Macroeconomics:
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| Format: | Book |
| Language: | English |
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New York
Worth Publishers, Macmillan Learning
[2022]
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| Edition: | Eleventh edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xxx, 557 Seiten Illustrationen, Diagramme |
| ISBN: | 9781319466886 1319263909 9781319263904 |
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MARC
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Contents Media and Resources from Worth Publishers Preface xix xxiii Part I Introduction Ί Chapter 1 1 -1 1-2 1 -3 The Science of Macroeconomics 1 What Macroeconomists Study 1 ► CASE STUDY The Historical Performance of the U.S. Economy How Economists Think 5 Theory as Model Building 5 The Use of Multiple Models 9 Prices: Flexible Versus Sticky 9 Microeconomic Thinking and Macroeconomic Models FYI The Early Lives of Macroeconomists 10 How This Book Proceeds 10 11 Chapter 2 The Data of Macroeconomics 15 2-1 Measuring the Value of Economic Activity: Gross Domestic Product Income, Expenditure, and the Circular Flow 16 FYI Stocks and Flows 18 Rules for Computing GDP 18 Real GDP Versus Nominal GDP 21 The GDP Deflator 22 Chain-Weighted Measures of Real GDP 22 FYI Two Helpful Hints for Working with Percentage Changes 23 The Components of Expenditure 23 FYI What Is Investment? 24 ► CASE STUDY GDP and Its Components 25 Other Measures of Income 26 Seasonal Adjustment 27 2-2 Measuring the Cost of Living: The Consumer Price Index 28 The Price of a Basket of Goods 28 How the CPI Compares to the GDP and PCE Deflators 29 Does the CPI Overstate Inflation? 30 2-3 Measuring Joblessness: The Unemployment Rate 32 The Household Survey 32 ► CASE STUDY Trends in Labor-Force Participation The Establishment Survey 34 2-4 3 16 33 Conclusion: From Economic Statistics to Economic Models 36 vii
viii {CONTENTS Part II Classical Theory: The Economy in the Long Run 41 Chapter 3 National Income: Where It Comes From and Where It Goes 41 3-1 What Determines the Total Production of Goods and Services? The Factors of Production 43 The Production Function 43 The Supply of Goods and Services 44 3-2 How Is National Income Distributed to the Factors of Production? 44 Factor Prices 44 The Decisions Facing a Competitive Firm 45 The Firm’s Demand for Factors 46 The Distribution of National Income 49 ► CASE STUDY The Black Death and Factor Prices 50 The Cobb-Douglas Production Function 51 ► CASE STUDY Labor Productivity as the Key Determinant of Real Wages 53 3-3 What Determines the Demand for Goods and Services? Consumption 55 Investment 55 FYI The Many Different Interest Rates Government Purchases 58 42 54 57 3-4 What Brings the Supply and Demand for Goods and Services into Equilibrium? 58 Equilibrium in the Market for Goods and Services: The Supply and Demand for the Economy’s Output 59 Equilibrium in Financial Markets: The Supply and Demand for Loanable Funds 60 Changes in Saving: The Effects of Fiscal Policy 61 Changes in Investment Demand 62 3-5 Conclusion S4 Appendix The Growing Gap Between Rich and Poor 69 Chapter 4 The Monetary System: What It Is and How It Works 4-1 75 What Is Money? 75 The Functions of Money 76 The Types of Money 76 ► CASE STUDY Money in a POW Camp 77 The Development of Fiat Money 77 ► CASE STUDY Money and Social Conventions on the Islands of Yap 78 FYI Bitcoin: The Strange Case of a Digital Money 78 How the Quantity of Money Is Controlled 79 How the
Quantity of Money Is Measured 80 FYI How Do Credit Cards and Debit Cards Fit into the Monetary System? 81
