Macroeconomics 6th Edition by Stephen Williamson – Ebook PDF Instant Download/Delivery: 0134543109 , 9780134543109
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ISBN 10: 0134543109
ISBN 13: 9780134543109
Author: Stephen Williamson
This is the eBook of the printed book and may not include any media, website access codes, or print supplements that may come packaged with the bound book. For courses in undergraduate Macroeconomics courses. A modern approach to teaching macroeconomics Macroeconomics uses a thoroughly modern approach by building macroeconomic models from microeconomic principles. As such, it is consistent with the way that macroeconomic research is conducted today. This approach allows for deeper insights into economic growth processes and business cycles–the key topics in macroeconomics. An emphasis on microeconomic foundations better integrates the study of macroeconomics with approaches learned in microeconomics and field courses in economics. By following an approach to macroeconomics that is consistent with current macroeconomic research, you become better prepared for advanced study in economics. The 6th Edition captures the latest developments in macroeconomic thinking, applied to recent economic events and developments in macroeconomic policy. With the financial crisis receding, new challenges that macroeconomists and policymakers currently need to address are covered in the text.
Macroeconomics 6th Table of contents:
PART I Introduction and Measurement Issues
Chapter 1 Introduction
Learning Objectives
What Is Macroeconomics?
Gross Domestic Product, Economic Growth, and Business Cycles
Macroeconomic Models
Microeconomic Principles
Disagreement in Macroeconomics
What Do We Learn from Macroeconomic Analysis?
Understanding Recent and Current Macroeconomic Events
Aggregate Productivity
Unemployment and Vacancies
Taxes, Government Spending, and the Government Deficit
Inflation
Interest Rates
Business Cycles in the United States
Credit Markets and the Financial Crisis
The Current Account Surplus
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 2 Measurement
Learning Objectives
Measuring GDP: The National Income and Product Accounts
The Product Approach to Measuring GDP
The Expenditure Approach
The Income Approach
An Example with Inventory Investment
An Example with International Trade
Gross National Product
What Does GDP Leave Out?
The Components of Aggregate Expenditure
Nominal and Real GDP and Price Indices
Real GDP
Measures of the Price Level
Problems with Measuring Real GDP and the Price Level
Savings, Wealth, and Capital
Labor Market Measurement
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 3 Business Cycle Measurement
Learning Objectives
Regularities in GDP Fluctuations
Comovement
The Components of GDP
The Price Level and Inflation
Labor Market Variables
Seasonal Adjustment
Comovement Summary
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
PART II Basic Macroeconomic Models: A One-Period Model and Models of Search and Unemployment
Chapter 4 Consumer and Firm Behavior: The Work–Leisure Decision and Profit Maximization
Learning Objectives
The Representative Consumer
The Representative Consumer’s Preferences
The Representative Consumer’s Budget Constraint
The Consumer’s Real Disposable Income
The Budget Constraint
Consumer Optimization
How Does the Representative Consumer Respond to a Change in Real Dividends or Taxes?
The Representative Consumer and Changes in the Real Wage: Income and Substitution Effects
An Example: Consumption and Leisure are Perfect Complements
The Representative Firm
The Effect of a Change in Total Factor Productivity on the Production Function
The Profit Maximization Problem of the Representative Firm
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 5 A Closed-Economy One-Period Macroeconomic Model
Learning Objectives
Government
Competitive Equilibrium
Optimality
Sources of Social Inefficiencies
How to Use the Model
Working with the Model: The Effects of a Change in Government Purchases
Working with the Model: A Change in Total Factor Productivity
Interpretation of the Model’s Predictions
A Distorting Tax on Wage Income, Tax Rate Changes, and the Laffer Curve
A Simplified One-Period Model with Proportional Income Taxation
Income Tax Revenue and the Laffer Curve
A Model of Public Goods: How Large Should the Government Be?
