Book , Print in English

Principles of Macroeconomics

N. Gregory Mankiw.
  • Australia : CENTGAGE Learning, [2015]
  • Seventh Edition.
  • xxiv, 551 pages : illustrations ; 26 cm
Subjects
Genre
  • Textbooks.
Contents
  • note: pt. I Introduction
  • ch. 1 Ten Principles of Economics
  • 1-1. How People Make Decisions
  • 1-1a. Principle 1: People Face Trade-offs
  • 1-1b. Principle 2: The Cost of Something Is What You Give Up to Get It
  • 1-1c. Principle 3: Rational People Think at the Margin
  • 1-1d. Principle 4: People Respond to Incentives
  • Case Study: The Incentive Effects of Gasoline Prices
  • 1-2. How People Interact
  • 1-2a. Principle 5: Trade Can Make Everyone Better Off
  • 1-2b. Principle 6: Markets Are Usually a Good Way to Organize Economic Activity
  • 1-2c. Principle 7: Governments Can Sometimes Improve Market Outcomes
  • FYI: Adam Smith and the Invisible Hand
  • 1-3. How the Economy as a Whole Works
  • 1-3a. Principle 8: A Country's Standard of Living Depends on Its Ability to Produce Goods and Services
  • 1-3b. Principle 9: Prices Rise When the Government Prints Too Much Money
  • In The News: Why You Should Study Economics
  • 1-3c. Principle 10: Society Faces a Short-Run Trade-off between Inflation and Unemployment
  • 1-4. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 2 Thinking Like an Economist
  • 2-1. Economist as Scientist
  • 2-1a. Scientific Method: Observation, Theory, and More Observation
  • 2-1b. Role of Assumptions
  • 2-1c. Economic Models
  • 2-1d. Our First Model: The Circular-Flow Diagram
  • 2-1e. Our Second Model: The Production Possibilities Frontier
  • 2-1. If Microeconomics and Macroeconomics
  • 2-2. Economist as Policy Adviser
  • 2-2a. Positive versus Normative Analysis
  • 2-2b. Economists in Washington
  • 2-2c. Why Economists' Advice Is Not Always Followed
  • 2-3. Why Economists Disagree
  • 2-3a. Differences in Scientific Judgments
  • 2-3b. Differences in Values
  • 2-3c. Perception versus Reality
  • In The News: Actual Economists and Virtual Realities
  • 2-4. Let's Get Going
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • Appendix Graphing: A Brief Review
  • Graphs of a Single Variable
  • Graphs of Two Variables: The Coordinate System
  • Curves in the Coordinate System
  • Slope
  • Cause and Effect
  • ch. 3 Interdependence and the Gains from Trade
  • 3-1. Parable for the Modern Economy
  • 3-1a. Production Possibilities
  • 3-1b. Specialization and Trade
  • 3-2. Comparative Advantage: The Driving Force of Specialization
  • 3-2a. Absolute Advantage
  • 3-2b. Opportunity Cost and Comparative Advantage
  • 3-2c. Comparative Advantage and Trade
  • 3-2d. Price of the Trade
  • FYI: The Legacy of Adam Smith and David Ricardo
  • 3-3. Applications of Comparative Advantage
  • 3-3a. Should Tom Brady Mow His Own Lawn?
  • In The News: Economics within a Marriage
  • 3-3b. Should the United States Trade with Other Countries?
  • 3-4. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • pt. II How Markets Work
  • ch. 4 Market Forces of Supply and Demand
  • 4-1. Markets and Competition
  • 4-1a. What Is a Market?
  • 4-1b. What Is Competition?
