Macroeconomics: principles, applications, and tools
Gespeichert in:
Hauptverfasser: | , , |
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Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Boston [u.a.]
Pearson
2012
|
Ausgabe: | Ninth edition |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | XXX, 423 Seiten Illustrationen, Diagramme |
ISBN: | 9780134089027 |
Internformat
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Datensatz im Suchindex
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adam_text | Contents
Preface xix
PART 1
Introduction and Key Principles
¡Hi Introduction: What Is Economics? I
What Is Economics? 2
Positive versus Normative Analysis 3
The Three Key Economic Questions: What, How,
and Who? 4
Economic Models 4
Economic Analysis and Modern Problems 5
Economic View of Traffic Congestion 5
Economic View of Poverty in Africa 5
Economic View of the Current World Recession 6
Using Macroeconomics to Make Informed
Business Decisions 11
Preview of Coming Attractions:
Microeconomics 11
Using Microeconomics to Understand Markets
and Predict Changes 11
Using Microeconomics to Make Personal and
Managerial Decisions 11
Using Microeconomics to Evaluate Public
Policies 12
* SUMMARY 12 * KEY TERMS 12
* EXERCISES 13
APPENDIX: Using Graphs and Percentages 14
USING GRAPHS 14
COMPUTING PERCENTAGE CHANGES AND USING
EQUATIONS 22
APPLICATION 3 The Perils of Percentages 23
The Economic Way of Thinking 6
Use Assumptions to Simplify 7
The Key Principles of
Economics 26
Isolate Variables—Ceteris Paribus 7
Think at the Margin 7
Rational People Respond to Incentives 8
APPLICATION 1 Incentives to Buy Hybrid Vehicles 8
Example: London Addresses Its Congestion
Problem 9
APPLICATION 2 Housing Prices In Cuba 9
The Principle of Opportunity Cost 27
The Cost of College 27
The Cost of Military Spending 28
Opportunity Cost and the Production Possibilities
Curve 28
APPLICATION 1 Don’t Forget the Costs of Time
and Invested Funds 30
Preview of Coming Attractions:
Macroeconomics 10
Using Macroeconomics to Understand Why
Economies Grow 10
Using Macroeconomics to Understand Economic
Fluctuations 10
The Marginal Principle 31
How Many iMovie Sequels? 31
Renting College Facilities 32
Automobile Emissions Standards 3 3
Driving Speed and Safety 33
ix
APPLICATION 2 How Fast to Sail? 34
The Principle of Voluntary Exchange 34
Exchange and Markets 34
Online Games and Market Exchange 3 5
APPLICATION 3 Rory Mcllroy and Weed-
Wacking 35
The Principle of Diminishing Returns 36
APPLICATION 4 Fertilizer and Crop Yields 37
The Real-Nominal Principle 37
The Design of Public Programs 38
The Value of the Minimum Wage 38
APPLICATION 5 Repaying Student Loans 39
* SUMMARY 39 * KEY TERMS 40
* EXERCISES 40
* ECONOMIC EXPERIMENT 44
Exchange and Markets 45
Comparative Advantage and Exchange 46
Specialization and the Gains from Trade 46
Comparative Advantage versus Absolute
Advantage 48
The Division of Labor and Exchange 48
Comparative Advantage and International
Trade 49
Outsourcing 49
APPLICATION 1 Absolute Disadvantage
and Comparative Advantage in Latvia 50
Markets 51
Virtues of Markets 51
The Role of Entrepreneurs 52
Example of the Emergence of Markets: POW
Camps 53
APPLICATION 2 The Market for Meteorites 53
Market Failure and the Role of Government 54
