Macroeconomics

The 9th Canadian edition of Macroeconomics has been updated to include many of the latest theoretical developments in macroeconomics. This text reflects the Canadian experience and incorporates the most recent data up to, and including parts of, the still-unfolding story of COVID-19. Data updates are reflected in the book's graphs, tables, and empirical homework questions.

"COMPASSIONATE DIFFICULTY". Macroeconomics explores more state-of-the-art research than is customary in undergraduate textbooks, allowing students a point of departure for deeper exploration into various topics, and teachers the flexibility to emphasize topics in greater detail. At the same time, however, the book's level of difficulty has been reduced by providing straightforward explanations, emphasizing concepts over technique, and fitting difficult material into a larger framework so students can see its relevance.

THE USE OF MODELS. The best economists have a rich toolbox of simple models and know when to apply the right model to answer specific questions. Macroeconomics helps students understand both the importance of a model-based approach to macroeconomic analysis, as well as how the various models are connected. Our goal is to produce students who have the capacity to analyze current economic issues in the context of an economic frame of reference, namely, a set of macroeconomic models.

INTERNATIONAL PERSPECTIVE. International goods and financial markets are intertwined in countries with open economies. Chapters 13 and 23 discuss international linkages, giving advanced students the opportunity to explore modern theories of balance-of-payments crises, determinants of exchange rates, and the choice of exchange rate regimes. These chapters also give instructors the flexibility to adapt their curriculum to range from touching on a few international topics, to engaging in a more thorough discussion lasting several weeks.

UP-TO-DATE INTERNATIONAL AND CANADIAN DATA. Data has been updated throughout the book, demonstrating key trends and presenting thorough discussions of how such trends might be explained by traditional macroeconomic models. Where possible, the 8th Canadian edition presents data up until 2020. While the story of the COVID-19 virus continues to unfold, it is clear that its economic repercussions are global in scope, and will have significant, long-term impacts on historical measures of unemployment, the size of government debts, and fiscal spending.

CONNECT. McGraw Hill Connect is a highly reliable, easy-to-use homework and learning management solution that utilizes learning science and award-winning adaptive tools to improve student results. With Connect's new ReadAnywhere app, students can study on the go - including reading and listening using the audio functionality - without any need for internet access. Using Connect, instructors can take advantage of McGraw Hill's trusted content to seamlessly deliver assignments, quizzes and tests online.

Models are simplified representations of the real world, oftentimes ignoring details that illustrate more complicated behaviours. But that is precisely what makes them "good" models, i.e. the ability to help us focus on what is important and omit those details that are relatively unimportant. Developing an understanding of how to discern between the two, the real value of a learning resource like this for undergraduate students of macroeconomics, requires their presentation. For that reason, efforts are focused on researching and illustrating, in detailed graphs and tables, the most up-to-date Canadian data, from the most reliable resources such as Statistics Canada, the World Bank, and the Federal Reserve Bank of St. Louis (FRED). A list of those is provided below.