Macroeconomics / Edition 6 available in Hardcover
Macroeconomics / Edition 6
- ISBN-10:
- 0133061639
- ISBN-13:
- 9780133061635
- Pub. Date:
- 08/02/2012
- Publisher:
- Pearson
Macroeconomics / Edition 6
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Overview
Product Details
ISBN-13: | 9780133061635 |
---|---|
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
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. Blanchard is the author of many books and articles, including a graduate level textbook with Stanley Fischer.
Blanchard 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
Preface | xvii | |
Introduction | 1 | |
Chapter 1 | A Tour of the World | 3 |
1-1 | The United States | 4 |
1-2 | The European Union | 8 |
1-3 | Japan | 13 |
1-4 | Looking Ahead | 16 |
Appendix | Where to Find the Numbers? | 19 |
Chapter 2 | A Tour of the Book | 21 |
2-1 | Aggregate Output | 22 |
2-2 | The Other Major Macroeconomic Variables | 26 |
2-3 | A Road Map | 34 |
Appendix | The Construction of Real GDP, and Chain-Type Indexes | 40 |
The Core | 43 | |
The Short Run | 43 | |
Chapter 3 | The Goods Market | 45 |
3-1 | The Composition of GDP | 46 |
3-2 | The Demand for Goods | 48 |
3-3 | The Determination of Equilibrium Output | 51 |
3-4 | Investment Equals Saving: An Alternative Way of Thinking About Goods-Market Equilibrium | 58 |
3-5 | Is the Government Omnipotent? A Warning | 60 |
Chapter 4 | Financial Markets | 65 |
4-1 | The Demand for Money | 66 |
4-2 | The Determination of the Interest Rate. I | 69 |
4-3 | The Determination of the Interest Rate. II | 75 |
4-4 | Two Alternative Ways to Think About the Equilibrium | 81 |
Chapter 5 | Goods and Financial Markets: The IS-LM Model | 87 |
5-1 | The Goods Market and the IS Relation | 88 |
5-2 | Financial Markets and the LM Relation | 93 |
5-3 | Putting the IS and the LM Relations Together | 96 |
5-4 | Using a Policy Mix | 101 |
5-5 | How Does the IS-LM Model Fit the Facts? | 102 |
The Medium Run | 111 | |
Chapter 6 | The Labor Market | 113 |
6-1 | A Tour of the Labor Market | 114 |
6-2 | Movements in Unemployment | 116 |
6-3 | Wage Determination | 120 |
6-4 | Price Determination | 124 |
6-5 | The Natural Rate of Unemployment | 125 |
6-6 | Where We Go from Here | 129 |
Appendix | Wage- and Price-Setting Relations Versus Labor Supply and Labor Demand | 132 |
Chapter 7 | Putting All Markets Together: The AS-AD Model | 135 |
7-1 | Aggregate Supply | 136 |
7-2 | Aggregate Demand | 139 |
7-3 | Equilibrium in the Short Run and in the Medium Run | 141 |
7-4 | The Effects of a Monetary Expansion | 144 |
7-5 | A Decrease in the Budget Deficit | 149 |
7-6 | Changes in the Price of Oil | 152 |
7-7 | Conclusions | 156 |
Chapter 8 | The Natural Rate of Unemployment and the Phillips Curve | 161 |
8-1 | Inflation, Expected Inflation, and Unemployment | 162 |
8-2 | The Phillips Curve | 163 |
8-3 | A Summary and Many Warnings | 169 |
Appendix | From the Aggregate Supply Relation to a Relation Between Inflation, Expected Inflation, and Unemployment | 179 |
Chapter 9 | Inflation, Activity, and Nominal Money Growth | 181 |
9-1 | Output, Unemployment, and Inflation | 182 |
9-2 | The Medium Run | 186 |
9-3 | Disinflation | 188 |
9-4 | Expectations, Credibility, and Nominal Contracts | 193 |
9-5 | The U.S. Disinflation, 1979-1985 | 196 |
The Long Run | 201 | |
Chapter 10 | The Facts of Growth | 203 |
10-1 | Growth in Rich Countries Since 1950 | 204 |
10-2 | A Broader Look Across Time and Space | 208 |
10-3 | Thinking About Growth: A Primer | 212 |
Chapter 11 | Saving, Capital Accumulation, and Output | 219 |
11-1 | Interactions Between Output and Capital | 220 |
11-2 | Implications of Alternative Saving Rates | 223 |
11-3 | Getting a Sense of Magnitudes | 230 |
11-4 | Physical Versus Human Capital | 236 |
Appendix | The Cobb-Douglas Production Function and the Steady State | 240 |
Chapter 12 | Technological Progress and Growth | 243 |
12-1 | Technological Progress and the Rate of Growth | 244 |
12-2 | The Determinants of Technological Progress | 251 |
12-3 | The Facts of Growth Revisited | 254 |
12-4 | Epilogue: The Secrets of Growth | 258 |
Appendix | Constructing a Measure of Technological Progress | 265 |
Chapter 13 | Technological Progress, Wages, and Unemployment | 267 |
13-1 | Productivity, Output, and Unemployment in the Short Run | 268 |
