Efnisyfirlit

• Cover Page
• Title Page
• Copyright Page
• Dedication
• Flexible Organization
• Contents
• Videos in This Enhanced eBook
• Preface
• Global Edition Acknowledgments
• About the Author
• THE CORE
• Introduction
  • Chapter 1 A Tour of the World
    • 1-1 The Crisis
    • 1-2 The Euro Area
      • Can European Unemployment Be Reduced?
      • What Has the Euro Done for Its Members?
    • 1-3 The United States
      • Do Policymakers Have the Tools to Handle the Next Recession?
      • How Worrisome Is Low Productivity Growth?
    • 1-4 China
    • 1-5 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
      • GDP: Production and Income
      • Nominal and Real GDP
      • GDP: Level versus Growth Rate
    • 2-2 The Unemployment Rate
      • Why Do Economists Care about Unemployment?
    • 2-3 The Inflation Rate
      • The GDP Deflator
      • The Consumer Price Index
      • Why Do Economists Care about Inflation?
    • 2-4 Output, Unemployment, and the Inflation Rate: Okun’s Law and the Phillips Curve
      • Okun’s Law
      • The Phillips Curve
    • 2-5 The Short Run, the Medium Run, and the Long Run
    • 2-6 A Tour of the Book
      • The Core
      • Extensions
      • Back to Policy
      • Epilogue
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
    • 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
      • Consumption (C)
      • Investment (I)
      • Government Spending (G)
    • 3-3 The Determination of Equilibrium Output
      • Using Algebra
      • Using a Graph
      • Using Words
      • How Long Does It Take for Output to Adjust?
    • 3-4 Investment Equals Saving: An Alternative Way of Thinking about 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
      • Deriving the Demand for Money
    • 4-2 Determining the Interest Rate: I
      • Money Demand, Money Supply, and the Equilibrium Interest Rate
      • Monetary Policy and Open Market Operations
      • Choosing Money or Choosing the Interest Rate?
    • 4-3 Determining the Interest Rate: II
      • What Banks Do
      • The Demand for and Supply of Central Bank Money
      • The Demand for Central Bank Money
      • The Federal Funds Market and the Federal Funds Rate
    • 4-4 The Liquidity Trap
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
  • Chapter 5 Goods and Financial Markets: The IS-LM Model
    • 5-1 The Goods Market and the IS Relation
      • Investment, Sales, and the Interest Rate
      • Determining Output
      • Deriving the IS Curve
      • Shifts of the IS Curve
    • 5-2 Financial Markets and the LM Relation
      • Real Money, Real Income, and the Interest Rate
      • Deriving the LM Curve
    • 5-3 Putting the IS and LM Relations Together
      • Fiscal Policy
      • Monetary Policy
    • 5-4 Using a Policy Mix
    • 5-5 How Does the IS-LM Model Fit the Facts?