CONTENTS 4-2 The Role of Banks in the Monetary System 81 10O-Percent-Reserve Banking 81 Fractional-Reserve Banking 82 Bank Capital, Leverage, and Capital Requirements 84 4-3 How Central Banks Influence the Money Supply 85 A Model of the Money Supply 85 The Instruments of Monetary Policy 87 ► CASE STUDY Quantitative Easing and the Exploding Monetary Base 88 Problems in Monetary Control 90 ► CASE STUDY Bank Failures and the Money Supply in the 1930s 90 4-4 Conclusion 92 Chapter 5 Inflation: Its Causes, Effects, and Social Costs 5-1 5-2 The Quantity Theory of Money 98 Transactions and the Quantity Equation 98 From Transactions to Income 99 The Money Demand Function and the Quantity Equation The Assumption of Constant Velocity 1 DO Money, Prices, and Inflation 101 ► CASE STUDY Inflation and Money Growth 102 Seigniorage: The Revenue from Creating Money 100 104 ► CASE STUDY Paying for the American Revolution 5-3 97 Inflation and Interest Rates 105 Two Interest Rates: Real and Nominal 105 The Fisher Effect 105 ► CASE STUDY Inflation and Nominal Interest Rates Two Real Interest Rates: Ex Ante and Ex Post 107 104 106 5-4 The Nominal Interest Rate and the Demand for Money The Cost of Holding Money 108 Future Money and Current Prices 109 5-5 The Social Costs of Inflation 110 The Layperson’s View and the Classical Response 110 ► CASE STUDY What Economists and the Public Say About Inflation 111 The Costs of Expected Inflation 112 The Costs of Unexpected Inflation 113 ► CASE STUDY The Free Silver Movement, the Election of 1896, and The Wizard of Oz 114 One Benefit of Inflation 115 5-6
Hyperinflation 115 The Costs of Hyperinflation 115 The Causes of Hyperinflation 116 ► CASE STUDY Hyperinflation in Interwar Germany ► CASE STUDY Hyperinflation in Zimbabwe 118 5-7 Conclusion: The Classical Dichotomy 119 108 117 І ІХ
X |CONTENTS Chapter 6 The Open Economy 125 6-1 The International Flows of Capital and Goods 126 The Role of Net Exports 126 International Capital Flows and the Trade Balance 127 International Flows of Goods and Capital: An Example 129 The Irrelevance of Bilateral Trade Balances 129 6-2 Saving and Investment in a Small Open Economy 130 Capital Mobility and the World Interest Rate 130 Why Assume a Small Open Economy? 131 The Model 131 How Policies Influence the Trade Balance 133 Evaluating Economic Policy 135 ► CASE STUDY The U.S. Trade Deficit 136 ► CASE STUDY Why Doesn’t Capital Flow to Poor Countries? 138 6-3 Exchange Rates 139 Nominal and Real Exchange Rates 139 The Real Exchange Rate and the Trade Balance 140 The Determinants of the Real Exchange Rate 141 How Policies Influence the Real Exchange Rate 142 The Effects of Trade Policies 144 ► CASE STUDY The Economic Consequences of Mr. Trump 145 The Determinants of the Nominal Exchange Rate 146 ► CASE STUDY Inflation and Nominal Exchange Rates 147 The Special Case of Purchasing-Power Parity 148 ► CASE STUDY The Big Mac Around the World 150 6-4 Conclusion: The United States as a Large Open Economy Appendix The Large Open Economy Chapter 7 151 156 Unemployment and the Labor Market 165 7-1 Job Loss, Job Finding, and the Natural Rate of Unemployment ’166 7-2 Job Search and Frictional Unemployment 168 Causes of Frictional Unemployment 168 Public Policy and Frictional Unemployment 169 ► CASE STUDY Unemployment Insurance and the Rate of Job Finding 170 ► CASE STUDY Unemployment Insurance During the Great Shutdown of 2020 170 7-3
Real-Wage Rigidity and Structural Unemployment 171 Minimum-Wage Laws 172 Unions and Collective Bargaining 174 Efficiency Wages 175 ► CASE STUDY Henry Ford’s $5 Workday 176 7-4 Labor-Market Experience: The United States The Duration of Unemployment 177 176
