Efnisyfirlit

• Brief Contents
• Contents
• LIST OF FIGURES
• LIST OF TABLES
• LIST OF VARIABLES
• ABOUT THE AUTHOR
• PREFACE
  • What’s different?
  • Level and prerequisites
  • The organization of the book
    • Introduction (Chapter 1)
    • The Long Run (Chapters 2–7)
    • The Short Run (Chapters 8–9)
    • Economic Policy (Chapters 10–11)
    • The Open Economy (Chapters 12–15)
    • Business Cycles, Institutions, Financial Markets (Chapters 16–18)
  • Additional features
  • Companion website
  • Alternative course designs
  • Acknowledgements
• AUTHOR’S AND PUBLISHER’S ACKNOWLEDGEMENTS
• 1 INTRODUCTION
  • What is macroeconomics? Why do we use models? What
  • 1.1 The big picture
    • A macroeconomic model with microeconomic foundations
    • Why use an economic model when we can make the argument intuitively?
    • Using a model: an example
    • The short and the long run
  • 1.2 Organization of this book
  • 1.3 Macroeconomic data
    • National accounts
    • Output, value added, and GDP
    • Some important concepts in the national accounts
      • Gross and net
      • Domestic product and national income
      • Income and disposable income
        • Many different measures of production and income
        • How much do different production sectors contribute to GDP?
        • Who gets the income?
        • Where do goods and services come from and how are they used?
        • Savings, investment, and the current account
        • How can we compare incomes between countries?
        • How do we measure real growth of production?
        • How do we measure inflation?
        • What have we learned?
        • Where do we go from here?
        • Exercises
          • Appendix
            • Functions of several variables
            • Differentiation
            • The natural logarithm
            • Working with exponents
            • A practical rule of thumb
• PART 1 THE LONG RUN
• 2 PRODUCTION, PRICES, ANDTHE DISTRIBUTION OF INCOME
  • What determines the long-run level of income and itsdistribution
  • 2.1 Production
    • Production factor
    • The production function
    • Technological development
    • The Cobb–Douglas production function
    • The marginal product of labour
  • 2.2 Goods markets and price-setting
    • Monopolistic competition
    • The price elasticity of demand
    • The profit maximizing price
    • Price-setting in the Cobb–Douglas case
    • A simple pricing rule based on unit labour cost
  • 2.3 The natural level of production
  • 2.4 The real wage and the distribution of income
    • The real wage
    • The distribution of income
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • Isoquants and constant returns to scale
• 3 INTEREST RATES AND INVESTMENT
  • What factors determine investment?
  • 3.1 Nominal and real interest rates, and discounting
    • The price of money
    • The price of goods today in terms of goods next year
    • An approximate measure of the real interest rate
    • Nominal and real interest rates in the last 60 years
  • 3.2 Investment
    • The desired capital stock and investment
    • The long-run demand for captial
    • The short-run demand for capital
    • The investment function
  • 3.3 The accelerator effect and the volatility of investment
  • 3.4 Inventory and housing investmen
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • AppendiX
    • Investment of the firm and aggregate investment
    • Adjustment costs and investment
• 4 CONSUMPTION AND THE NATURALRATE OF INTEREST
  • What factors determine consumption and the real interest rate?
  • 4.1 Consumption in a two-period mode
    • The lifetime budget constraint
    • Intertemporal preference
    • The interest rate and the planned consumption path
    • The effect of the real interest rate on consumption
  • 4.2 Consumption in an infinite horizon model
    • Sustainable consumption
    • The consumption function
    • A specific consumption function
    • Expectations about future income
    • The marginal propensity to consume
  • 4.3 Liquidity constraints, demographics, durable good
    • Liquidity-constrained consumers
    • Demographic effects on consumption and saving
    • Durable good
  • 4.4 Aggregate demand and the natural rate of interest
  • 4.5 The Fisher equation
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • An alternative explanation of the condition for optimalconsumption
    • A specific consumption function
    • The savings ratio
    • Liquidity-constrained consumers
• 5 CAPITAL ACCUMULATION AND GROWTH
  • Why are some countries richer than others?
