Principles of macroeconomics:
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Format: | Buch |
Sprache: | English |
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New York
McGraw-Hill Education
[2022]
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Ausgabe: | eighth edition |
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Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | xxxii, 492, G-6, I-14 Seiten Illustrationen, Diagramme |
ISBN: | 9781264364756 |
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MARC
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245 | 1 | 0 | |a Principles of macroeconomics |c Robert H. Frank, Ben S. Bernanke, Kate L. Antonovics, Ori Heffetz |
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264 | 1 | |a New York |b McGraw-Hill Education |c [2022] | |
264 | 4 | |c ©2022 | |
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Datensatz im Suchindex
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adam_text | CONTENTS PART I Chapter 1 Thinking Like an Economist 1 Economics: Studying Choice in a World of Scarcity Applying the Cost-Benefit Principle 3 2 Chapter 3 Economic Surplus 4 Opportunity Cost 4 The Role of Economic Models 5 Three Important Decision Pitfalls versus the Market Buyers and Sellers in Markets 13 Economics: Micro and Macro 13 The Approach of This Text 14 68 Shifts in Demand 69 THE ECONOMIC NATURALIST 3.1 15 15 THE ECONOMIC NATURALIST 1.3 16 Summary 17 · Core Principles 17 · Key Terms 17 • Review Questions 18 · Problems 18 · Answers to Self-Tests 19 · Appendix: Working with Equations, Graphs, and Tables 20 THE ECONOMIC NATURALIST 1.1 THE ECONOMIC NATURALIST 1.2 31 32 The Principle of Comparative Advantage 33 THE ECONOMIC NATURALIST 2.1 35 Sources of Comparative Advantage 36 THE ECONOMIC NATURALIST 2.2 36 Exchange and Opportunity Cost 37 The Production Possibilities Curve 37 How Individual Productivity Affects the Slope and Position of the PPC 40 The Gains from Specialization and Exchange 41 A Production Possibilities Curve for a Many-Person Economy 43 A Note on the Logic of the Fruit Picker’s Rule 44 Comparative Advantage and Production Possibilities Factors That Shift the Economy’s Production Possibilities Curve Predicting and Explaining Changes in Prices and Quantities 14 Comparative Advantage 57 58 The Demand Curve 59 The Supply Curve 60 Market Equilibrium 62 Rent Controls Reconsidered 65 Pizza Price Controls? 67 6 Normative Economics versus Positive Economics Chapter 2 55 Supply and Demand What, How, and for Whom? Central Planning Pitfall 1: Measuring Costs and
Benefits as Proportions rather than Absolute Dollar Amounts 6 Pitfall 2: Ignoring Implicit Costs 7 Pitfall 3: Failing to Think at the Margin 8 Economic Naturalism 49 Summary 51 · Core Principles 51 • Key Terms 51 · Review Questions 52 • Problems 52 · Answers to Self-Tests 53 THE ECONOMIC NATURALIST 2.4 Introduction 45 Why Have Some Countries Been Slow to Specialize? 46 Can We Have Too Much Specialization? 47 Comparative Advantage and Outsourcing 48 THE ECONOMIC NATURALIST 2.3 48 Outsourcing 48 71 Shifts in the Supply Curve 72 THE ECONOMIC NATURALIST 3.2 Four Simple Rules 75 75 THE ECONOMIC NATURALIST 3.3 78 Cash on the Table 79 Smart for One, Dumb for All 78 Efficiency and Equilibrium THE ECONOMIC NATURALIST 3.4 80 81 Summary 82 · Core Principles 83 • Key Terms 83 · Review Questions 83 • Problems 83 · Answers to Self-Tests 85 • Appendix: The Algebra of Supply and Demand 86 PART 2 Macroeconomic: Issues and Data Chapter 4 Macroeconomics: The Bird’s-Eye View of the Economy 89 91 Economic Growth and Living Standards 91 Productivity 93 Recessions and Expansions 94 Unemployment 94 Inflation 96 Economic Interdependence among Nations 97 Macroeconomic Policy 98 Types of Macroeconomic Policy 98 Positive versus Normative Analyses of Macroeconomic Policy 99 The Major Macroeconomic Issues Aggregation 100 xxvii