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 6 Search and Unemployment
Learning Objectives
Labor Market Facts
The Unemployment Rate, Participation Rate, and Employment/Population Ratio
The Vacancy Rate and the Beveridge Curve
A One-Sided Search Model of Unemployment
The Welfare of Employed and Unemployed Workers
The Reservation Wage
The Determination of the Unemployment Rate
An Increase in Unemployment Insurance Benefits
An Increase in the Job Offer Rate
A Two-Sided Model of Search and Unemployment
Consumers
Firms
Matching
The Supply Side of the Labor Market: Optimization by Consumers
The Demand Side of the Labor Market: Optimization by Firms
Equilibrium
Working with the Two-Sided Search Model
An Increase in the UI Benefit
An Increase in Productivity
Decrease in Matching Efficiency
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
PART III Economic Growth
Chapter 7 Economic Growth: Malthus and Solow
Learning Objectives
Economic Growth Facts
The Malthusian Model of Economic Growth
Analysis of the Steady State in the Malthusian Model
The Effects of an Increase in z on the Steady State
Population Control
How Useful Is the Malthusian Model of Economic Growth?
The Solow Model: Exogenous Growth
Consumers
The Representative Firm
Competitive Equilibrium
Analysis of the Steady State
The Steady State Effects of an Increase in the Savings Rate
Consumption per Worker and Golden Rule Capital Accumulation
The Steady State Effects of an Increase in Labor Force Growth
The Steady State Effects of an Increase in Total Factor Productivity
Growth Accounting
Solow Residuals and Long-Run Productivity Growth
A Growth Accounting Exercise
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 8 Income Disparity Among Countries and Endogenous Growth
Learning Objectives
Convergence
Endogenous Growth: A Model of Human Capital Accumulation
The Representative Consumer
The Representative Firm
Competitive Equilibrium
Economic Policy and Growth
Convergence in the Endogenous Growth Model
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
PART IV Savings, Investment, and Government Deficits
Chapter 9 A Two-Period Model: The Consumption–Savings Decision and Credit Markets
Learning Objectives
A Two-Period Model of the Economy
Consumers
The Consumer’s Lifetime Budget Constraint
The Consumer’s Preferences
Consumer Optimization
An Increase in Current-Period Income
An Increase in Future Income
Temporary and Permanent Changes in Income
An Increase in the Real Interest Rate
An Example: Perfect Complements
Government
Competitive Equilibrium
The Ricardian Equivalence Theorem
Ricardian Equivalence: A Graph
Ricardian Equivalence and Credit Market Equilibrium
Ricardian Equivalence and the Burden of the Government Debt
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 10 Credit Market Imperfections: Credit Frictions, Financial Crises, and Social Security
Learning Objectives
Credit Market Imperfections and Consumption
Credit Market Imperfections, Asymmetric Information, and the Financial Crisis
Credit Market Imperfections, Limited Commitment, and the Financial Crisis
Social Security Programs
Pay-As-You-Go Social Security
Fully Funded Social Security
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 11 A Real Intertemporal Model with Investment
Learning Objectives
The Representative Consumer
Current Labor Supply
The Current Demand for Consumption Goods
The Representative Firm
Profits and Current Labor Demand
The Representative Firm’s Investment Decision
Government
Competitive Equilibrium
The Current Labor Market and the Output Supply Curve
The Current Goods Market and the Output Demand Curve
The Complete Real Intertemporal Model
The Equilibrium Effects of a Temporary Increase in G: Stimulus, the Multiplier, and Crowding Out
The Equilibrium Effects of a Decrease in the Current Capital Stock K
The Equilibrium Effects of an Increase in Current Total Factor Productivity z
The Equilibrium Effects of an Increase in Future Total Factor Productivity, zʹ: News About the Future and Aggregate Economic Activity
Credit Market Frictions and the Financial Crisis
Sectoral Shocks and Labor Market Mismatch
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
PART V Money and Business Cycles
Chapter 12 Money, Banking, Prices, and Monetary Policy
Learning Objectives
What Is Money?