  • 5.1 Long-run adjustment of the capital stock for givenpopulation and technology
    • Patience – a virtue?
  • 5.2 Convergence
  • 5.3 Population growth and technological development
    • Explicit solutions for the long-run levels of capital and GDP
    • The ratio of capital to production and the savings rate
  • 5.4 The Golden Rule
  • 5.5 Why are some countries richer than others?
    • Differences in physical capital input
    • Differences in human capital
    • Access to technology
    • Natural resources
    • ‘Institution'
  • 5.6 Are poor countries catching up?
  • 5.7 What determines technological development?
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • Growth accounting
    • The Solow growth model
• 6 WAGE-SETTING AND UNEMPLOYMENT
  • Why is there always unemployment in a market economy?
  • 6.1 Stocks and flows in the labour market
    • Employed, unemployed, and outside the labour force
    • Unemployment as a percentage of the labour force
    • Flows
  • 6.2 A model of turnover and the job-finding rate
  • 6.3 A model of wage-setting and unemployment
    • On-the-job search, turnover of workers, and wage-setting
    • The natural rate of unemployment
    • The wage-setting equation
    • The natural level of employment and the real wage
  • 6.4 Matching problems and search incentives
  • 6.5 Wage bargaining and unions
  • 6.6 Minimum wages and skill-biased technical change
  • 6.7 Persistent high unemployment
    • Why do unemployment rates differ between countries?
    • Why is unemployment so much higher than it wasin the 1960s?
    • Do temporary shocks have persistent effects on employment?
  • 6.8 Long-term unemployment
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • Gross flows in the labour market
    • An explicit solution for the optimal wage and the natural rateof unemployment
• 7 MONEY AND INFLATIONIN THE LONG RUN
  • What determines the long-run rateof inflation?
  • 7.1 The functions of money
  • 7.2 Money and inflation in the long run
  • 7.3 Alternative definitions of money
    • Monetary base
    • M1
    • Broad money aggregate
  • 7.4 Does money growth explain inflation?
  • 7.5 Money deman
    • The interest rate and money demand
    • Inflation and real money holdings
  • 7.6 Seignorage
  • 7.7 Should we dislike inflation?
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • Transaction habits, demand for money, and the money multiplier
• PART 2 THE SHORT RUN
• 8 THE INTEREST RATE ANDPRODUCTION IN THE SHORT RUN
  • What causes short-run fluctuations in productionand employment?
  • 8.1 Goods market equilibrium and the multiplier effect
  • 8.2 How the interest rate affects demand and production
    • The IS curve
    • The multiplier and the slope of the IS curve
    • The IS curve and the natural rate of interest
  • 8.3 The money market and the interest rate
    • The LM curv
  • 8.4 Equilibrium in the goods and money market
  • 8.5 Effects of exogenous shocks and policy in the IS-LM model
    • An increase in the money supply
    • A shock to aggregate demand with constant money supply
    • A shock to aggregate demand with constant interest rate
  • 8.6 Does monetary policy really matter?
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • The slope of the LM curve
• 9 ECONOMIC ACTIVITY ANDINFLATION IN THE SHORT RUN
  • Is there a choice between low inflation and low unemployment?
  • 9.1 Unemployment and wage inflation
  • 9.2 Unemployment and price inflation
  • 9.3 Inflation and the output gap
  • 9.4 Information delays, contracts, and staggered wage
  • 9.5 Is there a choice between low inflation and lowunemployment?
    • Assumption 1: The price level is expected to remain unchanged
    • Assumption 2: Wage setters expect inflation to continue
    • Assumption 3: A strict and credible inflation target
  • 9.6 What does the data say?
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • Proof that the rigid wage is equal to the expected wage
• PART 3 Economic Policy
• 10 MONETARY POLICY
  • How should the central bank react to news about the economy?