Government Enforces the Rules of Exchange 54
Government Can Reduce Economic
Uncertainty 55
APPLICATION 3 Property Rights and Urban
Slums 56
* SUMMARY 56 * KEY TERMS 56
* EXERCISES 57
4
Equilibrium 60
The Demand Curve 61
The Individual Demand Curve and the Law
of Demand 61
From Individual Demand to Market Demand 63
APPLICATION 1 The Law of Demand for Young
Smokers 64
The Supply Curve 64
The Individual Supply Curve and the Law
of Supply 65
Why Is the Individual Supply Curve Positively
Sloped? 66
From Individual Supply to Market Supply 67
Why Is the Market Supply Curve Positively
Sloped? 68
APPLICATION 2 Law of Supply and Woolympics 69
Market Equilibrium: Bringing Demand
and Supply Together 69
Excess Demand Causes the Price to Rise 69
Excess Supply Causes the Price to Drop 70
APPLICATION 3 Shrinking Wine Lakes 71
Market Effects of Changes in Demand 71
Change in Quantity Demanded versus Change in
Demand 71
Increases in Demand Shift the Demand Curve 72
xi
Decreases in Demand Shift the Demand Curve 74
A Decrease in Demand Decreases the Equilibrium
Price 75
APPLICATION 4 Chinese Demand and Pecan
Prices 75
Market Effects of Changes in Supply 76
Change in Quantity Supplied versus Change in
Supply 76
Increases in Supply Shift the Supply Curve 76
An Increase in Supply Decreases the Equilibrium
Price 78
Decreases in Supply Shift the Supply Curve 79
A Decrease in Supply Increases the Equilibrium
Price 79
Simultaneous Changes in Demand and Supply 80
APPLICATION 5 The Harmattan and the Price
of Chocolate 82
Predicting and Explaining Market Changes 82
APPLICATION 6 Why Lower Drug Prices? 83
* SUMMARY 83 * KEY TERMS 84
* EXERCISES 84
* ECONOMIC EXPERIMENT 88
PAR I
fhe Basic Concepts in Macroeconomics i
Mooiiirlnij a Matt mu : twAn- ij, n
hhXCiS SS
The “Flip” Sides of Macroeconomic Activity:
Production and Income 90
The Circular Flow of Production and Income 91
APPLICATION 1 Using Value Added to Measure the
True Size of Walmart 92
The Production Approach: Measuring a
Nation’s Macroeconomic Activity Using
Gross Domestic Product 92
The Components of GDP 94
Putting It All Together: The GDP Equation 97
APPLICATION 2 Comparing Recoveries From
Recessions 98
The Income Approach: Measuring a Nation’s
Macroeconomic Activity Using National
Income 98
Measuring National Income 98
Measuring National Income through Value
Added 99
An Expanded Circular Flow 100
APPLICATION 3 The Links Between Self-Reported
Happiness and GDP 101
A Closer Examination of Nominal and Real
GDP 101
Measuring Real versus Nominal GDP 102
How to Use the GDP Deflator 103
Fluctuations in GDP 104
GDP as a Measure of Welfare 106
Shortcomings of GDP as a Measure of Welfare 106
* SUMMARY 107 ‘KEY TERMS 108
‘EXERCISES 108
Examining Unemployment 113
How Is Unemployment Defined and
Measured? 113
Alternative Measures of Unemployment and Why
They Are Important 115
Who Are the Unemployed? 116
APPLICATION 1 Declining Labor Force
Participation 117
Categories of Unemployment 118
Types of Unemployment: Cyclical, Frictional,
and Structural 118
The Natural Rate of Unemployment 119
APPLICATION 2 Less Unemployment Insurance,
More Employment? 120
The Costs of Unemployment 120
APPLICATION 3 Social Norms, Unemployment,
And Perceived Happiness 121
The Consumer Price Index and the Cost
of Living 122
