Macroeconomics: understanding the global economy
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Chichester
Wiley
2012
|
| Edition: | 3. ed., 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIX, 597 S. Ill., graph. Darst., Kt. |
| ISBN: | 9781119995722 9781119995715 |
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MARC
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| 020 | |a 9781119995715 |c (pbk.) |9 978-1-119-99571-5 | ||
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| 100 | 1 | |a Miles, David |d 1959- |e Verfasser |0 (DE-588)130444901 |4 aut | |
| 245 | 1 | 0 | |a Macroeconomics |b understanding the global economy |c David Miles ; Andrew Scott and Francis Breedon |
| 250 | |a 3. ed., 1. publ. | ||
| 264 | 1 | |a Chichester |b Wiley |c 2012 | |
| 300 | |a XIX, 597 S. |b Ill., graph. Darst., Kt. | ||
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| 650 | 7 | |a BUSINESS & ECONOMICS / Economics / Macroeconomics |2 bisacsh | |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-024666410 | ||
Record in the Search Index
| _version_ | 1804148735835373568 |
|---|---|
| adam_text | Preface
xv
PART ONE
INTRODUCTION
Chapter
1
What Is Macroeconomics?
3
Chapter
2
The Language of Macroeconomics: The National Income Accounts
12
PART TWO
ECONOMIC GROWTH AND THE SUPPLY SIDE
Chapter
3
The Wealth of Nations: The Supply Side
37
Chapter
4
Capital Accumulation and Economic Growth
59
Chapter
5
Total Factor Productivity, Human Capital and Technology
85
Chapter
6
Endogenous Growth and Convergence
104
Chapter
7
Unemployment and the Labour Market
130
Chapter
8
International Trade
157
Chapter
9
Globalization
185
PART THREE
BUSINESS CYCLES AND ECONOMIC POLICY
Chapter
10
Consumption and Investment
211
Chapter
11
Business Cycles
250
Chapter
12
Money and Prices
282
Chapter
13
Monetary Policy
314
Chapter
14
Fiscal Policy and the Role of Government
344
Chapter
15
Stabilization Policy
364
PART FOUR
ASSET MARKETS AND THE FINANCIAL SECTOR
Chapter
16
Financial Markets: Equities and Bonds
395
Chapter
17
The Banking Sector
429
Chanter
18
Sovereian Debt and Default
451
VII
VÜi BRIEF
CONTENTS
PART FIVE EXCHANGE RATES AND GLOBAL CAPITAL MARKETS
Chapter
19
Exchange Rate Determination: The Real Exchange Rate
475
Chapter
20
Exchange Rate Determination: Nominal Exchange Rates
and Asset Markets
503
Chapter
21
Currency Crises and Exchange Rate Systems
529
Glossary
559
Notes
571
Index
577
Preface
xv
PART ONE INTRODUCTION
Chapter
1
What Is Macroeconomics?
3
1.1
What Is Macroeconomics About?
3
1.2
But What about That Definition?
5
1.3
The Difference between Macroeconomics and Microeconomics
7
1.4
A Crisis for Macroeconomics?
8
Chapter
2
The Language of Macroeconomics: The National Income Accounts
12
2.1
What Do Macroeconomists Measure?
12
2.2
How Do Macroeconomists Measure Output?
13
2.3
Output as Value Added
16
2.4
National Income Accounts
17
2.5
How Large Are Modern Economies?
23
2.6
Total Output and Total Happiness
26
PART TWO ECONOMIC GROWTH AND THE SUPPLY SIDE
Chapter
3
The Wealth of Nations: The Supply Side
37
3.1
The Importance of Economic Growth
37
3.2
The Impact of Long-Run Growth
40
3.3
Explaining
Cross-Country
Income Differences
46
3.4
The Production Function and Factor Inputs
47
3.5
Growth Accounting
52
3.6
Growth Accounting: An Application
54
Chapter
4
Capital Accumulation and Economic Growth
59
4.1
Capital Accumulation and Output Growth
59
4.2
Savings, Investment and Interest Rates
62
4.3
Why Poor Countries Catch Up with the Rich
64
4.4
The Growing Importance of Total Factor Productivity
67
4.5
The End of Growth through Capital Accumulation
69
4.6
Why Bother Saving?
72
4.7
How Much Should a Country Invest?
75
4.8
China: A Big Tiger
78
CONTENTS
Chapter
5 Total
Factor Productivity, Human Capital and Technology
85
5.1
The Role of Total Factor Productivity
85
5.2
Human Capital
87
5.3
Total Factor Productivity
91
5.4
The Importance of Technological Progress
98
5.5
Scarce Resources and the Production Function
101
Chapter
6
Endogenous Growth and Convergence
104
6.1
Endogenous Growth
105
6.2
Poverty Traps
109
6.3
Convergence or Divergence?
