Macroeconomics / Edition 1

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For Principles of Macroeconomics courses at two- and four-year colleges and universities

Reveal the relevance of economics through real-world business examples

One of the challenges of teaching Principles of Macroeconomics is fostering interest in concepts that may not seem applicable to students’ lives. Macroeconomics, Fifth Edition makes economics relevant by demonstrating how real businesses use economics to make decisions every day. Regardless of their future career path–opening an art studio, trading on Wall Street, or bartending at the local pub–students will benefit from understanding the economic forces behind their work.

This program provides a better teaching and learning experience–for you and your students. It will help you to:

Personalize learning with MyEconLab: This online homework, tutorial, and assessment program fosters learning and provides tools that help instructors to keep students on track.
Show students how economics is relevant: Relatable features ground course material in the real world, showing students how these ideas are relevant and facilitating understanding.
Foster thorough understanding via a flexible, student-focused approach: An engaging, captivating writing style and student-friendly learning aids motivate and engage students.

Note: If you are purchasing the standalone text or electronic version, MyEconLab does not come automatically packaged with the text. To purchase MyEconLab please visit or you can purchase a package of the physical text + MyEconLab by searching for 0133826694 / 9780133826692. MyEconLab is not a self-paced technology and should only be purchased when required by an instructor.
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Editorial Reviews

From the Publisher
“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

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Product Details

  • ISBN-13: 9780136089889
  • Publisher: Prentice Hall
  • Publication date: 7/29/2011
  • Edition description: Older Edition
  • Edition number: 1
  • Pages: 656
  • Product dimensions: 8.20 (w) x 10.00 (h) x 1.10 (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. He 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.

Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He 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 ofMoney, 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. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

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 for more than 15 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 the Graduate School of Industrial Administration at Carnegie Mellon University. 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 ofMoney, Credit, and Banking, Industrial Relations, Journal of Economic History, Explorations in Economic History, and the Journal of Policy History. His research has been supported by grants from government agencies and private foundations. In addition to teaching and writing, O’Brien also serves on the editorial board of the Journal of Socio-Economics.

Matt Rafferty, Professor and Researcher

Matt Rafferty is a professor of economics at Quinnipiac University. He received a Ph.D. from University of California, Davis in 1992. He has taught Macroeconomics; Economic Growth; Money and Banking; Econometrics, and Corporate Finance. Rafferty's research interests include Macroeconomics, Corporate Governance, Executive Compensation, and R&D Activity. His research has been published in leading journals, including Journal of Corporate Finance, Research Policy, Journal of Economics and Finance, Pennsylvania Economic Review , Economics of Innovation and New Technology , Southern Economic Journal, Applied Economics, International Advances in Economic Research, and Eastern Economic Journal.

