ISBN-10:
0133061639
ISBN-13:
2900133061634
Pub. Date:
08/02/2012
Publisher:
Pearson
Macroeconomics / Edition 6

Macroeconomics / Edition 6

by Olivier Blanchard
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  • Product Details

    ISBN-13: 2900133061634
    Publisher: Pearson
    Publication date: 08/02/2012
    Edition description: Older Edition
    Pages: 624
    Product dimensions: 10.10(w) x 8.20(h) x 1.00(d)

    About the Author

    Olivier Blanchard

    A citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, Massachusetts. After obtaining his PhD in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to be the Economic Counsellor and Director of the Research Department of the International Monetary Fund. Since October 2015, he is the Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, in Washington. He also remains Robert M. Solow Professor of Economics emeritus.

    He has worked on a wide set of macroeconomic issues, from the role of monetary policy, to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemployment, to transition in former communist countries, and to forces behind the recent global crisis. In the process, he has worked with numerous countries and international organizations. He is the author of many books and articles, including a graduate level textbook with Stanley Fischer.

    He is a past editor of the Quarterly Journal of Economics, of the NBER Macroeconomics Annual, and founding editor of the AEJ Macroeconomics. He is a fellow and past council member of the Econometric Society, a past vice president of the American Economic Association, and a member of the American Academy of Sciences.

