دانلود کتاب Macroeconomics

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Title Page
Copyright
Brief Contents
Contents
Preface
The Core
Introduction
Chapter 1 A Tour of the World
1-1 The Crisis
1-2 The United States
Low Interest Rates and the Zero Lower Bound
How Worrisome Is Low Productivity Growth?
1-3 The Euro Area
Can European Unemployment Be Reduced?
What Has the Euro Done for Its Members?
1-4 China
1-5 Looking Ahead
Appendix: Where to Find the numbers
Chapter 2 A Tour of the Book
2-1 Aggregate Output
GDP: Production and Income
Nominal and Real GDP
GDP: Level versus Growth Rate
2-2 The Unemployment Rate
Why Do Economists Care about Unemployment?
2-3 The Inflation Rate
The GDP Deflator
The Consumer Price Index
Why Do Economists Care about Inflation?
2-4 Output, Unemployment, and the Inflation Rate: Okun’s Law and the Phillips Curve
Okun’s Law
The Phillips Curve
2-5 The Short Run, the Medium Run, and the Long Run
2-6 A Tour of the Book
The Core
Extensions
Back to Policy
Epilogue
Appendix: The Construction of Real GDP and Chain-Type Indexes
The Short Run
Chapter 3 The Goods Market
3-1 The Composition of GDP
3-2 The Demand for Goods
Consumption (C)
Investment (I)
Government Spending (G)
3-3 The Determination of Equilibrium Output
Using Algebra
Using a Graph
Using Words
How Long Does It Take for Output to Adjust?
3-4 Investment Equals Saving: An Alternative Way of Thinking about Goods-Market Equilibrium
3-5 Is the Government Omnipotent? A Warning
Chapter 4 Financial Markets I
4-1 The Demand for Money
Deriving the Demand for Money
4-2 Determining the Interest Rate: I
Money Demand, Money Supply, and the Equilibrium Interest Rate
Monetary Policy and Open Market Operations
Choosing Money or Choosing the Interest Rate?
4-3 Determining the Interest Rate: II
What Banks Do
The Demand and Supply for Central Bank Money
The Federal Funds Market and the Federal Funds Rate
4-4 The Liquidity Trap
Appendix: The Determination of the Interest Rate When People Hold BothCurrency and Checkable Deposits
Chapter 5 Goods and Financial Markets; The IS-LM Model
5-1 The Goods Market and the IS Relation
Investment, Sales, and the Interest Rate
Determining Output
Deriving the IS Curve
Shifts of the IS Curve
5-2 Financial Markets and the LM Relation
Real Money, Real Income, and the Interest Rate
Deriving the LM Curve
5-3 Putting the IS and the LM Relations Together
Fiscal Policy
Monetary Policy
5-4 Using a Policy Mix
5-5 How Does the IS-LM Model Fit the Facts?
Chapter 6 Financial Markets II: The Extended Model
6-1 Nominal versus Real Interest Rates
Nominal and Real Interest Rates in the United States since 1978
Nominal and Real Interest Rates: The Zero Lower Bound and Deflation
6-2 Risk and Risk Premia
6-3 The Role of Financial Intermediaries
The Choice of Leverage
Leverage and Lending
6-4 Extending the IS-LM
Financial Shocks and Policies
6-5 From a Housing Problem to a Financial Crisis
Housing Prices and Subprime Mortgages
The Role of Financial Intermediaries
Macroeconomic Implications
Policy Responses
The Medium Run
Chapter 7 The Labor Market
7-1 A Tour of the Labor Market
The Large Flows of Workers
7-2 Movements in Unemployment
7-3 Wage Determination
Bargaining
Efficiency Wages
Wages, Prices, and Unemployment
The Expected Price Level
The Unemployment Rate
The Other Factors
7-4 Price Determination
7-5 The Natural Rate of Unemployment
The Wage-Setting Relation
The Price-Setting Relation
Equilibrium Real Wages and Unemployment
7-6 Where We Go from Here
Appendix: Wage- and Price-Setting Relations versus Labor Supplyand Labor Demand
Chapter 8 The Phillips Curve, the Natural Rate of Unemployment, and Inflation
8-1 Inflation, Expected Inflation, and Unemployment
8-2 The Phillips Curve and Its Mutations
The Early Incarnation
The Apparent Trade-Off and Its Disappearance
8-3 The Phillips Curve and the Natural Rate of Unemployment
8-4 A Summary and Many Warnings
Variations in the Natural Rate across Countries
Variations in the Natural Rate over Time
High Inflation and the Phillips Curve Relation
Deflation and the Phillips Curve Relation
Appendix: Derivation of the Relation to a Relation between Inflation,Expected Inflation, and Unemployment
Chapter 9 From the Short to the Medium Run: The IS-LM-PC Model
9-1 The IS-LM-PC model
9-2 Dynamics and the Medium Run Equilibrium
The Role of Expectations Revisited
The Zero Lower Bound and Debt Spirals
9-3 Fiscal Consolidation Revisited
9-4 The Effects of an Increase in the Price of Oil
Effects on the Natural Rate of Unemployment
