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• Acknowledgements
• Contents
• Part I: Background
• 1: Introduction: Economic Growth and Development in Historical Perspective
• 1.1 The Long View
• 1.2 Accounting for Growth
• 1.3 Development as Well as Growth
• 1.4 Theories of National Economic Development
• Reference
• 2: Some Relevant Microeconomics
• 2.1 Why Micro and Macro?
• 2.2 The Core Assumptions of Microeconomics
• 2.3 Supply and Demand Analysis
• 2.4 The Normative Interpretation of Markets
• 2.5 Market Failure
• 2.6 Economic Institutions
• 2.7 General Equilibrium Theory
• Part II: The Terrain of Macroeconomics
• 3: Accounts and Measurements
• 3.1 The Circular Flow of Income and Credit
• 3.2 The National Income and Product Accounts
• 3.3 Flow of Funds Accounts
• 3.4 The Balance of Payments Accounts
• 3.5 Economic Measurement and Human Well-Being
• 4: The Fundamental Macroeconomic Identities
• 4.1 NIPA and the Relationship of the Parts to the Whole
• 4.2 Financial Balances and Trade
• 5: Macroeconomic Issues: Output, Employment, Inflation, Stability
• 5.1 Output
• 5.2 Employment
• 5.3 Inflation
• 5.4 Financial Stability
• 6: Macroeconomic Adjustment
• 6.1 Varieties of Adjustment
• 6.2 Adjustment to Reduce Inflation: The Case of the United States, 1978-1982
• 6.3 Adjustment to Raise Income and Employment: The Case of the United States, 1982-1983
• 6.4 Adjustment to Overcome a Financial Crisis: The Case of Argentina, 2001-2002
• 6.5 Some Observations About Adjustment
• 7: An Introduction to Money, Banks and Financial Systems
• 7.1 Why Societies Create Money
• 7.2 Money and Liquidity
• 7.3 Measuring Money
• 7.4 Banks: Private Profit and Public Function
• 7.5 Banks as Guardians and Creators of Money
• 7.6 How to Make Money: A Step-by-Step Guide
• 7.7 An Overview of the Financial Industry
• 7.8 Central Banks
• 7.9 The Paradox of Risk
• 8: International Finance: A World of Many Moneys
• 8.1 The Rise and Fall of the Gold Standard
• 8.2 The Retreat from Gold: The Gold-Dollar Standard of Bretton Woods
• 8.3 Floating Exchange Rates and Foreign Exchange Markets
• 8.4 The Role of Reserve Currencies
• 8.5 International Financial Instability from 1982 to the Present
• 9: International Trade in an Interdependent World
• 9.1 Introduction: Disaster and Disruption in an Interconnected World
• 9.2 Patterns of International Trade
• 9.3 What Is International Trade?
• 9.4 Mercantilism, Liberalism and the Debate Over Trade
• 9.5 Ricardo´s Theory of Comparative Advantage in International Trade
• 9.6 Friendly Amendments to Ricardo´s Theory of International Trade
• 9.7 Limitations of Standard Trade Theory
• Part III: Macroeconomic Theories in Conflict
• 10: Classical Economics and the Keynesian Challenge
• 10.1 The Classical View of Output and Employment
• 10.2 The Keynesian Challenge
• 11: Equilibrium National Income and Financial Balances in a Keynesian World
• 11.1 Step 1: The Consume Everything Economy
• 11.2 Step 2: Add Savings
• 11.3 Step 3: Add Investment
• 11.4 Step 4: Add Taxes and Government Spending
• 11.5 Step 5: Add Imports and Exports
• 11.5.1 A Word on Macroeconomic Models
• 11.5.2 Equilibrium National Income and Financial Balances
• 12: Keynesian Fiscal Policy
• 12.1 The Political Economy of Keynesian Fiscal Policy
• 12.2 The Economic Basis of Keynesian Fiscal Policy
• 12.3 Taxes or Spending?
• 12.4 Autonomous Versus Discretionary Fiscal Policy
• 12.5 Should the Government Try to Balance Its Budget?
• 12.6 How Large a Deficit?
• 12.7 Fiscal Space
• 13: Central Banks and Monetary Policy
• 13.1 The Purposes of a Central Bank
• 13.2 The Wizard´s Wand: Open Market Operations
• 13.3 Monetary Policy Principles
• 13.4 Monetary Policy Versus Fiscal Policy
• 13.5 Monetary and Fiscal Policy Together
• Appendix: The IS-LM Model
• 14: Business Cycles
• 14.1 Some Empirical Evidence
• 14.2 Investment Cycles
• 14.3 Policy Cycles
• 14.4 Financial Cycles
• 14.5 Summing Up
• 15: The Crucible of the 1970s
• 15.1 The Life and Times of the Keynesian Consensus
• 15.2 Resistance to Keynesian Policy at the Beginning of the 1970s: Monetarism
• 15.3 The Role of Time in Economic Models
• 15.4 Adaptive Versus Rational Expectations
• 15.5 From Market Failure to Government Failure
• 15.6 Rethinking Unemployment
• 15.7 Stagflation and the Counterrevolution in Economic Theory
• 15.8 The Short Run Phillips Curve and the Natural Rate of Unemployment
• 16: The Rise and Fall of the Great Moderation
• 16.1 What´s Moderate About the Great Moderation?
• 16.2 Splitting the Difference: The Short Run and the Long Run
• 16.3 Macroeconomic Modeling During the Great Moderation
• 16.4 Policy Precepts During the Great Moderation
• 16.5 Teaching the New Macroeconomics: The Aggregate Demand-Aggregate Supply Model
• 16.6 Using AS-AD: Supply Shocks, Policy Shocks and the Problem of the Long Run
• 16.7 Against the Grain: Keynesian Dissent from Mainstream Macroeconomics
• 16.8 The Great Moderation in Retrospect
• 17: The Financial Crisis of 2008 and Its Aftermath
• 17.1 The Great Unbalancing
• 17.2 Finance on the Brink
• 17.3 The Meltdown
• 17.4 Crisis Management
• 17.5 The Problems Continue
• 17.6 Crisis in the Eurozone
• 17.7 Did Economics Fail the Test?
• References
• Glossary
• Index