Name: Macroeconomics - Bókakaup
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Description

Efnisyfirlit

Half Title
Title Page
Copyright Page
Brief Contents
Contents
List of figures
List of tables
List of Focus boxes
About the authors
Preface
THE CORE
INTRODUCTION
Chapter 1 A tour of the world
1.1 The pandemic of 2020
1.2 The crisis of 2008-9
1.3 The United States
1.4 The EU and the euro area
1.5 China
1.6 Looking ahead
Key terms
Questions and problems
Appendix 1: Where to find the numbers
Appendix 2: What do macroeconomists do?
Chapter 2 A tour of the book
2.1 Aggregate output
2.2 The unemployment rate
2.3 The inflation rate
2.4 Output, unemployment and the inflation rate: Okun’s law and the Phillips curve
2.5 The short run, the medium run and the long run
2.6 A tour of the book
Summary
Key terms
Questions and problems
Further reading
Appendix: The construction of real GDP and chain-type indexes
THE SHORT RUN
Chapter 3 The goods market
3.1 The composition of GDP
3.2 The demand for goods
3.3 The determination of equilibrium output
3.4 Investment equals saving: an alternative way of thinking about the goods-market equilibrium
3.5 Is the government omnipotent? A warning
Summary
Key terms
Questions and problems
Chapter 4 Financial markets: I
4.1 The demand for money
4.2 Determining the interest rate: I
4.3 Determining the interest rate: II
4.4 The liquidity trap
Summary
Key terms
Questions and problems
Further reading
Chapter 5 Goods and financial markets: the IS-LM model
5.1 The goods market and the IS relation
5.2 Financial markets and the LM relation
5.3 Putting the IS and LM relations together
5.4 Using a policy mix
5.5 How does the IS-LM model fit the facts?
Summary
Key terms
Questions and problems
Further reading
Chapter 6 Financial markets II: the extended IS-LM model
6.1 Nominal versus real interest rates
6.2 Risk and risk premiums
6.3 The role of financial intermediaries
6.4 Extending the IS-LM model
6.5 From a housing problem to a financial crisis: 2006-8
Summary
Key terms
Questions and problems
Further reading
THE MEDIUM RUN
Chapter 7 The labour market
7.1 A tour of the labour market
7.2 Movements in unemployment
7.3 Wage determination
7.4 Price determination
7.5 The natural rate of unemployment
7.6 Where we go from here
Summary
Key terms
Questions and problems
Further reading
Appendix: Wage- and price-setting relations versus labour supply and labour demand
Chapter 8 The Phillips curve, the natural rate of unemployment and inflation
8.1 Inflation, expected inflation and unemployment
8.2 The Phillips curve and its mutations
8.3 The Phillips curve and the natural rate of unemployment
8.4 A summary and many warnings
Summary
Key terms
Questions and problems
Appendix: Derivation of the relation between inflation, expected inflation and unemployment
Chapter 9 From the short to the medium run: the IS-LM-PC model
9.1 The IS-LM-PC model
9.2 From the short to the medium run
9.3 Complications and how things can go wrong
9.4 Fiscal consolidation revisited
9.5 The effects of an increase in the price of oil
9.6 Conclusions
Summary
Key terms
Questions and problems
Chapter 10 The COVID economic crisis
10.1 The economic effects of the lockdown
10.2 The macro policy response
10.3 The economy post-lockdown
10.4 The economy post-vaccine
Summary
Key terms
Questions and problems
THE LONG RUN
Chapter 11 The facts of growth
11.1 Measuring the standard of living
11.2 Growth in rich countries since 1950
11.3 A broader look across time and space
11.4 Thinking about growth: a primer
Summary
Key terms
Questions and problems
Further reading
Chapter 12 Saving, capital accumulation and output
12.1 Interactions between output and capital
12.2 The implications of alternative saving rates
12.3 Getting a sense of magnitudes
12.4 Physical versus human capital
Summary
Key terms
Questions and problems
Further reading
Appendix: The Cobb-Douglas production function and the steady state
Chapter 13 Technological progress and growth
13.1 Technological progress and the rate of growth
13.2 The determinants of technological progress
