Rent 9780130646002 | MACROECONOMICS-STDY GDE 7TH 02 PH PB CLN

Summary Table of Contents

A comprehensive, detailed, unbiased view of modern macroeconomic theory. This book traces the history of macroeconomics and the evolution of macroeconomic thought and the resulting theory and policy. Practitioners of modern macroeconomics.

Includes Overview, Techniques in Depth, Self-Tests, Problems and/or Essay Questions.

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Preface	p. xvii
Introduction and Measurement	p. 1
Introduction	p. 2
What Is Macroeconomics?	p. 2
Post-World War II U.S. Economic Performance	p. 3
Central Questions in Macroeconomics	p. 9
Conclusion	p. 12
Measurement of Macroeconomic Variables	p. 13
The National Income Accounts	p. 13
Gross Domestic Product	p. 14
What GDP Is Not	p. 17
National Income	p. 18
Personal and Personal Disposable Income	p. 19
Some National Income Accounting Identities	p. 21
Measuring Price Changes: Real Versus Nominal Gross Domestic Product	p. 22
The Consumer Price Index and the Producer Price Index	p. 25
Measures of Cyclical Variation in Output	p. 26
Upward Bias in the Consumer Price Index	p. 27
Conclusion	p. 28
Dating Business Cycles	p. 29
Macroeconomic Models	p. 31
Classical Macroeconomics (I): Equilibrium Output and Employment	p. 32
The Starting Point	p. 32
The Classical Revolution	p. 33
Production	p. 34
Employment	p. 35
Equilibrium Output and Employment	p. 41
Conclusion	p. 47
Real Business Cycles: A First Look	p. 47
Classical Macroeconomics (II): Money, Prices, and Interest	p. 49
The Quantity Theory of Money	p. 49
Money in Hyperinflations	p. 55
The Classical Theory of the Interest Rate	p. 55
Policy Implications of the Classical Equilibrium Model	p. 59
Conclusion	p. 63
Supply-Side Economics--A Modern Classical View	p. 64
The Keynesian System (I): The Role of Aggregate Demand	p. 66
The Problem of Unemployment	p. 66
The Simple Keynesian Model: Conditions for Equilibrium Output	p. 69
The Components of Aggregate Demand	p. 73
Determining Equilibrium Income	p. 77
Changes in Equilibrium Income	p. 80
Fiscal Stabilization Policy	p. 85
Conclusion	p. 86
Fiscal Policy in Practice	p. 87
Exports and Imports in the Simple Keynesian Model	p. 89
The Keynesian System (II): Money, Interest, and Income	p. 93
Money in the Keynesian System	p. 93
Residential Construction and the Interest Rate	p. 96
The IS-LM Curve Model	p. 104
Conclusion	p. 127
The Algebra of the IS-LM Model	p. 128
The Keynesian System (III): Policy Effects in the IS-LM Model	p. 133
Factors That Affect Equilibrium Income and the Interest Rate	p. 133
The Relative Effectiveness of Monetary and Fiscal Policy	p. 139
Conclusion	p. 148
The Monetary--Fiscal Policy Mix: Some Historical Examples	p. 149
Monetary and Fiscal Policy Multipliers in the IS--LM Curve Model	p. 151
The Keynesian System (IV): Aggregate Supply and Demand	p. 155
The Keynesian Aggregate Demand Curve	p. 156
The Keynesian Aggregate Demand Curve Combined with the Classical Theory of Aggregate Supply	p. 161
The Keynesian Contractual View of the Labor Market	p. 165
Price and Quantity Adjustments in Great Britain, 1929-1936	p. 167
Labor Supply and Variability in the Money Wage	p. 172
The Effects of Shifts in the Aggregate Supply Function	p. 177
Severe Supply Disruption: The Case of the Former Soviet Republics	p. 184
Conclusion: Keynes Versus the Classics	p. 185
The Monetarist Counterrevolution	p. 190
Introduction	p. 190
The Reformulation of the Quantity Theory of Money	p. 192
The Monetarist View of the Great Depression	p. 197
Fiscal and Monetary Policy: Monetarists Versus Keynesians	p. 202
Unstable Velocity and the Declining Influence of Monetarism	p. 209
Conclusion	p. 210
Output, Inflation, and Unemployment: Monetarist and Keynesian Views	p. 212