xxviii CONTENTS Studying Macroeconomics: A Preview 103 “Noise in the Price System 150 Distortions of the Tax System 151 “Shoe-Leather Costs 152 Unexpected Redistributions of Wealth 152 Interference with Long-Term Planning 153 Summary 104 · Key Terms 104 · Review Questions 104 · Problems 105 · Answers to Self-Tests 105 Hyperinflation Chapter 5 Measuring Economic Activity: GDP and Unemployment 107 The Fisher Effect Market Value 109 Final Goods and Services 111 Produced in a Country during a Given Period 114 Nominal GDP versus Real GDP 121 THE ECONOMIC NATURALIST 5.1 Summary 159 · Key Terms 159 · Review Questions 160 · Problems 160 · Answers to Self-Tests 161 PART 3 The Economy in the Long Run Chapter 7 Economic Growth, Productivity, and Living Standards 163 123 Real GDP and Economic Well-Being 123 The Remarkable Rise in Living Standards: Why Real GDP Isn’t the Same as Economic The Record 124 Leisure Time 165 ., Why “Small” Differences in Growth Rates 124 Matter THE ECONOMIC NATURALIST 5.2 124 But GDP Is Related to Economic Well-Being Availability of Goods and Services Health and Education 127 THE ECONOMIC NATURALIST 5.3 167 Why Nations Become Rich: The Crucial Role of Average Nonmarket Economic Activities 125 Environmental Quality and Resource Depletion Quality of Life 125 Poverty and Economic Inequality 126 126 Labor Productivity 125 Human Capital THE ECONOMIC NATURALIST 7.1 126 Physical Capital Measuring Unemployment 129 The Costs of Unemployment 131 The Duration of Unemployment 132 The Unemployment Rate versus “True” Unemployment 132 Promoting Economic Growth 182 182
Policies That Promote Saving and Investment 182 Policies That Support Research and 183 The Legal and Political Framework 183 The Poorest Countries: A Special Case? Are There Limits to Growth? 138 183 184 Summary 186 · Key Terms 187 · Review Questions 187 · Problems 187 · Answers to Self-Tests 189 145 Chapter 8 The Labor Market: Workers, Wages, and Unemployment 191 146 147 The Costs of Inflation: Not What You Think 150 181 THE ECONOMIC NATURALIST 7.4 142 The True Costs of Inflation 179 181 Policies to Increase Human Capital 141 Does the CPI Measure “True” Inflation? 178 179 The Political and Legal Environment Development THE ECONOMIC NATURALIST 6.1 177 Entrepreneurship and Management The Costs of Economic Growth Chapter 6 Measuring the Price Level and Inflation 137 Deflating a Nominal Quantity 142 Indexing to Maintain Buying Power 175 176 THE ECONOMIC NATURALIST 7.3 Summary 133 · Key Terms 134 · Review Questions 134 · Problems 134 · Answers to Self-Tests 136 Adjusting for Inflation 172 173 THE ECONOMIC NATURALIST 7.2 129 171 171 Land and Other Natural Resources 128 The Consumer Price Index and Inflation 169 The Determinants of Average Labor Productivity Technology Unemployment and the Unemployment Rate Inflation 155 158 115 The Expenditure Method for Measuring GDP 115 GDP and the Incomes of Capital and Labor 118 Well-Being 155 Inflation and the Real Interest Rate Gross Domestic Product: Measuring the Nation’s Output 108 Methods for Measuring GDP 153 Inflation and Interest Rates 149 Five Important Labor Market Trends Trends in Real Wages 192 192
CONTENTS Trends in Employment and Unemployment 193 Supply and Demand in the Labor Market Chapter 10 Money, Prices, and the Federal Reserve 249 194 Money and Its Uses Wages and the Demand for Labor 194 Shifts in the Demand for Labor 196 THE ECONOMIC NATURALIST 8.1 251 Measuring Money 252 Commercial Banks and the Creation of Money 253 THE ECONOMIC NATURALIST 10.1 200 The Supply of Labor 200 Shifts in the Supply of Labor 202 Explaining the Trends in Real Wages and Employment 202 Large Increases in Real Wages in Industrialized Countries 203 Real Wage Growth in the United States Has Stagnated since the Early 1970s, while Employment Growth Has Been Rapid 203 Increasing Wage Inequality: The Effects of Globalization and Technological Change 205 Globalization 205 Technological Change 207 THE ECONOMIC NATURALIST 8.2 250 209 Unemployment 210 Types of Unemployment and Their Costs 211 Frictional Unemployment 211 Structural Unemployment 212 Cyclical Unemployment 212 The Money Supply with Both Currency and Deposits 256 The Federal Reserve System 258 The History and Structure of the Federal Reserve System 259 Controlling the Money Supply: Open-Market Operations 259 The Fed’s Role in Stabilizing Financial Markets: Banking Panics 261 THE ECONOMIC NATURALIST 10.2 261 Money and Prices 264 Velocity 264 Money and Inflation in the Long Run 265 Summary 267 · Key Terms 268 · Review Questions 268 · Problems 268 · Answers to Self-Tests 269 Impediments to Full Employment 212 Summary 215 · Key Terms 215 · Review Questions 216 · Problems 216 · Answers to Self-Tests 217 Chapter 9 Saving and Capital