111
6.4
Determinants of the Steady State
115
6.5
Why Is Africa So Poor?
117
6.6
The Curse of Natural Resources
124
6.7
Does Aid Work?
125
Chapter
7
Unemployment and the Labour Market
130
7.1
Labour Market Data
130
7.2
A Long-Run Model of the Labour Market
133
7.3
The Natural Rate of Unemployment
136
7.4
A Diagrammatic Analysis
137
7.5
Determinants of the Natural Rate
138
7.6
What Lowers Unemployment?
145
7.7
A Flow Approach to the Natural Rate of Unemployment
147
7.8
Labour Market Reform
152
Chapter
8
International Trade
157
8.1
Patterns of World Trade
158
8.2
Comparative Advantage: How Countries Benefit from Trade
160
8.3
The Terms of Trade
165
8.4
In What Goods Will Countries Trade?
170
8.5
Distributional Impacts of Trade
175
8.6
Competitiveness
177
8.7
Strategic Trade Theory
179
8.8
Political Economy and Vested Interest
182
Chapter
9
Globalization
185
9.1
Globalization: A Long-Term Perspective
186
9.2
The Benefits of Trade Liberalization
191
9.3
Foreign Direct Investment and Multinationals
198
9.4
Immigration
200
9.5
Problems of Globalization
203
9.6
The WTO and the Future of Trade Liberalization
206
CONTENTS
PART THREE BUSINESS CYCLES AND ECONOMIC POLICY
Chapter
10
Consumption and Investment
211
10.1
The Importance of Consumption
211
10.2
The Basic Keynesian Model of Consumption
213
10.3
The Permanent Income Model
216
10.4
The Importance of Current Income Revisited
223
10.5
The Influence of Interest Rates
226
10.6
The Role of Wealth and Capital Gains
228
10.7
Demographic Influences in the Life-Cycle Model
230
10.8
Investment and the Capital Stock
231
10.9
The Optimal Stock of Capital
233
10.10
Declining Marginal Product of Capital
235
10.11
Investment and the Stock Market
238
10.12
Cash Flows and Investment
240
10.13
The IS Curve
241
Chapter
11
Business Cycles
250
11.1
What Is a Business Cycle?
250
11.2
Measuring the Business Cycle
252
11.3
Characterizing Business Cycles
255
11.4
Business Cycles as Aggregate Fluctuations
257
11.5
Have Business Cycles Changed?
261
11.6
Are Business Cycles Bad?
262
11.7
The Frisch-Slutsky Paradigm
265
11.8
Aggregate Demand and Aggregate Supply
271
11.9
So What Causes Business Cycles?
278
Chapter
12
Money and Prices
282
12.1
Rising Prices
283
12.2
Measuring Inflation
287
12.3
The Costs of Inflation and the Dangers of Deflation
289
12.4
The Nature of Money
296
12.5
The Money Supply
299
12.6
How Banks Make Money: The Money Multiplier
301
12.7
Seignorage and the Inflation Tax: How Governments Make
Money from Money
303
12.8
Hyperinflation
305
12.9
Monetarism and the Quantity Theory of Money
306
Chapter
13
Monetary Policy
314
13.1
The Influence of Central Banks
314
13.2
Monetary Policy and the LM Curve
317
13.3
What Does Monetary Policy Target?
322
XII CONTENTS
13.4
What Intermediate Target Should Central Banks Use?
323
13.5
Money Supply Targeting
324
13.6
Exchange Rate Targets
328
13.7
Inflation Targeting
328
13.8
The Operational Instruments of Monetary Policy
330
13.9
Controlling the Money Supply or Interest Rates?
332
13.10
How Monetary Policy Affects the Economy:
The Transmission Mechanism
334
13.11
Monetary Policy in Practice
336
13.12
Quantitative Easing
339
Chapter
14
Fiscal Policy and the Role of Government
344
14.1
Government Spending
344
14.2
The Rationale for Government s Role and the Failure
of the Invisible Hand
348
14.3
Taxation and Distortions
351
14.4
Deficits and Taxes
357
14.5
Optimal Budget Deficits
360
Chapter
15
Stabilization Policy
364
15.1
Output Fluctuations and the Tools of
Macroeconomic
Policy
364
15.2
General Arguments against Stabilization Policy
368
15.3
The Inflation Output Trade-off
373
15.4
The Phillips Curve and Shifting Expectations
378
15.5
Policy Credibility: The Good News about Shifting Expectations
380
15.6
Time Inconsistency
383
15.7
Rules versus Discretion
387
PART FOUR ASSET MARKETS AND THE FINANCIAL SECTOR
Chapter
16
Financial Markets: Equities and Bonds
395
16.1
The Financial Sector: An Overview
395
16.2
Debt and Equity
398
16.3
International Comparisons of Equity Markets
398
16.4
The Determination of Stock Prices
402
16.5
On the Unpredictability of Share Prices
404
16.6
Risk, Equity Prices and Excess Return
406
16.7
Are Stock Prices Forecastable?