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Table of Contents

Preface vi
Acknowledgments xx
Part 1 Introduction
Chapter 1 Economics: Foundations and Models 2
What Happens When U.S. Firms Move to China? 2
Building a Foundation: Economics and Individual Decisions 5
The Economic Problem That Every Society Must Solve 7
The Modern "Mixed" Economy 8
Economic Models 10
Microeconomics and Macroeconomics 13
A Preview of Important Economic Terms 14
Conclusion 15
Summary 18
Key Terms 18
Review Questions 19
Problems and Applications 19
Chapter 1 Appendix Using Graphs and Formulas 21
Graphs of One Variable 22
Graphs of Two Variables 23
Formulas 28
Chapter 2 Trade-offs, Comparative Advantage, and the Market System 32
Managers Making Choices at BMW 32
Production Possibilities Frontiers and Real-World Trade-offs 34
Trade 40
The Market System 46
Conclusion 53
Chapter 3 Where Prices Come From: The Interaction of Demand and Supply 62
How Hewlett-Packard Manages the Demand for Printers 62
The Demand Side of the Market 64
The Supply Side of the Market 73
Market Equilibrium: Putting Demand and Supply Together 77
The Effect of Demand and Supply Shifts on Equilibrium 81
Conclusion 87
Chapter 4 Economic Efficiency, Government Price Setting, and Taxes 96
Should the Government Control Apartment Rents? 96
Consumer Surplus and Producer Surplus 98
The Efficiency of Competitive Markets 102
Government Intervention in the Market: Price Floors and Price Ceilings 104
The Economic Impact of Taxes 112
Conclusion 117
Chapter 4 Appendix Quantitative Demand and Supply Analysis 125
Demand and Supply Equations 125
Calculating Consumer Surplus and Producer Surplus 126
Part 2 Firms in the Domestic and International Economies
Chapter 5 Firms, the Stock Market, and Corporate Governance 130
Google: From Dorm Room to Wall Street 130
Types of Firms 132
The Structure of Corporations and the Principal-Agent Problem 134
How Firms Raise Funds 136
Using Financial Statements to Evaluate a Corporation 140
Understanding the Business Scandals of 2002 143
Conclusion 145
Chapter 5 Appendix Tools to Analyze Firms' Financial Information 152
Using Present Value to Make Investment Decisions 152
Going Deeper into Financial Statements 157
Chapter 6 Comparative Advantage and the Gains from International Trade 162
Sugar Quota Drives U.S. Candy Manufacturers Overseas 162
An Overview of International Trade 164
Comparative Advantage: The Basis of All Trade 167
The Gains from Trade 168
Where Does Comparative Advantage Come From? 173
Government Policies That Restrict Trade 175
The Argument over Trade Policies and Globalization 182
Conclusion 187
Chapter 6 Appendix Multinational Firms 195
Multinational Firms 195
Part 3 Macroeconomic Foundations and Long-Run Growth
Chapter 7 GDP: Measuring Total Production and Income 202
Increases in GDP Spur Hiring at Freightliner 202
Gross Domestic Product Measures Total Production 205
Does GDP Measure What We Want It to Measure? 212
Real GDP versus Nominal GDP 215
Other Measures of Total Production and Total Income 219
Conclusion 221
Chapter 8 Unemployment and Inflation 228
Lucent Technologies Deals with Unemployment and Inflation 228
Measuring the Unemployment Rate and the Labor Force Participation Rate 230
Types of Unemployment 237
Explaining Unemployment 240
Measuring Inflation 243
Using Price Indexes to Adjust for the Effects of Inflation 247
Real versus Nominal Interest Rates 249
Does Inflation Impose Costs on the Economy? 251
Conclusion 253
Chapter 9 Economic Growth, the Financial System, and Business Cycles 260
Growth and the Business Cycle at the Ford Motor Company 260
Long-Run Economic Growth Is the Key to Rising Living Standards 262
Saving, Investment, and the Financial System 270
The Business Cycle 278
Conclusion 285
Chapter 10 Long-Run Economic Growth: Sources and Policies 292
The Chinese Economic Miracle 292
Economic Growth Over Time and Around the World 294
What Determines How Fast Economies Grow? 298
Economic Growth in the United States 306
Why Isn't the Whole World Rich? 311
Growth Policies 319
Conclusion 321
Part 4 Short-Run Flucuations
Chapter 11 Output and Expenditure in the Short Run 328
Demand Forecasts Backfire at Cisco Systems 328
The Aggregate Expenditure Model 330
Determining the Level of Aggregate Expenditure in the Economy 333
Graphing Macroeconomic Equilibrium 344
A Numerical Example of Macroeconomic Equilibrium 350
The Multiplier Effect 352
The Aggregate Demand Curve 359
Conclusion 360
The Algebra of Macroeconomic Equilibrium 368
Chapter 11 Appendix The Algebra of Macroeconomic Equilibrium 368
Chapter 12 Aggregate Demand and Aggregate Supply Analysis 370
Caterpillar Recovers Slowly from the 2001 Recession 370
Aggregate Demand 372
Aggregate Supply 378
Macroeconomic Equilibrium in the Long Run and the Short Run 383
A Dynamic Aggregate Demand and Aggregate Supply Model 388
Conclusion 395
Chapter 12 Appendix Macroeconomic Schools of Thought 403
Part 5 Monetary and Fiscal Policy
Chapter 13 Money, Banks, and the Federal Reserve System 406
Mcdonald's Money Problems in Argentina 406
What is Money and Why Do We Need It? 408
How Do We Measure Money Today? 412
How Do Banks Create Money? 415
The Federal Reserve System 423
The Quantity Theory of Money 427
Conclusion 431
Chapter 14 Monetary Policy 438
Why Did Homebuilder Toll Brothers, Inc., Prosper During the 2001 Recession? 438
What Is Monetary Policy? 440
The Money Market and the Fed's Choice of Targets 441
Monetary Policy and Economic Activity 449
A Closer Look at the Fed's Setting of Monetary Policy Targets 460
Is the Independence of the Federal Reserve a Good Idea? 463
Conclusion 465
Chapter 15 Fiscal Policy 472
A Boon for H&R Block 472
Fiscal Policy 474
Using Fiscal Policy to Influence Aggregate Demand 478
The Government Purchases and Tax Multipliers 481
The Limits of Fiscal Policy to Stabalize the Economy 485
The Effects of Fiscal Policy in the Long Run 496
Conclusion 501
Chapter 15 Appendix A Closer Look at the Multiplier 508
Chapter 16 Inflation, Unemployment, and Federal Reserve Policy 514
Why Does Whirlpool Care About Monetary Policy? 514
The Discovery of the Short-Run Trade-off between Unemployment and Inflation 516
The Short-Run and Long-Run Phillips Curves 522
Expectations of the Inflation Rate 526
How the Fed Fights Inflation 530
Conclusion 537
Part 6 The International Economy
Chapter 17 Macroeconomics in an Open Economy 544
Chinese Towels Invade Japan 544
The Balance of Payments: Linking the United States to the International Economy 546
The Foreign Exchange Market and Exchange Rates 551
The International Sector and National Saving and Investment 557
The Effect of a Government Budget Deficit on Investment 560
Monetary Policy and Fiscal Policy in an Open Economy 562
Conclusion 563
Chapter 18 The International Financial System 572
Fluctuating Exchange Rates Push Molson Breweries to Sell the Canadiens 572
Exchange-Rate Systems 574
The Current Exchange Rate System 575
International Capital Markets 588
Conclusion 589
Chapter 18 Appendix The Gold Standard and the Bretton Woods System 596
The Gold Standard 596
The End of the Gold Standard 596
The Bretton Woods System 597
The Collapse of the Bretton Woods System 598
Glossary 1
Company Index 1
Subject Index 3
Credits 1
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