Formation Saving and Wealth 220 Stocks and Flows 221 Capital Gains and Losses 219 222 THE ECONOMIC NATURALIST 9.1 Why Do People Save? Chapter 11 Financial Markets and International Capital Flows 271 223 225 225 Saving and the Real Interest Rate 226 Saving, Self-Control, and Demonstration Effects 228 THE ECONOMIC NATURALIST 9.3 229 National Saving and Its Components 231 The Measurement of National Saving 231 Private and Public Components of National Saving 233 Public Saving and the Government Budget 234 Is Low Household Saving a Problem? 236 Investment and Capital Formation 237 Saving, Investment, and Financial Markets 239 THE ECONOMIC NATURALIST 9.4 242 Summary 244 · Key Terms 244 · Review Questions 245 · Problems 245 · Answers to Self-Tests 246 THE ECONOMIC NATURALIST 9.2 The Financial System and the Allocation of Saving to Productive Uses 272 The Banking System 273 THE ECONOMIC NATURALIST 11.1 274 Bonds and Stocks 274 Bonds 275 Stocks 276 Bond Markets, Stock Markets, and the Allocation of Savings 279 The Informational Role of Bond and Stock Markets 279 Risk Sharing and Diversification 280 THE ECONOMIC NATURALIST 11.2 281 International Capital Flows 282 Capital Flows and the Balance of Trade 283 The Determinants of International Capital Flows 285 Saving, Investment, and Capital Inflows 286 The Saving Rate and the Trade Deficit 288 THE ECONOMIC NATURALIST 11.3 289 Summary 291 · Key Terms 291 · Review Questions 291 · Problems 292 · Answers to Self-Tests 293 xxix
xxx CONTENTS PART 4 The Economy in the Short Run Chapter 12 Short-Term Economic Fluctuations: An Introduction 295 THE ECONOMIC NATURALIST 12.1 Recessions and Expansions 296 297 299 Some Facts about Short-Term Economic Fluctuations 300 Output Gaps and Cyclical Unemployment 303 Potential Output 303 The Output Gap 304 THE ECONOMIC NATURALIST 12.2 The Natural Rate of Unemployment and Cyclical Unemployment 305 THE ECONOMIC NATURALIST 12.3 Okun’s Law 306 308 309 Why Do Short-Term Fluctuations Occur? A Preview and a Tale 310 Alice’s Ice Cream Store: A Tale about Short-Run Fluctuations 311 Summary 312 · Key Terms 313 · Review Questions 313 · Problems 313 · Answers to Self-Tests 314 THE ECONOMIC NATURALIST 12.4 Chapter 13 Spending and Output in the Short Run 315 The Keynesian Model’s Crucial Assumption: Firms Meet Demand at Preset Prices 317 THE ECONOMIC NATURALIST 13.1 318 Planned Aggregate Expenditure 319 Planned Spending versus Actual Spending 319 Consumer Spending and the Economy 321 THE ECONOMIC NATURALIST 13.2 322 Planned Aggregate Expenditure and Output 323 Short-Run Equilibrium Output 326 Finding Short-Run Equilibrium Output: Numerical Approach 327 Finding Short-Run Equilibrium Output: Graphical Approach 328 Planned Spending and the Output Gap 330 THE ECONOMIC NATURALIST 13.3 332 The Multiplier 333 Stabilizing Planned Spending: The Role of Fiscal Policy 334 Government Purchases and Planned Spending 334 THE ECONOMIC NATURALIST 13.4 336 Taxes, Transfers, and Aggregate Spending 337 THE ECONOMIC NATURALIST 13.5 339 Fiscal Policy as a Stabilization Tool: Three Qualifications 340
Fiscal Policy and the Supply Side 341 The Problem of Deficits 341 The Relative Inflexibility of Fiscal Policy 341 Summary 342 · Key Terms 343 · Review Questions 344 · Problems 344 · Answers to Self-Tests 345 · Appendix A: An Algebraic Solution of the Basic Keynesian Model 347 · Appendix B: The Multiplier in the Basic Keynesian Model 350 Chapter 14 Stabilizing the Economy: The Role of the Fed 353 The Federal Reserve and Interest Rates: The Basic Model 354 The Demand for Money 355 Macroeconomic Factors That Affect the Demand for Money 358 The Money Demand Curve 359 THE. ECONOMIC NATURALIST 14.1 360 The Supply of Money and Money Market Equilibrium 362 How the Fed Controls the Nominal Interest Rate 363 The Role of the Federal Funds Rate in Monetary Policy 365 Can the Fed Control the Real Interest Rate? 366 The Federal Reserve and Interest Rates: A Closer Look 367 Can the Fed Fully Control the Money Supply? 367 Affecting Bank Reserves through Open-Market Operations 368 Affecting Bank Reserves through Discount Window Lending 368 Setting and Changing Reserve Requirements 368 Excess Reserves: The Norm since 2008 369 Do Interest Rates Always Move Together? 370 The Zero Lower Bound and the Need for “Unconventional” Monetary Policy 371 Quantitative Easing 371 Forward Guidance 371 Interest on Reserves and the New Tools of Monetary Policy 372 The Effects of Federal Reserve Actions on the Economy 374 Planned Aggregate Expenditure and the Real Interest Rate 374 The Fed Fights a Recession 377 THE ECONOMIC NATURALIST 14.2 The Fed Fights Inflation 379 378
