Efnisyfirlit

• Title Page
• Copyright Page
• About the Authors
• Brief Contents
• Detailed Contents
• Applying Macroeconomics to the Real World
• Symbols Used in This Book
• Preface
• Part 1 Introduction
• Chapter 1 Introduction to Macroeconomics
• 1.1 What Macroeconomics Is About
• Long-Run Economic Growth
• Business Cycles
• Unemployment
• Inflation
• The International Economy
• Macroeconomic Policy
• Aggregation
• 1.2 What Macroeconomists Do
• Macroeconomic Forecasting
• Macroeconomic Analysis
• Macroeconomic Research
• Data Development
• In Touch with Data and Research: Developing and Testing an Economic Theory
• 1.3 Why Macroeconomists Disagree
• Classicals Versus Keynesians
• A Unified Approach to Macroeconomics
• Chapter 2 The Measurement and Structure of the National Economy
• 2.1 National Income Accounting: The Measurement of Production, Income, and Expenditure
• In Touch with Data and Research: The National Income and Product Accounts in Malaysia
• Why the Three Approaches Are Equivalent
• 2.2 Gross Domestic Product
• The Product Approach to Measuring GDP
• In Touch with Data and Research: Natural Resources, the Environment, and the National Income Account
• The Expenditure Approach to Measuring Gdp
• The Income Approach to Measuring GDP
• 2.3 Saving and Wealth
• Measures of Aggregate Saving
• The Uses of Private Saving
• Relating Saving and Wealth
• 2.4 Real GDP, Price Indexes, and Inflation
• Real GDP
• Price Indexes
• In Touch with Data and Research: The Computer Revolution and Chain-Weighted GDP
• In Touch with Data and Research: CPI Inflation Versus Core Inflation
• Application The Federal Reserve’s Preferred Inflation Measures
• 2.5 Interest Rates
• Part 2 Long-Run Economic Performance
• Chapter 3 Productivity, Output, and Employment
• 3.1 How Much Does the Economy Produce? the Production Function
• Application The Production Function and Changes of Productivity in the European Union
• The Shape of the Production Function
• The Marginal Product of Capital
• The Marginal Product of Labor
• Supply Shocks
• 3.2 The Demand for Labor
• The Marginal Product of Labor and Labor Demand: An Example
• A Change in the Wage
• The Marginal Product of Labor and the Labor Demand Curve
• Factors That Shift the Labor Demand Curve
• Aggregate Labor Demand
• 3.3 The Supply of Labor
• The Income–Leisure Trade-off
• Real Wages and Labor Supply
• Application How Big Is the Gig Economy?
• The Labor Supply Curve
• Aggregate Labor Supply
• 3.4 Labor Market Equilibrium
• Full-Employment Output
• Application Output, Employment, and the Real Wage During Oil Price Shocks
• 3.5 Unemployment
• Measuring Unemployment
• Changes in Employment Status
• In Touch with Data and Research: Labor Market Data in Kazakhstan
• Application Unemployment During the European Debt Crisis
• How Long Are People Unemployed?