9-5 Conclusions
The Short Run versus the Medium Run
Shocks and Propagation Mechanisms
The Long Run
Chapter 10 The Facts of Growth
10-1 Measuring the Standard of Living
10-2 Growth in Rich Countries since 1950
The Large Increase in the Standard of Living since 1950
The Convergence of Output per Person
10-3 A Broader Look across Time and Space
Looking across Two Millennia
Looking across Countries
10-4 Thinking about Growth: A Primer
The Aggregate Production Function
Returns to Scale and Returns to Factors
Output per Worker and Capital per Worker
The Sources of Growth
Chapter 11 Saving, Capital Accumulation, and Output
11-1 Interactions between Output and Capital
The Effects of Capital on Output
The Effects of Output on Capital Accumulation
Output and Investment
Investment and Capital Accumulation
11-2 The Implications of Alternative Saving Rates
Dynamics of Capital and Output
The Saving Rate and Output
The Saving Rate and Consumption
11-3 Getting a Sense of Magnitudes
The Effects of the Saving Rate on Steady-State Output
The Dynamic Effects of an Increase in the Saving Rate
The U.S. Saving Rate and the Golden Rule
11-4 Physical versus Human Capital
Extending the Production Function
Human Capital, Physical Capital, and Output
Endogenous Growth
Appendix: The Cobb-Douglas Production Function and the Steady State
Chapter 12 Technological Progress and Growth
12-1 Technological Progress and the Rate of Growth
Technological Progress and the Production Function
Interactions between Output and Capital
Dynamics of Capital and Output
The Effects of the Saving Rate
12-2 The Determinants of Technological Progress
The Fertility of the Research Process
The Appropriability of Research Results
Management, Innovation, and Imitation
12-3 Institutions, Technological Progress, and Growth
12-4 The Facts of Growth Revisited
Capital Accumulation versus Technological Progress in Rich Countries since 1985
Capital Accumulation versus Technological Progress in China
Appendix
: Constructing a Measure of Technological Progress
Chapter 13 Technological Progress: The Short, the Medium, and the Long Run
13-1 Productivity, Output, and Unemployment in the Short Run
The Empirical Evidence
13-2 Productivity and the Natural Rate of Unemployment
Price Setting and Wage Setting Revisited
The Natural Rate of Unemployment
The Empirical Evidence
13-3 Technological Progress, Churning, and Inequality
The Increase in Wage Inequality
The Causes of Increased Wage Inequality
Inequality and the Top 1%
EXTENSIONS
Expectations
Chapter 14 Financial Markets and Expectations
14-1 Expected Present Discounted Values
Computing Expected Present Discounted Values
A General Formula
Using Present Values: Examples
Constant Interest Rates
Constant Interest Rates and Payments
Constant Interest Rates and Payments Forever
Zero Interest Rates
Nominal versus Real Interest Rates and Present Values
14-2 Bond Prices and Bond Yields
Bond Prices as Present Values
Arbitrage and Bond Prices
From Bond Prices to Bond Yields
Reintroducing Risk
Interpreting the Yield Curve
14-3 The Stock Market and Movements in Stock Prices
Stock Prices as Present Values
The Stock Market and Economic Activity
A Monetary Expansion and the Stock Market
An Increase in Consumer Spending and the Stock Market
14-4 Risk, Bubbles, Fads, and Asset Prices
Stock Prices and Risk
Asset Prices, Fundamentals, and Bubbles
Appendix: Deriving the Expected Present Discounted Value UsingReal or Nominal Interest Rates
Chapter 15 Expectations, Consumption, and Investment
15-1 Consumption
The Very Foresighted Consumer
An Example
Toward a More Realistic Description
Putting Things Together: Current Income, Expectations, and Consumption
15-2 Investment
Investment and Expectations of Profit
Depreciation
The Present Value of Expected Profits
The Investment Decision
A Convenient Special Case
Current versus Expected Profit
Profit and Sales
15-3 The Volatility of Consumption and Investment
Appendix: Derivation of the Expected Present Value of Profits underStatic Expectations
Chapter 16 Expectations, Output, and Policy
16-1 Expectations and Decisions: Taking Stock
Expectations, Consumption, and Investment Decisions
Expectations and the IS Relation
16-2 Monetary Policy, Expectations, and Output
Monetary Policy Revisited
16-3 Deficit Reduction, Expectations, and Output
The Role of Expectations about the Future
Back to the Current Period
The Open Economy
Chapter 17 Openness in Goods and Financial Markets
17-1 Openness in Goods Markets
Exports and Imports