The CPI versus the Chain Index for GDP 123
APPLICATION 4 The Introduction of Cell Phones
and the Bias In the CPI 124
Problems in Measuring Changes in Prices 124
Inflation 124
Historical U.S. Inflation Rates 125
The Perils of Deflation 126
The Costs of Inflation 127
Anticipated Inflation 127
Unanticipated Inflation 127
* SUMMARY 128 * KEY TERMS 129
* EXERCISES 129
PART 3
The Economy in the Long Run
The Economy at Pul
Employment 132
Labor Market Equilibrium and Full
Employment 139
Using the Full-Employment Model 140
Taxes and Potential Output 140
Real Business Cycle Theory 141
APPLICATION 2 Do European Soccer Stars Change
Clubs to Reduce Their Taxes? 143
APPLICATION 3 Government Policies and Savings
Rates 144
Dividing Output among Competing Demands
for GDP at Full Employment 144
International Comparisons 145
Crowding Out in a Closed Economy 145
Crowding Out in an Open Economy 147
Crowding In 147
* SUMMARY 148 * KEY TERMS 148
* EXERCISES 148
8
Why Do Economies Grow? 152
Economic Growth Rates 153
Measuring Economic Growth 154
Comparing the Growth Rates of Various
Countries 155
Are Poor Countries Catching Up? 156
APPLICATION 1 Global Warming, Rich Countries,
and Poor Countries 157
Wage and Price Flexibility and Full
Employment 133
The Production Function 133
Wages and the Demand and Supply for
Labor 136
Labor Market Equilibrium 137
Changes in Demand and Supply 13 7
APPLICATION 1 The Black Death and Living
Standards In Old England 138
APPLICATION 2 Behavioral Incentives in
Development 158
Capital Deepening 158
Saving and Investment 159
How Do Population Growth, Government,
and Trade Affect Capital Deepening? 160
The Key Role of Technological Progress 162
How Do We Measure Technological Progress? 162
Using Growth Accounting 163
xiii
APPLICATION 3 Sources of Growth In China and
India 164
APPLICATION 4 The End of Growth? 165
What Causes Technological Progress? 165
Research and Development Funding 165
Monopolies That Spur Innovation 166
The Scale of the Market 166
Induced Innovations 167
Education, Human Capital, and the Accumulation
of Knowledge 167
New Growth Theory 168
APPLICATION 5 The Role of Political Factors in
Economic Growth 168
APPLICATION 6 Culture, Evolution, and Economic
Growth 169
A Key Governmental Role: Providing
the Correct Incentives and Property
Rights 169
APPLICATION 7 Lack of Property Rights Flinders
Growth In Peru 170
* SUMMARY 171 * KEY TERMS 171
* EXERCISES 172
APPENDIX: A Model of Capital Deepening 175
PART 4
IAoonomio Huctuations and I iccai i nli ;y
■ .j; pAgT d - 1 7 . i ■.! J : n : /?.■■■ y f w
■ .)!• i.-.lv inn
Sticky Prices and Their Macroeconomic
Consequences 181
Flexible and Sticky Prices 181
How Demand Determines Output in the Short
Run 182
APPLICATION 1 Measuring Price Stickiness in
Consumer Markets 183
Understanding Aggregate Demand 183
What Is the Aggregate Demand Curve? 183
The Components of Aggregate Demand 184
Why the Aggregate Demand Curve Slopes
Downward 184
Shifts in the Aggregate Demand Curve 185
How the Multiplier Makes the Shift Bigger 186
APPLICATION 2 Two Approaches to Determining the
Causes of Recessions 190
Understanding Aggregate Supply 190
The Long-Run Aggregate Supply Curve 190
The Short-Run Aggregate Supply Curve 192
Supply Shocks 193
APPLICATION 3 Oil Price Declines and the U.S.
