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Macroeconomics

Macroeconomics

by Linda Yueh (Author), Graeme Chamberlin (Author), Linda Yueh (Author)

  • Used

    Paperback 2006

    $9.24
Synopsis

Macroeconomics is a general textbook in macroeconomics and provides examples from a wide international context. It therefore by necessity covers both standard introductory macroeconomic topics and also the latest concepts arising from study of this international context. Examples in the book that require mature economies relate to Europe and the U.S., upon which much of standard macroeconomic theory is based. Amongst others, issues spanning the U.S. twin deficits,' the euro and European economic and monetary union are treated. Macroeconomics also covers the changing international economic order, including the WTO, the growth model of Latin America in contrast to East Asia, the transition of China and other recently marketised economies. It also examines the financial crises of the past two decades that have fundamentally overhauled theories surrounding liquidity crises, exchange rates and structural reforms related to liberalisation. Macroeconomics is suitable for several different levels of teaching. The first is a mode that requires review of some concepts normally covered in principles courses, such as the determinants of national income. This is to enable students with a less comprehensive background to access the required material in one text. The second is a standard intermediate treatment of macroeconomics, starting with a detailed derivation of the Keynesian Cross and components of aggregate demand, which leads to the general equilibrium models of IS-LM and AS-AD and the external sector. Finally, the textbook is suitable for more advanced teaching of macroeconomics: the standard models are followed by rigorous treatment of international policy coordination, financial crises, long-run economic growth and even development and transition economics.

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More Information

Format: Paperback
 Pages: 582
 Publisher: Cengage Learning
Published: 06 Apr 2006
ISBN 10: 1844800423
ISBN 13: 9781844800421