• Why There Always Are Unemployed People
• In Touch with Data and Research: Alternative Measures of Unemployment Rate
• Application Recent Trends in Labor Supply
• 3.6 Relating Output and Unemployment: Okun’s Law
• Appendix 3.A The Growth Rate Form of Okun’s Law
• Chapter 4 Consumption, Saving, and Investment
• 4.1 Consumption and Saving
• The Consumption and Saving Decision of an Individual
• Effect of Changes in Current Income
• Effect of Changes in Expected Future Income
• Application The Idiosyncrasy of Singapore’s Aggregate Consumption
• Effect of Changes in Wealth
• Effect of Changes in the Real Interest Rate
• Fiscal Policy
• In Touch with Data and Research: Interest Rates
• Application How Investors Respond to Tax Incentives
• 4.2 Investment
• The Desired Capital Stock
• Changes in the Desired Capital Stock
• Application Measuring the Effects of Taxes on Investment
• From the Desired Capital Stock to Investment
• Investment in Inventories and Housing
• In Touch with Data and Research: Investment and the Stock Market
• 4.3 Goods Market Equilibrium
• The Saving–Investment Diagram
• Application Macroeconomic Consequences of the Boom and Bust in Stock Prices
• Appendix 4.A A Formal Model of Consumption and Saving
• Chapter 5 Saving and Investment in the Open Economy
• 5.1 Balance of Payments Accounting
• The Current Account
• In Touch with Data and Research: The Balance of Payments Accounts in Malaysia
• Application Current Account Balance and Trade Openness Around the World
• The Financial Account
• The Relationship Between the Current Account and the Financial Account
• Net Foreign Assets and the Balance of Payments Accounts
• Application The United States as an International Debtor
• 5.2 Goods Market Equilibrium in an Open Economy
• 5.3 Saving and Investment in a Small Open Economy
• The Effects of Economic Shocks in a Small Open Economy
• 5.4 Saving and Investment in Large Open Economies
• Application The Impact of Globalization on the U.S. Economy
• Application Recent Trends in the U.S. Current Account Deficit
• 5.5 Fiscal Policy and the Current Account
• The Critical Factor: The Response of National Saving
• The Government Budget Deficit and National Saving
• Application The Twin Deficits
• Chapter 6 Long-Run Economic Growth
• 6.1 The Sources of Economic Growth
• Growth Accounting
• Application Waves of Productivity Growth over Time
• Application The Rebound in U.S. Productivity Growth
• 6.2 Long-Run Growth: The Solow Model
• Setup of the Solow Model
• The Fundamental Determinants of Long-run Living Standards
• Economic Models, Endogenous Variables, and Exogenous Variables
• Application The Growth of Emerging Economies
• 6.3 Endogenous Growth Theory
• 6.4 Government Policies to Raise Long-Run Living Standards
• Policies to Affect the Saving Rate
• Policies to Raise the Rate of Productivity Growth
• Application The Changing Distribution of Income in the United States
• Chapter 7 The Asset Market, Money, and Prices
• 7.1 What Is Money?
• In Touch with Data and Research: Money in a Prisoner-of-War Camp
• The Functions of Money
• In Touch with Data and Research: Monetary Aggregates in the United Kingdom
• In Touch with Data and Research: The Effect of Dollarization on the United States and Other Nations
• 7.2 Portfolio Allocation and the Demand for Assets
• Expected Return
• Risk
• Liquidity
• Time to Maturity
• Types of Assets and Their Characteristics
• In Touch with Data and Research: The Housing Crisis of 2007 to 2011
• Asset Demands
• 7.3 The Demand for Money
• The Price Level
• Real Income
• Interest Rates
• The Money Demand Function
• Other Factors Affecting Money Demand
• Application Bitcoin and Cryptocurrencies
• Velocity and the Quantity Theory of Money
• 7.4 Asset Market Equilibrium
• Asset Market Equilibrium: an Aggregation Assumption
• The Asset Market Equilibrium Condition
• 7.5 Money Growth and Inflation
• Application Money Growth and Inflation in European Countries in Transition
• The Inflation Rate and the Nominal Interest Rate
• Application Inflation Expectations and Linkers
• Part 3 Business Cycles and Macroeconomic Policy
• Chapter 8 Business Cycles
• 8.1 What Is a Business Cycle?
• 8.2 The American Business Cycle: The Historical Record
• The Pre–World War I Period
• The Great Depression and World War II
• Post–World War II U.S. Business Cycles
• The “Long Boom”
• The Great Recession
• Have American Business Cycles Become Less Severe?
• Application Do Economic Expansions Die of Old Age?