CONTENTS 380 381 THE ECONOMIC NATURALIST 14.5 381 The Feds Policy Reaction Function 383 THE ECONOMIC NATURALIST 14.6 383 Monetary Policymaking: Art or Science? 386 Summary 386 · Key Terms 388 · Review Questions 388 · Problems 388 · Answers to Self-Tests 390 · Appendix: Monetary Policy in the Basic Keynesian Model 391 THE ECONOMIC NATURALIST 14.3 PART 5 XXXI The International Economy THE ECONOMIC NATURALIST 14.4 Chapter 15 Aggregate Demand, Aggregate Supply, and Inflation 393 Inflation, Spending, and Output: The Aggregate Demand Curve 394 Inflation, the Fed, and Why the AD Curve Slopes Downward 395 Other Reasons for the Downward Slope of the AD Curve 396 Factors That Shift the Aggregate Demand Curve 396 Changes in Spending 397 Changes in the Fed s Policy Reaction Function 398 Shifts of the AD Curve versus Movements along the AD Curve 398 Inflation and Aggregate Supply 400 Inflation Inertia 401 Inflation Expectations 401 Long-Term Wage and Price Contracts 402 The Output Gap and Inflation 403 No Output Gap: Y = Y* 404 Expansionary Gap: Y Y* 404 Recessionary Gap: Y Y* 404 The Aggregate Demand-Aggregate Supply Diagram 405 The Self-Correcting Economy 407 Sources of Inflation 408 Excessive Aggregate Spending 408 THE ECONOMIC NATURALIST 15.1 410 Inflation Shocks 411 THE ECONOMIC NATURALIST 15.2 412 Shocks to Potential Output 414 THE ECONOMIC NATURALIST 15.3 415 Controlling Inflation 417 THE ECONOMIC NATURALIST 15.4 419 THE ECONOMIC NATURALIST 15.5 420 Summary 422 · Key Terms 423 · Review Questions 423 · Problems 424 · Answer to Self-Test 425 · Appendix: The Algebra of Aggregate
Demand and Aggregate Supply 428 Chapter 16 International Trade and Trade Policy 431 Comparative Advantage as a Basis for Trade 432 Production and Consumption Possibilities and the Benefits of Trade 433 The Two-Worker Production Possibilities Curve 433 The Many-Worker Production Possibilities Curve 436 Consumption Possibilities with and without International Trade 438 A Supply and Demand Perspective on Trade 441 Winners and Losers from Trade 444 THE ECONOMIC NATURALIST 16.1 444 Protectionist Policies: Tariffs and Quotas 446 Tariffs 446 Quotas 448 THE ECONOMIC NATURALIST 16.2 450 The Inefficiency of Protectionism 451 THE ECONOMIC NATURALIST 16.3 451 Summary 452 · Key Terms 453 · Review Questions 453 · Problems 454 · Answers to Self-Tests 455 · Appendix: An Algebraic Approach to Trade Analysis 456 Chapter 17 Exchange Rates and the Open Economy 459 Exchange Rates 461 Nominal Exchange Rates 461 Flexible versus Fixed Exchange Rates 463 The Real Exchange Rate 463 THE ECONOMIC NATURALIST 17.1 466 The Determination of the Exchange Rate in the Long Run 467 A Simple Theory of Exchange Rates: Purchasing Power Parity (PPP) 467 Shortcomings of the PPP Theory 469 The Determination of the Exchange Rate in the Short Run 470 The Foreign Exchange Market: A Supply and Demand Analysis 471 The Supply of Dollars 471 The Demand for Dollars 472 The Equilibrium Value of the Dollar 472 Changes in the Supply of Dollars 473 Changes in the Demand for DoUars 474 THE ECONOMIC NATURALIST 17.2 474 Monetary Policy and the Exchange Rate 475
xxxii CONTENTS 476 The Exchange Rate as a Tool of Monetary Policy 477 Fixed Exchange Rates 477 How to Fix an Exchange Rate 478 Speculative Attacks 481 Monetary Policy and the Fixed Exchange Rate THE ECONOMIC NATURALIST 17.4 483 THE ECONOMIC NATURALIST 17.5 484 THE ECONOMIC NATURALIST 17.6 484 THE ECONOMIC NATURALIST 17.3 Should Exchange Rates Be Fixed or Flexible? 486 487 Summary 488 · Key Terms 489 · Review Questions 489 · Problems 490 · Answers to Self-Tests 491 THE ECONOMIC NATURALIST 17.7 482 Glossary Index 1-1 G-l