CONTENTS ► CASE STUDY The Increase in U.S. Long-Term Unemployment and the Debate over Unemployment Insurance 177 Variation in the Unemployment Rate Across Demographic Groups 179 Transitions into and out of the Labor Force 180 7-5 Labor-Market Experience: Europe 181 The Rise in European Unemployment 181 Unemployment Variation Within Europe 182 The Rise of European Leisure 183 7-6 Conclusion 185 Part III Growth Theory: The Economy in the Very Long Run 18Ց Chapter 8 Capital Accumulation as a Source of Growth 8-1 The Basic Solow Model 1ՑՑ 190 The Supply and Demand for Goods 190 Growth in the Capital Stock and the Steady State 192 Approaching the Steady State: A Numerical Example 195 ► CASE STUDY The Miracle of Japanese and German Growth How Saving Affects Growth 198 8-2 The Golden Rule Level of Capital 199 Comparing Steady States 199 Finding the Golden Rule Steady State: A Numerical Example The Transition to the Golden Rule Steady State 203 8-3 Conclusion Chapter 9 9-1 201 206 Population Growth and Technological Progress Population Growth in the Solow Model 209 The Steady State with Population Growth 210 The Effects of Population Growth 211 ► CASE STUDY Investment and Population Growth Around the World 212 Alternative Perspectives on Population Growth 214 9-2 Technological Progress in the Solow Model 216 The Efficiency of Labor 216 The Steady State with Technological Progress The Effects of Technological Progress 217 9-3 217 . Beyond the Solow Model: Endogenous Growth Theory The Basic Model 219 A Two-Sector Model 220 The Microeconomics of Research and Development The Process of
Creative Destruction 222 9-4 Conclusion 197 223 219 221 209 j XÍ
xii CONTENTS Chapter 10 Growth Empirics and Policy 10-1 From Growth Theory to Growth Empirics 229 230 Balanced Growth 230 Convergence 230 Factor Accumulation Versus Production Efficiency 231 ► CASE STUDY Good Management as a Source of Productivity 10-2 Accounting for the Sources of Economic Growth Increases in the Factors of Production 233 233 Technological Progress 235 The Sources of Growth in the United States 237 ► CASE STUDY The Slowdown in Productivity Growth The Solow Residual in the Short Run 238 10-3 Policies to Promote Growth 232 237 240 Evaluating the Rate of Saving 240 Changing the Rate of Saving 241 Allocating the Economy’s Investment 242 ► CASE STUDY Industrial Policy in Practice 244 ► CASE STUDY Misallocation in India and China 244 Establishing the Right Institutions 245 ► CASE STUDY The Colonial Origins of Modern Institutions 246 Supporting a Pro-growth Culture 247 Encouraging Technological Progress 248 ► CASE STUDY Is Free Trade Good for Economic Growth? 249 10-4 Conclusion 250 Part IV Business Cycle Theory: The Economy in the Short Run 253 Chapter 11 Introduction to Economic Fluctuations 253 11-1 The Facts About the Business Cycle 254 GDP and Its Components 254 Unemployment and Ckun’s Law 255 Leading Economic Indicators 258 11-2 Time Horizons in Macroeconomics 260 How the Short Run and the Long Run Differ 2BO ► CASE STUDY If You Want to Know Why Firms Have Sticky Prices, Ask Them 261 The Model of Aggregate Supply and Aggregate Demand 263 264 The Quantity Equation as Aggregate Demand 264 Why the Aggregate Demand Curve Slopes Downward Shifts in the Aggregate
Demand Curve 265 11-3 Aggregate Demand 11-4 Aggregate Supply 264 266 The Long Run: The Vertical Aggregate Supply Curve 266
CONTENTS The Short Run: The Horizontal Aggregate Supply Curve 267 From the Short Run to the Long Run 269 ► CASE STUDY A Monetary Lesson from French History 270 11-5 Stabilization Policy 271 Shocks to Aggregate Demand 272 Shocks to Aggregate Supply 273 ► CASE STUDY How OPEC Helped Cause Stagflation in the 1970s and Euphoria in the 1980s 274 11-6 The Covid-19 Recession of 2020 276 Modeling the Shutdown 276 The Policy Response 278 The Recovery and the Road Ahead 279 11-7 Conclusion 279 Chapter 12 Aggregate Demand I: Building the IS-LM Model 283 12-1 The Goods Market and the IS Curve 285 The Keynesian Cross 285 ► CASE STUDY Cutting Taxes to Stimulate the Economy: From Kennedy to Trump 291 ► CASE STUDY Increasing Government Purchases to Stimulate the Economy: The Dbama Stimulus 292 ► CASE STUDY Using Regional Data to Estimate Multipliers 293 The Interest Rate, Investment, and the IS Curve 294 How Fiscal Policy Shifts the IS Curve 295 12-2 The Money Market and the LM Curve 297 The Theory of Liquidity Preference 297 ► CASE STUDY Does a Monetary Tightening Raise or Lower Interest Rates? 