Macroeconomics

Summary

Systematically structured and written in the clear, accessible language that has made Professor Taylor one of the world's leading teachers of economics, the constant focus of the second edition of Macroeconomics is on student understanding. Long run economic growth theory and economic fluctuations theory are fully explained and explored, as are the various relationships between macroeconomic variables and their implications for macroeconomic policy. Taylor's unique approach to macroeconomics - covering long term growth before short term fluctuations and his model of aggregate demand and supply which accommodates inflation rates ? have been adopted by other instructors and authors. The early presentation of the long run perspective sets up the discussion of fluctuations as deviations from the long-run path and Taylor's model of AD/AS is now widely accepted as a more accurate depiction of the relationship between changes in the price level and GDP. A companion volume Microeconomics is available.