13-2 | Productivity and the Natural Rate of Unemployment | 272 |
13-3 | Technological Progress and Distribution Effects | 278 |
Extensions | 287 | |
Expectations | 287 | |
Chapter 14 | Expectations: The Basic Tools | 289 |
14-1 | Nominal Versus Real Interest Rates | 290 |
14-2 | Expected Present Discounted Values | 293 |
14-3 | Nominal and Real Interest Rates, and the IS-LM Model | 298 |
14-4 | Money Growth, Inflation, and Nominal and Real Interest Rates | 299 |
Appendix | Deriving the Expected Present Discounted Value Using Real or Nominal Interest Rates | 308 |
Chapter 15 | Financial Markets and Expectations | 311 |
15-1 | Bond Prices and Bond Yields | 312 |
15-2 | The Stock Market and Movements in Stock Prices | 320 |
15-3 | Bubbles, Fads, and Stock Prices | 326 |
Appendix | Arbitrage and Stock Prices | 332 |
Chapter 16 | Expectations, Consumption, and Investment | 335 |
16-1 | Consumption | 336 |
16-2 | Investment | 342 |
16-3 | The Volatility of Consumption and Investment | 349 |
Appendix | Derivation of the Expected Present Value of Profits Under Static Expectations | 353 |
Chapter 17 | Expectations, Output, and Policy | 355 |
17-1 | Expectations and Decisions: Taking Stock | 356 |
17-2 | Monetary Policy, Expectations, and Output | 360 |
17-3 | Deficit Reduction, Expectations, and Output | 364 |
The Open Economy | 371 | |
Chapter 18 | Openness in Goods and Financial Markets | 373 |
18-1 | Openness in Goods Markets | 374 |
18-2 | Openness in Financial Markets | 383 |
18-3 | Conclusions and a Look Ahead | 390 |
Chapter 19 | The Goods Market in an Open Economy | 395 |
19-1 | The IS Relation in the Open Economy | 396 |
19-2 | Equilibrium Output and the Trade Balance | 399 |
19-3 | Increases in Demand, Domestic or Foreign | 400 |
19-4 | Depreciation, the Trade Balance, and Output | 405 |
19-5 | Looking at Dynamics: The J-Curve | 408 |
19-6 | Saving, Investment, and the Trade Balance | 412 |
Appendix 1 | Multipliers--Belgium Versus the United States | 415 |
Appendix 2 | Derivation of the Marshall-Lerner Condition | 416 |
Chapter 20 | Output, the Interest Rate, and the Exchange Rate | 417 |
20-1 | Equilibrium in the Goods Market | 418 |
20-2 | Equilibrium in Financial Markets | 419 |
20-3 | Putting Goods and Financial Markets Together | 422 |
20-4 | The Effects of Policy in an Open Economy | 423 |
20-5 | Fixed Exchange Rates | 426 |
Appendix | Fixed Exchange Rates, Interest Rates, and Capital Mobility | 433 |
Chapter 21 | Exchange Rate Regimes | 437 |
21-1 | Fixed Exchange Rates and the Adjustment of the Real Exchange Rate in the Medium Run | 438 |
21-2 | Exchange Rate Crises Under Fixed Exchange Rates | 444 |
21-3 | Exchange Rate Movements under Flexible Exchange Rates | 448 |
21-4 | Choosing Between Exchange Rate Regimes | 451 |
Appendix | The Real Exchange Rate, and Domestic and Foreign Real Interest Rates | 458 |
Pathologies | 461 | |
Chapter 22 | Depressions and Slumps | 463 |
22-1 | Disinflation, Deflation, and the Liquidity Trap | 464 |
22-2 | The Great Depression | 471 |
22-3 | The Japanese Slump | 477 |
Chapter 23 | High Inflation | 489 |
23-1 | Budget Deficits and Money Creation | 490 |
23-2 | Inflation and Real Money Balances | 492 |
23-3 | Deficits, Seignorage, and Inflation | 494 |
23-4 | How Do Hyperinflations End? | 499 |
23-5 | Conclusions | 501 |
Back to Policy | 507 | |
Chapter 24 | Should Policy Makers Be Restrained? | 509 |
24-1 | Uncertainty and Policy | 510 |
24-2 | Expectations and Policy | 514 |
24-3 | Politics and Policy | 518 |
Chapter 25 | Monetary Policy: A Summing Up | 529 |
25-1 | The Optimal Inflation Rate | 530 |
25-2 | The Design of Monetary Policy | 535 |
25-3 | The Fed in Action | 542 |
Chapter 26 | Fiscal Policy: A Summing Up | 549 |
26-1 | The Government Budget Constraint | 550 |
26-2 | Four Issues in Fiscal Policy | 558 |
26-3 | The U.S. Budget | 563 |
Epilogue | 571 | |
Chapter 27 | Epilogue: The Story of Macroeconomics | 571 |
27-1 | Keynes and the Great Depression | 572 |
27-2 | The Neoclassical Synthesis | 572 |
27-3 | The Rational Expectations Critique | 575 |
27-4 | Current Developments | 579 |
27-5 | Common Beliefs | 581 |
Appendix 1 | An Introduction to National Income and Product Accounts | 1 |
Appendix 2 | A Math Refresher | 6 |
Appendix 3 | An Introduction to Econometrics | 12 |
Glossary | 1 | |
Index | 1 |