13.3 Institutions, technological progress and growth
Summary
Key terms
Questions and problems
Further reading
Appendix: How to measure technological progress and the application to China
Chapter 14 The challenges of growth
14.1 The future of technological progress
14.2 Robots and unemployment
14.3 Growth, churn and inequality
14.4 Climate change and global warming
Summary
Key terms
Questions and problems
Further reading
EXTENSIONS
EXPECTATIONS
Chapter 15 Financial markets and expectations
15.1 Expected present discounted values
15.2 Bond prices and bond yields
15.3 The stock market and movements in stock prices
15.4 Risk, bubbles, fads and asset prices
Summary
Key terms
Questions and problems
Further reading
Appendix: Deriving the expected present discounted value using real or nominal interest rates
Chapter 16 Expectations, consumption and investment
16.1 Consumption
16.2 Investment
16.3 The volatility of consumption and investment
Summary
Key terms
Questions and problems
Appendix: Derivation of the expected present value of profits under static expectations
Chapter 17 Expectations, output and policy
17.1 Expectations and decisions: taking stock
17.2 Monetary policy, expectations and output
17.3 Deficit reduction, expectations and output
Summary
Key terms
Questions and problems
Further reading
THE OPEN ECONOMY
Chapter 18 Openness in goods and financial markets
18.1 Openness in goods markets
18.2 Openness in financial markets
18.3 Conclusions and a look ahead
Summary
Key terms
Questions and problems
Further reading
Chapter 19 The goods market in an open economy
19.1 The IS relation in the open economy
19.2 Equilibrium output and the trade balance
19.3 Increases in demand – domestic or foreign
19.4 Depreciation, the trade balance and output
19.5 Saving, investment and the current account balance
Summary
Key terms
Questions and problems
Further reading
Appendix: Derivation of the Marshall-Lerner condition
Chapter 20 Output, the interest rate and the exchange rate
20.1 Equilibrium in the goods market
20.2 Equilibrium in financial markets
20.3 Putting goods and financial markets together
20.4 The effects of policy in an open economy
20.5 Fixed exchange rates
Summary
Key terms
Questions and problems
Appendix: Fixed exchange rates, interest rates and capital mobility
Chapter 21 Exchange rate regimes
21.1 The medium run
21.2 Exchange rate crises under fixed exchange rates
21.3 Exchange rate movements under flexible exchange rates
21.4 Choosing between exchange rate regimes
Summary
Key terms
Questions and problems
Further reading
Appendix 1: Deriving the IS relation under fixed exchange rates
Appendix 2: The real exchange rate and domestic and foreign real interest rates
BACK TO POLICY
Chapter 22 Should policymakers be restrained?
22.1 Uncertainty and policy
22.2 Expectations and policy
22.3 Politics and policy
Summary
Key terms
Questions and problems
Further reading
Chapter 23 Fiscal policy: a summing up
23.1 What we have learned
23.2 The government budget constraint: deficits, debt, spending and taxes
23.3 Ricardian equivalence, cyclical adjusted deficits and war finance
23.4 The dangers of high debt
23.5 The challenges facing fiscal policy today
Summary
Key terms
Questions and problems
Further reading
Chapter 24 Monetary policy: a summing up
24.1 What we have learned
24.2 From money targeting to inflation targeting
24.3 The optimal inflation rate
24.4 Unconventional monetary policy
24.5 Monetary policy and financial stability
Summary
Key terms
Questions and problems
Further reading
EPILOGUE
Chapter 25 The story of macroeconomics
25.1 Keynes and the Great Depression
25.2 The neoclassical synthesis
25.3 The rational expectations critique
25.4 Developments in macroeconomics up to the 2009 crisis
25.5 First lessons for macroeconomics after the crisis
Summary
Key terms
Further reading
APPENDICES
Appendix 1 An introduction to national income and product accounts
Appendix 2 A maths refresher
Appendix 3 An introduction to econometrics
Glossary
Symbols used in this book
Index
Publisher’s Acknowledgements
Back Cover