299 Income, Money Demand, and the LM Curve 300 How Monetary Policy Shifts the LM Curve 300 12-3 Conclusion: The Short-Run Equilibrium 301 Chapter 13 Aggregate Demand II: Applying the IS-LM Model 307 13-1 Explaining Fluctuations with the IS-LM Model 308 How Fiscal Policy Shifts the IS Curve and Changes the Short-Run Equilibrium 308 How Monetary Policy Shifts the LM Curve and Changes the Short-Run Equilibrium 310 The Interaction Between Monetary and Fiscal Policy 311 Shocks in the IS-LM Model 311 ►
CASE STUDY The U.S. Recession of 2001 313 What Is the Fed’s Policy Instrument—The Money Supply or the Interest Rate? 314 13-2 IS-LM as a Theory of Aggregate Demand 315 From the IS-LM Model to the Aggregate Demand Curve The IS-LM Model in the Short Run and Long Run 317 315 I ХІІІ
xiv ¡CONTENTS 13-3 The Great Depression 319 The Spending Hypothesis: Shocks to the /S Curve 320 The Money Hypothesis: A Shock to the LM Curve 321 The Money Hypothesis Again: The Effects of Falling Prices 322 Could the Depression Happen Again? 324 ► CASE STUDY The Financial Crisis and Great Recession of 2008-2009 325 The Liquidity Trap and Unconventional Monetary Policy 327 FYI The Curious Case of Negative Interest Rates 328 13-4 Conclusion 329 Chapter 14 The Open Economy Revisited: The Mundell-Fleming Model and the Exchange-Rate Regime 335 14-1 The Mundell-Fleming Model 336 The Key Assumption: Small Open Economy with Perfect Capital Mobility 337 The Goods Market and the IS* Curve 337 The Money Market and the LM* Curve 339 Putting the Pieces.Together 340 14-2 The Small Open Economy Under Floating Exchange Rates 340 Fiscal Policy 341 Monetary Policy 342 Trade Policy 343 14-3 The Small Open Economy Under Fixed Exchange Rates 344 How a Fixed-Exchange-Rate System Works 344 ► CASE STUDY The International Gold Standard 346 Fiscal Policy 346 Monetary Policy 347 ► CASE STUDY Devaluation and the Recovery from the Great Depression 348 Trade Policy 348 Policy in the Mundell-Fleming Model: A Summary 349 14-4 Interest Rate Differentials 350 Country Risk and Exchange-Rate Expectations 350 Differentials in the Mundell-Fleming Model 351 ► CASE STUDY International Financial Crisis: Mexico 1994-1995 352 ► CASE STUDY International Financial Crisis: Asia 1997-1998 14-5 Should Exchange Rates Be Floating or Fixed? 353 354 Pros and Cons of Different Exchange-Rate Systems 354 355 Speculative
Attacks, Currency Boards, and Dollarization 356 The Impossible Trinity 357 ► CASE STUDY The Debate over the Euro ► CASE STUDY The Chinese Currency Controversy 358 14-6 From the Short Run to the Long Run: The Mundell-Fleming Model with a Changing Price Level 359 14-7 A Concluding Reminder 361
CONTENTS I XV Appendix A Short-Run Model of the Large Open Economy 366 Chapter 15 Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment 371 15-1 The Basic Theory of Aggregate Supply 372 The Sticky-Price Model 372 An Alternative Theory: The Imperfect-Information Model 374 ► CASE STUDY International Differences in the Aggregate Supply Curve 376 Implications 376 15-2 Inflation, Unemployment, and the Phillips Curve 378 Deriving the Phillips Curve from the Aggregate Supply Curve 379 FYI The History of the Modern Phillips Curve 380 Adaptive Expectations and Inflation Inertia 380 Two Causes of Rising and Falling Inflation 381 ► CASE STUDY Inflation and Unemployment in the United States 382 The Short-Run Tradeoff Between Inflation and Unemployment 383 FYI How Precise Are Estimates of the Natural Rate of Unemployment? 