Macroeconomics / Edition 3

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The fundamental goals of this text are to provide an integrated view of macroeconomics and to make close contact with current macroeconomic events. This Intermediate Macroeconomics text is organized around a set of core chapters followed by three optional extensions. The Core covers the Short Run, Medium Run, and Long Run and is then followed by the three Extensions: Openness, Expectations, and Pathologies. The book concludes with a section on policy, although policy issues are also sprinkled throughout most chapters. Already known for its global emphasis and empirical applications of theory, the third edition has attempted to simplify many of the more difficult topics in macroeconomics. Theoretical material is always presented within the context of a real-world application in three ways: words, graphs, and with algebra.
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Editorial Reviews

A book/CD-ROM text providing an integrated view of macroeconomics, featuring boxes on current macroeconomic events. Material is built around an underlying model that concentrates on the implications of equilibrium conditions in the goods, financial, and labor markets. This second edition is reorganized in a core section on the short, medium, and long run, and a set of three major extensions examining the role of expectations, implications of openness, and pathologies. Includes key points and terms and exercises. The CD-ROM contains a series of 48 interactive graphs. The author teaches economics at Massachusetts Institute of Technology. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780130671004
  • Publisher: Prentice Hall
  • Publication date: 8/13/2002
  • Series: Prentice-Hall Series in Economics
  • Edition description: Older Edition
  • Edition number: 3
  • Pages: 640
  • Product dimensions: 8.10 (w) x 10.00 (h) x 1.20 (d)

Meet the Author

Olivier Jean Blanchard is currently the chief economist at the International Monetary Fund, a post he has held since September 1, 2008. He is also the Class of 1941 Professor of Economics at MIT, though he is currently on leave. Blanchard is one of the most cited economists in the world.

Blanchard earned his Bachelors degree at Paris Dauphine University, and his Ph.D. in Economics in 1977 at MIT. He taught at Harvard university between 1977 and 1983, after which time he returned to MIT as a professor. Between 1998 and 2003 Blanchard served as the Chairman of the Economics Department at MIT. He is also an adviser for the Federal Reserve banks of Boston (since 1995) and New York (since 2004). Blanchard has published numerous research papers in the field of macroeconomics, as well as undergraduate and graduate macroeconomics textbooks.

David Johnson is Professor of Economics at Wilfrid Laurier University. Professor Johnson's areas of specialty are macroeconomics, international finance and the economics of education. He has an ongoing appointment as C.D. Howe Institute Education Policy Scholar. He most recently was Fulbright Scholar at the University of California, Santa Barbara from January to June 2008. Professor Johnson received his undergraduate degree from the University of Toronto in 1978. He received his Masters degree from the University of Western Ontario and his PhD from Harvard University

His published work includes the studies of Canada's international debts, the influence of American interest rates on Canadian interest rates, and the determination of the Canada-United States exchange rate as well as a comprehensive analysis of elementary school test scores in Ontario, Alberta and British Columbia. He has also written on monetary policy in Canada and around the world, both on the goal of lower inflation and on the role of inflation targets. His teaching is in macroeconomics and international finance. He is co-author of Macroeconomics: Third Canadian Edition, an intermediate macroeconomics text. One specific teaching interest is in using spreadsheets to teach intermediate macroeconomics. . Before coming to Wilfrid Laurier in 1985, David worked for two years at the Bank of Canada. In 1990 he spent a year at the National Bureau of Economic Research, and in 1999 a year at the University of Cambridge in England. David Johnson lives in Waterloo, Ontario, with his wife Susan, also an economics professor. When not studying or teaching economics, he plays Oldtimers' Hockey in the winter and sculls in the summer.