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
  • Chapter 6 Financial Markets II: The Extended IS-LM Model
    • 6-1 Nominal versus Real Interest Rates
      • Nominal and Real Interest Rates in the United States since 1978
      • Nominal and Real Interest Rates: The Zero Lower Bound and Deflation
    • 6-2 Risk and Risk Premia
    • 6-3 The Role of Financial Intermediaries
      • The Choice of Leverage
      • Leverage and Lending
    • 6-4 Extending the IS-LM Model
      • Financial Shocks and Policies
    • 6-5 From a Housing Problem to a Financial Crisis
      • Housing Prices and Subprime Mortgages
      • The Role of Financial Intermediaries
      • Macroeconomic Implications
      • Policy Responses
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
• The Medium Run
  • Chapter 7 The Labor Market
    • 7-1 A Tour of the Labor Market
      • The Large Flows of Workers
    • 7-2 Movements in Unemployment
    • 7-3 Wage Determination
      • Bargaining
      • Efficiency Wages
      • Wages, Prices, and Unemployment
      • The Expected Price Level
      • The Unemployment Rate
      • The Other Factors
    • 7-4 Price Determination
    • 7-5 The Natural Rate of Unemployment
      • The Wage-Setting Relation
      • The Price-Setting Relation
      • Equilibrium Real Wages and Unemployment
    • 7-6 Where We Go from Here
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
    • Appendix: Wage- and Price-Setting Relations versus Labor Supply and Labor 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
      • The Original Phillips Curve
      • The De-anchoring of Expectations
      • The Re-anchoring of Expectations
    • 8-3 The Phillips Curve and the Natural Rate of Unemployment
    • 8-4 A Summary and Many Warnings
      • Variations in the Natural Rate over Time
      • Variations in the Natural Unemployment Rate across Countries
      • High Inflation and the Phillips Curve
      • Deflation and the Phillips Curve
    • 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
      • The Zero Lower Bound and Deflation Spirals
    • 9-4 Fiscal Consolidation Revisited
    • 9-5 The Effects of an Increase in the Price of Oil
      • Effects on the Natural Rate of Unemployment
    • 9-6 Conclusions
      • The Short Run versus the Medium Run
      • Shocks and Propagation Mechanisms
    • Summary
    • Key Terms
    • Questions and Problems
• The Long Run
  • Chapter 10 The Facts of Growth
    • 10-1 Measuring the Standard of Living
    • 10-2 Growth in Rich Countries since 1950
      • The Large Increase in the Standard of Living since 1950
      • The Convergence of Output per Person
    • 10-3 A Broader Look across Time and Space
      • Looking across Two Millennia
      • Looking across Countries
    • 10-4 Thinking about Growth: A Primer
      • The Aggregate Production Function
      • Returns to Scale and Returns to Factors
      • Output per Worker and Capital per Worker
      • The Sources of Growth
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
  • Chapter 11 Saving, Capital Accumulation, and Output
    • 11-1 Interactions between Output and Capital
      • The Effects of Capital on Output
      • The Effects of Output on Capital Accumulation
      • Output and Investment
      • Investment and Capital Accumulation
    • 11-2 The Implications of Alternative Saving Rates
      • Dynamics of Capital and Output
      • The Saving Rate and Output
      • The Saving Rate and Consumption
    • 11-3 Getting a Sense of Magnitudes
      • The Effects of the Saving Rate on Steady-State Output
      • The Dynamic Effects of an Increase in the Saving Rate
      • The US Saving Rate and the Golden Rule
    • 11-4 Physical versus Human Capital
      • Extending the Production Function
      • Human Capital, Physical Capital, and Output
      • Endogenous Growth
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
    • Appendix: The Cobb-Douglas Production Function and the Steady State
  • Chapter 12 Technological Progress and Growth
    • 12-1 Technological Progress and the Rate of Growth
      • Technological Progress and the Production Function
      • Interactions between Output and Capital
      • Dynamics of Capital and Output
      • Back to the Effects of the Saving Rate
    • 12-2 The Determinants of Technological Progress
      • The Fertility of the Research Process
      • The Appropriability of Research Results
      • Innovation versus Imitation
    • 12-3 Institutions, Technological Progress, and Growth
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
    • Appendix: How to Measure Technological Progress, and the Application to China
  • Chapter 13 The Challenges of Growth
    • 13-1 The Future of Technological Progress
    • 13-2 Robots and Unemployment
    • 13-3 Growth, Churn, and Inequality
      • The Increase in Wage Inequality
      • The Causes of Increased Wage Inequality
      • Inequality and the Top 1%
      • Growth and Inequality
    • 13-4 Climate Change and Global Warming
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
• EXTENSIONS
• Expectations
  • Chapter 14 Financial Markets and Expectations
