"Macroeconomics: A European Text is a comprehensive and completely self-contained textbook which provides a modern treatment of the field. It differs from existing texts in four important aspects:" "First, it presents the "new" macroeconomics, a synthesis of the more traditional fixed price approach and the newer microeconomic foundations and intertemporal aspects which have been developed since the last generation of textbooks was designed." "Secondly, the book does not take the reader through the closed-economy detour. From the very beginning the economy is open. The role of exchange rates, income flows, capital movements and other international linkages is emphasized throughout." "Third, it is written from a European perspective. European countries, while different from one another, share common features such as heavy dependence on external conditions and institutions which - for better or for worse - attach more importance to social needs than to economic efficiency." "Fourth, it shows why macroeconomics is an exciting and socially important discipline. More than 400 figures, tables and boxes illustrate the relevance - and limitations - of theory while providing a good knowledge of economic conditions in Europe and elsewhere. Each major theoretical step is followed by concrete examples taken from actual experience." "Macroeconomics: A European Text can be used for undergraduates in economics as the main textbook for macroeconomics, and for MBA students or undergraduates in business studies as a textbook for a first course in economics. The concepts and results are established geometrically, rather than through mathematics, while a formal treatment is presented in appendices and boxes. Each chapter includes an overview, a summary section, a list of key concepts and a set of applied and theoretical exercises. An accompanying teacher's manual gives guidance on how to present the material and to use selected chapters for shorter courses."--BOOK JACKET.