Economy 194
From the Short Run to the Long Run 195
* SUMMARY 197 * KEY TERMS 197
* EXERCISES 197
The Role of Fiscal Policy 201
Fiscal Policy and Aggregate Demand 201
The Fiscal Multiplier 202
The Limits to Stabilization Policy 203
APPLICATION I Increasing Life Expectancy and
Aging Populations Spur Costs of Entitlement
Programs 205
The f ederal Budget 206
Federal Spending 206
Federal Revenues 207
The Federal Deficit and Fiscal Policy 209
Automatic Stabilizers 209
Are Deficits Bad? 210
APPLICATION 2 The Confucius Curve? 211
Exports and Imports 236
Fiscal Policy in U.S. History 211
The Depression Era 211
The Kennedy Administration 211
The Vietnam War Era 212
The Reagan Administration 213
The Clinton and George W. Bush
Administrations 213
APPLICATION 3 How Effective was the 2009
Stimulus? 214
APPLICATION 4 The Locomotive Effect: How Foreign
Demand Affects a Country’s Output 238
The Income-Expenditure Model and the
Aggregate Demand Curve 239
* SUMMARY 241 * KEY TERMS 241
* EXERCISES 241
* ECONOMIC EXPERIMENT 244
APPENDIX: Formulas for Equilibrium Income and the
Multiplier 245
* SUMMARY 215 * KEY TERMS 216
* EXERCISES 216
The Income-Expenditure Model 218
A Simple Income-Expenditure Model 219
Equilibrium Output 219
Adjusting to Equilibrium Output 220
The Consumption Function 222
Consumer Spending and Income 222
Changes in the Consumption Function 223
11
Investment end Financia
Markets 249
An Investment: A Plunge into the
Unknown 250
APPLICATION 1 Energy Price Uncertainty Reduces
Investment Spending 251
Evaluating the Future 252
Understanding Present Value 252
Real and Nominal Interest Rates 254
APPLICATION 1 Falling Home Prices, the Wealth
Effect, and Decreased Consumer Spending 224
Equilibrium Output and the Consumption
Function 225
Saving and Investment 226
Understanding the Alultiplier 227
APPLICATION 2 Multipliers in Good Times and
Bad 229
Government Spending and Taxation 229
Fiscal Multipliers 229
Using Fiscal Multipliers 231
Understanding Automatic Stabilizers 233
APPLICATION 3 The Broken Window Fallacy
and Keynesian Economics 234
APPLICATION 2 The Value of an Annuity 255
Understanding Investment Decisions 256
Investment and the Stock Market 257
APPLICATION 3 Underwater Homeowners and Debt
Forgiveness 259
How Financial Intermediaries Facilitate
Investment 259
When Financial Intermediaries
Malfunction 262
APPLICATION 4 Securitization: The Good, The Bad,
and The Ugly 263
* SUMMARY 264 * KEY TERMS 264|
* EXERCISES 265
* ECONOMIC EXPERIMENT 266
XV
PART 5
Money, Banking, and Monetary Policy
Money and the Banking System 268
What Is Money? 269
Three Properties of Money 269
Measuring Money in the U.S. Economy 271
APPLICATION 1 Cash as a Sign of Trust 272
How Banks Create Money 273
A Bank’s Balance Sheet: Where the Money Comes
from and Where It Goes 273
How Banks Create Money 274
How the Money Multiplier Works 274
How the Money Multiplier Works in Reverse 276
APPLICATION 2 The Growth In Excess Reserves 277
A Banker’s Bank; The Federal Reserve 278
Functions of the Federal Reserve 278
The Structure of the Federal Reserve 278
The Independence of the Federal Reserve 280
What the Federal Reserve Does during a
Financial Crisis 280
13
APPLICAI ION 3 Stress Tests for the Financial
System 281
APPLICATION 4 Coping with the Financial Chaos
Caused by the Mortgage Crisis 281
* SUMMARY 282 * KEY TERMS 283
* EXERCISES 283
APPLICATION 1 Guantitative Easing and the Fed’s
Balance Sheet 291
How the Federal Reserve Can Change the
Money Supply 292
Open Market Operations 292
Other Tools of the Fed 293
APPLICATION 2 Did Fed Policy Cause the
Commodity Boom? 294
How Interest Rates Are Determined: Combining
the Demand and Supply of Money 295
Interest Rates and Bond Prices 296
APPLICATION 3 The Effectiveness of
Committees 298
Interest Rates and How They Change
Investment and Output (GDP) 298
Monetary Policy and International Trade 300
Monetary Policy Challenges for the Fed 302
Lags in Monetary Policy 302