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CONTENTS PART I Chapter 1 Thinking Like an Economist 1 Economics: Studying Choice in a World of Scarcity Applying the Cost-Benefit Principle 3 2 Chapter 3 Economic Surplus 4 Opportunity Cost 4 The Role of Economic Models 5 Three Important Decision Pitfalls versus the Market Buyers and Sellers in Markets 13 Economics: Micro and Macro 13 The Approach of This Text 14 68 Shifts in Demand 69 THE ECONOMIC NATURALIST 3.1 15 15 THE ECONOMIC NATURALIST 1.3 16 Summary 17 · Core Principles 17 · Key Terms 17 • Review Questions 18 · Problems 18 · Answers to Self-Tests 19 · Appendix: Working with Equations, Graphs, and Tables 20 THE ECONOMIC NATURALIST 1.1 THE ECONOMIC NATURALIST 1.2 31 32 The Principle of Comparative Advantage 33 THE ECONOMIC NATURALIST 2.1 35 Sources of Comparative Advantage 36 THE ECONOMIC NATURALIST 2.2 36 Exchange and Opportunity Cost 37 The Production Possibilities Curve 37 How Individual Productivity Affects the Slope and Position of the PPC 40 The Gains from Specialization and Exchange 41 A Production Possibilities Curve for a Many-Person Economy 43 A Note on the Logic of the Fruit Picker’s Rule 44 Comparative Advantage and Production Possibilities Factors That Shift the Economy’s Production Possibilities Curve Predicting and Explaining Changes in Prices and Quantities 14 Comparative Advantage 57 58 The Demand Curve 59 The Supply Curve 60 Market Equilibrium 62 Rent Controls Reconsidered 65 Pizza Price Controls? 67 6 Normative Economics versus Positive Economics Chapter 2 55 Supply and Demand What, How, and for Whom? Central Planning Pitfall 1: Measuring Costs and
Benefits as Proportions rather than Absolute Dollar Amounts 6 Pitfall 2: Ignoring Implicit Costs 7 Pitfall 3: Failing to Think at the Margin 8 Economic Naturalism 49 Summary 51 · Core Principles 51 • Key Terms 51 · Review Questions 52 • Problems 52 · Answers to Self-Tests 53 THE ECONOMIC NATURALIST 2.4 Introduction 45 Why Have Some Countries Been Slow to Specialize? 46 Can We Have Too Much Specialization? 47 Comparative Advantage and Outsourcing 48 THE ECONOMIC NATURALIST 2.3 48 Outsourcing 48 71 Shifts in the Supply Curve 72 THE ECONOMIC NATURALIST 3.2 Four Simple Rules 75 75 THE ECONOMIC NATURALIST 3.3 78 Cash on the Table 79 Smart for One, Dumb for All 78 Efficiency and Equilibrium THE ECONOMIC NATURALIST 3.4 80 81 Summary 82 · Core Principles 83 • Key Terms 83 · Review Questions 83 • Problems 83 · Answers to Self-Tests 85 • Appendix: The Algebra of Supply and Demand 86 PART 2 Macroeconomic: Issues and Data Chapter 4 Macroeconomics: The Bird’s-Eye View of the Economy 89 91 Economic Growth and Living Standards 91 Productivity 93 Recessions and Expansions 94 Unemployment 94 Inflation 96 Economic Interdependence among Nations 97 Macroeconomic Policy 98 Types of Macroeconomic Policy 98 Positive versus Normative Analyses of Macroeconomic Policy 99 The Major Macroeconomic Issues Aggregation 100 xxvii
xxviii CONTENTS Studying Macroeconomics: A Preview 103 “Noise" in the Price System 150 Distortions of the Tax System 151 “Shoe-Leather" Costs 152 Unexpected Redistributions of Wealth 152 Interference with Long-Term Planning 153 Summary 104 · Key Terms 104 · Review Questions 104 · Problems 105 · Answers to Self-Tests 105 Hyperinflation Chapter 5 Measuring Economic Activity: GDP and Unemployment 107 The Fisher Effect Market Value 109 Final Goods and Services 111 Produced in a Country during a Given Period 114 Nominal GDP versus Real GDP 121 THE ECONOMIC NATURALIST 5.1 Summary 159 · Key Terms 159 · Review Questions 160 · Problems 160 · Answers to Self-Tests 161 PART 3 The Economy in the Long Run Chapter 7 Economic Growth, Productivity, and Living Standards 163 123 Real GDP and Economic Well-Being 123 The Remarkable Rise in Living Standards: Why Real GDP Isn’t the Same as Economic The Record 124 Leisure Time 165 ., Why “Small” Differences in Growth Rates 124 Matter THE ECONOMIC NATURALIST 5.2 124 But GDP Is Related to Economic Well-Being Availability of Goods and Services Health and Education 127 THE ECONOMIC NATURALIST 5.3 167 Why Nations Become Rich: The Crucial Role of Average Nonmarket Economic Activities 125 Environmental Quality and Resource Depletion Quality of Life 125 Poverty and Economic Inequality 126 126 Labor Productivity 125 Human Capital THE ECONOMIC NATURALIST 7.1 126 Physical Capital Measuring Unemployment 129 The Costs of Unemployment 131 The Duration of Unemployment 132 The Unemployment Rate versus “True” Unemployment 132 Promoting Economic Growth 182 182
