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Dealing entirely with open economy macroeconomics, this text reflects a concern to understand macroeconomic principles and applications in the context of the open economies of Western Europe and the rest of the world. It provides an exposition and evaluation of the three main macroeconomic models, the income expenditure model, the IS LM model and the AD AS model, in addition to the application to real world issues and policy. Finally the AD AS framework provides an opportunity for examining recent controversies concerning the supply side, growth and business cycles. In summary this is a macroeconomics textbook which provides a new framework for understanding contemporary macroeconomic theory, policy and applications. An instructor's manual, containing lecture notes, overhead transparency masters and solutions to end of chapter questions, is available free of charge to adopting lecturers via the Macmillan Press website.