European Macroeconomics

Description: This major new macroeconomics text by Robert Barro and Vittorio Grilli is written from a European perspective. It adopts an open-economy approach and incorporates full treatment of European labour and financial institutions and markets. The authors cover in a rigorous and stimulating fashion the main macroeconomic theories and policy in relation to the components of the macroeconomic environment, including the household, the monetary system, the production process, the government and business cycles, and address the major economic problems of the world today. Table of Contents: The Approach to Macroeconomics - Work Effort, Production and Consumption: The Economics of Robinson Crusoe - The Behaviour of Households with Markets for Commodities and Assets: The Basic Budget Constraint and the Demand for Money - The Behaviour of Households with Markets for Commodities and Assets: The Intertemporal Budget Constraint and the Demand for Credit - The Basic Market-Clearing Model - The Labour Market - World Markets in Goods and Credit - An Introduction to Inflation and Interest Rates - Money, Inflation and Interest Rates in the Market-Clearing Model - Financial Intermediation - International Monetary Linkages - Investment and Real Business Cycles - Unemployment - Economic Growth - Government Purchases and Public Services - Taxes and Transfers - The Public Debt - Investment and Fiscal Policy in the World Economy - The Interplay between Nominal and Real Variables: What is the Evidence? - Money and Business Fluctuations in the Market-Clearing Model - The Keynesian Theory of Business Fluctuations - Monetary Policies, Credibility and International Coordination Author Biography: ROBERT J. BARRO is Professor of Economics at Harvard University and a Research Associate of the National Bureau of Economic Research. He is also a contributing editor of the Wall Street Journal. His previous books include Modern Business Cycle Theory; Money, Expectations and Business Cycles; and Macroeconomic Policy. He has published extensively in professional journals and holds a PhD in economics from Havard University and a BS is physics from the California Institute of Technology. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society and has served as an officer of the American Economic Association. VITTORIO GRILLI is the Woolwich Professor of Financial Economics at Birkbeck College, University of London. He holds degrees from the Universita Bocconi, Milan, and the University of Rochester, New York. He is a Research Fellow of the Centre for Economic Policy Research, London, and a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He has published widely in professional journals and is Associate Editor of the Journal of International Economics. He is currently a senior adviser to the Italian Ministry of the Treasury.