Influencing Market Expectations: From the
Federal Funds Rate to Interest Rates on Long-
Term Bonds 303
* SUMMARY 304 * KEY TERMS 304
* EXERCISES 305
Infliitinn I incmclnymni d
; il it:! I :( : i y )i nk : ! f lioy
* ECONOMIC FvCPHRIMfriN i 288
API 4 :N! )iX: Formula Foi I loposii Creation 28/
hr i : i ILL i !ii L ■ : 1 C: : CC: ; 00/
I i ll : ! TOO ; 1
PoÜOy Too
HOOOi VO NIK.: IViOt lOLOy
The Money Market 289
The Demand for Money 289
Linking the Short Run and the Long Run 308
The Difference between the Short and Long
Run 308
Wages and Prices and Their Adjustment over
Time 308
APPLICATION 1 Secular Stagnation? 309
How Wage and Price Changes Move
the Economy Naturally Back to Full
Employment 310
Returning to Full Employment
from a Recession 310
Returning to Full Employment
from a Boom 311
Economic Policy and the Speed of
Adjustment 312
Liquidity Traps or Zero Lower Bound 313
Political Business Cycles 314
APPLICATION 2 Elections, Political Parties, and Voter
Expectations 314
The Economics Behind the Adjustment
Process 315
The Long-Run Neutrality of Money 316
Crowding Out in the Long Run 318
APPLICATION 3 Increasing Health-Care
Expenditures and Crowding Out 319
Classical Economics in Historical
Perspective 320
Understanding the Expectations Phillips
Curve; The Relationship between
Unemployment and Inflation 329
Are the Public’s Expectations about Inflation
Rational? 329
U.S. Inflation and Unemployment in the
1980s 330
Shifts in the Natural Rate of Unemployment
in the 1990s 332
APPLICATION 2 Estimating the Natural Real Interest
Rate 333
How the Credibility of a Nation’s Central Bank
Affects Inflation 333
APPLICATION 3 The Ends of Hyperinflations 335
Inflation and the Velocity of Money 336
Hyperinflation 338
How Budget Deficits Lead to
Hyperinflation 339
* SUMMARY 340 * KEY TERMS 341
* EXERCISES 341
* ECONOMIC EXPERIMENT 343
Say’s Law 320
Keynesian and Classical Debates 321
* SUMMARY 321 * KEY TERMS 322
* EXERCISES 322
I he uynaink;;; of inflation
and * JiioiI iploynlOiri; ;tto
Macroeconomic Policy
Debates 344
Should We Balance the Federal
Budget? 345
The Budget in Recent Decades 345
Five Debates about Deficits 347
Money Growth, Inflation, and Interest
Rates 326
Inflation in a Steady State 326
How Changes in the Growth Rate of Money
Affect the Steady State 327
APPLICATION 1 Creating The U.S. Federal Fiscal
System Through Debt Policy 351
Should the Fed Target Both Inflation
and Employment? 351
Two Debates about Targeting 352
APPLICATION 1 Shifts in the Natural Rate
of Unemployment 328
APPLICATION 2 Would a Policy Rule Have Prevented
the Housing Boom? 354
SW
XVII
Should We Tax Consumption Rather than
Income? 354
A Brief History of International Tariff and Trade
Agreements 370
Two Debates about Consumption Taxation 355
APPLICATION 3 Is A Vat In Our Future? 357
* SUMMARY 357 * KEY TERMS 358
* EXERCISES 358
PART 7
The International Economy
Recent Policy Debates and Trade
Agreements 371
Are Foreign Producers Dumping Their
Products? 371
APPLICATION 3 Does Losing in the WTO Really
Matter? 372
Do Trade Laws Inhibit Environmental
Protection? 373
li iienwdh iiiül !r tdo w n! ; tiLTo
policy
Benefits from Specialization and Trade 361
Production Possibilities Curve 361
Comparative Advantage and the Terms
of Trade 363
The Consumption Possibilities Curve 363
How Free Trade Affects Employment 364
APPLICATION 4 How American are American
Cars? 374
Do Outsourcing and Trade Cause Income
Inequality? 375
Why Do People Protest Free Trade? 376
* SUMMARY 376 * KEY TERMS 377
* EXERCISES 377
19
The World of International
Finance 380
Protectionist Policies 365
Import Bans 365
Quotas and Voluntary Export Restraints 366
Responses to Protectionist Policies 367
How Exchange Rates Are
Determined 381
What Are Exchange Rates? 3 81
How Demand and Supply Determine Exchange
Rates 382
APPLICATION 1 The Impact of Tariffs on the
Poor 368
What Are the Rationales for Protectionist
Policies? 368
