Macroeconomics: Principles & Policy 14th Edition

Macroeconomics: Principles & Policy 14th Edition:

Brief Contents
Table of Contents
Available Versions
Preface
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
Summary
Key Terms
Discussion Questions
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
Summary
Key Terms
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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?
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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?
Summary
Key Terms
Test Yourself
Discussion Questions
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”
Summary
Key Terms
Test Yourself
Discussion Questions
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
Summary
Key Terms
Test Yourself
Discussion Questions
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?
Summary
Key Terms
Discussion Questions
Appendix
Glossary
Index

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