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The fifth edition is the most ambitious working over of Macroeconomics since the book was first published. Every new edition offers the opportunity to add material, round out arguments, and update information and case studies. But occasionally it is essential to make a complete evaluation of progress in the field, rethink issues, and restate arguments in the light of new findings and new ways of thinking. When the first edition came out, in 1978, today's New Keynesians had berely finished their first degree, rational expectations was only starting to flourish, and the real business cycle approach had not even seen the light of day.

Macroeconomics is concered with the behavior of the economy as a whole - with booms and recessions, the economy's total output of goods and services and the growth of output, the rates of inflation and unemployment, the balance of payments, and exchange rates. Macroeconomics deals with the increase in output and employment over long periods of time - that is, economic growth - and with the short-run fluctations that constitute the business cycle.

Stanley Fischer

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Rudiger Dornbusch

Rüdiger "Rudi" Dornbusch (June 8, 1942 – July 25, 2002) was a German economist who worked for most of his career in the United States.

Throughout his career his main focus was on international economics, especially monetary policy, macroeconomic development, growth and international trade. According to some of his students and associates his talent was to extract the heart of a problem and make it understandable in simple terms. For example, he explained fluctuations in prices and exchange rates with great clarity (notably with his Overshooting Model). He worked also for the IMF, making controversial contributions to the development of stabilisation policies, especially for Latin American countries. For more than 15 years he served as an associate editor of the Quarterly Journal of Economics.

Together with Stanley Fischer he also wrote widely used undergraduate textbooks.