  • 4-2. Demand
  • 4-2a. Demand Curve: The Relationship between Price and Quantity Demanded
  • 4-2b. Market Demand versus Individual Demand
  • 4-2c. Shifts in the Demand Curve
  • Case Study: Two Ways to Reduce the Quantity of Smoking Demanded
  • 4-3. Supply
  • 4-3a. Supply Curve: The Relationship between Price and Quantity Supplied
  • 4-3b. Market Supply versus Individual Supply
  • 4-3c. Shifts in the Supply Curve
  • 4-4. Supply and Demand Together
  • 4-4a. Equilibrium
  • 4-4b. Three Steps to Analyzing Changes in Equilibrium
  • 4-5. Conclusion: How Prices Allocate Resources
  • In The News: Price Increases after Disasters
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 5 Elasticity and Its Application
  • 5-1. Elasticity of Demand
  • 5-1a. Price Elasticity of Demand and Its Determinants
  • 5-1b. Computing the Price Elasticity of Demand
  • 5-1c. Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities
  • 5-1d. Variety of Demand Curves
  • 5-1e. Total Revenue and the Price Elasticity of Demand
  • FYI: A Few Elasticities from the Real World
  • 5-1f. Elasticity and Total Revenue along a Linear Demand Curve
  • 5-1g. Other Demand Elasticities
  • 5-2. Elasticity of Supply
  • 5-2a. Price Elasticity of Supply and Its Determinants
  • 5-2b. Computing the Price Elasticity of Supply
  • 5-2c. Variety of Supply Curves
  • 5-3. Three Applications of Supply, Demand, and Elasticity
  • 5-3a. Can Good News for Farming Be Bad News for Farmers?
  • 5-3b. Winy Did OPEC Fail to Keep the Price of Oil High?
  • 5-3c. Does Drug Interdiction Increase or Decrease Drug-Related Crime?
  • 5-4. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 6 Supply, Demand, and Government Policies
  • 6-1. Controls on Prices
  • 6-1a. How Price Ceilings Affect Market Outcomes
  • Case Study: Lines at the Gas Pump
  • Case Study: Rent Control in the Short Run and the Long Run
  • 6-1b. How Price Floors Affect Market Outcomes
  • Case Study: The Minimum Wage
  • 6-1c. Evaluating Price Controls
  • In The News: Venezuela versus the Market
  • 6-2. Taxes
  • 6-2a. How Taxes on Sellers Affect Market Outcomes
  • 6-2b. How Taxes on Buyers Affect Market Outcomes
  • Case Study: Can Congress Distribute the Burden of a Payroll Tax?
  • 6-2c. Elasticity and Tax Incidence
  • Case Study: Who Pays the Luxury Tax?
  • 6-3. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • pt. III Markets and Welfare
  • ch. 7 Consumers, Producers, and the Efficiency of Markets
  • 7-1. Consumer Surplus
  • 7-1a. Willingness to Pay
  • 7-1b. Using the Demand Curve to Measure Consumer Surplus
  • 7-1c. How a Lower Price Raises Consumer Surplus
  • 7-1d. What Does Consumer Surplus Measure?
  • 7-2. Producer Surplus
  • 7-2a. Cost and the Willingness to Sell
  • 7-2b. Using the Supply Curve to Measure Producer Surplus
  • 7-2c. How a Higher Price Raises Producer Surplus
  • 7-3. Market Efficiency
  • 7-3a. Benevolent Social Planner
  • 7-3b. Evaluating the Market Equilibrium
  • In The News: The Invisible Hand Can Park Your Car
  • Case Study: Should There Be a Market in Organs?
  • 7-4. Conclusion: Market Efficiency and Market Failure
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 8 Application: The Costs of Taxation
  • 8-1. Deadweight Loss of Taxation
  • 8-1a. How a Tax Affects Market Participants
  • 8-1b. Deadweight Losses and the Gains from Trade
  • 8-2. Determinants of the Deadweight Loss
  • Case Study: The Deadweight Loss Debate
  • 8-3. Deadweight Loss and Tax Revenue as Taxes Vary
  • Case Study: The Laffer Curve and Supply-Side Economics In The News: The Tax Debate
  • 8-4. Conclusion
  • Summary
  • Key Concept
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 9 Application: International Trade
  • 9-1. Determinants of Trade
  • 9-1a. Equilibrium without Trade
  • 9-1b. World Price and Comparative Advantage
  • 9-2. Winners and Losers from Trade
  • 9-2a. Gains and Losses of an Exporting Country
  • 9-2b. Gains and Losses of an Importing Country
  • 9-2c. Effects of a Tariff
  • FYI: Import Quotas: Another Way to Restrict Trade
  • 9-2d. Lessons for Trade Policy
  • 9-2e. Other Benefits of International Trade
  • In The News: Threats to Free Trade
  • 9-3. Arguments for Restricting Trade
  • In The News: Should the Winners from Free Trade Compensate the Losers?
