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Published
October 2023
Page Count
570
ISBN (Digital)
978-1-4533-4131-5

Principles of Macroeconomics

Version 10.0
By John B. Taylor and Akila Weerapana

Included Supplements

Key Features

  • Over 115 hyperlinks to brief streaming video lectures scripted and recorded by John Taylor. These videos align with the narrative to introduce, explain, and illustrate key economic concepts. They enrich online courses, engage students, and reinforce or augment many of the presented topics
  • Stimulating vignettes begin each chapter and resonate with readers
  • Crisp, clean, and conversational writing style holds students' interest
  • Quickly establishes clear understandings of fundamental topics such as competitive markets, equilibrium and market efficiency, and the policy implications of business cycles
  • Clear and well-crafted graphs, tables, and summaries make it easy to read and understand key data
  • Many graphs are hyperlinked to the underlying Federal Reserve Economic Data (FRED) source. Students can become familiar with manipulating data and easily link to the most updated data for each graph
  • Chapter-end reading assignments based on real-life cases are contemporary and compelling
  • Carefully selected, revised, and tested problems at the end of every chapter are grounded in real-world situations
  • Key Term definitions appear in the margins and are hyperlinked online
  • Customizable

Students

Online Access Price
$36.95 ($45.66 CAD)
Color Printed Textbook with Online Access Price
$63.95 ($77.41 CAD)
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Principles of Macroeconomics is suitable for introductory macroeconomics courses usually called principles of macroeconomics, macroeconomics principles, introductory macroeconomics, or similar titles, taught primarily at the undergraduate level at two- and four-year colleges and universities. The course may also be taught at the MBA level. This volume split encompasses only macroeconomics chapters and is typically used in a semester- or quarter-long course. Separate volumes of this book titled Principles of Economics (covering both microeconomics and macroeconomics) and Principles of Microeconomics are also available.

Principles of Macroeconomics is co-written by two master teachers, one of whom is a globally recognized policy expert and eminent scholar. This highly regarded textbook features a remarkably accessible presentation grounded in the central idea of economics: that people make purposeful choices with scarce resources and interact with others when they make these choices. This text provides engagingly simple and precise descriptions of why markets are efficient when the incentives are right and inefficient when the incentives are wrong. In addition to their impeccable credentials, both authors possess recent and extensive classroom-based experiences. Their many interactions with today’s learners give rise to authentic, real-world examples that enliven the book’s narrative and readily connect with students. 

New in This Version

  • All macroeconomic data and charts have been updated to at least the end of 2022, and in some cases to the first quarter of 2023
  • Captures the ongoing resolution of uncertainty generated by the peak of the COVID-19 global pandemic. Places the pandemic into proper context of several other key macroeconomic disruptions to the U.S. and global economies over the past fifty years
  • The previous version’s Chapter 17 on global economic growth is now Chapter 10 to more logically follow Chapter 9 on productivity and economic growth
  • Fully revamped discussion of how the Federal Reserve conducts monetary policy. Instead of focusing on bank-by-bank deposit expansion, the chapter now discusses how the Fed uses the interest rate on reserve balances to move the federal funds rate to its desired target rate (Chapter 11)
  • Presents an analysis of the return of high inflation to the U.S. economy in 2021 and 2022 using the economic fluctuations model. Illustrates how policy responses to the pandemic, and the pandemic itself, could have contributed to the subsequent rise in inflation (Chapter 14)
  • Updated discussion of the different fiscal interventions that recent presidential administrations put in place to help the economy recover from the pandemic-related shutdowns and disruptions (Chapter 15)
  • De-emphasizes the discussion of money demand. Focuses instead on how the Fed used QE during the pandemic. Describes the challenges the Fed faced post-pandemic unwinding those interventions, reducing the size of its balance sheet, and raising the federal funds rate well above zero to address inflation (Chapter 16)

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Instructor’s Manual

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PowerPoint Lecture Notes

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John B. Taylor

John B. Taylor

Stanford University

John B. Taylor (PhD Stanford University) is one of the field’s most inspiring teachers. As the Raymond Professor of Economics at Stanford University, his distinctive instructional methods have made him a legend among introductory economics students and have won him both the Hoagland and Rhodes prizes for teaching excellence. Professor Taylor is also widely recognized for his research on the foundations of modern monetary theory and policy. One of his well-known research contributions is a rule—now widely called the Taylor Rule—used at central banks around the world. Taylor has had an active career in public service, including a four-year stint as the head of the International Affairs division at the United States Treasury, where he had responsibility for currency policy, international debt, and oversight of the International Monetary Fund and the World Bank and worked closely with leaders and policymakers from countries throughout the world. He has also served as economic adviser to the governor of California, to the U.S. Congressional Budget Office, and to the President of the United States and has served on several boards and as a consultant to private industry. Professor Taylor began his career at Princeton, where he graduated with highest honors in economics. He then received his PhD from Stanford and taught at Columbia, Yale, and Princeton before returning to Stanford.

Akila Weerapana

Akila Weerapana

Wellesley College

Akila Weerapana (PhD Stanford) is a Professor of Economics at Wellesley College. He was born and raised in Sri Lanka and came to the United States to do his undergraduate work at Oberlin College, where he earned a B.A. with highest honors in Economics and Computer Science in 1994. He received his PhD in Economics from Stanford in 1999, writing his dissertation on monetary economics under the mentorship of John Taylor. Since then, Professor Weerapana has taught in the Economics Department at Wellesley College. His teaching interests span all levels of the department’s curriculum, including introductory and intermediate macroeconomics, international finance, monetary economics, and mathematical economics. He was awarded Wellesley’s Pinanski Prize for Excellence in Teaching in 2002. He also enjoys working with thesis students. In addition to teaching, Professor Weerapana has research interests in macroeconomics, specifically in the areas of monetary economics, international finance, and political economy.