The fourth edition of the pedagogically proven textbook on macroeconomics responds to changes that have occurred in recent years in both the Czech and global economies, as well as in economic theory. It combines new insights with knowledge verified by economic history. The updated text reflects the shift in emphasis in global macroeconomics from deflation to inflation, whose pressures have become a serious problem for many economies, including the Czech economy. New methods used by central banks and governments to avert the collapse of economies into a deflationary trap are introduced, as well as tools used in current efforts to break the upward inflation spiral. The textbook also covers topics such as basic macroeconomic models that allow for a thorough understanding of the processes affecting economic equilibrium, as well as models of economic growth and controversies regarding its quality in the context of environmental and other crises. The publication is primarily intended for university students focusing on economics, as well as for MBA management courses. It is also a suitable study aid for anyone interested in gaining deeper insight into the events in the national economy and the economic policies that influence these processes.