  • 9-3a. Jobs Argument
  • 9-3b. National-Security Argument
  • In The News: Second Thoughts about Free Trade
  • 9-3c. Infant-Industry Argument
  • 9-3d. Unfair-Competition Argument
  • 9-3e. Protection-as-a-Bargaining-Chip Argument
  • Case Study: Trade Agreements and the World Trade Organization
  • 9-4. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • pt. IV Data of Macroeconomics
  • ch. 10 Measuring a Nation's Income
  • 10-1. Economy's Income and Expenditure
  • 10-2. Measurement of GDP
  • 10-2a. "GDP Is the Market Value..."
  • 10-2b. "... of All..."
  • 10-2c. "...Final..."
  • 10-2d. "...Goods and Services..."
  • 10-2e. "...Produced..."
  • 10-2f. "...Within a Country..."
  • 10-2g. "... In a Given Period of Time"
  • 10-3. Components of GDP
  • FYI: Other Measures of Income
  • 10-3a. Consumption
  • 10-3b. Investment
  • 10-3c. Government Purchases
  • 10-3d. Net Exports
  • Case Study: The Components of U.S. GDP
  • 10-4. Real versus Nominal GDP
  • In The News: The BEA Changes the Definitions of Investment and GDP
  • 10-4a. Numerical Example
  • 10-4b. GDP Deflator
  • Case Study: Real GDP over Recent History
  • 10-5. Is GDP a Good Measure of Economic Well-Being?
  • Case Study: International Differences in GDP and the Quality of Life
  • In The News: The Underground Economy
  • In The News: Measuring Macroeconomic Well-Being
  • 10-6. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 11 Measuring the Cost of Living
  • 11-1. Consumer Price Index --
  • Contents note continued: 11-1a. How the CPI Is Calculated
  • FYI: What Is in the CPI's Basket?
  • 11-1b. Problems in Measuring the Cost of Living
  • In The News: Monitoring Inflation in the Internet Age
  • 11-1c. GDP Deflator versus the Consumer Price Index
  • 11-2. Correcting Economic Variables for the Effects of Inflation
  • 1l-2a. Dollar Figures from Different Times
  • 11-2b. Indexation
  • FYI: Mr. Index Goes to Hollywood
  • 11-2c. Real and Nominal Interest Rates
  • Case Study: Interest Rates in the U.S. Economy
  • 11-3. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • pt. V Real Economy in the Long Run
  • ch. 12 Production and Growth
  • 12-1. Economic Growth around the World
  • 12-2. Productivity: Its Role and Determinants
  • FYI: Are You Richer Than the Richest American?
  • 12-2a. Why Productivity Is So Important
  • 12-2b. How Productivity Is Determined
  • FYI: A Picture Is Worth a Thousand Statistics
  • FYI: The Production Function
  • Case Study: Are Natural Resources a Limit to Growth?
  • 12-3. Economic Growth and Public Policy
  • 12-3a. Saving and Investment
  • 12-3b. Diminishing Returns and the Catch-Up Effect
  • 12-3c. Investment from Abroad
  • 12-3d. Education
  • 12-3e. Health and Nutrition
  • 12-3f. Property Rights and Political Stability
  • In The News: Does Food Aid Help or Hurt?
  • 12-3g. Free Trade
  • 12-3h. Research and Development
  • 12-3i. Population Growth
  • In The News: One Economist's Answer
  • 12-4. Conclusion: The Importance of Long-Run Growth
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • Saving, Investment, and the Financial System
  • 26-1. Financial Institutions in the U.S. Economy
  • 13-1a. Financial Markets
  • 13-1b. Financial Intermediaries
  • FYI: Key Numbers for Stock Watchers
  • 13-1c. Summing Up
  • In The News: Should Students Sell Equity in Themselves?
  • 13-2. Saving and Investment in the National Income Accounts
  • 13-2a. Some Important Identities
  • 13-2b. Meaning of Saving and Investment
  • 13-3. Market for Loanable Funds
  • 13-3a. Supply and Demand for Loanable Funds
  • 13-3b. Policy 1: Saving Incentives
  • 13-3c. Policy 2: Investment Incentives
  • 13-3d. Policy 3: Government Budget Deficits and Surpluses
  • Case Study: The History of U.S. Government Debt
  • FYI: Financial Crises
  • 13-4. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 14 Basic Tools of Finance
  • 14-1. Present Value: Measuring the Time Value of Money
  • FYI: The Magic of Compounding and the Rule of 70
  • 14-2. Managing Risk
  • 14-2a. Risk Aversion
  • 14-2b. Markets for Insurance
  • 14-2c. Diversification of Firm-Specific Risk
  • 14-2d. Trade-off between Risk and Return
  • 14-3. Asset Valuation
  • 14-3a. Fundamental Analysis
  • 14-3b. Efficient Markets Hypothesis
  • Case Study: Random Walks and Index Funds
  • 14-3c. Market Irrationality
  • In The News: Is the Efficient Markets Hypothesis Kaput?
