This textbook offers a complete course in applied macroeconomics at the intermediate level that emphasizes the application of economic theory to real-world data and policy. Topics covered include national and international income, financial accounts, business cycles, financial markets, economic growth, labor markets, aggregate supply and demand, inflation, and monetary and fiscal policy. The text is unique in developing a detailed toolkit of elementary statistics and graphical techniques for economic data. A strength is its detailed treatment of national and international financial markets and the institutions of monetary and fiscal policy, which makes it especially helpful in understanding recent economic crises.