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Table of Contents

Preface xvii
Introduction 1
Chapter 1 A Tour of the World 3
1-1 The United States 4
1-2 The European Union 8
1-3 Japan 13
1-4 Looking Ahead 16
Appendix Where to Find the Numbers? 19
Chapter 2 A Tour of the Book 21
2-1 Aggregate Output 22
2-2 The Other Major Macroeconomic Variables 26
2-3 A Road Map 34
Appendix The Construction of Real GDP, and Chain-Type Indexes 40
The Core 43
The Short Run 43
Chapter 3 The Goods Market 45
3-1 The Composition of GDP 46
3-2 The Demand for Goods 48
3-3 The Determination of Equilibrium Output 51
3-4 Investment Equals Saving: An Alternative Way of Thinking About Goods-Market Equilibrium 58
3-5 Is the Government Omnipotent? A Warning 60
Chapter 4 Financial Markets 65
4-1 The Demand for Money 66
4-2 The Determination of the Interest Rate. I 69
4-3 The Determination of the Interest Rate. II 75
4-4 Two Alternative Ways to Think About the Equilibrium 81
Chapter 5 Goods and Financial Markets: The IS-LM Model 87
5-1 The Goods Market and the IS Relation 88
5-2 Financial Markets and the LM Relation 93
5-3 Putting the IS and the LM Relations Together 96
5-4 Using a Policy Mix 101
5-5 How Does the IS-LM Model Fit the Facts? 102
The Medium Run 111
Chapter 6 The Labor Market 113
6-1 A Tour of the Labor Market 114
6-2 Movements in Unemployment 116
6-3 Wage Determination 120
6-4 Price Determination 124
6-5 The Natural Rate of Unemployment 125
6-6 Where We Go from Here 129
Appendix Wage- and Price-Setting Relations Versus Labor Supply and Labor Demand 132
Chapter 7 Putting All Markets Together: The AS-AD Model 135
7-1 Aggregate Supply 136
7-2 Aggregate Demand 139
7-3 Equilibrium in the Short Run and in the Medium Run 141
7-4 The Effects of a Monetary Expansion 144
7-5 A Decrease in the Budget Deficit 149
7-6 Changes in the Price of Oil 152
7-7 Conclusions 156
Chapter 8 The Natural Rate of Unemployment and the Phillips Curve 161
8-1 Inflation, Expected Inflation, and Unemployment 162
8-2 The Phillips Curve 163
8-3 A Summary and Many Warnings 169
Appendix From the Aggregate Supply Relation to a Relation Between Inflation, Expected Inflation, and Unemployment 179
Chapter 9 Inflation, Activity, and Nominal Money Growth 181
9-1 Output, Unemployment, and Inflation 182
9-2 The Medium Run 186
9-3 Disinflation 188
9-4 Expectations, Credibility, and Nominal Contracts 193
9-5 The U.S. Disinflation, 1979-1985 196
The Long Run 201
Chapter 10 The Facts of Growth 203
10-1 Growth in Rich Countries Since 1950 204
10-2 A Broader Look Across Time and Space 208
10-3 Thinking About Growth: A Primer 212
Chapter 11 Saving, Capital Accumulation, and Output 219
11-1 Interactions Between Output and Capital 220
11-2 Implications of Alternative Saving Rates 223
11-3 Getting a Sense of Magnitudes 230
11-4 Physical Versus Human Capital 236
Appendix The Cobb-Douglas Production Function and the Steady State 240
Chapter 12 Technological Progress and Growth 243
12-1 Technological Progress and the Rate of Growth 244
12-2 The Determinants of Technological Progress 251
12-3 The Facts of Growth Revisited 254
12-4 Epilogue: The Secrets of Growth 258
Appendix Constructing a Measure of Technological Progress 265
Chapter 13 Technological Progress, Wages, and Unemployment 267
13-1 Productivity, Output, and Unemployment in the Short Run 268
13-2 Productivity and the Natural Rate of Unemployment 272
13-3 Technological Progress and Distribution Effects 278
Extensions 287
Expectations 287
Chapter 14 Expectations: The Basic Tools 289
14-1 Nominal Versus Real Interest Rates 290
14-2 Expected Present Discounted Values 293