To Shield Workers from Foreign
Competition 369
To Nurture Infant Industries until They
Mature 369
To Help Domestic Firms Establish Monopolies
in World Markets 369
APPLICATION 2 Chinese Imports and Local
Economies 370
Changes in Demand or Supply 383
Real Exchange Rates and Purchasing Power-
Parity 385
APPLICATION 1 Big Macs in Switzerland 387
The Current Account, the Financial Account,
and the Capital Account 388
Rules for Calculating the Current, Financial,
and Capital Accounts 388
APPLICATION 2 Tax Havens and Global
Imbalances 391
Fixed and Flexible Exchange Rates 391
APPLICATION 4 The Argentine Financial Crisis 398
Fixing the Exchange Rate 392
Fixed versus Flexible Exchange Rates 393
The U.S. Experience with Fixed and Flexible
Exchange Rates 3 94
Exchange Rate Systems Today 395
Managing Financial Crises 395
APPLICATION 3 A Troubled Euro 396
* SUMMARY 398 * KEY TERMS 399
* EXERCISES 399
* ECONOMIC EXPERIMENT 401
Glossary 402
Photo Credits 409
Index 410
|
any_adam_object | 1 |
author | O'Sullivan, Arthur 1953- Sheffrin, Steven M. Perez, Stephen J. |
author_GND | (DE-588)1015149162 (DE-588)171356934 |
author_facet | O'Sullivan, Arthur 1953- Sheffrin, Steven M. Perez, Stephen J. |
author_role | aut aut aut |
author_sort | O'Sullivan, Arthur 1953- |
author_variant | a o ao s m s sm sms s j p sj sjp |
building | Verbundindex |
bvnumber | BV043686117 |
classification_rvk | QC 300 |
ctrlnum | (OCoLC)965303833 (DE-599)BVBBV043686117 |
discipline | Wirtschaftswissenschaften |
edition | Ninth edition |
format | Book |
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id | DE-604.BV043686117 |
illustrated | Illustrated |
indexdate | 2024-07-10T07:32:29Z |
institution | BVB |
isbn | 9780134089027 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029098892 |
oclc_num | 965303833 |
open_access_boolean | |
owner | DE-739 |
owner_facet | DE-739 |
physical | XXX, 423 Seiten Illustrationen, Diagramme |
publishDate | 2012 |
publishDateSearch | 2012 |
publishDateSort | 2012 |
publisher | Pearson |
record_format | marc |
spelling | O'Sullivan, Arthur 1953- Verfasser (DE-588)1015149162 aut Macroeconomics principles, applications, and tools Arthur O'Sullivan ; Steven Sheffrin ; Stephen Perez Ninth edition Boston [u.a.] Pearson 2012 XXX, 423 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Makroökonomie (DE-588)4037174-8 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s 1\p DE-604 Sheffrin, Steven M. Verfasser aut Perez, Stephen J. Verfasser (DE-588)171356934 aut Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029098892&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
spellingShingle | O'Sullivan, Arthur 1953- Sheffrin, Steven M. Perez, Stephen J. Macroeconomics principles, applications, and tools Makroökonomie (DE-588)4037174-8 gnd |
subject_GND | (DE-588)4037174-8 |
title | Macroeconomics principles, applications, and tools |
title_auth | Macroeconomics principles, applications, and tools |
title_exact_search | Macroeconomics principles, applications, and tools |
title_full | Macroeconomics principles, applications, and tools Arthur O'Sullivan ; Steven Sheffrin ; Stephen Perez |
title_fullStr | Macroeconomics principles, applications, and tools Arthur O'Sullivan ; Steven Sheffrin ; Stephen Perez |
title_full_unstemmed | Macroeconomics principles, applications, and tools Arthur O'Sullivan ; Steven Sheffrin ; Stephen Perez |
title_short | Macroeconomics |
title_sort | macroeconomics principles applications and tools |
title_sub | principles, applications, and tools |
topic | Makroökonomie (DE-588)4037174-8 gnd |
topic_facet | Makroökonomie |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029098892&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
work_keys_str_mv | AT osullivanarthur macroeconomicsprinciplesapplicationsandtools AT sheffrinstevenm macroeconomicsprinciplesapplicationsandtools AT perezstephenj macroeconomicsprinciplesapplicationsandtools |