• 8.3 Business Cycle Facts
• The Cyclical Behavior of Economic Variables: Direction and Timing
• Production
• Expenditure
• Employment and Unemployment
• Application The Job Finding Rate and the Job Loss Rate
• Average Labor Productivity and the Real Wage
• Money Growth and Inflation
• Financial Variables
• International Aspects of the Business Cycle
• In Touch with Data and Research: Coincident and Leading Indexes
• 8.4 Business Cycle Analysis: A Preview
• In Touch with Data and Research: The Seasonal Cycle and the Business Cycle
• Aggregate Demand and Aggregate Supply: A Brief Introduction
• Chapter 9 The IS–LM/AD–AS Model: A General Framework for Macroeconomic Analysis
• 9.1 The FE Line: Equilibrium in the Labor Market
• Factors That Shift the FE Line
• 9.2 The IS Curve: Equilibrium in the Goods Market
• Factors That Shift the IS Curve
• 9.3 The LM Curve: Asset Market Equilibrium
• The Interest Rate and the Price of a Nonmonetary Asset
• The Equality of Money Demanded and Money Supplied
• Factors That Shift the LM Curve
• 9.4 General Equilibrium in the Complete IS–LM Model
• Applying the IS–LM Framework: A Temporary Adverse Supply Shock
• Application The Oil Price Shock of 2008
• In Touch with Data and Research: Econometric Models and Macroeconomic Forecasts for Monetary Policy
• 9.5 Price Adjustment and the Attainment of General Equilibrium
• The Effects of a Monetary Expansion
• Classical Versus Keynesian Versions of the IS–LM Model
• 9.6 Aggregate Demand and Aggregate Supply
• The Aggregate Demand Curve
• The Aggregate Supply Curve
• Equilibrium in the AD–AS Model
• Monetary Neutrality in the AD–AS Model
• Appendix 9.A Worked-Out Numerical Exercise for Solving the IS–LM/AD–AS Model
• Appendix 9.B Algebraic Versions of the IS–LM/AD–AS Model
• Chapter 10 Classical Business Cycle Analysis: Market-Clearing Macroeconomics
• 10.1 The Real Business Cycle Theory
• Application Calibrating the Business Cycle
• 10.2 Fiscal Policy Shocks in the Classical Model
• 10.3 Unemployment in the Classical Model
• Jobless Recoveries
• 10.4 Money in the Classical Model
• Monetary Policy and the Economy
• Monetary Nonneutrality and Reverse Causation
• The Nonneutrality of Money: Additional Evidence
• 10.5 The Misperceptions Theory and the Nonneutrality of Money
• Monetary Policy and the Misperceptions Theory
• Rational Expectations and the Role of Monetary Policy
• In Touch with Data and Research: Are Price Forecasts Rational?
• Appendix 10.A Worked-Out Numerical Exercise for Solving the Classical AD–AS Model with Mispercepti
• Appendix 10.B An Algebraic Version of the Classical AD–AS Model with Misperceptions
• Chapter 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity
• 11.1 Real-Wage Rigidity
• Some Reasons for Real-Wage Rigidity
• The Efficiency Wage Model
• Wage Determination in the Efficiency Wage Model
• Employment and Unemployment in the Efficiency Wage Model
• Efficiency Wages and the FE Line
• In Touch with Data and Research: Efficiency Wages
• 11.2 Price Stickiness
• Sources of Price Stickiness: Monopolistic Competition and Menu Costs
• 11.3 Monetary and Fiscal Policy in the Keynesian Model
• Monetary Policy
• Fiscal Policy
• 11.4 The Keynesian Theory of Business Cycles and Macroeconomic Stabilization
• Keynesian Business Cycle Theory
• Macroeconomic Stabilization
• Supply Shocks in the Keynesian Model
• In Touch with Data and Research: DSGE Models and the Classical–Keynesian Debate
• Appendix 11.A Labor Contracts and Nominal-Wage Rigidity
• Appendix 11.B Worked-Out Numerical Exercise for Calculating the Multiplier in a Keynesian Model
• Appendix 11.C The Multiplier in the Keynesian Model
• Part 4 Macroeconomic Policy: Its Environment and Institutions
• Chapter 12 Unemployment and Inflation
• 12.1 Unemployment and Inflation: Is There a Trade-off?
