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- Full title: Macroeconomics: Principles & Policy, 14th Edition
- Edition: 14th
- Copyright year: 2020
- Publisher: Cengage Learning
- Author: William J. Baumol; Alan S. Blinder; John L. Solow
- ISBN: 9780357390979, 9781337912686
- Format: PDF
Description of Macroeconomics: Principles & Policy, 14th Edition:
Master today’s principles of macroeconomics and gain an understanding of current economic issues and their importance as Baumol/Blinder/Solow’s MACROECONOMICS: PRINCIPLES AND POLICY, 14E provides a solid introduction to macroeconomics using policy-based examples and applications. Written by several of today’s most respected economists, this book is one of the most up-to-date macroeconomics choices 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 macroeconomics 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 macroeconomics issues provide an excellent balance of theory to application while keeping you engaged and intrigued.Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
Table of Contents of Macroeconomics: Principles & Policy, 14th Edition PDF ebook:
Brief ContentsTable of ContentsAvailable VersionsPrefaceAbout the AuthorsPart 1: Getting Acquainted with EconomicsChapter 1: What Is Economics?1-1 Ideas for beyond the Final Exam1-2 Inside the Economist’s Tool KitSummaryKey TermsDiscussion QuestionsAppendix: Using Graphs: A ReviewChapter 2: The Economy: Myth and Reality2-1 The American Economy: A Thumbnail Sketch2-2 The Inputs: Labor and Capital2-3 The Outputs: What Does America Produce?2-4 The Central Role of Business Firms2-5 What’s Missing from the Picture? Government2-6 Conclusion: It’s a Mixed EconomySummaryKey TermsDiscussion QuestionsChapter 3: The Fundamental Economic Problem: Scarcity and Choice3-1 Scarcity, Choice, and Opportunity Cost3-2 Scarcity and Choice for a Single Firm3-3 Scarcity and Choice for the Entire Society3-4 The Three Coordination Tasks of Any Economy3-5 The Concept of Efficiency3-6 Task 1. How the Market Fosters Efficient Resource Allocation3-7 Task 2. Market Exchange and Deciding How Much of Each Good to Produce3-8 Task 3. How to Distribute the Economy’s Outputs among Consumers3-9 Looking AheadSummaryKey TermsTest YourselfDiscussion QuestionsChapter 4: Supply and Demand: An Initial Look4-1 The Invisible Hand4-2 Demand and Quantity Demanded4-3 Supply and Quantity Supplied4-4 Supply and Demand Equilibrium4-5 Effects of Demand Shifts on Supply-Demand Equilibrium4-6 Supply Shifts and Supply-Demand Equilibrium4-7 Battling the Invisible Hand: The Market Fights Back4-8 A Simple But Powerful LessonSummaryKey TermsTest YourselfDiscussion QuestionsPart 2: The Macroeconomy: Aggregate Supply and DemandChapter 5: An Introduction to Macroeconomics5-1 Drawing a Line between Macroeconomics and Microeconomics5-2 Supply and Demand in Macroeconomics5-3 Gross Domestic Product5-4 The Economy on a Roller Coaster5-5 The Problem of Macroeconomic Stabilization: A Sneak PreviewSummaryKey TermsTest YourselfDiscussion QuestionsChapter 6: The Goals of Macroeconomic Policy6-1 The Goal of Economic Growth6-2 The Capacity to Produce: Potential GDP and the Production Function6-3 The Growth Rate of Potential GDP6-4 The Goal of Low Unemployment6-5 The Human Costs of High Unemployment6-6 Counting the Unemployed: The Official Statistics6-7 Types of Unemployment6-8 How Much Employment Is “Full Employment”?6-9 Unemployment Insurance: The Invaluable Cushion6-10 The Goal of Low Inflation6-11 Inflation as a Redistributor of Income and Wealth6-12 Real versus Nominal Interest Rates6-13 Inflation Distorts