  • 10.1 The objectives of monetary policy
  • 10.2 How should the central bank react to shocks?
    • An exogenous increase in money demand
    • A demand shock
    • A cost–push shock
    • An unexpected and permanent increase in productivity
    • An increase in the expected rate of inflation
  • 10.3 Using macro data to set the interest rate
    • News about production
    • News about inflation
  • 10.4 The Taylor Rule
  • 10.5 Rational expectations
  • 10.6 The rise and fall of inflation
  • 10.7 The instruments of monetary policy
    • The interbank market for overnight borrowing
    • How the central bank lends and borrows to control theinterbank rate
    • Control over the interest rate and the demand for money
    • Reserve requirements
    • The interbank rate and other interest rates
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • Derivation of a monetary policy rule
    • Rational expectations and inflation targeting
• 11 FISCAL POLICY
  • Are government finances sustainable? How does fiscal policyaffect economic activity?
  • 11.1 How large is the public sector?
  • 11.2 Sustainable government finances
    • Are government finances under control?
  • 11.3 Fiscal policy in the short run
    • Crowding out
  • 11.4 Do lower taxes really make us richer?
    • Proof of Ricardian equivalence
    • Deviations from Ricardian equivalence
  • 11.5 Fiscal policy and the business cycle
    • Policy lags
    • Automatic stabilizers
    • The structural budget deficit
  • 11.6 Empirical evidence on fiscal policy
    • Effects of fiscal policy shocks
    • The stabilizing role of the government
    • Is there any evidence of active counter-cyclical policy?
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • Ricardian equivalence in the infinite horizon case
• PART 4 The Open Economy
• 12 EXPORTS, IMPORTS, ANDINTERNATIONAL FINANCIAL MARKETS
  • How do globalized markets for goods, services, and loans affectthe economy?
  • 12.1 The small open economy
  • 12.2 The real exchange rate
  • 12.3 Imports, exports, and aggregate demand
    • Goods market equilibrium in the small open economy
    • The effect of the real exchange rate on net exports
    • A look at the data
  • 12.4 Savings, investment, and the current account
  • 12.5 The interest parity condition
    • The implications of interest parity under fixed and floatingexchange rates
  • 12.6 Globalization in the markets for goods and servicesand the financial markets
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • The real exchange rate in terms of prices of productionand consumption
    • The Marshall–Lerner condition
    • Derivation of the consumption and import functions
    • The balance of payments
• 13 THEOPENECONOMYIN THE LONG RUN
  • What factors determine the current account, the real exchangerate, and the long-run levels of income
  • 13.1 Real and nominal interest rates in the open economy
  • 13.2 The current account and the real exchange rate
    • The relation between the budget deficit and the currentaccount deficit
    • Does a current account deficit lead to depreciation ofthe currency?
  • 13.3 Investment and growth in the open economy
  • 13.4 The current account and the long-run level offoreign debt
  • 13.5 How integrated are world financial markets?
  • 13.6 Should current account balance be an objectiveof policy?
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • Reasons for long-term trends in real exchange rates
    • The Scandinavian model of inflation
• 14 THE OPEN ECONOMY IN THESHORT RUN
  • What roles do fiscal and monetary policies play under fixed andfloating exchange rates?
  • 14.1 The Mundell–Fleming model
  • 14.2 A fixed exchange rate
    • How does a central bank fix the exchange rate?
    • Macroeconomic equilibrium with a fixed exchange rate
    • The effect of the real exchange rate on aggregate demand
    • Devaluation and revaluation
  • 14.3 Monetary union
  • 14.4 A floating exchange rate
    • Monetary policy with a floating exchange rate
    • Fiscal policy with a constant money supply
    • Fiscal policy and the central bank reaction to the shock
    • Exchange rate expectations and the importance of the exchangerate channel
    • The roles of monetary and fiscal policy under fixed and floatingexchange rates
  • 14.5 Long-run adjustment with fixed and floatingexchange rates
  • 14.6 Evidence on the exchange rate channel
  • What have we learned?