The Choice between Domestic Goods and Foreign Goods
Nominal Exchange Rates
From Nominal to Real Exchange Rates
From Bilateral to Multilateral Exchange Rates
17-2 Openness in Financial Markets
The Balance of Payments
The Choice between Domestic and Foreign Assets
Interest Rates and Exchange Rates
17-3 Conclusions and a Look Ahead
Chapter 18 The Goods Market in an Open Economy
18-1 The IS Relation in the Open Economy
The Demand for Domestic Goods
The Determinants of C, I, and G
The Determinants of Imports
The Determinants of Exports
Putting the Components Together
18-2 Equilibrium Output and the Trade Balance
18-3 Increases in Demand—Domestic or Foreign
Increases in Domestic Demand
Increases in Foreign Demand
Fiscal Policy Revisited
18-4 Depreciation, the Trade Balance, and Output
Depreciation and the Trade Balance: The Marshall-Lerner Condition
The Effects of a Real Depreciation
Combining Exchange Rate and Fiscal Policies
18-5 Looking at Dynamics: The J-Curve
18-6 Saving, Investment, and the Current Account Balance
Appendix: Derivation of the Marshall-Lerner Condition
Chapter 19 Output, the Interest Rate, and the Exchange Rate
19-1 Equilibrium in the Goods Market
19-2 Equilibrium in Financial Markets
Domestic Bonds versus Foreign Bonds
19-3 Putting Goods and Financial Markets Together
19-4 The Effects of Policy in an Open Economy
The Effects of Monetary Policy in an Open Economy
The Effects of Fiscal Policy in an Open Economy
Fixed Exchange Rates
Pegs, Crawling Pegs, Bands, the EMS, and the Euro
Monetary Policy when the Exchange Rate Is Fixed
Fiscal Policy when the Exchange Rate Is Fixed
Appendix Fixed Exchange Rates, Interest Rates, and Capital Mobility
Chapter 20 Exchange Rate Regimes
20-1 The Medium Run
The IS Relation under Fixed Exchange Rates
Equilibrium in the Short and the Medium Run
The Case for and against a Devaluation
20-2 Exchange Rate Crises under Fixed Exchange Rates
20-3 Exchange Rate Movements under Flexible Exchange Rates
Exchange Rates and the Current Account
Exchange Rates and Current and Future Interest Rates
Exchange Rate Volatility
20-4 Choosing between Exchange Rate Regimes
Common Currency Areas
Hard Pegs, Currency Boards, and Dollarization
Appendix 1: Deriving the IS Relation under Fixed Exchange Rates
Appendix 2: The Real Exchange Rate and Domestic and Foreign RealInterest Rates
Back to Policy
Chapter 21 Should Policy Makers Be Restrained?
21-1 Uncertainty and Policy
How Much Do Macroeconomists Actually Know?
Should Uncertainty Lead Policy Makers to Do Less?
Uncertainty and Restraints on Policy Makers
21-2 Expectations and Policy
Hostage Takings and Negotiations
Inflation and Unemployment Revisited
Establishing Credibility
Time Consistency and Restraints on Policy Makers
21-3 Politics and Policy
Games between Policy Makers and Voters
Games between Policy Makers
Politics and Fiscal Restraints
Chapter 22 Fiscal Policy: A Summing Up
22-1 What We Have Learned
22-2 The Government Budget Constraint: Deficits, Debt, Spending, and Taxes
The Arithmetic of Deficits and Debt
Current versus Future Taxes
The Evolution of the Debt-to-GDP Ratio
22-3 Ricardian Equivalence, Cyclical Adjusted Deficits, and War Finance
Ricardian Equivalence
Deficits, Output Stabilization, and the Cyclically Adjusted Deficit
Wars and Deficits
22-4 The Dangers of High Debt
High Debt, Default Risk, and Vicious Cycles
Debt Default
Money Finance
Chapter 23 Monetary Policy: A Summing Up
23-1 What We Have Learned
23-2 From Money Targeting to Inflation Targeting
Money Targeting
Inflation Targeting
The Interest Rate Rule
23-3 The Optimal Inflation Rate
The Costs of Inflation
The Benefits of Inflation
The Optimal Inflation Rate: The State of the Debate
23-4 Unconventional Monetary Policy
23-5 Monetary Policy and Financial Stability
Liquidity Provision and Lender of Last Resort
Macroprudential Tools
Chapter 24 Epilogue: The Story of Macroeconomics
24-1 Keynes and the Great Depression
24-2 The Neoclassical Synthesis
Progress on All Fronts
Keynesians versus Monetarists
24-3 The Rational Expectations Critique
The Three Implications of Rational Expectations
The Integration of Rational Expectations
24-4 Developments in Macroeconomics up to the 2009 Crisis
New Classical Economics and Real Business Cycle Theory
New Keynesian Economics
New Growth Theory
Toward an Integration
24-5 First Lessons for Macroeconomics after the Crisis
Appendix 1 An Introduction to National Income and Product Accounts
Appendix 2 A Math Refresher
Appendix 3 An Introduction to Econometrics
Glossary
Index
Credits