovereign Debt and DefaultPart Five. Exchange Rates and Global Capital MarketsChapter 19. Exchange Rate Determination I: The Real Exchange RateChapter 20. Exchange Rate Determination II: Nominal Exchange Rates and Asset MarketsChapter 21. Currency Crises and Exchange Rate SystemsGlossaryNotesIndex