Macroeconomics: Principles & Policy 14th Edition
Macroeconomics: Principles & Policy Fourteenth Edition:
Master today’s principles of macroeconomics and gain an understanding of current economic issues with the solid introduction and policy-based examples and applications found in Baumol/Blinder/Solow’s MACROECONOMICS: PRINCIPLES AND POLICY, 14E. Written by three of today’s most respected economists, this book is one of the most up-to-date macroeconomics texts on the market — incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated macroeconomic concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful macroeconomic issues provide an excellent balance of theory to application while keeping you engaged and intrigued.
∗ eText ISBN: 1337912689, 978-1337912686, 9781337912686
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Macroeconomics: Principles & Policy 14th Edition:
Table of Contents
About the Authors
Part 1: Getting Acquainted with Economics
Chapter 1: What Is Economics?
1-1 Ideas for beyond the Final Exam
1-2 Inside the Economist’s Tool Kit
Appendix: Using Graphs: A Review
Chapter 2: The Economy: Myth and Reality
2-1 The American Economy: A Thumbnail Sketch
2-2 The Inputs: Labor and Capital
2-3 The Outputs: What Does America Produce?
2-4 The Central Role of Business Firms
2-5 What’s Missing from the Picture? Government
2-6 Conclusion: It’s a Mixed Economy
Chapter 3: The Fundamental Economic Problem: Scarcity and Choice
3-1 Scarcity, Choice, and Opportunity Cost
3-2 Scarcity and Choice for a Single Firm
3-3 Scarcity and Choice for the Entire Society
3-4 The Three Coordination Tasks of Any Economy
3-5 The Concept of Efficiency
3-6 Task 1. How the Market Fosters Efficient Resource Allocation
3-7 Task 2. Market Exchange and Deciding How Much of Each Good to Produce
3-8 Task 3. How to Distribute the Economy’s Outputs among Consumers
3-9 Looking Ahead
Chapter 4: Supply and Demand: An Initial Look
4-1 The Invisible Hand
4-2 Demand and Quantity Demanded
4-3 Supply and Quantity Supplied
4-4 Supply and Demand Equilibrium
4-5 Effects of Demand Shifts on Supply-Demand Equilibrium
4-6 Supply Shifts and Supply-Demand Equilibrium
4-7 Battling the Invisible Hand: The Market Fights Back
4-8 A Simple But Powerful Lesson
Part 2: The Macroeconomy: Aggregate Supply and Demand
Chapter 5: An Introduction to Macroeconomics
5-1 Drawing a Line between Macroeconomics and Microeconomics
5-2 Supply and Demand in Macroeconomics
5-3 Gross Domestic Product
5-4 The Economy on a Roller Coaster
5-5 The Problem of Macroeconomic Stabilization: A Sneak Preview
Chapter 6: The Goals of Macroeconomic Policy
6-1 The Goal of Economic Growth
6-2 The Capacity to Produce: Potential GDP and the Production Function
6-3 The Growth Rate of Potential GDP
6-4 The Goal of Low Unemployment
6-5 The Human Costs of High Unemployment
6-6 Counting the Unemployed: The Official Statistics
6-7 Types of Unemployment
6-8 How Much Employment Is “Full Employment”?
6-9 Unemployment Insurance: The Invaluable Cushion
6-10 The Goal of Low Inflation
6-11 Inflation as a Redistributor of Income and Wealth
6-12 Real versus Nominal Interest Rates
6-13 Inflation Distorts Measurements
6-14 Other Costs of Inflation
6-15 The Costs of Low versus High Inflation
6-16 Low Inflation Does Not Necessarily Lead to High Inflation
Appendix: How Statisticians Measure Inflation
Chapter 7: Economic Growth: Theory and Policy
7-1 The Three Pillars of Productivity Growth
7-2 Levels, Growth Rates, and the Convergence Hypothesis
7-3 Growth Policy: Encouraging Capital Formation
7-4 Growth Policy: Improving Education and Training
7-5 Growth Policy: Spurring Technological Change
7-6 Recent Productivity Performance in the United States
7-7 Growth in the Developing Countries
7-8 From the Long Run to the Short Run
Chapter 8: Aggregate Demand and the Powerful Consumer
8-1 Aggregate Demand, Domestic Product, and National Income
8-2 The Circular Flow of Spending, Production, and Income
8-3 Consumer Spending and Income: The Important Relationship
8-4 The Consumption Function and the Marginal Propensity to Consume
8-5 Factors That Shift the Consumption Function
8-6 The Extreme Variability of Investment
8-7 The Determinants of Net Exports
8-8 How Predictable Is Aggregate Demand?
Appendix: National Income Accounting
Chapter 9: Demand-Side Equilibrium: Unemployment or Inflation?
9-1 The Meaning of Equilibrium GDP
9-2 The Mechanics of Income Determination
9-3 The Aggregate Demand Curve
9-4 Demand-Side Equilibrium and Full Employment
9-5 The Coordination of Saving and Investment
9-6 Changes on the Demand Side: Multiplier Analysis
9-7 The Multiplier Is a General Concept
9-8 The Multiplier and the Aggregate Demand Curve
Appendix A: The Simple Algebra of Income Determination and the Multiplier
Appendix B: The Multiplier with Variable Imports
Chapter 10: Bringing in the Supply Side: Unemployment and Inflation?
10-1 The Aggregate Supply Curve
10-2 Equilibrium of Aggregate Demand and Supply
10-3 Inflation and the Multiplier
10-4 Recessionary and Inflationary Gaps Revisited
10-5 Adjusting to a Recessionary Gap: Deflation or Unemployment?
