ISBN-10:
9810244304
ISBN-13:
2909810244308
Pub. Date:
10/28/2001
Publisher:
World Scientific Publishing Company, Incorporated
Intermediate Macroeconomics: A Statistical Approach / Edition 1

Intermediate Macroeconomics: A Statistical Approach / Edition 1

by Douglas Fisher
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  • Product Details

    ISBN-13: 2909810244308
    Publisher: World Scientific Publishing Company, Incorporated
    Publication date: 10/28/2001
    Edition description: New Edition
    Pages: 580
    Product dimensions: 6.00(w) x 1.25(h) x 9.00(d)

    Table of Contents

    Introductionv
    Part I.Macroeconomic Tools1
    Chapter 1Introduction: Macroeconomic Problems3
    1.1Introduction3
    1.2What Macroeconomics Covers3
    1.3The Performance of the U.S. Economy4
    Growth and Cycles: The Behavior of Real Gross Domestic Product5
    Unemployment10
    Inflation13
    The Federal Deficit/Surplus16
    The Trade Deficit19
    Chapter 2National Product and Prices: A Description of the Economy27
    2.1Introduction27
    2.2The Structure of the Model30
    2.3National Income Accounting35
    2.4National Income Accounts, Real Figures42
    2.5The Calculation of the Price Level: Chained Price Indices45
    2.6National Income in the GDP Accounts54
    2.7Disposable Personal Income and Personal Savings57
    Part II.Real Spending69
    Chapter 3Consumer Spending and Saving71
    3.1Introduction71
    3.2The Basic Consumption Function72
    3.3The Basic Statistical Model75
    3.4An Estimate of the Basic Consumption Model84
    3.5The Supply of Capital to the U.S. Capital Markets87
    3.6International Dimensions to Savings Behavior96
    Chapter 4Consumption Smoothing106
    4.1Introduction: Consumption Smoothing Defined106
    4.2Interest Rates110
    4.3The Real Rate of Interest112
    4.4Nominal and Real Rates in the United States115
    4.5Forecasting Inflation117
    4.6An Extension of the Consumption Model to Include Smoothing Behavior124
    4.7Some Examples of Consumption Smoothing128
    4.8A Test of Consumption Smoothing131
    4.9Consumption Smoothing in Three Other Countries134
    Chapter 5Investment Spending143
    5.1Introduction143
    5.2The Behavior of Investment Spending in the United States144
    5.3The Behavior of the Components of Investment Spending148
    5.4The Determinants of Net Investment156
    The Real Interest Rate156
    Changes in Real Demand159
    Inflation162
    5.5An Empirical Attempt to Capture Investment Demand163
    5.6Savings and Investment: Closed Economy (Partial) Equilibrium166
    5.7Some International Dimensions to Investment Behavior171
    Chapter 6Government Spending180
    6.1Introduction180
    6.2The Federal Government Budget: Definitions182
    6.3Some Further Aspects of U.S. Government Finance189
    Defense Spending191
    The Interest on the National Debt192
    6.4Modeling Government Tax and Spending Decisions195
    Temporary Government Expenditures197
    Permanent Government Expenditures199
    6.5Crowding Out Really Exists!201
    6.6Are Taxes and Debt Equivalent?204
    6.7Some International Comparisons209
    Chapter 7Solutions: A Business Cycle Model, the Static IS Curve, and Fiscal Policy219
    7.1Introduction219
    7.2A Demand Side Business Cycle Model221
    Policy Experiments with the Cyclical Model222
    Preliminary Conclusions on Business Cycles227
    7.3The IS (Investment = Saving) Curve228
    The Components of the IS Model228
    The IS Curve Itself233
    The Effect of a Change in the Real Interest Rate234
    The Effect of a Change in the Inflation Rate236
    7.4Fiscal Policy237
    Fiscal Policy in the IS Model239
    7.5A Dynamic Fiscal Policy Reaction Function for the United States241
    7.6International Experiments in Dynamic Fiscal Policy243
    Part III.Money, Demand and Supply251
    Chapter 8Money: Definition and Demand253
