Macroeconomics plus MyEconLab plus eBook 1-semester Student Access Kit / Edition 6

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Overview

Abel, Bernanke, and Croushore present macroeconomic theory in a way that prepares readers to analyze real macroeconomic data used by policy makers and researchers. This text uses a unified approach based on a single economics model that provides readers with a clear understanding of macroeconomics and its classical and Keynesian assumptions.

Introduction: Introduction to Macroeconomics; The Measurement and Structure of the National Economy. Long-Run Economic Performance: Productivity, Output, and Employment; Consumption, Saving, and Investment; Saving and Investment in the Open Economy; Long-Run Economic Growth; The Asset Market, Money, and Prices. Business Cycles and Macroeconomic Policy: Business Cycles; The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis; Classical Business Cycle Analysis: Market-Clearing Macroeconomics; Keynesianism: The Macroeconomics of Wage and Price Rigidity. Macroeconomic Policy: Its Environment and Institutions: Unemployment and Inflation; Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy; Monetary Policy and the Federal Reserve System; Government Spending and Its Financing.

For all readers interested in intermediate macroeconomics.

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Product Details

  • ISBN-13: 9780321451408
  • Publisher: Addison Wesley
  • Publication date: 1/12/2007
  • Series: MyEconLab Series
  • Edition description: Older Edition
  • Edition number: 6
  • Pages: 672
  • Product dimensions: 8.20 (w) x 10.40 (h) x 1.10 (d)

Meet the Author

Andrew B. Abel is the Ronald A. Rosenfeld Professor of Finance at the Wharton School and professor of economics at the University of Pennsylvania. He received his AB summa cum laude from Princeton University and holds a PhD from the Massachusetts Institute of Technology. Abel has published extensively on fiscal policy, capital formation, monetary policy, asset pricing, and social security—as well as serving on the editorial boards of numerous journals. He has been honored as the Alfred P. Sloan Fellow, a Fellow of the Econometric Society, and a recipient of the John Kenneth Galbraith Award for teaching excellence. He is a Research Associate of the National Bureau of Economic Research and a member of the Advisory Board of the Carnegie-Rochester Conference Series.

Ben S. Bernanke Previously the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs at Princeton University, Ben Bernanke received both the Allyn Young Prize for best Harvard undergraduate economics thesis and the John H. Williams prize for outstanding senior in the economics department. He went on to earn his PhD from the Massachusetts Institute of Technology, and he has been honored as a Research Associate of the National Bureau of Economic Research. Currently, he is Chairman and a member of the Board of Governors of the Federal Reserve System.

Dean Croushore is an associate professor of economics and Rigsby Fellow at the University of Richmond. Croushore served for fourteen years at the Federal Reserve Bank of Philadelphia, twelve of which as the head of the macroeconomics section. He has taught previously at Penn State University, Temple University, the Wharton School of the University of Pennsylvania, Johns Hopkins University, and Princeton University.

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Table of Contents

PART 1 INTRODUCTION
Chapter 1 Introduction to Macroeconomics
1.1 What Macroeconomics Is About
1.2 What Macroeconomists Do
1.3 Why Macroeconomists Disagree

Chapter 2 The Measurement and Structure of the National Economy
2.1 National Income Accounting: The Measurement of Production, Income, and Expenditure
2.2 Gross Domestic Product
2.3 Saving and Wealth
2.4 Real GDP, Price Indexes, and Inflation
2.5 Interest Rates

PART 2 LONG-RUN ECONOMIC PERFORMANCE
Chapter 3 Productivity, Output, and Employment
3.1 How Much Does the Economy Produce? The Production Function
3.2 The Demand for Labor
3.3 The Supply of Labor
3.4 Labor Market Equilibrium
3.5 Unemployment
3.6 Relating Output and Unemployment: Okun’s Law

Chapter 4 Consumption, Saving, and Investment
4.1 Consumption and Saving
4.2 Investment
4.3 Goods Market Equilibrium

Chapter 5 Saving and Investment in the Open Economy
5.1 Balance of Payments Accounting
5.2 Goods Market Equilibrium in an Open Economy
5.3 Saving and Investment in a Small Open Economy
5.4 Saving and Investment in Large Open Economies
5.5 Fiscal Policy and the Current Account

Chapter 6 Long-Run Economic Growth
6.1 The Sources of Economic Growth
6.2 Growth Dynamics: The Solow Model
6.3 Government Policies to Raise Long-Run Living Standards

Chapter 7 The Asset Market, Money, and Prices
7.1 What Is Money?
7.2 Portfolio Allocation and the Demand for Assets
7.3 The Demand for Money
7.4 Asset Market Equilibrium
7.5 Money Growth and Inflation

PART 3 BUSINESS CYCLES AND MACROECONOMIC POLICY
Chapter 8 Business Cycles
8.1 What Is a Business Cycle?
8.2 The American Business Cycle: The Historical Record
8.3 Business Cycle Facts
8.4 Business Cycle Analysis: A Preview

Chapter 9 The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis
9.1 The FE Line: Equilibrium in the Labor Market
9.2 The IS Curve: Equilibrium in the Goods Market
9.3 The LM Curve: Asset Market Equilibrium
9.4 General Equilibrium in the Complete IS–LM Model
9.5 Price Adjustment and the Attainment of General Equilibrium
9.6 Aggregate Demand and Aggregate Supply

Chapter 10 Classical Business Cycle Analysis: Market-Clearing Macroeconomics
10.1 Business Cycles in the Classical Model
10.2 Money in the Classical Model
10.3 The Misperceptions Theory and the Nonneutrality of Money

Chapter 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity
11.1 Real-Wage Rigidity
11.2 Price Stickiness
11.3 Monetary and Fiscal Policy in the Keynesian Model
11.4 The Keynesian Theory of Business Cycles and Macroeconomic Stabilization

PART 4 MACROECONOMIC POLICY: ITS ENVIRONMENT AND INSTITUTIONS
Chapter 12 Unemployment and Inflation
12.1 Unemployment and Inflation: Is There a Trade-Off?
12.2 The Problem of Unemployment
12.3 The Problem of Inflation

Chapter 13 Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy
13.1 Exchange Rates
13.2 How Exchange Rates Are Determined: A Supply-and-Demand Analysis
13.3 The IS–LM Model for an Open Economy
13.4 Macroeconomic Policy in an Open Economy with Flexible Exchange Rates
13.5 Fixed Exchange Rates

Chapter 14 Monetary Policy and the Federal Reserve System
14.1 Principles of Money Supply Determination
14.2 Monetary Control in the United States
14.3 The Conduct of Monetary Policy: Rules Versus Discretion

Chapter 15 Government Spending and Its Financing
15.1 The Government Budget: Some Facts and Figures
15.2 Government Spending, Taxes, and the Macroeconomy
15.3 Government Deficits and Debt
15.4 Deficits and Inflation

Appendix A Some Useful Analytical Tools

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