Measurements6-14 Other Costs of Inflation6-15 The Costs of Low versus High Inflation6-16 Low Inflation Does Not Necessarily Lead to High InflationSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: How Statisticians Measure InflationChapter 7: Economic Growth: Theory and Policy7-1 The Three Pillars of Productivity Growth7-2 Levels, Growth Rates, and the Convergence Hypothesis7-3 Growth Policy: Encouraging Capital Formation7-4 Growth Policy: Improving Education and Training7-5 Growth Policy: Spurring Technological Change7-6 Recent Productivity Performance in the United States7-7 Growth in the Developing Countries7-8 From the Long Run to the Short RunSummaryKey TermsTest YourselfDiscussion QuestionsChapter 8: Aggregate Demand and the Powerful Consumer8-1 Aggregate Demand, Domestic Product, and National Income8-2 The Circular Flow of Spending, Production, and Income8-3 Consumer Spending and Income: The Important Relationship8-4 The Consumption Function and the Marginal Propensity to Consume8-5 Factors That Shift the Consumption Function8-6 The Extreme Variability of Investment8-7 The Determinants of Net Exports8-8 How Predictable Is Aggregate Demand?SummaryKey TermsTest YourselfDiscussion QuestionsAppendix: National Income AccountingChapter 9: Demand-Side Equilibrium: Unemployment or Inflation?9-1 The Meaning of Equilibrium GDP9-2 The Mechanics of Income Determination9-3 The Aggregate Demand Curve9-4 Demand-Side Equilibrium and Full Employment9-5 The Coordination of Saving and Investment9-6 Changes on the Demand Side: Multiplier Analysis9-7 The Multiplier Is a General Concept9-8 The Multiplier and the Aggregate Demand CurveSummaryKey TermsTest YourselfDiscussion QuestionsAppendix A: The Simple Algebra of Income Determination and the MultiplierAppendix B: The Multiplier with Variable ImportsChapter 10: Bringing in the Supply Side: Unemployment and Inflation?10-1 The Aggregate Supply Curve10-2 Equilibrium of Aggregate Demand and Supply10-3 Inflation and the Multiplier10-4 Recessionary and Inflationary Gaps Revisited10-5 Adjusting to a Recessionary Gap: Deflation or Unemployment?10-6 Adjusting to an Inflationary Gap: Inflation10-7 Stagflation from a Supply Shock10-8 Applying the Model to a Growing Economy10-9 A Role for Stabilization PolicySummaryKey TermsTest YourselfDiscussion QuestionsPart 3: Fiscal and Monetary PolicyChapter 11: Managing Aggregate Demand: Fiscal Policy11-1 Income Taxes and the Consumption Schedule11-2 The Multiplier Revisited11-3 Planning Expansionary Fiscal Policy11-4 Planning Contractionary Fiscal Policy11-5 The Choice between Spending Policy and Tax Policy11-6 Some Harsh Realities11-7 The Idea behind Supply-Side Tax CutsSummaryKey TermsTest YourselfDiscussion QuestionsAppendix A: Graphical Treatment of Taxes and Fiscal PolicyAppendix B: Algebraic Treatment of Taxes and Fiscal PolicyChapter 12: Money and the Banking System12-1 The Nature of Money12-2 How the Quantity of Money Is Measured12-3 The Banking System12-4 Systemic Risk and the “Too Big to Fail” Doctrine12-5 The Origins of the Money Supply12-6 Banks and Deposit Creation12-7 Why the Deposit-Creation Formula Is Oversimplified12-8 The Need for Monetary PolicySummaryKey TermsTest YourselfDiscussion QuestionsChapter 13: Monetary Policy: Conventional and Unconventional13-1 Money and Income: The Important Difference13-2 America’s Central Bank: The Federal Reserve System13-3 Implementing Monetary Policy in Normal Times: Open-Market Operations13-4 Other Instruments of Monetary Policy13-5 How Monetary Policy Works in Normal Times13-6 Money and the Price Level13-7 Application: Why