408
16.8
Speculation or Fundamentals?
410
16.9
Bubbles
411
16.10
What is a Bond?
412
16.11
Prices, Yields and Interest Rates
414
16.12
Inflation and the Bond Market
419
16.13
Government Policy and the Yield Curve
420
CONTENTS XIII
Chapter
17
The Banking Sector
429
17.1
The Role of Banks
429
17.2
Problems in Banking Markets
434
17.3
Banking Crises
442
17.4
Credit Crunches
446
Chapter
18
Sovereign Debt and Default
451
18.1
Sovereign Debt and Deficits
451
18.2
Deficits and the Business Cycle
453
18.3
Long-Run Sustainability
456
18.4
The
Intertemporal
Budget Constraint
459
18.5
Sovereign Default
461
18.6
Credit Risk and Credit Agencies
465
18.7
Debt Forgiveness
469
PART FIVE EXCHANGE RATES AND GLOBAL CAPITAL MARKETS
Chapter
19
Exchange Rate Determination: The Real Exchange Rate
475
19.1
Types of Exchange Rate
476
19.2
Law of One Price
478
19.3
Purchasing Power Parity
483
19.4
The Balance of Payments
488
19.5
Which Countries Are Rich and Which Are Poor?
492
19.6
Current and Capital Accounts and the Real Exchange Rate
493
Chapter
20
Exchange Rate Determination: Nominal Exchange Rates
and Asset Markets
503
20.1
The Importance of Asset Markets
503
20.2
Covered Interest Parity
505
20.3
Uncovered Interest Parity
507
20.4
Pinning Down the Exchange Rate with UIP
509
20.5
The Role of Expectations
512
20.6
Does UiP Hold?
515
20.7
Introducing Risk-Averse Investors
516
20.8
What Are Exchange Rate Markets Really Like?
518
20.9
Global Capital Markets
520
20.10
A Home Bias Puzzle
524
Chapter
21
Currency Crises and Exchange Rate Systems
529
21.1
Currency Crises
529
21.2
First-Generation Models
531
21.3
Second-Generation Models and the ERM Crisis
532
21.4
Twin Crises: Banking and Currency
535
21.5
Foreign Exchange Rate Intervention
538
XIV
CONTENTS
21.6
Sovereign Wealth Funds
21.7
The Role of the IMF
21.8
Capital Account Liberalization
21.9
Exchange Rate Regimes
21.10
Currency Boards
21.11
Currency Unions
Glossary
Notes
Index
540
541
544
547
553
554
559
571
577
|
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| id | DE-604.BV039806041 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:11:52Z |
| institution | BVB |
| isbn | 9781119995722 9781119995715 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024666410 |
| oclc_num | 756596996 |
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| physical | XIX, 597 S. Ill., graph. Darst., Kt. |
| publishDate | 2012 |
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| publisher | Wiley |
| record_format | marc |
| spelling | Miles, David 1959- Verfasser (DE-588)130444901 aut Macroeconomics understanding the global economy David Miles ; Andrew Scott and Francis Breedon 3. ed., 1. publ. Chichester Wiley 2012 XIX, 597 S. Ill., graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Macroeconomics BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh Wirtschaft Scott, Andrew 1965- Verfasser (DE-588)129695386 aut Breedon, Francis Verfasser aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024666410&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Miles, David 1959- Scott, Andrew 1965- Breedon, Francis Macroeconomics understanding the global economy Macroeconomics BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh Wirtschaft |
| title | Macroeconomics understanding the global economy |
| title_auth | Macroeconomics understanding the global economy |
| title_exact_search | Macroeconomics understanding the global economy |
| title_full | Macroeconomics understanding the global economy David Miles ; Andrew Scott and Francis Breedon |
| title_fullStr | Macroeconomics understanding the global economy David Miles ; Andrew Scott and Francis Breedon |
| title_full_unstemmed | Macroeconomics understanding the global economy David Miles ; Andrew Scott and Francis Breedon |
| title_short | Macroeconomics |
| title_sort | macroeconomics understanding the global economy |
| title_sub | understanding the global economy |
| topic | Macroeconomics BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh Wirtschaft |
| topic_facet | Macroeconomics BUSINESS & ECONOMICS / Economics / Macroeconomics Wirtschaft |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024666410&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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