  • 14-4. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 15 Unemployment
  • 15-1. Identifying Unemployment
  • 15-1a. How Is Unemployment Measured?
  • Case Study: Labor-Force Participation of Men and Women in the U.S. Economy
  • 15-1b. Does the Unemployment Rate Measure What We Want It To?
  • 15-1c. How Long Are the Unemployed without Work?
  • 15-1d. Why Are There Always Some People Unemployed?
  • FYI: The Jobs Number
  • 15-2. Job Search
  • 15-2a. Why Some Frictional Unemployment Is Inevitable
  • 15-2b. Public Policy and Job Search
  • 15-2c. Unemployment Insurance
  • In The News: Why Has Employment Declined?
  • 15-3. Minimum-Wage Laws
  • 15-4. Unions and Collective Bargaining
  • FYI: Who Earns the Minimum Wage?
  • 15-4a. Economics of Unions
  • 15-4b. Are Unions Good or Bad for the Economy?
  • 15-5. Theory of Efficiency Wages
  • 15-5a. Worker Health
  • 15-5b. Worker Turnover
  • 15-5c. Worker Quality
  • 15-5d. Worker Effort
  • Case Study: Henry Ford and the Very Generous $5-a-Day Wage
  • 15-6. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • pt. VI Money and Prices in the Long Run
  • ch. 16 Monetary System
  • 16-1. Meaning of Money
  • 16-1a. Functions of Money
  • 16-1b. Kinds of Money
  • In The News: Why Gold?
  • 16-1c. Money in the U.S. Economy
  • FYI: Why Credit Cards Aren't Money
  • Case Study: Where Is All the Currency?
  • 16-2. Federal Reserve System
  • 16-2a. Fed's Organization
  • 16-2b. Federal Open Market Committee
  • 16-3. Banks and the Money Supply
  • 16-3a. Simple Case of 100-Percent-Reserve Banking
  • 16-3b. Money Creation with Fractional-Reserve Banking
  • 16-3c. Money Multiplier
  • 16-3d. Bank Capital, Leverage, and the Financial Crisis of 2008--2009
  • 16-4. Fed's Tools of Monetary Control
  • 16-4a. How the Fed Influences the Quantity of Reserves
  • 16-4b. How the Fed Influences the Reserve Ratio
  • 16-4c. Problems in Controlling the Money Supply
  • Case Study: Bank Runs and the Money Supply
  • In The News: Bernanke on the Fed's Toolbox
  • 16-4d. Federal Funds Rate
  • 16-5. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 17 Money Growth and Inflation
  • 17-1. Classical Theory of Inflation
  • 17-1a. Level of Prices and the Value of Money
  • 17-1b. Money Supply, Money Demand, and Monetary Equilibrium
  • 17-1c. Effects of a Monetary Injection
  • 17-1d. Brief Look at the Adjustment Process
  • 17-1e. Classical Dichotomy and Monetary Neutrality
  • 17-1f. Velocity and the Quantity Equation
  • Case Study: Money and Prices during Four Hyperinflations
  • 17-1g. Inflation Tax
  • 17-1h. Fisher Effect
  • FYI: Hyperinflation in Zimbabwe
  • 17-2. Costs of Inflation
  • 17-2a. Fall in Purchasing Power? The Inflation Fallacy
  • 17-2b. Shoeleather Costs
  • 17-2c. Menu Costs
  • 17-2d. Relative-Price Variability and the Misallocation of Resources
  • 17-2e. Inflation-Induced Tax Distortions
  • 17-2f. Confusion and Inconvenience
  • 17-2g. Special Cost of Unexpected Inflation: Arbitrary Redistributions of Wealth
  • 17-2h. Inflation Is Bad, But Deflation May Be Worse
  • Case Study: The Wizard of Oz and the Free-Silver Debate
  • 17-3. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • pt. VII Macroeconomics of Open Economies
  • ch. 18 Open-Economy Macroeconomics: Basic Concepts
  • 18-1. International Flows of Goods and Capital
  • 18-1a. Flow of Goods: Exports, Imports, and Net Exports
  • Case Study: The Increasing Openness of the U.S. Economy
  • In The News: The Changing Nature of U.S. Exports
  • 18-1b. Flow of Financial Resources: Net Capital Outflow
  • 18-1c. Equality of Net Exports and Net Capital Outflow
  • 18-1d. Saving, Investment, and Their Relationship to the International Flows
  • 18-1e. Summing Up
  • Case Study: Is the U.S. Trade Deficit a National Problem?