• The Expectations-augmented Phillips Curve
• The Shifting Phillips Curve
• 12.2 Macroeconomic Policy and the Phillips Curve
• In Touch with Data and Research: The Lucas Critique
• The Long-Run Phillips Curve
• 12.3 The Problem of Unemployment
• The Costs of Unemployment
• The Long-Term Behavior of the Unemployment Rate
• 12.4 The Problem of Inflation
• The Costs of Inflation
• In Touch with Data and Research: Indexed Contracts
• 12.5 Fighting Inflation: The Role of Inflationary Expectations
• In Touch with Data and Research: The Sacrifice Ratio
• The U.S. Disinflation of the 1980s and 1990s
• Chapter 13 Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy
• 13.1 Exchange Rates
• Nominal Exchange Rates
• In Touch with Data and Research: Exchange Rates
• Real Exchange Rates
• Appreciation and Depreciation
• Purchasing Power Parity
• In Touch with Data and Research: McParity
• The Real Exchange Rate and Net Exports
• Application The Value of the Hong Kong Dollar and Net Exports
• 13.2 How Exchange Rates Are Determined: A Supply-and-Demand Analysis
• Macroeconomic Determinants of the Exchange Rate and Net Export Demand
• 13.3 The IS–LM Model for an Open Economy
• The Open-Economy IS Curve
• Factors That Shift the Open-Economy IS Curve
• The International Transmission of Business Cycles
• 13.4 Macroeconomic Policy in an Open Economy with Flexible Exchange Rates
• A Fiscal Expansion
• A Monetary Contraction
• 13.5 Fixed Exchange Rates
• Fixing the Exchange Rate
• Monetary Policy and the Fixed Exchange Rate
• Fixed Versus Flexible Exchange Rates
• Currency Unions
• Application Is Either the United States or Europe an Optimum Currency Area?
• Application European Monetary Unification
• Appendix 13.A Worked-Out Numerical Exercise for the Open-Economy IS–LM Model
• Appendix 13.B An Algebraic Version of the Open-Economy IS–LM Model
• Chapter 14 Monetary Policy and the Federal Reserve System
• 14.1 Principles of Money Supply Determination
• Open-Market Operations
• The Money Multiplier
• Bank Runs
• Application The Money Multiplier During Severe Financial Crises
• 14.2 Monetary Control in the United States
• The Federal Reserve System
• The Federal Reserve’s Balance Sheet and Open-market Operations
• Reserve Requirements
• Discount Window Lending
• Application The Lender of Last Resort
• Interest Rate on Reserves
• 14.3 Setting Monetary Policy Targets
• Targeting the Federal Funds Rate
• 14.4 Making Monetary Policy in Practice
• Lags in the Effects of Monetary Policy
• Conducting Monetary Policy Under Uncertainty
• Monetary Policy in the Great Recession
• Application Is There Really a Zero Lower Bound?
• Application Contagion Effects of the 2008 Global Financial Crisis
• 14.5 The Conduct of Monetary Policy: Rules Versus Discretion
• The Monetarist Case for Rules
• Rules and Central Bank Credibility
• The Taylor Rule
• Other Ways to Achieve Central Bank Credibility
• Application Inflation Targeting
• Chapter 15 Government Spending and Its Financing
• 15.1 The Government Budget: Some Facts and Figures
• Government Outlays
• Taxes
• Deficits and Surpluses
• 15.2 Government Spending, Taxes, and the Macroeconomy
• Fiscal Policy and Aggregate Demand
• Government Capital Formation
• Incentive Effects of Fiscal Policy
• Application Supply-Side Economics
• 15.3 Government Deficits and Debt
• The Growth of the Government Debt
• Application Social Security in France: How Can It Be Fixed?
• The Burden of the Government Debt on Future Generations
• Budget Deficits and National Saving: Ricardian Equivalence Revisited
• Departures from Ricardian Equivalence
• In Touch with Data and Research: Japan’s Fiscal Policy Since the “Lost Decade”
• 15.4 Deficits and Inflation
• The Deficit and the Money Supply
• Real Seignorage Collection and Inflation
• Application Quantitative Easing and Inflation
• Appendix 15.A The Debt–GDP Ratio
• Appendix A Some Useful Analytical Tools
• A.1 Functions and Graphs
• A.2 Slopes of Functions
• A.3 Elasticities
• A.4 Functions of Several Variables
• A.5 Shifts of a Curve
• A.6 Exponents
• A.7 Growth Rate Formulas
• Problems
• Glossary
• Name Index
• Subject Index