Designed for graduate courses in macroeconomics, this important new text by a distinguished economist is the latest addition to McGraw-Hill's Advanced Series in Economics. The text is an introduction to the study of macroeconomics at an advanced level. Within each part, the major issues and competing theories are discussed. The presentation of theories is supplemented with examples of relevant empirical work as a way of illustrating how macroeconomics theories can be applied or tested. Each chapter concludes with an extensive set of problems.