This paper develops the zero-dimensional (0D) hydrodynamic coronal loop model ﾓEnthalpy-based Thermal Evolution of Loopsﾔ (EBTEL) proposed by Klimchuk et al., which studies the plasma response to evolving coronal heating, especially impulsive heating events. The basis of EBTEL is the modeling of mass exchange between the corona and transition region (TR) and chromosphere in response to heating variations, with the key parameter being the ratio of the TR to coronal radiation. We develop new models for this parameter that now include gravitational stratification and a physically motivated approach to radiative cooling. A number of examples are presented, including nanoflares in short and long loops, and a small flare. The new features in EBTEL are important for accurate tracking of, in particular, the density. The 0D results are compared to a 1D hydro code (Hydrad) with generally good agreement. EBTEL is suitable for general use as a tool for (1) quick-look results of loop evolution in response to a given heating function, (2) extensive parameter surveys, and (3) situations where the modeling of hundreds or thousands of elemental loops is needed. A single run takes a few seconds on a contemporary laptop.