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Ebook details:
عنوان: Macroeconomics, Global Edition
نویسنده: Abel, Andrew B., Bernanke, Ben, Croushore, Dean
ناشر: Pearson; 10 edition (December 20, 2019)
زبان: English
شابک: 1292318619, 978-1292318615

9781292318691, 1292318694
حجم: 84 Mb
فرمت: Original PDF

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

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