385 Disinflation and the Sacrifice Ratio 385 Rational Expectations and the Possibility of Painless Disinflation 386 ► CASE STUDY The Sacrifice Ratio in Practice 387 Hysteresis and the Challenge to the Natural-Rate Hypothesis 389 15-3 Conclusion 390 Appendix The Mother of All Models 364 Part V Topics in Macroeconomic Theory and Policy 399 Chapter 16 A Dynamic Model of Economic Fluctuations 16-1 Elements of the Model 400 Output: The Demand for Goods and Services 400 The Real Interest Rate: The Fisher Equation 401 Inflation: The Phillips Curve 402 Expected Inflation: Adaptive Expectations 403 The Nominal Interest Rate: The Monetary-Policy Rule ► CASE STUDY The Taylor Rule 404 16-2 Solving the Model 406 The Long-Run Equilibrium 407 The Dynamic
Aggregate Supply Curve 408 The Dynamic Aggregate Demand Curve 409 The Short-Run Equilibrium 411 16-3 Using the Model 412 403 366
xvi Icontents Long-Run Growth 412 A Shock to Aggregate Supply 413 A Shock to Aggregate Demand 415 FYI The Numerical Calibration and Simulation A Shift in Monetary Policy 418 16-4 Two Applications: Lessons for Monetary Policy 416 421 The Tradeoff Between Output Variability and Inflation Variability 421 ► CASE STUDY Different Mandates, Different Realities: The Fed Versus the ECB 423 The Taylor Principle 424 ► CASE STUDY What Caused the Great Inflation? 426 16-5 Conclusion: Toward DSGE Models 427 Chapter 17 Alternative Perspectives on Stabilization Policy 431 17-1 Should Policy Be Active or Passive? 432 Lags in the Implementation and Effects of Policies 432 The Difficult Job of Economic Forecasting 433 ► CASE STUDY Mistakes in Forecasting 434 Ignorance, Expecta'tlons, and the Lucas Critique 436 The Historical Record 436 ► CASE STUDY How Does Policy Uncertainty Affect the Economy? 437 17-2 Should Policy Be Conducted by Rule or Discretion? 439 Distrust of Policymakers and the Political Process 439 The Time Inconsistency of Discretionary Policy 440 ► CASE STUDY Alexander Hamilton Versus Time Inconsistency 442 Rules for Monetary Policy 442 ► CASE STUDY Inflation Targeting: Rule or Constrained Discretion? 443 ► CASE STUDY Central-Bank Independence 444 17-3 Conclusion 446 Appendix Time Inconsistency and the Tradeoff Between Inflation and Unemployment 449 Chapter 18 Government Debt and Budget Deficits 453 18-1 The Size of the Government Debt 454 ► CASE STUDY The Troubling Long-Term Outlook for Fiscal Policy 18-2 Measurement Problems 457 Problem 1 : Inflation 458 Problem 2: Capital
Assets 458 Problem 3: Uncounted Liabilities 459 Problem 4: The Business Cycle 460 Summing Up 460 18-3 The Traditional View of Government Debt FYI Taxes and Incentives 462 460 456
CONTENTS 18-4 The Ricardian View of Government Debt 462 The Basic Logic of Ricardian Equivalence 463 Consumers and Future Taxes 463 ► CASE STUDY George H. W. Bush’s Withholding Experiment Making a Choice 466 ATI Ricardo on Ricardian Equivalence 4Б7 18-5 Other Perspectives on Government Debt 467 Balanced Budgets Versus Optimal Fiscal Policy Fiscal Effects on Monetary Policy 468 Debt and the Political Process 469 International Dimensions 470 18-6 Conclusion 464 467 470 Chapter 19 The Financial System: Opportunities and Dangers 475 19-1 What Does the Financial System Do? 476 Financing Investment 476 Sharing Risk 477 Dealing with Asymmetric Information 478 Fostering Economic Growth 479 FYI The Efficient Markets Hypothesis Versus Keynes’s Beauty Contest 480 19-2 Financial Crises 481 The Anatomy of a Crisis 481 FYI The TED Spread 483 ► CASE STUDY Who Should Be Blamed for the Financial Crisis of 2008-2009? 