10-6 Adjusting to an Inflationary Gap: Inflation
10-7 Stagflation from a Supply Shock
10-8 Applying the Model to a Growing Economy
10-9 A Role for Stabilization Policy
Part 3: Fiscal and Monetary Policy
Chapter 11: Managing Aggregate Demand: Fiscal Policy
11-1 Income Taxes and the Consumption Schedule
11-2 The Multiplier Revisited
11-3 Planning Expansionary Fiscal Policy
11-4 Planning Contractionary Fiscal Policy
11-5 The Choice between Spending Policy and Tax Policy
11-6 Some Harsh Realities
11-7 The Idea behind Supply-Side Tax Cuts
Appendix A: Graphical Treatment of Taxes and Fiscal Policy
Appendix B: Algebraic Treatment of Taxes and Fiscal Policy
Chapter 12: Money and the Banking System
12-1 The Nature of Money
12-2 How the Quantity of Money Is Measured
12-3 The Banking System
12-4 Systemic Risk and the “Too Big to Fail” Doctrine
12-5 The Origins of the Money Supply
12-6 Banks and Deposit Creation
12-7 Why the Deposit-Creation Formula Is Oversimplified
12-8 The Need for Monetary Policy
Chapter 13: Monetary Policy: Conventional and Unconventional
13-1 Money and Income: The Important Difference
13-2 America’s Central Bank: The Federal Reserve System
13-3 Implementing Monetary Policy in Normal Times: Open-Market Operations
13-4 Other Instruments of Monetary Policy
13-5 How Monetary Policy Works in Normal Times
13-6 Money and the Price Level
13-7 Application: Why the Aggregate Demand Curve Slopes Downward
13-8 Unconventional Monetary Policies
13-9 From Financial Distress to Recession
13-10 From Models to Policy Debates
Chapter 14: The Financial Crisis and the Great Recession
14-1 Roots of the Crisis
14-2 Leverage, Profits, and Risk
14-3 The Housing Price Bubble and the Subprime Mortgage Crisis
14-4 From the Housing Bubble to the Financial Crisis
14-5 From the Financial Crisis to the Great Recession
14-6 Hitting Bottom and Recovering
14-7 Lessons from the Financial Crisis
Chapter 15: The Debate over Monetary and Fiscal Policy
15-1 Velocity and the Quantity Theory of Money
15-2 Debate: Should the Fed Use Unconventional Monetary Policies?
15-3 Debate: Should Policymakers Fight Asset Price Bubbles?
15-4 Debate: Should We Rely on Fiscal or Monetary Policy?
15-5 Debate: The Shape of the Aggregate Supply Curve
15-6 Debate: Should the Government Intervene at All?
15-7 Dimensions of the Rules-versus-Discretion Debate
Chapter 16: Budget Deficits in the Short and Long Run
16-1 Should the Budget Always Be Balanced? The Short Run
16-2 The Importance of the Policy Mix
16-3 Deficits and Debt: Terminology and Facts
16-4 Interpreting the Budget Deficit or Surplus
16-5 Why Is the National Debt Considered a Burden?
16-6 Budget Deficits and Inflation
16-7 Debt, Interest Rates, and Crowding Out
16-8 The Main Burden of the National Debt: Slower Growth
16-9 The Economics and Politics of the U.S. Budget Deficit
Chapter 17: The Trade-Off between Inflation and Unemployment
17-1 Demand-Side Inflation versus Supply-Side Inflation: A Review
17-2 Origins of the Phillips Curve
17-3 Supply-Side Inflation and the Collapse of the Phillips Curve
17-4 What the Phillips Curve Is Not
17-5 Fighting Unemployment with Fiscal and Monetary Policy
17-6 What Should Be Done?
17-7 Inflationary Expectations and the Phillips Curve
17-8 The Theory of Rational Expectations
17-9 Why Economists (and Politicians) Disagree
17-10 The Dilemma of Demand Management
17-11 Attempts to Improve the Trade-Off
Part 4: The United States in the World Economy
Chapter 18: International Trade and Comparative Advantage
18-1 Why Trade?
18-2 International versus Intranational Trade
18-3 The Principle of Comparative Advantage
18-4 The Arithmetic of Comparative Advantage
18-5 Tariffs, Quotas, and Other Interferences with Trade
18-6 Why Inhibit Trade?
18-7 Can Cheap Imports Hurt a Country?
Appendix: Supply, Demand, and Pricing in World Trade
Chapter 19: The International Monetary System: Order or Disorder?
19-1 What Are Exchange Rates?
19-2 Exchange Rate Determination in a Free Market
19-3 When Governments Fix Exchange Rates: The Balance of Payments
19-4 A Bit of History: The Gold Standard and the Bretton Woods System
19-5 Adjustment Mechanisms under Fixed Exchange Rates
19-6 Why Try to Fix Exchange Rates?
19-7 The Current “Nonsystem”
Chapter 20: Exchange Rates and the Macroeconomy
20-1 International Trade, Exchange Rates, and Aggregate Demand
20-2 Aggregate Supply in an Open Economy
20-3 The Macroeconomic Effects of Exchange Rates
20-4 Fiscal and Monetary Policies in an Open Economy
20-5 International Aspects of Deficit Reduction
20-6 Should We Worry about the Trade Deficit?
20-7 On Curing the Trade Deficit
20-8 Conclusion: No Nation Is an Island
Part 5: The Economy Today
Chapter 21: Contemporary Issues in the U.S. Economy
21-1 Can We Grow Much Faster Than 2 Percent a Year?
21-2 Who Loses from Globalization?
21-3 Are Trade Wars “Good and Easy to Win”?
21-4 Where Is the National Debt Headed?
21-5 Has the Phillips Curve Disappeared?