Media Reviews
Preface and Walk Through Tour PART I ? DEFINING THE MACROECONOMY Chapter 1 Macroeconomics and the Circular Flow of Income 1.1 Introduction 1.2 The circular flow of income 1.3 National income accounting and the circular flow of income 1.4 Macroeconomic modelling and the circular flow of income PART II ? THE REAL MACROECONOMY Chapter 2 Consumption 2.1 Introduction 2.2 Theories of consumption behaviour 2.3 The Keynesian consumption function 2.4 The permanent income and life cycle hypotheses 2.5 Explaining consumption patterns Chapter 3 Investment 3.1 Introduction 3.2 Theories of fixed business investment 3.2.1 Optimal capital stock model 3.2.2Tobin?s q 3.3 Inventory investment 3.4 Residential investment 3.5 Credit rationing and investment Chapter 4 Government Spending, Taxation, and Debt 4.1 Introduction 4.2 Deficits and debts 4.3 Fiscal policy and national income 4.4 Keynesian cross model 4.5 The Ricardian model: fiscal policy with forward-looking consumers PART III?MONEY Chapter 5 The Money Market 5.1 Introduction 5.2 What is money? 5.3 Monetary aggregates 5.4 The bond market 5.5 Determining the interest rate 5.5.1 The demand for money 5.5.2 Money supply 5.5.3 Equilibrium in the money market 5.6 The term structure of interest rates: yield curves 5.7 Monetary policy: money supply or interest rate? Chapter 6 Financial Markets 6.1 Introduction 6.2 Efficient markets: asset pricing models 6.2.1 Expected dividend model 6.2.2 Uncertainty and the Capital Asset Pricing Model (CAPM) 6.3 Portfolio selection: Tobin model 6.4 Financial market volatility: efficient and inefficient markets 6.5 Bubbles and crashes in financial markets PART IV?MODELS OF THE ECONOMY Chapter 7 The IS-LM Model 7.1 Introduction 7.2 The IS curve: equilibrium in the goods market 7.3 The LM curve: equilibrium in the money market 7.4 General equilibrium: the IS-LM model 7.5 Comparative statics 7.5.1 Fiscal policy 7.5.2 Monetary policy 7.6 What policy do we use? Keynesians versus Classicists 7.7 The Neoclassical IS-LM model Chapter 8 The AD-AS Model 8.1 Introduction 8.2 The aggregate demand schedule 8.3 The aggregate supply schedule 8.3.1 Long run aggregate supply 8.3.2 Short run aggregate supply 8.4 Equilibrium in the AD-AS model 8.5 Comparative statics 8.5.1 Aggregate demand shocks 8..5.2 Aggregate supply shocks 8.6 Hysteresis and the medium run PART V ? SHORT-RUN FLUCTUATIONS AND STABILIZATION Chapter 9 Business Cycles and Stabilization Policy 9.1 Introduction 9.2 Economic cycles 9.3 Real business cycles 9.4 New Keynesian theories of fluctuations 9.4.1 Wage rigidities 9.4.2 Price rigidities 9.5 Stabilisation policy Chapter 10 Unemployment, Inflation and Monetary Policy 10.1 Introduction 10.2 The Phillips curve 10.3 Theories of unemployment 10.4 Costs and benefits of inflation 10.5 Policy choices: preferences between unemployment and inflation 10.6 Expectations augmented Phillips curve 10.6.1 Long run Phillips curve 10.6.2 Processes of expectations formation 10.6.3 Policy neutrality 10.6.4 Hysteresis 10.7 Monetary Policy 10.7.1 Monetary policy and inflation 10.7.2 The time inconsistency problem and central bank independence 10.7.3 Seignorage and hyper-inflation PART VI ? THE OPEN ECONOMY Chapter 11 The Balance of Payments and Exchange Rates 11.1 Introduction 11.2 The balance of payments 11.3 Exchange rates 11.4 Theories of exchange rate determination 11.4.1 PPP: Purchasing Power Parity 11.4.2 UIP: Uncovered Interest Parity 11.4.3 Dornbusch model of exchange rate overshooting 11.5 Interaction of exchange rates and the balance of payments Chapter 12 IS-LM-BP Model 12.1 Introduction 12.2 Constructing the IS-LM-BP model 12.2.1 The open economy IS curve (the ISXM schedule) 12.2.2 The BP curve 12.2.3 The open economy LM curve 12.2.4 Exchange rate regimes 12.2.5 Equilibrium in the IS-LM-BP model 12.2 Comparative statics 12.3 Mundell-Fleming model Chapter 13 Aggregate demand and aggregate demand in the open economy 13.1 Introduction 13.2 The AD-CCE-BT (Salter-Swan) model 13.2.1 Competitiveness and the trade balance 13.2.2 Aggregate demand and competitiveness 13.2.3 The NAIRU and long run aggregate supply in the open economy 13.2.4 The trade balance and the sustainable level of output 13.2.5 Equilibrium in the Salter-Swan model 13.3 Achieving a target level of output PART VII ? INTERNATIONAL FINANCIAL ARCHITECTURE Chapter 14 Exchange Rate Regimes and International Policy Coordination 14.1 Introduction 14.2 The choice of exchange rate regime 14.3 International policy coordination 14.4 Optimal Currency Areas (OCA) 14.4.1 Is Europe an OCA? 14.4.2 Should the UK join the Euro? Chapter 15 International Financial Markets and Currency Crises 15.1 Introduction 15.2 The internationalisation of financial markets 15.3 Currency crises 15.3.1 First generation models: Latin America, 1981-82 15.3.2 Second generation models: ERM, 1992; Mexico, 1994-95 15.3.3 Third generation models: Asian financial crises, 1997-98 15.4 Preventing currency crises PART VIII ? ECONOMIC GROWTH IN THE LONG-RUN 16.1 Introduction 16.2 Neoclassical Model of Growth 16.2.1 The Solow Model 16.2.2 The Solow Model with Technology 16.2.3 Long-run Growth in the Solow model 16.2.4 The Convergence Hypothesis 16.3 Growth Models with Human Capital 16.4 Endogenous Growth Theories 16.4.1 The AK Model 16.4.2 The Romer Model 16.4.3 Evidence of Growth 16.4.4 Evaluation of Endogenous Growth Theories Glossary Index Bibliographic information