  • 18-2. Prices for International Transactions: Real and Nominal Exchange Rates
  • 18-2a. Nominal Exchange Rates
  • FYI: The Euro
  • 18-2b. Real Exchange Rates
  • 18-3. First Theory of Exchange-Rate Determination: Purchasing-Power Parity
  • 18-3a. Basic Logic of Purchasing-Power Parity
  • 18-3b. Implications of Purchasing-Power Parity
  • Case Study: The Nominal Exchange Rate during Hyperinflation
  • 18-3c. Limitations of Purchasing-Power Parity
  • Case Study: The Hamburger Standard
  • 18-4. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 19 Macroeconomic Theory of the Open Economy
  • 19-1. Supply and Demand for Loanable Funds and for Foreign-Currency Exchange
  • 19-1a. Market for Loanable Funds
  • 19-1b. Market for Foreign-Currency Exchange
  • FYI: Purchasing-Power Parity as a Special Case
  • 19-2. Equilibrium in the Open Economy
  • 19-2a. Net Capital Outflow: The Link between the Two Markets
  • 19-2b. Simultaneous Equilibrium in Two Markets
  • FYI: Disentangling Supply and Demand
  • 19-3. How Policies and Events Affect an Open Economy
  • 19-3a. Government Budget Deficits
  • 19-3b. Trade Policy
  • 19-3c. Political Instability and Capital Flight
  • Case Study: Capital Flows from China
  • In The News: Is a Strong Currency Always in a Nation's Interest?
  • 19-4. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • pt. VII Short-Run Economic Fluctuations
  • ch. 20 Aggregate Demand and Aggregate Supply
  • 20-1. Three Key Facts about Economic Fluctuations
  • 20-1a. Fact 1: Economic Fluctuations Are Irregular and Unpredictable
  • 20-1b. Fact 2: Most Macroeconomic Quantities Fluctuate Together
  • 20-1c. Fact 3: As Output Falls, Unemployment Rises
  • 20-2. Explaining Short-Run Economic Fluctuations
  • 20-2a. Assumptions of Classical Economics
  • 20-2b. Reality of Short-Run Fluctuations
  • In The News: The Social Influences of Economic Downturns
  • 20-2c. Model of Aggregate Demand and Aggregate Supply
  • 20-3. Aggregate-Demand Curve
  • 20-3a. Why the Aggregate-Demand Curve Slopes Downward
  • 20-3b. Why the Aggregate-Demand Curve Might Shift --
  • Contents note continued: 20-4. Aggregate-Supply Curve
  • 20-4a. Why the Aggregate-Supply Curve Is Vertical in the Long Run
  • 20-4b. Why the Long-Run Aggregate-Supply Curve Might Shift
  • 20-4c. Using Aggregate Demand and Aggregate Supply to Depict Long-Run Growth and Inflation
  • 20-4d. Why the Aggregate-Supply Curve Slopes Upward in the Short Run
  • 20-4e. Why the Short-Run Aggregate-Supply Curve Might Shift
  • 20-5. Two Causes of Economic Fluctuations
  • 20-5a. Effects of a Shift in Aggregate Demand
  • FYI: Monetary Neutrality Revisited
  • Case Study: Two Big Shifts in Aggregate Demand: The Great Depression and World War II
  • Case Study: The Recession of 2008--2009
  • In The News: What Have We Learned?