    • 14-1 Expected Present Discounted Values
      • Computing Expected Present Discounted Values
      • A General Formula
      • Using Present Values: Examples
      • Constant Interest Rates
      • Constant Interest Rates and Payments
      • Constant Interest Rates and Payments Forever
      • Zero Interest Rates
      • Nominal versus Real Interest Rates and Present Values
    • 14-2 Bond Prices and Bond Yields
      • Bond Prices as Present Values
      • Arbitrage and Bond Prices
      • From Bond Prices to Bond Yields
      • Reintroducing Risk
      • Interpreting the Yield Curve
    • 14-3 The Stock Market and Movements in Stock Prices
      • Stock Prices as Present Values
      • The Stock Market and Economic Activity
      • A Monetary Expansion and the Stock Market
      • An Increase in Consumer Spending and the Stock Market
    • 14-4 Risk, Bubbles, Fads, and Asset Prices
      • Stock Prices and Risk
      • Asset Prices, Fundamentals, and Bubbles
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
    • Appendix: Deriving the Expected Present Discounted Value Using Real or Nominal Interest Rates
  • Chapter 15 Expectations, Consumption, and Investment
    • 15-1 Consumption
      • The Very Foresighted Consumer
      • An Example
      • Toward a More Realistic Description
      • Putting Things Together: Current Income, Expectations, and Consumption
    • 15-2 Investment
      • Investment and Expectations of Profit
      • Depreciation
      • The Present Value of Expected Profits
      • The Investment Decision
      • A Convenient Special Case
      • Current versus Expected Profit
      • Profit and Sales
    • 15-3 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 16 Expectations, Output, and Policy
    • 16-1 Expectations and Decisions: Taking Stock
      • Expectations, Consumption, and Investment Decisions
      • Expectations and the IS Relation
    • 16-2 Monetary Policy, Expectations, and Output
      • Monetary Policy Revisited
    • 16-3 Deficit Reduction, Expectations, and Output
      • The Role of Expectations about the Future
      • Back to the Current Period
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
• The Open Economy
  • Chapter 17 Openness in Goods and Financial Markets
    • 17-1 Openness in Goods Markets
      • Exports and Imports
      • The Choice between Domestic Goods and Foreign Goods
      • Nominal Exchange Rates
      • From Nominal to Real Exchange Rates
      • From Bilateral to Multilateral Exchange Rates
    • 17-2 Openness in Financial Markets
      • The Balance of Payments
      • The Choice between Domestic and Foreign Assets
      • Interest Rates and Exchange Rates
    • 17-3 Conclusions and a Look Ahead
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
  • Chapter 18 The Goods Market in an Open Economy
    • 18-1 The IS Relation in the Open Economy
      • The Demand for Domestic Goods
      • The Determinants of C, I, and G
      • The Determinants of Imports
      • The Determinants of Exports
      • Putting the Components Together
    • 18-2 Equilibrium Output and the Trade Balance
    • 18-3 Increases in Demand—Domestic or Foreign
      • Increases in Domestic Demand
      • Increases in Foreign Demand
      • Fiscal Policy Revisited
    • 18-4 Depreciation, the Trade Balance, and Output
      • Depreciation and the Trade Balance: the Marshall-Lerner Condition
      • The Effects of a Real Depreciation
      • Combining Exchange Rate and Fiscal Policies
    • 18-5 Saving, Investment, and the Current Account Balance
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
    • Appendix: Derivation of the Marshall-Lerner Condition
  • Chapter 19 Output, the Interest Rate, and the Exchange Rate
    • 19-1 Equilibrium in the Goods Market
    • 19-2 Equilibrium in Financial Markets
      • Domestic Bonds versus Foreign Bonds
    • 19-3 Putting Goods and Financial Markets Together
    • 19-4 The Effects of Policy in an Open Economy
      • The Effects of Monetary Policy in an Open Economy
      • The Effects of Fiscal Policy in an Open Economy
    • 19-5 Fixed Exchange Rates
      • Pegs, Crawling Pegs, Bands, the EMS, and the Euro
      • Monetary Policy When the Exchange Rate Is Fixed
      • Fiscal Policy When the Exchange Rate Is Fixed
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
    • Appendix: Fixed Exchange Rates, Interest Rates, and Capital Mobility
  • Chapter 20 Exchange Rate Regimes
    • 20-1 The Medium Run
      • The IS Relation under Fixed Exchange Rates
      • Equilibrium in the Short and the Medium Run
      • The Case for and against a Devaluation
    • 20-2 Exchange Rate Crises under Fixed Exchange Rates
    • 20-3 Exchange Rate Movements under Flexible Exchange Rates
      • Exchange Rates and the Current Account
      • Exchange Rates and Current and Future Interest Rates
      • Exchange Rate Volatility
    • 20-4 Choosing between Exchange Rate Regimes
      • Common Currency Areas
      • Hard Pegs, Currency Boards, and Dollarization
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
    • 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 21 Should Policymakers Be Restrained?
