Macroeconomics / Edition 11

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Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor. Gordon makes extensive use of data, international examples, and case studies throughout, and the Eleventh Edition incorporates critical developments in the field. New topics include the housing bubble and the role of housing wealth, the economic progress of China, recent discussions of growth theory, and the effect of oil prices on the economy.

Introduction and Measurement: What Is Macroeconomics?; The Measurement of Income, Prices, and Unemployment. Income, Interest Rates, Policy, and the Open Economy: Spending, Income, and Interest Rates; Monetary and Fiscal Policy in the IS-LM Model; National Saving, the Government Budget, Foreign Borrowing, and the Twin Deficits; International Trade, Exchange Rates, and Macroeconomic Policy. Aggregate Demand, Aggregate Supply, Unemployment and Inflation: Aggregate Demand, Aggregate Supply, and the Self-Correcting Economy; Inflation: Its Causes and Cures; The Goals of Stabilization Policy: Low Inflation and Low Unemployment. Macroeconomics in the Long Run: Growth and Public Finance: The Theory of Economic Growth; The Big Questions of Economic Growth; The Government Budget, the Public Debt, and Social Security. Stabilization Policy in an Open Economy: Money and Financial Markets; Stabilization Policy in the Closed and Open Economy. Stability and Instability in the Private Economy: The Economics of Consumption Behavior; The Economics of Investment Behavior. Debates at the Macroeconomic Frontier: New Classical Macro Confronts New Keynesian Macro; Conclusion: Where We Stand.

For all readers interested in macroeconomics.

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Product Details

  • ISBN-13: 9780321485519
  • Publisher: Addison Wesley
  • Publication date: 4/10/2008
  • Series: Alternative eText Formats Series
  • Edition description: Older Edition
  • Edition number: 11
  • Pages: 672
  • Sales rank: 1,263,534
  • Product dimensions: 8.20 (w) x 10.20 (h) x 1.20 (d)

Meet the Author

Robert J. Gordon is Stanley G. Harris Professor in the Social Sciences and Professor of Economics at Northwestern University. He holds a bachelor’s degree from Harvard University, after which he attended Oxford University in England on a Marshall Scholarship. He received his PhD from the Massachusetts Institute of Technology. He taught at Harvard and the University of Chicago before moving to Northwestern in 1973, where he has taught for more than thirty years and where he was the chair of the Department of Economics from 1992 to 1996.

Professor Gordon is one of the world’s leading experts on inflation, unemployment, and productivity growth. His recent research includes work on the rise and fall of the New Economy, the U.S. productivity growth revival, and the recent stalling of European productivity growth. He is the author of several books, more than 100 scholarly articles, and more than 60 published comments on the research of others.

He is a research associate at the National Bureau of Economic Research (NBER), a research fellow of the Centre for Economic Policy Research in London, a Guggenheim Fellow, a fellow of the American Academy of Arts and Sciences, and a fellow of the Econometric Society.

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Table of Contents

To the Instructor
To the Student
Pt. 1 Introduction and Measurement 1
Ch. 1 What Is Macroeconomics? 3
Ch. 2 The Measurement of Income, Prices, and Unemployment 28
Pt. 2 Income, Interest Rates, Policy, and the Global Economy 63
Ch. 3 The Simple Keynesian Theory of Income Determination 65
Ch. 4 The IS-LM Model 93
Ch. 5 Monetary Policy, Fiscal Policy, and the Government Budget 123
Ch. 6 International Trade, Exchange Rates, and Macroeconomic Policy 154
Pt. 3 Aggregate Demand, Aggregate Supply, and Inflation 191
Ch. 7 Aggregate Demand, Aggregate Supply, and the Self-Correcting Economy 193
Ch. 8 Inflation: Its Causes and Cures 226
Pt. 4 Macroeconomics in the Long Run: Growth and the Public Debt 269
Ch. 9 The Theory of Economic Growth 271
Ch. 10 Explanations of Slow Growth in Productivity and Real Wages 302
Ch. 11 The Government Budget and the Public Debt 333
Pt. 5 Stabilization Policy in an Open Economy 359
Ch. 12 The Goals of Stabilization Policy: Low Inflation and Low Unemployment 361
Ch. 13 Money and the Financial Markets 402
Ch. 14 The Conduct of Stabilization Policy 436
Pt. 6 Sources of Instability in the Private Economy 473
Ch. 15 Instability in the Private Economy: Consumption Behavior 475
Ch. 16 Instability in the Private Economy: Investment 503
Pt. 7 Debates at the Macroeconomic Frontier 531
Ch. 17 New Classical Macro Confronts New Keynesian Macro 533
Ch. 18 Conclusion: Where We Stand 566
App. A Time Series Data for the U.S. Economy: 1875-1997 A1
App. B International Annual Time Series Data for Selected Countries: 1960-97 A7
App. C Data Sources and Methods A13
Glossary G1
Index I1
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