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Hubbard/O'Brien explains the basics of economics by demonstrating how real businesses use economics to make real decisions everyday. This is something all readers can connect to, as they encounter businesses in their daily lives. And regardless of future career path–opening an art studio, doing social work, trading on Wall Street, working for the government, or bartending at the local pub–readers will benefit from understanding the economic forces behind their work.
“The book places welcome emphasis on financial markets (both domestic and international).” - Mark Tandall, Stanford University
“Accessible, current, and relevant… students will enjoy the balance between model development and real-world applications. I really enjoyed the integration of the financial crisis, housing crash, oil shock and exchange rates. Wonderful!” - Carlos F. Liard-Muriente, Central Connecticut State University
“It is the best textbook to use in an Intermediate Macro course that emphasizes the ongoing financial crisis and its impact on the real economy. The discussion of the sovereign debt crisis in Europe in the second edition is valuable.” - Ted Burczak, Denison University
Product dimensions: 8.50 (w) x 10.80 (h) x 1.20 (d)
Meet the Author
Glenn Hubbard, Professor, Researcher, and Policymaker
R. Glenn Hubbard is the dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End Funds, KKR Financial Corporation, and MetLife. Professor Hubbard received his Ph.D. in economics from Harvard University in 1983. From 2001 to 2003, he served as chairman of the White House Council of Economic Advisers and chairman of the OECD Economy Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the U.S. Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation and the Corporate Boards Study Group. Professor Hubbard is the author of more than 100 articles in leading journals, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; Quarterly Journal of Economics; RAND Journal of Economics; and Review of Economics and Statistics.
Tony O’Brien, Award-Winning Professor and Researcher
Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received a Ph.D. from the University of California, Berkeley, in 1987. He has taught principles of economics, money and banking, and intermediate macroeconomics for more than 20 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and at Carnegie Mellon University. Professor O’Brien’s research has dealt with such issues as the evolution of the U.S. automobile industry, sources of U.S. economic competitiveness, the development of U.S. trade policy, the causes of the Great Depression, and the causes of black—white income differences. His research has been published in leading journals, including American Economic Review; Quarterly Journal of Economics; Journal of Money, Credit, and Banking; Industrial Relations; Journal of Economic History; Explorations in Economic History; and Journal of Policy History.
Matthew Rafferty, Professor and Researcher
Matthew Christopher Rafferty is a professor of economics and department chairperson at Quinnipiac University. He has also been a visiting professor at Union College. He received a Ph.D. from the University of California, Davis, in 1997 and has taught intermediate macroeconomics for 15 years, in both large and small sections. Professor Rafferty’s research has focused on university and firm-financed research and development activities. In particular, he is interested in understanding how corporate governance and equity compensation influence firm research and development. His research has been published in leading journals, including the Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Research Policy, and the Southern Economic Journal. He has worked as a consultant for the Connecticut Petroleum Council on issues before the Connecticut state legislature. He has also written op-ed pieces that have appeared in several newspapers, including the New York Times.
Part 1: Introduction
Chapter 1: Economics: Foundations and Models Chapter 2: Trade-offs, Comparative Advantage, and the Market System Chapter 3: Where Prices Come From: The Interaction of Demand and Supply Chapter 4: Economic Efficiency, Government Price Setting, and Taxes Chapter 5: The Economics of Health Care Part 2:Firms in the Domestic and Internation Economies
Chapter 6: Firms, the Stock Market, and Corporate Governance Chapter 7: Comparative Advantage and the Gains from International Trade Part 3: Macroeconomic Foundations and Long-Run Growth
Chapter 8: GDP: Measuring Total Production and Income Chapter 9: Unemployment and Inflation Chapter 10: Economic Growth, the Financial System, and Business Cycles Chapter 11: Long-Run Economic Growth: Sources and Policies Part 4: Short-Run Fluctuations
Chapter 12: Aggregate Expenditure and Output in the Short Run Chapter 13: Aggregate Demand and Aggregate Supply Analysis Part 5: Monetary and Fiscal Policy
Chapter 14: Money, Banks, and the Federal Reserve System Chapter 15: Monetary Policy Chapter 16: Fiscal Policy Chapter 17: Inflation, Unemployment, and Federal Reserve Policy Part 6: The International Economy
Chapter 18: Macroeconomics in an Open Economy Chapter 19: The International Financial System