Growth, Cycles and Crises gives students an up-to-date understanding of macroeconomic developments, empirical puzzles, theoretical controversies and policy dilemmas of the day. It begins with an overview of different schools of thought and their historical roots. There follows an investigation of recent global crises, their underlying causes, and the policy responses in the major economic powers. We also consider the stresses on Australia resulting from global economic fluctuations and shifts, causing disruptive exchange rate swings and fiscal difficulties. Finally with major developments around the world and the controversies arising from them, such as debt crises and austerity debate, the problem of unbalanced growth in rapidly developing economies, and stagnation and policy zigzags apparent in some advanced economies.