The Natural Rate Theory	p. 212
Monetary Policy, Output, and Inflation: A Monetarist View	p. 215
A Keynesian View of the Output--Inflation Trade-Off	p. 221
Evolution of the Natural Rate Concept	p. 227
Conclusion	p. 230
New Classical Economics	p. 232
The New Classical Attack	p. 232
A Broader View of the New Classical Position	p. 241
The Keynesian Countercritique	p. 243
The New Classical Economics and the Disinflation of the 1980s	p. 244
Conclusion	p. 248
The Great Depression: New Classical Views	p. 249
Real Business Cycle Theory and the New Keynesian Economics	p. 252
Real Business Cycle Models	p. 252
Labor Market Flows	p. 259
New Keynesian Economics	p. 260
Are Prices Sticky?	p. 263
Conclusion	p. 267
Macroeconomic Models: A Summary	p. 269
Theoretical Issues	p. 269
Policy Issues	p. 273
Extensions of the Models	p. 277
Consumption and Investment	p. 278
Consumption	p. 278
Declining U.S. Personal Saving	p. 289
Investment Spending	p. 294
Inventories in the Most Recent Recession	p. 306
Conclusion	p. 306
Money Demand	p. 308
The Definition of Money	p. 310
The Theory of the Transactions Demand for Money	p. 311
Extensions of Keynes's Theory of the Demand for Money as a Store of Wealth	p. 320
Instability of Money Demand	p. 324
Conclusion	p. 327
The Money Supply Process	p. 329
The Federal Reserve System	p. 329
Bank Reserves and Bank Deposits	p. 333
Who Controls the Money Stock?	p. 340
The Money Supply During the Great Depression	p. 344
Conclusion	p. 345
Long- and Intermediate-Term Economic Growth	p. 347
Long-Run Steady-State Growth	p. 348
Accounting for U.S. Economic Growth	p. 355
Determinants of Output Growth in Intermediate-Run Periods	p. 358
Growth and Productivity Slowdown in Other Industrialized Economies	p. 361
The Laffer Curve	p. 368
Growth Policies in the Reagan, Bush, and Clinton Administrations	p. 371
Conclusion	p. 373
Economic Policy	p. 377
Fiscal Policy	p. 378
The Goals of Macroeconomic Policy	p. 378
The Goals of Macroeconomic Policymakers	p. 379
Rational Expectations and the Partisan Theory	p. 383
The Federal Budget	p. 383
Budget Deficits in Seven Industrial Countries	p. 386
The Economy and the Federal Budget: The Concept of Automatic Fiscal Stabilizers	p. 386
Keynesian Objections to Balanced-Budget Rules	p. 390
What About the Deficit?	p. 392
Conclusion	p. 398
Ricardian Equivalence	p. 399
Monetary Policy	p. 403
The Monetary Policymaking Process	p. 403
Competing Strategies for Monetary Policy: Targeting Monetary Aggregates or Interest Rates	p. 404
Central Bank Independence and Economic Performance	p. 405
Implications of Intermediate Targeting on a Monetary Aggregate	p. 408
Implications of Targeting the Interest Rate	p. 412
Money Stock Versus Interest Rate Targets	p. 415
The Evolution of Federal Reserve Strategy	p. 417
Changes in Central Bank Institutions: Recent International Experience	p. 419
Inflation Targeting in Practice: The New Zealand Experience	p. 421
Conclusion	p. 422
Open Economy Macroeconomics	p. 423
Exchange Rates and the International Monetary System	p. 424
The U.S. Balance of Payments Accounts	p. 424
Exchange Rates and the Market for Foreign Exchange	p. 427
The Current Exchange Rate System	p. 434
Advantages of Exchange Rate Flexibility	p. 437
Experience with Floating Exchange Rates	p. 442
Fixed Versus Flexible Exchange Rates	p. 447
Conclusion	p. 450
The European Monetary System	p. 451
Monetary and Fiscal Policy in the Open Economy	p. 453
The Mundell-Fleming Model	p. 453
The Case of Imperfect Capital Mobility	p. 456
The Case of Perfect Capital Mobility	p. 462
The Saving--Investment Correlation Puzzle	p. 468
Conclusion	p. 468
Glossary	p. 471
Index	p. 475
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