Measuring the Money Supply
A Monetary Intertemporal Model
Real and Nominal Interest Rates and the Fisher Relation
Banks and Alternative Means of Payment
Equilibrium in the Market for Credit Card Services, and the Demand for Money
Government
Competitive Equilibrium—The Complete Monetary Intertemporal Model
A Level Increase in the Money Supply and Monetary Neutrality
Shifts in Money Demand
Conventional Monetary Policy, the Liquidity Trap, and Unconventional Monetary Policy
Quantitative Easing
Negative Nominal Interest Rates
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 13 Business Cycle Models with Flexible Prices and Wages
Learning Objectives
The Real Business Cycle Model
Real Business Cycles and the Behavior of Nominal Variables
Implications of Real Business Cycle Theory for Government Policy
Critique of Real Business Cycle Theory
A Keynesian Coordination Failure Model
The Coordination Failure Model: An Example
Predictions of the Coordination Failure Model
Policy Implications of the Coordination Failure Model
Critique of the Coordination Failure Model
Business Cycle Theories and the 2008–2009 Recession
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 14 New Keynesian Economics: Sticky Prices
Learning Objectives
The New Keynesian Model
The Nonneutrality of Money in the New Keynesian Model
The Role of Government Policy in the New Keynesian Model
Does the New Keynesian Model Replicate the Data?
The Liquidity Trap and Sticky Prices
Criticisms of Keynesian Models
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 15 Inflation: Phillips Curves and Neo-Fisherism
Learning Objectives
Introduction
Inflation in a Basic New Keynesian Model
Monetary Policy Goals
Low Real Interest Rates and the Zero Lower Bound
Neo-Fisherism, and a New Keynesian Rational Expectations (NKRE) Model
Neo-Fisherism and Taylor Rules
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
PART VI International Macroeconomics
Chapter 16 International Trade in Goods and Assets
Learning Objectives
A Two-Period Small Open-Economy Model: The Current Account
Credit Market Imperfections and Default
Production, Investment, and the Current Account
The Effects of an Increase in the World Real Interest Rate
Government Expenditure and the Current Account
The Effects of Increases in Current and Future Total Factor Productivity
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Chapter 17 Money in the Open Economy
Learning Objectives
The Nominal Exchange Rate, the Real Exchange Rate, and Purchasing Power Parity
Flexible and Fixed Exchange Rates
A Monetary Small Open-Economy Model with a Flexible Exchange Rate
The Neutrality of Money with a Flexible Exchange Rate
A Nominal Shock to the Domestic Economy from Abroad: P* Increases
A Real Shock to the Domestic Economy from Abroad
A Monetary Small Open Economy with a Fixed Exchange Rate
A Nominal Foreign Shock Under a Fixed Exchange Rate
A Real Foreign Shock Under a Fixed Exchange Rate
Exchange Rate Devaluation
Flexible Versus Fixed Exchange Rates
Capital Controls
The Capital Account and the Balance of Payments
The Effects of Capital Controls
A New Keynesian Sticky Price Open-Economy Model
Flexible Exchange Rate
Monetary Policy in the New Keynesian Model with a Flexible Exchange Rate
Fiscal Policy
Fixed Exchange Rate
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
PART VII Money, Banking, and Inflation
Chapter 18 Money, Inflation, and Banking: A Deeper Look
Learning Objectives
Alternative Forms of Money
Money and the Absence of Double Coincidence of Wants: The Role of Commodity Money and Fiat Money
Long-Run Inflation in the Monetary Intertemporal Model
Optimal Monetary Policy: The Friedman Rule
Financial Intermediation and Banking
Properties of Assets
Financial Intermediation
The Diamond–Dybvig Banking Model
Deposit Insurance
Chapter Summary
Key Terms
Questions for Review
Problems
Working with the Data
Appendix Mathematical Appendix
Chapter 4 Consumer and Firm Behavior
The Representative Consumer
The Representative Firm
Problems
Chapter 5 A Closed-Economy One-Period Macroeconomic Model
Competitive Equilibrium
Pareto Optimum
Comparative Statics
Problems
Chapter 6 Search and Unemployment
One-Sided Search Model
Problem
Two-Sided Search Model
Problems
Chapters 7 and 8 Economic Growth
Explicit Results for the Solow Growth Model
Problem
Optimal Growth: Endogenous Consumption–Savings Decisions
Problem
Chapter 9 A Two-Period Model
The Consumer’s Optimization Problem
Comparative Statics
Problems
Chapter 11 A Real Intertemporal Model with Investment
Problem
Chapter 12 Money, Banking, Prices, and Monetary Policy
Problem
Chapter 18 Money, Inflation, and Banking: A Deeper Look
A Kiyotaki–Wright Monetary Search Model
Problem
The Diamond–Dybvig Banking Model
Problems
Index
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Tags: Stephen Williamson, Macroeconomics