Douglas Curtis,
Trent University Ian Irvine,
Concordia University David Begg,
University of London
ISBN: 007098428x Copyright year: 2007
Feature Summary
Macroeconomics provides complete, concise coverage of introductory macroeconomic theory and policy. It examines the Canadian economy as an economic system and embeds current Canadian institutions and approaches to monetary policy and fiscal policy within that system. Particular attention is given to the recent structure, performance and evolution of the Canadian economy, and to the current targets and instruments of Canadian monetary and fiscal policy.
The text also presents macroeconomics in the way students see it in the media and in general discussion:
Business cycles in output, employment, prices and financial markets are topics of ongoing reporting and discussion.
Monetary and fiscal policy announcements get strong media coverage with discussions and opinion focussed on inflation targets, interest rate settings, budget balances, tax rates, expenditures and public debt targets.
Economic growth, productivity, and standards of living are important topics that arise regularly, mainly from international comparisons of economic performance.
The Aggregate Demand and Supply model is introduced early and is used to help students understand these topics by tying them together within a consistent analytical framework. The analysis builds from a study of short run business cycle fluctuations in output and employment, under constant price conditions, to longer term issues of inflation and growth. A more detailed study of the balance of payments, exchange rate policy, and monetary and fiscal policy under different exchange rate systems completes the material.
The treatment of monetary and fiscal policy is modern and up-to-date:
Canadian monetary policy is examined in terms of inflation targets, interest rate policy instruments, and current Bank of Canada operating techniques.
Canadian fiscal policy is examined in terms of output stabilization, deficit and debt control targets and the government’s budget function.
Numerical examples, diagrams and basic algebra are used in combination to illustrate and explain economic relationships. This approach gives students an important variety of ways to learn about the consumption function, aggregate expenditure, government budgets, the money supply, and financial asset prices, yields and interest rates, Okun’s law, the Philips curve and other key relationships in the economy. Canadian and selected international data are used to provide real world examples and comparisons.
PEDAGOGICAL FEATURES
To provide guidance and insights throughout the text, we include a number of pedagogical aids to assist student learning including:
Part Openers/Chapter Openers set the scene for the areas of study in the chapters that follow.
Learning Outcomes identify the primary topics to be covered in the following pages and highlight what should be understood when the chapter has been completed.
Application Boxes contain current and practical examples to highlight the application of the concepts to economics in the real world. Boxes also provide further and more in-depth discussions of key models and theories to expand on the core concepts in the book.
Summary Boxes contain key chapter material
Figures and tables are presented in a simple and clear design. The use of colour will help students to interpret and absorb key economic data and concepts. Captions explain what is being demonstrated.
“Next” feature appears before the summary and is a paragraph linking the chapter in which it appears with the material to come in the next chapter.
End-of-chapter Summaries review and reinforce the main topics covered in each chapter.
Key Terms appear in bold face within the text where the term first appears with the definition identified in the margin.
Key Equations and Relations are serially numbered. Linear equations are explicitly solved in the textual development.
Review Questions encourage students to review and apply the knowledge acquired from each chapter. Text material tied into the Review Questions is indicated by a question-mark and the respective question numbers in the margin of the text.
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2007 McGraw-Hill Higher Education