Policies That Promote Saving and Investment 182 Policies That Support Research and 183 The Legal and Political Framework 183 The Poorest Countries: A Special Case? Are There Limits to Growth? 138 183 184 Summary 186 · Key Terms 187 · Review Questions 187 · Problems 187 · Answers to Self-Tests 189 145 Chapter 8 The Labor Market: Workers, Wages, and Unemployment 191 146 147 The Costs of Inflation: Not What You Think 150 181 THE ECONOMIC NATURALIST 7.4 142 The True Costs of Inflation 179 181 Policies to Increase Human Capital 141 Does the CPI Measure “True” Inflation? 178 179 The Political and Legal Environment Development THE ECONOMIC NATURALIST 6.1 177 Entrepreneurship and Management The Costs of Economic Growth Chapter 6 Measuring the Price Level and Inflation 137 Deflating a Nominal Quantity 142 Indexing to Maintain Buying Power 175 176 THE ECONOMIC NATURALIST 7.3 Summary 133 · Key Terms 134 · Review Questions 134 · Problems 134 · Answers to Self-Tests 136 Adjusting for Inflation 172 173 THE ECONOMIC NATURALIST 7.2 129 171 171 Land and Other Natural Resources 128 The Consumer Price Index and Inflation 169 The Determinants of Average Labor Productivity Technology Unemployment and the Unemployment Rate Inflation 155 158 115 The Expenditure Method for Measuring GDP 115 GDP and the Incomes of Capital and Labor 118 Well-Being 155 Inflation and the Real Interest Rate Gross Domestic Product: Measuring the Nation’s Output 108 Methods for Measuring GDP 153 Inflation and Interest Rates 149 Five Important Labor Market Trends Trends in Real Wages 192 192
CONTENTS Trends in Employment and Unemployment 193 Supply and Demand in the Labor Market Chapter 10 Money, Prices, and the Federal Reserve 249 194 Money and Its Uses Wages and the Demand for Labor 194 Shifts in the Demand for Labor 196 THE ECONOMIC NATURALIST 8.1 251 Measuring Money 252 Commercial Banks and the Creation of Money 253 THE ECONOMIC NATURALIST 10.1 200 The Supply of Labor 200 Shifts in the Supply of Labor 202 Explaining the Trends in Real Wages and Employment 202 Large Increases in Real Wages in Industrialized Countries 203 Real Wage Growth in the United States Has Stagnated since the Early 1970s, while Employment Growth Has Been Rapid 203 Increasing Wage Inequality: The Effects of Globalization and Technological Change 205 Globalization 205 Technological Change 207 THE ECONOMIC NATURALIST 8.2 250 209 Unemployment 210 Types of Unemployment and Their Costs 211 Frictional Unemployment 211 Structural Unemployment 212 Cyclical Unemployment 212 The Money Supply with Both Currency and Deposits 256 The Federal Reserve System 258 The History and Structure of the Federal Reserve System 259 Controlling the Money Supply: Open-Market Operations 259 The Fed’s Role in Stabilizing Financial Markets: Banking Panics 261 THE ECONOMIC NATURALIST 10.2 261 Money and Prices 264 Velocity 264 Money and Inflation in the Long Run 265 Summary 267 · Key Terms 268 · Review Questions 268 · Problems 268 · Answers to Self-Tests 269 Impediments to Full Employment 212 Summary 215 · Key Terms 215 · Review Questions 216 · Problems 216 · Answers to Self-Tests 217 Chapter 9 Saving and Capital
Formation Saving and Wealth 220 Stocks and Flows 221 Capital Gains and Losses 219 222 THE ECONOMIC NATURALIST 9.1 Why Do People Save? Chapter 11 Financial Markets and International Capital Flows 271 223 225 225 Saving and the Real Interest Rate 226 Saving, Self-Control, and Demonstration Effects 228 THE ECONOMIC NATURALIST 9.3 229 National Saving and Its Components 231 The Measurement of National Saving 231 Private and Public Components of National Saving 233 Public Saving and the Government Budget 234 Is Low Household Saving a Problem? 236 Investment and Capital Formation 237 Saving, Investment, and Financial Markets 239 THE ECONOMIC NATURALIST 9.4 242 Summary 244 · Key Terms 244 · Review Questions 245 · Problems 245 · Answers to Self-Tests 246 THE ECONOMIC NATURALIST 9.2 The Financial System and the Allocation of Saving to Productive Uses 272 The Banking System 273 THE ECONOMIC NATURALIST 11.1 274 Bonds and Stocks 274 Bonds 275 Stocks 276 Bond Markets, Stock Markets, and the Allocation of Savings 279 The Informational Role of Bond and Stock Markets 279 Risk Sharing and Diversification 280 THE ECONOMIC NATURALIST 11.2 281 International Capital Flows 282 Capital Flows and the Balance of Trade 283 The Determinants of International Capital Flows 285 Saving, Investment, and Capital Inflows 286 The Saving Rate and the Trade Deficit 288 THE ECONOMIC NATURALIST 11.3 289 Summary 291 · Key Terms 291 · Review Questions 291 · Problems 292 · Answers to Self-Tests 293 xxix