  • Where do we go from here?
  • Exercises
  • Appendix
    • The case when the expected future exchange rate is equal to thecurrent exchange rate
• 15 EXCHANGE RATE SYSTEMS ANDMONETARY UNION
  • What are the advantages and disadvantages of fixed and floatingexchange rates, and monetary union?
  • 15.1 Fixed exchange rate systems
    • The gold standard
    • The Bretton Woods system
    • The EMS, the ERM, currency baskets, and target zones
    • Speculation, exchange rate crises, and devaluation cycles
    • Deregulation of capital flows and the sustainability of fixedexchange rates
  • 15.2 Floating exchange rates and inflation targeting
  • 15.3 The pros and cons of monetary union
    • Microeconomic aspects: efficiency and trade
    • Macroeconomic aspects: stability
    • Optimum currency areas
  • 15.4 The fiscal framework in EMU
  • 15.5 Ten years with the euro
    • Trade
    • Macroeconomic performance on the union level
    • Macroeconomic developments in individual countries
    • Fiscal policy
    • The response to the debt crisis by the European Union16
    • Conclusion
  • What have we learned?
  • Exercises
  • Appendix
    • The forward market and covered interest parity
    • The no bail out clause and the excessive deficit procedure
• PART 5 Business cycles,policymaking, financialmarkets
• 16 BUSINESS CYCLES
  • What are business cycles and why do they occur?
  • 16.1 The trend and the cycle
    • A linear trend
    • The Hodrick–Prescott filter
    • A stochastic trend
    • Comparison of alternative measures
    • How long do business cycles last?
  • 16.2 Co-movement of macroeconomic variables
  • 16.3 What drives the business cycles?
    • Shocks
    • Amplification mechanisms
  • 16.4 Should we care about business cycles?
  • What have we learned?
  • Exercises
  • Appendix
    • The Hodrick–Prescott filter
• 17 INSTITUTIONS AND ECONOMIC POLICY
  • How do institutions shape economic policy?
  • 17.1 Inflation bias
    • Solutions to the inflation bias problem
    • Reforms of the institutional framework for monetary policy
  • 17.2 Deficit bias
    • How serious is the problem of high government debt?
    • Reasons for deficit bias
    • Reforms of the framework for fiscal policymaking
    • Myopia and public investments
    • Gross debt or net debt?
    • Dealing with an ageing population
  • What have we learned?
  • Exercises
• 18 FINANCIAL MARKETS
  • What roles do financial markets and institutions play?
  • 18.1 Debt and equity
    • Debt, equity, and risk
    • Why debt finance?
    • Debt, equity, and incentives to take risk
  • 18.2 The financial accelerator
  • 18.3 The stock market and Tobin’s q
    • The stock market as a predictor of future economicdevelopments
    • Tobin’s q theory of investment
  • 18.4 Banks and other financial intermediaries
    • Banks as managers of credit
    • Banks as liquidity providers
  • 18.5 Bank runs and banking regulation
    • Bank runs
    • Contagion and financial crises
    • Banking regulation
  • 18.6 Recent developments in the financial industry
    • Wholesale financing
    • Quasi-banks
    • Securitization
  • 18.7 The financial crisis in 2007–2009
    • Short-run crisis management
    • Measures to avoid future financial crises
    • Conclusion
  • 18.8 Macroeconomic management of financial crises
    • Increases in margins charged by the banks
    • The zero lower bound on the interest rate
  • What have we learned?
  • Exercises
  • Appendix
    • Tobin’sqtheory of investment with debt and equity,and monopolistic competition
• KEY EQUATIONS
  • Production and prices
  • The real interest rate, investment, and consumption
  • Long-run growth
  • The labour market and the Phillips curve
  • Government debt
  • The open economy
  • Production and the interest rate in the short run
• INDEX

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