Macroeconomics

Description

Modern macroeconomics explained by the expert on growth. Cover (Macroeconomics) Front Matter Title Page Dedication Copyright Brief Contents Contents Preface to the Fourth Edition Acknowledgments About the Author Part 1 - Preliminaries Chapter 1 - Introduction to Macroeconomics 1.1 - What Is Macroeconomics? 1.2 - How Macroeconomics Studies Key Questions 1.3 - An Overview of the Book Chapter 2 - Measuring the Macroeconomy 2.1 - Introduction 2.2 - Measuring the State of the Economy 2.3 - Measuring Changes over Time 2.4 - Comparing Economic Performance across Countries Part 2 - The Long Run Chapter 3 - An Overview of Long Run Economic Growth 3.1 - Introduction 3.2 - Growth over the Very Long Run 3.3 - Modern Economic Growth 3.4 - Modern Growth around the World 3.5 - Some Useful Properties of Growth Rates 3.6 - The Costs of Economic Growth 3.7 - A Long Run Roadmap 3.8 - Additional Resources Chapter 4 - A Model of Production 4.1 - Introduction 4.2 - A Model of Production 4.3 - Analyzing the Production Model 4.4 - Understanding TFP Differences 4.5 - Evaluating the Production Model Chapter 5 - The Solow Growth Model 5.1 - Introduction 5.2 - Setting Up the Model 5.3 - Prices and the Real Interest Rate 5.4 - Solving the Solow Model 5.5 - Looking at Data through the Lens of the Solow Model 5.6 - Understanding the Steady State 5.7 - Economic Growth in the Solow Model 5.8 - Some Economic Experiments 5.9 - The Principle of Transition Dynamics 5.10 - Strengths and Weaknesses of the Solow Model Chapter 6 - Growth and Ideas 6.1 - Introduction 6.2 - The Economics of Ideas 6.3 - The Romer Model 6.4 - Combining Solow and Romer: Overview 6.5 - Growth Accounting 6.6 - Concluding Our Study of Long-Run Growth 6.7 - Postscript on Solow and Romer 6.8 - Additional Resources 6.9 - Appendix: Combining Solow and Romer (Algebraically) Chapter 7 - The Labor Market, Wages, and Unemployment 7.1 - Introduction 7.2 - The U.S. Labor Market 7.3 - Supply and Demand 7.4 - The Bathtub Model of Unemployment 7.5 - Labor Markets around the World 7.6 - How Much Is Your Human Capital Worth? 7.7 - The Rising Return to Education Chapter 8 - Inflation 8.1 - Introduction 8.2 - The Quantity Theory of Money 8.3 - Real and Nominal Interest Rates 8.4 - Costs of Inflation 8.5 - The Fiscal Causes of High Inflation 8.6 - The Great Inflation of the 1970s Part 3 - The Short Run Chapter 9 - An Introduction to the Short Run 9.1 - Introduction 9.2 - The Long Run, the Short Run, and Shocks 9.3 - The Short Run Model 9.4 - Okun’s Law: Output and Unemployment 9.5 - Filling in the Details Chapter 10 - The Great Recession: A First Look 10.1 - Introduction 10.2 - Recent Shocks to the Macroeconomy 10.3 - Macroeconomic Outcomes 10.4 - Some Fundamentals of Financial Economics 10.5 - Going Forward Chapter 11 - The IS Curve 11.1 - Introduction 11.2 - Setting Up the Economy 11.3 - Deriving the IS Curve 11.4 - Using the IS Curve 11.5 - Microfoundations of the IS Curve 11.6 Conclusion Chapter 12 - Monetary Policy and the Phillips Curve 12.1 - Introduction 12.2 - The MP Curve: Monetary Policy and Interest Rates 12.3 - The Phillips Curve 12.4 - Using the Short Run Model 12.5 - Microfoundations: Understanding Sticky Inflation 12.6 - Microfoundations: How Central Banks Control Nominal Interest Rates 12.7 - Inside the Federal Reserve 12.8 - Conclusion Chapter 13 - Stabilization Policy and the AS/AD Framework 13.1 - Introduction 13.2 - Monetary Policy Rules and Aggregate Demand 13.3 - The Aggregate Supply Curve 13.4 - The AS/AD Framework 13.5 - Macroeconomic Events in the AS/AD Framework 13.6 - Empirical Evidence 13.7 - Modern Monetary Policy 13.8 - Conclusion Chapter 14 - The Great Recession and the Shortrun Model 14.1 - Introduction 14.2 - Financial Considerations in the Short-Run Model 14.3 - Policy Responses to the Financial Crisis 14.4 - The Aftermath of the Great Recession 14.5 - Conclusion Chapter 15 - DSGE Models: The Frontier of Business Cycle Research 15.1 - Introduction 15.2 - A Brief History of DSGE Models 15.3 - A Stylized Approach to DSGE 15.4 - Using the Stylized DSGE Model 15.5 - Quantitative DSGE Models 15.6 - Conclusion 15.7 - Appendix: Deriving the Labor Supply Curve Part 4 - Applications and Microfoundations Chapter 16 - Consumption 16.1 - Introduction 16.2 - The Neoclassical Consumption Model 16.3 - Lessons from the Neoclassical Model 16.4 - Empirical Evidence on Consumption Chapter 17 - Investment 17.1 - Introduction 17.2 - How Do Firms Make Investment Decisions? 17.3 - The Stock Market and Financial Investment 17.4 - Components of Private Investment Chapter 18 - The Government and the Macroeconomy 18.1 - Introduction 18.2 - U.S. Government Spending and Revenue 18.3 - International Evidence on Spending and Debt 18.4 - The Government Budget Constraint 18.5 - How Much Can the Government Borrow? 18.6 - The Fiscal Problem of the Twenty-First Century 18.7 - Conclusion Chapter 19 - International Trade 19.1 - Introduction 19.2 - Some Basic Facts About Trade 19.3 - A Basic Reason for Trade 19.4 - Trade across Time 19.5 - Trade with Production 19.6 - Trade in Inputs 19.7 - The Costs of Trade 19.8 - The Trade Deficit and Foreign Debt 19.9 - Conclusion Chapter 20 - Exchange Rates and International Finance 20.1 - Introduction 20.2 - Exchange Rates in the Long Run 20.3 - Exchange Rates in the Short Run 20.4 - Fixed Exchange Rates 20.5 - The Open Economy in the Short-Run Model 20.6 - Exchange Rate Regimes 20.7 - The Policy Trilemma 20.8 - The Euro Crisis Chapter 21 - Parting Thoughts 21.1 - What We’ve Learned 21.2 - Significant Remaining Questions 21.3 - Conclusion