    Table of Contents

    Prefacexvii
    Introduction1
    Chapter 1A Tour of the World3
    1-1The United States4
    1-2The European Union8
    1-3Japan13
    1-4Looking Ahead16
    AppendixWhere to Find the Numbers?19
    Chapter 2A Tour of the Book21
    2-1Aggregate Output22
    2-2The Other Major Macroeconomic Variables26
    2-3A Road Map34
    AppendixThe Construction of Real GDP, and Chain-Type Indexes40
    The Core43
    The Short Run43
    Chapter 3The Goods Market45
    3-1The Composition of GDP46
    3-2The Demand for Goods48
    3-3The Determination of Equilibrium Output51
    3-4Investment Equals Saving: An Alternative Way of Thinking About Goods-Market Equilibrium58
    3-5Is the Government Omnipotent? A Warning60
    Chapter 4Financial Markets65
    4-1The Demand for Money66
    4-2The Determination of the Interest Rate. I69
    4-3The Determination of the Interest Rate. II75
    4-4Two Alternative Ways to Think About the Equilibrium81
    Chapter 5Goods and Financial Markets: The IS-LM Model87
    5-1The Goods Market and the IS Relation88
    5-2Financial Markets and the LM Relation93
    5-3Putting the IS and the LM Relations Together96
    5-4Using a Policy Mix101
    5-5How Does the IS-LM Model Fit the Facts?102
    The Medium Run111
    Chapter 6The Labor Market113
    6-1A Tour of the Labor Market114
    6-2Movements in Unemployment116
    6-3Wage Determination120
    6-4Price Determination124
    6-5The Natural Rate of Unemployment125
    6-6Where We Go from Here129
    AppendixWage- and Price-Setting Relations Versus Labor Supply and Labor Demand132
    Chapter 7Putting All Markets Together: The AS-AD Model135
    7-1Aggregate Supply136
    7-2Aggregate Demand139
    7-3Equilibrium in the Short Run and in the Medium Run141
    7-4The Effects of a Monetary Expansion144
    7-5A Decrease in the Budget Deficit149
    7-6Changes in the Price of Oil152
    7-7Conclusions156
    Chapter 8The Natural Rate of Unemployment and the Phillips Curve161
    8-1Inflation, Expected Inflation, and Unemployment162
    8-2The Phillips Curve163
    8-3A Summary and Many Warnings169
    AppendixFrom the Aggregate Supply Relation to a Relation Between Inflation, Expected Inflation, and Unemployment179
    Chapter 9Inflation, Activity, and Nominal Money Growth181
    9-1Output, Unemployment, and Inflation182
    9-2The Medium Run186
    9-3Disinflation188
    9-4Expectations, Credibility, and Nominal Contracts193
    9-5The U.S. Disinflation, 1979-1985196
    The Long Run201
    Chapter 10The Facts of Growth203
    10-1Growth in Rich Countries Since 1950204
    10-2A Broader Look Across Time and Space208
    10-3Thinking About Growth: A Primer212
    Chapter 11Saving, Capital Accumulation, and Output219
    11-1Interactions Between Output and Capital220
    11-2Implications of Alternative Saving Rates223
    11-3Getting a Sense of Magnitudes230
    11-4Physical Versus Human Capital236
    AppendixThe Cobb-Douglas Production Function and the Steady State240
    Chapter 12Technological Progress and Growth243
    12-1Technological Progress and the Rate of Growth244
    12-2The Determinants of Technological Progress251
    12-3The Facts of Growth Revisited254
    12-4Epilogue: The Secrets of Growth258
    AppendixConstructing a Measure of Technological Progress265
    Chapter 13Technological Progress, Wages, and Unemployment267
    13-1Productivity, Output, and Unemployment in the Short Run268
    13-2Productivity and the Natural Rate of Unemployment272
    13-3Technological Progress and Distribution Effects278
    Extensions287
    Expectations287
    Chapter 14Expectations: The Basic Tools289
    14-1Nominal Versus Real Interest Rates290
    14-2Expected Present Discounted Values293
    14-3Nominal and Real Interest Rates, and the IS-LM Model298
    14-4Money Growth, Inflation, and Nominal and Real Interest Rates299
    AppendixDeriving the Expected Present Discounted Value Using Real or Nominal Interest Rates308
    Chapter 15Financial Markets and Expectations311
    15-1Bond Prices and Bond Yields312
    15-2The Stock Market and Movements in Stock Prices320
    15-3Bubbles, Fads, and Stock Prices326
    AppendixArbitrage and Stock Prices332
    Chapter 16Expectations, Consumption, and Investment335
    16-1Consumption336
    16-2Investment342
    16-3The Volatility of Consumption and Investment349
    AppendixDerivation of the Expected Present Value of Profits Under Static Expectations353
    Chapter 17Expectations, Output, and Policy355
    17-1Expectations and Decisions: Taking Stock356
    17-2Monetary Policy, Expectations, and Output360
    17-3Deficit Reduction, Expectations, and Output364
    The Open Economy371
    Chapter 18Openness in Goods and Financial Markets373
    18-1Openness in Goods Markets374
    18-2Openness in Financial Markets383
    18-3Conclusions and a Look Ahead390
    Chapter 19The Goods Market in an Open Economy395
    19-1The IS Relation in the Open Economy396
    19-2Equilibrium Output and the Trade Balance399
    19-3Increases in Demand, Domestic or Foreign400
    19-4Depreciation, the Trade Balance, and Output405
    19-5Looking at Dynamics: The J-Curve408
    19-6Saving, Investment, and the Trade Balance412
    Appendix 1Multipliers--Belgium Versus the United States415
    Appendix 2Derivation of the Marshall-Lerner Condition416
    Chapter 20Output, the Interest Rate, and the Exchange Rate417
    20-1Equilibrium in the Goods Market418
    20-2Equilibrium in Financial Markets419
    20-3Putting Goods and Financial Markets Together422
    20-4The Effects of Policy in an Open Economy423
    20-5Fixed Exchange Rates426
    AppendixFixed Exchange Rates, Interest Rates, and Capital Mobility433
    Chapter 21Exchange Rate Regimes437
    21-1Fixed Exchange Rates and the Adjustment of the Real Exchange Rate in the Medium Run438
    21-2Exchange Rate Crises Under Fixed Exchange Rates444
    21-3Exchange Rate Movements under Flexible Exchange Rates448
    21-4Choosing Between Exchange Rate Regimes451
    AppendixThe Real Exchange Rate, and Domestic and Foreign Real Interest Rates458
    Pathologies461
    Chapter 22Depressions and Slumps463
    22-1Disinflation, Deflation, and the Liquidity Trap464
    22-2The Great Depression471
    22-3The Japanese Slump477
    Chapter 23High Inflation489
    23-1Budget Deficits and Money Creation490
    23-2Inflation and Real Money Balances492
    23-3Deficits, Seignorage, and Inflation494
    23-4How Do Hyperinflations End?499
    23-5Conclusions501
    Back to Policy507
    Chapter 24Should Policy Makers Be Restrained?509
    24-1Uncertainty and Policy510
    24-2Expectations and Policy514
    24-3Politics and Policy518
    Chapter 25Monetary Policy: A Summing Up529
    25-1The Optimal Inflation Rate530
    25-2The Design of Monetary Policy535
    25-3The Fed in Action542
    Chapter 26Fiscal Policy: A Summing Up549
    26-1The Government Budget Constraint550
    26-2Four Issues in Fiscal Policy558
    26-3The U.S. Budget563
    Epilogue571
    Chapter 27Epilogue: The Story of Macroeconomics571
    27-1Keynes and the Great Depression572
    27-2The Neoclassical Synthesis572
    27-3The Rational Expectations Critique575
    27-4Current Developments579
    27-5Common Beliefs581
    Appendix 1An Introduction to National Income and Product Accounts1
    Appendix 2A Math Refresher6
    Appendix 3An Introduction to Econometrics12
    Glossary1
    Index1

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