Because issues of policy and real applications are critical to the principles of economics course, acclaimed economists Hall and Lieberman have made the fourth edition of MACROECONOMICS: PRINCIPLES AND APPLICATIONS as current as today's headlines, giving students a real-world, up-to-the-minute overview that presents economics as a unified discipline. Taking a no-nonsense, policy approach to economic theory and application, this comprehensive text is very accessible, equipping readers with a solid foundation in economics that they can build upon wherever their career paths may lead. A wealth of interactive online exercises, graphing applications, and research opportunities give students hands-on experience working with current economic issues. Hall and Lieberman's careful focus on core theoretical ideas and systematic application of theoretical tools to timely, practical questions conveys the message that economics is an integrated, powerful body of knowledge that can effectively address domestic and global issues.

Robert E. Hall is one of the world's most eminent economists. He is Senior Fellow at the Hoover Institution and Professor of Economics at Stanford University where he conducts research on inflation, unemployment, taxation, monetary policy, and the economics of high technology. He received his Ph.D. from MIT and has taught there, as well as at the University of California, Berkeley.He has published numerous monographs and articles in scholarly journals, and co-authored a popular Macroeconomics intermediate text.Marc Lieberman is currently Clinical Associate Professor of Economics at New York University. He has presented his extremely popular Principles of Economics course at Vassar College, Harvard University, the University of California/Santa Cruz, and the University of Hawaii. Lieberman is co-editor and contributor to The Road to Capitalism: Economic Transformation in Eastern Europe and the Former Soviet Union. In his limited spare time, he is an accomplished screenwriter. He co-wrote the script for Love Kills, a recent movie that aired on the USA Cable Network and is now available in video stores around the world.

PART I. PRELIMINARIES. 1. What Is Economics? 2. Scarcity, Choice, and Economic Systems. 3. Supply and Demand. PART II. MACROECONOMICS: BASIC CONCEPTS. 4. What Macroeconomics Tries to Explain. 5. Production, Income, and Employment. 6. The Monetary System, Prices, and Inflation. PART III. LONG-RUN MACROECONOMICS. 7. The Classical Long-Run Model. 8. Economic Growth and Rising Living Standards. PART IV. SHORT-RUN MACROECONOMICS. 9. Economic Fluctuations. 10. The Short-Run Macro Model. PART V. MONEY, PRICES, AND THE MACROECONOMY. 11. The Banking System and the Money Supply. 12. The Money Market and Monetary Policy. 13. Aggregate Demand and Aggregate Supply. PART VI. MACROECONOMIC POLICY. 14. Inflation and Monetary Policy. 15. Fiscal Policy: Taxes, Spending, and the Federal Budget. 16. Exchange Rates and Macroeconomic Policy.