    8.1Introduction253
    8.2The Definition of Money255
    Monetary Aggregates in the United States256
    Some Problems with the Monetary Aggregates259
    Chained Monetary Aggregates264
    8.3The Demand for Money268
    Real Income and the Price Level269
    The Interest Rate270
    8.4Estimates of Money Demand273
    8.5Money and Prices275
    8.6Inflation in Three Advanced Countries280
    Chapter 9Money Supply: Banks, the Federal Reserve, and Monetary Policy (I)288
    9.1Introduction288
    9.2Commercial Banks289
    9.3The Federal Reserve292
    Structure292
    Monetary Policy Structure295
    Open Market Operations, a Balance Sheet Explanation299
    9.4The Banking Multiplier300
    The Behavior of the Monetary Base304
    An Intuitive Example of the Banking Multiplier305
    9.5The Federal Reserve During the Great Depression309
    9.6A Simple Model of Money Supply316
    9.7Monetary Policy Reactions in Three Other Countries318
    Chapter 10Monetary Policy (II) in the Demand Side Model: Theory and Practice325
    10.1Introduction325
    10.2Equilibrium in the Money Market326
    The LM Curve328
    10.3Demand Side Equilibrium: Aggregate Demand332
    Aggregate Demand335
    Some Policy Experiments337
    10.4Monetary Policy in Practice341
    Targets and Indicators343
    10.5Monetary Dynamics: Empirical Dimensions345
    10.6Monetary Policy and Double-Digit Inflation in the Late 1970s348
    Part IV.The Supply Side361
    Chapter 11Production363
    11.1Introduction363
    11.2Production Theory365
    11.3Production Theory (II)370
    11.4Empirical Illustration373
    11.5The Overheated Economy374
    11.6Capacity Utilization and Inflation381
    Chapter 12Aggregate Labor Markets, Inflation, and Rational Expectations391
    12.1Introduction391
    12.2Labor Market Statistics392
    12.3The Demand for Labor396
    12.4The Supply of Labor and Labor Market Equilibrium400
    12.5The Phillips Curve405
    12.6Natural Rate Theory410
    The Natural Rate of Interest411
    The Natural Rate of Unemployment412
    An Empirical Test413
    12.7Rational Expectations415
    The Basic Theory: A Description418
    The Effectiveness of Macroeconomic Policy419
    12.8The Phillips Curve in Other Countries420
    Part V.Dynamic and International Macro431
    Chapter 13Business Cycles433
    13.1Introduction433
    13.2Some Historical Notes on Business Cycles435
    13.3Classical and Keynesian Business Cycle Theory438
    The Classical Theories438
    Keynesian Business Cycle Theory440
    13.4The Coincident Indicators of the State of the Economy444
    13.5Lagging Economic Indicators448
    13.6Leading Indicators453
    Chapter 14Understanding Economic Growth470
    14.1Introduction470
    14.2The Demand Side Growth Model473
    The Model473
    Illustrating the Demand Side Growth Model476
    Some International Aspects of Demand Side Growth Modeling478
    Conclusions and Caveats about the Simple Demand Side Growth Model479
    14.3A Supply Side Neoclassical Growth Model481
    Some Caveats about the Supply Side Growth Model486
    Some Empirical Observations487
    Neoclassical Growth Accounting489
    14.4World Growth Rates491
    Chapter 15Foreign Exchange and the Global Economy501
    15.1Introduction501
    15.2The Determination of Exchange Rates504
    Price Levels and Exchange Rates509
    Interest Rates and Exchange Rates512
    Effective Exchange Rates513
    15.3Exports in the World Economy518
    15.4The U.S. Demand for Imports520
    15.5The International Business Cycle521
    Appendices531
    A.Glossary533
    B.Using EViews535
    B1Basic Instructions535
    B2Working with Data536
    B3Graphs539
    B4Regression540
    B5Examples from the Text542
    C.Using EXCEL549
    C1Basic Instructions549
    C2Working with Data551
    C3Graphs555
    C4Regression556
    Index559

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