xxx CONTENTS PART 4 The Economy in the Short Run Chapter 12 Short-Term Economic Fluctuations: An Introduction 295 THE ECONOMIC NATURALIST 12.1 Recessions and Expansions 296 297 299 Some Facts about Short-Term Economic Fluctuations 300 Output Gaps and Cyclical Unemployment 303 Potential Output 303 The Output Gap 304 THE ECONOMIC NATURALIST 12.2 The Natural Rate of Unemployment and Cyclical Unemployment 305 THE ECONOMIC NATURALIST 12.3 Okun’s Law 306 308 309 Why Do Short-Term Fluctuations Occur? A Preview and a Tale 310 Alice’s Ice Cream Store: A Tale about Short-Run Fluctuations 311 Summary 312 · Key Terms 313 · Review Questions 313 · Problems 313 · Answers to Self-Tests 314 THE ECONOMIC NATURALIST 12.4 Chapter 13 Spending and Output in the Short Run 315 The Keynesian Model’s Crucial Assumption: Firms Meet Demand at Preset Prices 317 THE ECONOMIC NATURALIST 13.1 318 Planned Aggregate Expenditure 319 Planned Spending versus Actual Spending 319 Consumer Spending and the Economy 321 THE ECONOMIC NATURALIST 13.2 322 Planned Aggregate Expenditure and Output 323 Short-Run Equilibrium Output 326 Finding Short-Run Equilibrium Output: Numerical Approach 327 Finding Short-Run Equilibrium Output: Graphical Approach 328 Planned Spending and the Output Gap 330 THE ECONOMIC NATURALIST 13.3 332 The Multiplier 333 Stabilizing Planned Spending: The Role of Fiscal Policy 334 Government Purchases and Planned Spending 334 THE ECONOMIC NATURALIST 13.4 336 Taxes, Transfers, and Aggregate Spending 337 THE ECONOMIC NATURALIST 13.5 339 Fiscal Policy as a Stabilization Tool: Three Qualifications 340
Fiscal Policy and the Supply Side 341 The Problem of Deficits 341 The Relative Inflexibility of Fiscal Policy 341 Summary 342 · Key Terms 343 · Review Questions 344 · Problems 344 · Answers to Self-Tests 345 · Appendix A: An Algebraic Solution of the Basic Keynesian Model 347 · Appendix B: The Multiplier in the Basic Keynesian Model 350 Chapter 14 Stabilizing the Economy: The Role of the Fed 353 The Federal Reserve and Interest Rates: The Basic Model 354 The Demand for Money 355 Macroeconomic Factors That Affect the Demand for Money 358 The Money Demand Curve 359 THE. ECONOMIC NATURALIST 14.1 360 The Supply of Money and Money Market Equilibrium 362 How the Fed Controls the Nominal Interest Rate 363 The Role of the Federal Funds Rate in Monetary Policy 365 Can the Fed Control the Real Interest Rate? 366 The Federal Reserve and Interest Rates: A Closer Look 367 Can the Fed Fully Control the Money Supply? 367 Affecting Bank Reserves through Open-Market Operations 368 Affecting Bank Reserves through Discount Window Lending 368 Setting and Changing Reserve Requirements 368 Excess Reserves: The Norm since 2008 369 Do Interest Rates Always Move Together? 370 The Zero Lower Bound and the Need for “Unconventional” Monetary Policy 371 Quantitative Easing 371 Forward Guidance 371 Interest on Reserves and the New Tools of Monetary Policy 372 The Effects of Federal Reserve Actions on the Economy 374 Planned Aggregate Expenditure and the Real Interest Rate 374 The Fed Fights a Recession 377 THE ECONOMIC NATURALIST 14.2 The Fed Fights Inflation 379 378
CONTENTS 380 381 THE ECONOMIC NATURALIST 14.5 381 The Feds Policy Reaction Function 383 THE ECONOMIC NATURALIST 14.6 383 Monetary Policymaking: Art or Science? 386 Summary 386 · Key Terms 388 · Review Questions 388 · Problems 388 · Answers to Self-Tests 390 · Appendix: Monetary Policy in the Basic Keynesian Model 391 THE ECONOMIC NATURALIST 14.3 PART 5 XXXI The International Economy THE ECONOMIC NATURALIST 14.4 Chapter 15 Aggregate Demand, Aggregate Supply, and Inflation 393 Inflation, Spending, and Output: The Aggregate Demand Curve 394 Inflation, the Fed, and Why the AD Curve Slopes Downward 395 Other Reasons for the Downward Slope of the AD Curve 396 Factors That Shift the Aggregate Demand Curve 396 Changes in Spending 397 Changes in the Fed's Policy Reaction Function 398 Shifts of the AD Curve versus Movements along the AD Curve 398 Inflation and Aggregate Supply 400 Inflation Inertia 401 Inflation Expectations 401 Long-Term Wage and Price Contracts 402 The Output Gap and Inflation 403 No Output Gap: Y = Y* 404 Expansionary Gap: Y Y* 404 Recessionary Gap: Y Y* 404 The Aggregate Demand-Aggregate Supply Diagram 405 The Self-Correcting Economy 407 Sources of Inflation 408 Excessive Aggregate Spending 408 THE ECONOMIC NATURALIST 15.1 410 Inflation Shocks 411 THE ECONOMIC NATURALIST 15.2 412 Shocks to Potential Output 414 THE ECONOMIC NATURALIST 15.3 415 Controlling Inflation 417 THE ECONOMIC NATURALIST 15.4 419 THE ECONOMIC NATURALIST 15.5 420 Summary 422 · Key Terms 423 · Review Questions 423 · Problems 424 · Answer to Self-Test 425 · Appendix: The Algebra of Aggregate