the Aggregate Demand Curve Slopes Downward13-8 Unconventional Monetary Policies13-9 From Financial Distress to Recession13-10 From Models to Policy DebatesSummaryKey TermsTest YourselfDiscussion QuestionsChapter 14: The Financial Crisis and the Great Recession14-1 Roots of the Crisis14-2 Leverage, Profits, and Risk14-3 The Housing Price Bubble and the Subprime Mortgage Crisis14-4 From the Housing Bubble to the Financial Crisis14-5 From the Financial Crisis to the Great Recession14-6 Hitting Bottom and Recovering14-7 Lessons from the Financial CrisisSummaryKey TermsTest YourselfDiscussion QuestionsChapter 15: The Debate over Monetary and Fiscal Policy15-1 Velocity and the Quantity Theory of Money15-2 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 Curve15-6 Debate: Should the Government Intervene at All?15-7 Dimensions of the Rules-versus-Discretion DebateSummaryKey TermsTest YourselfDiscussion QuestionsChapter 16: Budget Deficits in the Short and Long Run16-1 Should the Budget Always Be Balanced? The Short Run16-2 The Importance of the Policy Mix16-3 Deficits and Debt: Terminology and Facts16-4 Interpreting the Budget Deficit or Surplus16-5 Why Is the National Debt Considered a Burden?16-6 Budget Deficits and Inflation16-7 Debt, Interest Rates, and Crowding Out16-8 The Main Burden of the National Debt: Slower Growth16-9 The Economics and Politics of the U.S. Budget DeficitSummaryKey TermsTest YourselfDiscussion QuestionsChapter 17: The Trade-Off between Inflation and Unemployment17-1 Demand-Side Inflation versus Supply-Side Inflation: A Review17-2 Origins of the Phillips Curve17-3 Supply-Side Inflation and the Collapse of the Phillips Curve17-4 What the Phillips Curve Is Not17-5 Fighting Unemployment with Fiscal and Monetary Policy17-6 What Should Be Done?17-7 Inflationary Expectations and the Phillips Curve17-8 The Theory of Rational Expectations17-9 Why Economists (and Politicians) Disagree17-10 The Dilemma of Demand Management17-11 Attempts to Improve the Trade-OffSummaryKey TermsTest YourselfDiscussion QuestionsPart 4: The United States in the World EconomyChapter 18: International Trade and Comparative Advantage18-1 Why Trade?18-2 International versus Intranational Trade18-3 The Principle of Comparative Advantage18-4 The Arithmetic of Comparative Advantage18-5 Tariffs, Quotas, and Other Interferences with Trade18-6 Why Inhibit Trade?18-7 Can Cheap Imports Hurt a Country?SummaryKey TermsTest YourselfDiscussion QuestionsAppendix: Supply, Demand, and Pricing in World TradeChapter 19: The International Monetary System: Order or Disorder?19-1 What Are Exchange Rates?19-2 Exchange Rate Determination in a Free Market19-3 When Governments Fix Exchange Rates: The Balance of Payments19-4 A Bit of History: The Gold Standard and the Bretton Woods System19-5 Adjustment Mechanisms under Fixed Exchange Rates19-6 Why Try to Fix Exchange Rates?19-7 The Current “Nonsystem”SummaryKey TermsTest YourselfDiscussion QuestionsChapter 20: Exchange Rates and the Macroeconomy20-1 International Trade, Exchange Rates, and Aggregate Demand20-2 Aggregate Supply in an Open Economy20-3 The Macroeconomic Effects of Exchange Rates20-4 Fiscal and Monetary Policies in an Open Economy20-5 International Aspects of Deficit Reduction20-6 Should We Worry about the Trade Deficit?20-7 On Curing the Trade Deficit20-8 Conclusion: No Nation Is an IslandSummaryKey TermsTest YourselfDiscussion QuestionsPart 5: The Economy TodayChapter 21: Contemporary Issues in the U.S. Economy21-1 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?SummaryKey TermsDiscussion QuestionsAppendixGlossaryIndex