    • 21-1 Uncertainty and Policy
      • How Much Do Macroeconomists Actually Know?
      • Should Uncertainty Lead Policymakers to Do Less?
      • Uncertainty and Restraints on Policymakers
    • 21-2 Expectations and Policy
      • Hostage Takings and Negotiations
      • Inflation and Unemployment Revisited
      • Establishing Credibility
      • Time Consistency and Restraints on Policymakers
    • 21-3 Politics and Policy
      • Games between Policymakers and Voters
      • Games between Policymakers
      • Politics and Fiscal Restraints
  • Chapter 22 Fiscal Policy: A Summing Up
    • 22-1 What We Have Learned
    • 22-2 The Government Budget Constraint: Deficits, Debt, Spending, and Taxes
      • The Arithmetic of Deficits and Debt
      • Current versus Future Taxes
      • Full Repayment in Year 2
      • Full Repayment in Year t
      • Debt Stabilization in Year 2
      • The Evolution of the Debt-to-GDP Ratio
    • 22-3 Ricardian Equivalence, Cyclical Adjusted Deficits, and War Finance
      • Ricardian Equivalence
      • Deficits, Output Stabilization, and the Cyclically Adjusted Deficit
      • Wars and Deficits
    • 22-4 The Dangers of High Debt
      • High Debt, Default Risk, and Vicious Cycles
      • Debt Default
      • Money Finance
    • 22-5 The Challenges Facing US Fiscal Policy Today
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
  • Chapter 23 Monetary Policy: A Summing Up
    • 23-1 What We Have Learned
    • 23-2 From Money Targeting to Inflation Targeting
      • Money Targeting
      • Inflation Targeting
      • The Interest Rate Rule
    • 23-3 The Optimal Inflation Rate
      • The Costs of Inflation
      • The Benefits of Inflation
      • The Optimal Inflation Rate: The State of the Debate
    • 23-4 Unconventional Monetary Policy
      • Monetary Policy since the End of the Liquidity Trap
    • 23-5 Monetary Policy and Financial Stability
      • Liquidity Provision and Lender of Last Resort
      • Macroprudential Tools
    • Summary
    • Key Terms
    • Questions and Problems
    • Further Readings
  • Chapter 24 Epilogue: The Story of Macroeconomics
    • 24-1 Keynes and the Great Depression
    • 24-2 The Neoclassical Synthesis
      • Progress on All Fronts
      • Keynesians versus Monetarists
    • 24-3 The Rational Expectations Critique
      • The Three Implications of Rational Expectations
      • The Integration of Rational Expectations
    • 24-4 Developments in Macroeconomics up to the 2009 Crisis
      • New Classical Economics and Real Business Cycle Theory
      • New Keynesian Economics
      • New Growth Theory
      • Toward an Integration
    • 24-5 First Lessons for Macroeconomics after the Crisis
    • Summary
    • Key Terms
    • Further Readings
• Appendix 1 An Introduction to the National Income and Product Accounts
• Appendix 2 A Math Refresher
• Appendix 3 An Introduction to Econometrics
• Glossary
• Index
• Credits
• Symbols Used in This Book

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