14-3 Nominal and Real Interest Rates, and the IS-LM Model 298
14-4 Money Growth, Inflation, and Nominal and Real Interest Rates 299
Appendix Deriving the Expected Present Discounted Value Using Real or Nominal Interest Rates 308
Chapter 15 Financial Markets and Expectations 311
15-1 Bond Prices and Bond Yields 312
15-2 The Stock Market and Movements in Stock Prices 320
15-3 Bubbles, Fads, and Stock Prices 326
Appendix Arbitrage and Stock Prices 332
Chapter 16 Expectations, Consumption, and Investment 335
16-1 Consumption 336
16-2 Investment 342
16-3 The Volatility of Consumption and Investment 349
Appendix Derivation of the Expected Present Value of Profits Under Static Expectations 353
Chapter 17 Expectations, Output, and Policy 355
17-1 Expectations and Decisions: Taking Stock 356
17-2 Monetary Policy, Expectations, and Output 360
17-3 Deficit Reduction, Expectations, and Output 364
The Open Economy 371
Chapter 18 Openness in Goods and Financial Markets 373
18-1 Openness in Goods Markets 374
18-2 Openness in Financial Markets 383
18-3 Conclusions and a Look Ahead 390
Chapter 19 The Goods Market in an Open Economy 395
19-1 The IS Relation in the Open Economy 396
19-2 Equilibrium Output and the Trade Balance 399
19-3 Increases in Demand, Domestic or Foreign 400
19-4 Depreciation, the Trade Balance, and Output 405
19-5 Looking at Dynamics: The J-Curve 408
19-6 Saving, Investment, and the Trade Balance 412
Appendix 1 Multipliers--Belgium Versus the United States 415
Appendix 2 Derivation of the Marshall-Lerner Condition 416
Chapter 20 Output, the Interest Rate, and the Exchange Rate 417
20-1 Equilibrium in the Goods Market 418
20-2 Equilibrium in Financial Markets 419
20-3 Putting Goods and Financial Markets Together 422
20-4 The Effects of Policy in an Open Economy 423
20-5 Fixed Exchange Rates 426
Appendix Fixed Exchange Rates, Interest Rates, and Capital Mobility 433
Chapter 21 Exchange Rate Regimes 437
21-1 Fixed Exchange Rates and the Adjustment of the Real Exchange Rate in the Medium Run 438
21-2 Exchange Rate Crises Under Fixed Exchange Rates 444
21-3 Exchange Rate Movements under Flexible Exchange Rates 448
21-4 Choosing Between Exchange Rate Regimes 451
Appendix The Real Exchange Rate, and Domestic and Foreign Real Interest Rates 458
Pathologies 461
Chapter 22 Depressions and Slumps 463
22-1 Disinflation, Deflation, and the Liquidity Trap 464
22-2 The Great Depression 471
22-3 The Japanese Slump 477
Chapter 23 High Inflation 489
23-1 Budget Deficits and Money Creation 490
23-2 Inflation and Real Money Balances 492
23-3 Deficits, Seignorage, and Inflation 494
23-4 How Do Hyperinflations End? 499
23-5 Conclusions 501
Back to Policy 507
Chapter 24 Should Policy Makers Be Restrained? 509
24-1 Uncertainty and Policy 510
24-2 Expectations and Policy 514
24-3 Politics and Policy 518
Chapter 25 Monetary Policy: A Summing Up 529
25-1 The Optimal Inflation Rate 530
25-2 The Design of Monetary Policy 535
25-3 The Fed in Action 542
Chapter 26 Fiscal Policy: A Summing Up 549
26-1 The Government Budget Constraint 550
26-2 Four Issues in Fiscal Policy 558
26-3 The U.S. Budget 563
Epilogue 571
Chapter 27 Epilogue: The Story of Macroeconomics 571
27-1 Keynes and the Great Depression 572
27-2 The Neoclassical Synthesis 572
27-3 The Rational Expectations Critique 575
27-4 Current Developments 579
27-5 Common Beliefs 581
Appendix 1 An Introduction to National Income and Product Accounts 1
Appendix 2 A Math Refresher 6
Appendix 3 An Introduction to Econometrics 12
Glossary 1
Index 1
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