  • 20-5b. Effects of a Shift in Aggregate Supply
  • Case Study: Oil and the Economy
  • FYI: The Origins of the Model of Aggregate Demand and Aggregate Supply
  • 20-6. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 21 Influence of Monetary and Fiscal Policy on Aggregate Demand
  • 21-1. How Monetary Policy Influences Aggregate Demand
  • 21-1a. Theory of Liquidity Preference
  • 21-1b. Downward Slope of the Aggregate-Demand Curve
  • FYI: Interest Rates in the Long Run and the Short Run
  • 21-1c. Changes in the Money Supply
  • 21-1d. Role of Interest-Rate Targets in Fed Policy
  • FYI: The Zero Lower Bound
  • Case Study: Why the Fed Watches the Stock Market (and Vice Versa)
  • 21-2. How Fiscal Policy Influences Aggregate Demand
  • 21-2a. Changes in Government Purchases
  • 21-2b. Multiplier Effect
  • 21-2c. Formula for the Spending Multiplier
  • 21-2d. Other Applications of the Multiplier Effect
  • 21-2e. Crowding-Out Effect
  • 21-2f. Changes in Taxes
  • FYI: How Fiscal Policy Might Affect Aggregate Supply
  • 21-3. Using Policy to Stabilize the Economy
  • 21-3a. Case for Active Stabilization Policy
  • Case Study: Keynesians in the White House
  • In The News: How Large Is the Fiscal Policy Multiplier?
  • 21-3b. Case against Active Stabilization Policy
  • 21-3c. Automatic Stabilizers
  • 21-4. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • ch. 22 Short-Run Trade-off between Inflation and Unemployment
  • 22-1. Phillips Curve
  • 22-1a. Origins of the Phillips Curve
  • 22-1b. Aggregate Demand, Aggregate Supply, and the Phillips Curve
  • 22-2. Shifts in the Phillips Curve: The Role of Expectations
  • 22-2a. Long-Run Phillips Curve
  • 22-2b. Meaning of "Natural"
  • 22-2c. Reconciling Theory and Evidence
  • 22-2d. Short-Run Phillips Curve
  • 22-2e. Natural Experiment for the Natural-Rate Hypothesis
  • 22-3. Shifts in the Phillips Curve: The Role of Supply Shocks
  • 22-4. Cost of Reducing Inflation
  • 22-4a. Sacrifice Ratio
  • 22-4b. Rational Expectations and the Possibility of Costless Disinflation
  • 22-4c. Volcker Disinflation
  • 22-4d. Greenspan Era
  • 22-4e. Financial Crisis Takes Us for a Ride along the Phillips Curve
  • 22-5. Conclusion
  • Summary
  • Key Concepts
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications
  • pt. IX Final Thoughts
  • ch. 23 Six Debates over Macroeconomic Policy
  • 23-1. Should Monetary and Fiscal Policymakers Try to Stabilize the Economy?
  • 23-1a. Pro: Policymakers Should Try to Stabilize the Economy
  • 23-1b. Con: Policymakers Should Not Try to Stabilize the Economy
  • In The News: How Long Will the Fed Keep Interest Rates at Zero?
  • 23-2. Should the Government Fight Recessions with Spending Hikes Rather Than Tax Cuts?
  • 23-2a. Pro: The Government Should Fight Recessions with Spending Hikes
  • 23-2b. Con: The Government Should Fight Recessions with Tax Cuts
  • 23-3. Should Monetary Policy Be Made by Rule Rather Than by Discretion?
  • 23-3a. Pro: Monetary Policy Should Be Made by Rule
  • 23-3b. Con: Monetary Policy Should Not Be Made by Rule
  • FYI: Inflation Targeting
  • 23-4. Should the Central Bank Aim for Zero Inflation?
  • 23-4a. Pro: The Central Bank Should Aim for Zero Inflation
  • 23-4b. Con: The Central Bank Should Not Aim for Zero Inflation
  • In The News: What Is the Optimal Inflation Rate?
  • 23-5. Should the Government Balance Its Budget?
  • 23-5a. Pro: The Government Should Balance Its Budget
  • 23-5b. Con: The Government Should Not Balance Its Budget
  • In The News: What Would an American Fiscal Crisis Look Like?
  • 23-6. Should the Tax Laws Be Reformed to Encourage Saving?
  • 23-6a. Pro: The Tax Laws Should Be Reformed to Encourage Saving
  • 23-6b. Con: The Tax Laws Should Not Be Reformed to Encourage Saving
  • 23-7. Conclusion
  • Summary
  • Questions for Review
  • Quick Check Multiple Choice
  • Problems and Applications.
Other information
  • Includes index.
ISBN
  • 9781285165912 (pbk.)
  • 1285165918 (pbk.)
Identifying numbers
  • LCCN: 2013944587
  • OCLC: 893099013
  • OCLC: 893099013