Demand and Aggregate Supply 428 Chapter 16 International Trade and Trade Policy 431 Comparative Advantage as a Basis for Trade 432 Production and Consumption Possibilities and the Benefits of Trade 433 The Two-Worker Production Possibilities Curve 433 The Many-Worker Production Possibilities Curve 436 Consumption Possibilities with and without International Trade 438 A Supply and Demand Perspective on Trade 441 Winners and Losers from Trade 444 THE ECONOMIC NATURALIST 16.1 444 Protectionist Policies: Tariffs and Quotas 446 Tariffs 446 Quotas 448 THE ECONOMIC NATURALIST 16.2 450 The Inefficiency of Protectionism 451 THE ECONOMIC NATURALIST 16.3 451 Summary 452 · Key Terms 453 · Review Questions 453 · Problems 454 · Answers to Self-Tests 455 · Appendix: An Algebraic Approach to Trade Analysis 456 Chapter 17 Exchange Rates and the Open Economy 459 Exchange Rates 461 Nominal Exchange Rates 461 Flexible versus Fixed Exchange Rates 463 The Real Exchange Rate 463 THE ECONOMIC NATURALIST 17.1 466 The Determination of the Exchange Rate in the Long Run 467 A Simple Theory of Exchange Rates: Purchasing Power Parity (PPP) 467 Shortcomings of the PPP Theory 469 The Determination of the Exchange Rate in the Short Run 470 The Foreign Exchange Market: A Supply and Demand Analysis 471 The Supply of Dollars 471 The Demand for Dollars 472 The Equilibrium Value of the Dollar 472 Changes in the Supply of Dollars 473 Changes in the Demand for DoUars 474 THE ECONOMIC NATURALIST 17.2 474 Monetary Policy and the Exchange Rate 475
xxxii CONTENTS 476 The Exchange Rate as a Tool of Monetary Policy 477 Fixed Exchange Rates 477 How to Fix an Exchange Rate 478 Speculative Attacks 481 Monetary Policy and the Fixed Exchange Rate THE ECONOMIC NATURALIST 17.4 483 THE ECONOMIC NATURALIST 17.5 484 THE ECONOMIC NATURALIST 17.6 484 THE ECONOMIC NATURALIST 17.3 Should Exchange Rates Be Fixed or Flexible? 486 487 Summary 488 · Key Terms 489 · Review Questions 489 · Problems 490 · Answers to Self-Tests 491 THE ECONOMIC NATURALIST 17.7 482 Glossary Index 1-1 G-l |
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institution | BVB |
isbn | 9781264364756 |
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spelling | Frank, Robert H. 1945- Verfasser (DE-588)124848648 aut Principles of macroeconomics Robert H. Frank, Ben S. Bernanke, Kate L. Antonovics, Ori Heffetz eighth edition New York McGraw-Hill Education [2022] ©2022 xxxii, 492, G-6, I-14 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Macroeconomics Makroökonomie (DE-588)4037174-8 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s DE-604 Bernanke, Ben 1953- Verfasser (DE-588)124848540 aut Antonovics, Kate Verfasser (DE-588)129369438 aut Heffetz, Ori Verfasser aut Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032669363&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Frank, Robert H. 1945- Bernanke, Ben 1953- Antonovics, Kate Heffetz, Ori Principles of macroeconomics Macroeconomics Makroökonomie (DE-588)4037174-8 gnd |
subject_GND | (DE-588)4037174-8 |
title | Principles of macroeconomics |
title_auth | Principles of macroeconomics |
title_exact_search | Principles of macroeconomics |
title_exact_search_txtP | Principles of macroeconomics |
title_full | Principles of macroeconomics Robert H. Frank, Ben S. Bernanke, Kate L. Antonovics, Ori Heffetz |
title_fullStr | Principles of macroeconomics Robert H. Frank, Ben S. Bernanke, Kate L. Antonovics, Ori Heffetz |
title_full_unstemmed | Principles of macroeconomics Robert H. Frank, Ben S. Bernanke, Kate L. Antonovics, Ori Heffetz |
title_short | Principles of macroeconomics |
title_sort | principles of macroeconomics |
topic | Macroeconomics Makroökonomie (DE-588)4037174-8 gnd |
topic_facet | Macroeconomics Makroökonomie |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032669363&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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