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Macroeconomics: Theory, Models & Policy

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Doug Curtis, Trent University

Ian Irvine, Concordia University

Pub Date: 2015

Publisher: Lyryx

Language: English

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Table of Contents

Part One: Introduction

  • 1 Introduction to key ideas
  • 2 Theories, models and data
  • 3 The classical marketplace – demand and supply

Part Two: Introduction to Macroeconomics

  • 4 Economic activity and performance
  • 5 Output, business cycles, growth & employment
  • 6 Aggregate expenditure & aggregate demand
  • 7 The government sector

Part Three: Financial Markets & Economic Activity

  • 8 Money, banking & money supply
  • 9 Financial markets, interest rates, foreign exchange rates & AD
  • 10 Central banking and monetary policy

Part Four: Real GDP, Business Cycles, Policy and Growth

  • 11 A traditional AD/ AS model
  • 12 An AD/ AS model of the inflation rate and real GDP
  • 13 Economic growth

Part Five: International Macroeconomics and Trade Theory

  • 14 International Macroeconomics
  • 15 International trade

About the Book

Macroeconomics: Theory, Markets, and Policy provides complete, concise coverage of introductory macroeconomics 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.

The text observes short-run macroeconomic performance, analysis, and policy motivated by the recessions of the early 1980s and 1990s, the financial crisis and recession of 2008-2009, and the prolonged recovery in most industrial countries.
A traditional Aggregate Demand and Supply (AD-AS) model is introduced, and a basic modern AD-AS model is developed.

Numerical examples, diagrams, and basic algebra are used in combination to illustrate and explain economic relationships. Students learn about: the importance of trade flows, consumption, and government budgets; money supply; financial asset prices, yields, and interest rates; employment and unemployment; and other key relationships in the economy. Canadian and selected international data are used to provide real world examples and comparisons.

This text is intended for a one-semester course, and can be used in a two-semester sequence with the companion text, Microeconomics: Markets, Methods, and Models. The three introductory chapters and the International Trade chapter (Chapter 15) are common to both books.

About the Contributors


Doug Curtis is a specialist in macroeconomics. He is the author of twenty research papers on fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Cambridge and the University of York in the United Kingdom. His current research interests are monetary and fiscal policy rules, and the relationship between economic growth and structural change. He is Professor Emeritus of Economics at Trent University in Peterborough, Ontario, and Sessional Adjunct Professor at Queen’s University in Kingston, Ontario.

Ian Irvine is a specialist in microeconomics, public economics, economic inequality and health economics. He is the author of some thirty research papers in these fields. He completed his PhD at the University of Western Ontario, has been a visitor at the London School of Economics, the University of Sydney, the University of Colorado, University College Dublin and the Economic and Social Research Institute. His current research interests are in tobacco use and taxation, and Canada’s Employment Insurance and Welfare systems. He has done numerous studies for the Government of Canada, and is currently a Professor of Economics at Concordia University in Montreal.