485 Policy Responses to a Crisis 486 Policies to Prevent Crises 489 ► CASE STUDY The European Sovereign Debt Crisis 492 19-3 Conclusion 493 Chapter 20 The Microfoundations of Consumption and Investment 497 20-1 What Determines Consumer Spending? 497 John Maynard Keynes and the Consumption Function 498 Franco Modigliani and the Life-Cycle Hypothesis 501 Milton Friedman and the Permanent-Income Hypothesis 504 ► CASE STUDY The 1964 Tax Cut and the 1968 Tax Surcharge 506 ► CASE STUDY The Tax Rebates of 2008 506 Robert Hall and the Random-Walk Hypothesis 508 ► CASE STUDY Do Predictable Changes in Income Lead to Predictable Changes in Consumption? 509 David Laibson and the Pull of
Instant Gratification 509 ► CASE STUDY How to Get People to Save More 510 The Bottom Line on Consumption 511 I XVII
xviii I CONTENTS 20-2 What Determines Investment Spending? 512 The Rental Price of Capital 512 The Cost of Capital 514 The Cost-Benefit Calculus of Investment 515 Taxes and Investment 517 The Stock Market and Tobin’s q 518 ► CASE STUDY The Stock Market as an Economic Indicator Financing Constraints 520 The Bottom Line on Investment 521 20-3 Conclusion: The Key Role of Expectations 51Э 522 Epilogue What We Know, What We Don't 527 The Four Most Important Lessons of Macroeconomics 527 Lesson 1 : In the long run, a country’s capacity to produce goods and services determines the standard of living of its citizens. 527 Lesson 2: In the short run, aggregate demand influences the amount of goods and services that a country produces. 528 Lesson 3: In the long run, the rate of money growth determines the rate of inflation, but it does not affect the rate of unemployment. 528 Lesson 4: In the short run, policymakers who control monetary and fiscal policy face a tradeoff between inflation and unemployment. 529 The Four Most Important Unresolved Questions of Macroeconomics 529 Question 1 : How should policymakers try to promote growth in the economy’s natural level of output? 530 Question 2: What is the best way to stabilize the economy? 531 Question 3: How costly is inflation, and how costly is reducing inflation? 532 Question 4: Are government budget deficits a big problem? 533 Conclusion Glossary Index 534 535 545 |
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Contents Media and Resources from Worth Publishers Preface xix xxiii Part I Introduction Ί Chapter 1 1 -1 1-2 1 -3 The Science of Macroeconomics 1 What Macroeconomists Study 1 ► CASE STUDY The Historical Performance of the U.S. Economy How Economists Think 5 Theory as Model Building 5 The Use of Multiple Models 9 Prices: Flexible Versus Sticky 9 Microeconomic Thinking and Macroeconomic Models FYI The Early Lives of Macroeconomists 10 How This Book Proceeds 10 11 Chapter 2 The Data of Macroeconomics 15 2-1 Measuring the Value of Economic Activity: Gross Domestic Product Income, Expenditure, and the Circular Flow 16 FYI Stocks and Flows 18 Rules for Computing GDP 18 Real GDP Versus Nominal GDP 21 The GDP Deflator 22 Chain-Weighted Measures of Real GDP 22 FYI Two Helpful Hints for Working with Percentage Changes 23 The Components of Expenditure 23 FYI What Is Investment? 24 ► CASE STUDY GDP and Its Components 25 Other Measures of Income 26 Seasonal Adjustment 27 2-2 Measuring the Cost of Living: The Consumer Price Index 28 The Price of a Basket of Goods 28 How the CPI Compares to the GDP and PCE Deflators 29 Does the CPI Overstate Inflation? 30 2-3 Measuring Joblessness: The Unemployment Rate 32 The Household Survey 32 ► CASE STUDY Trends in Labor-Force Participation The Establishment Survey 34 2-4 3 16 33 Conclusion: From Economic Statistics to Economic Models 36 vii
viii {CONTENTS Part II Classical Theory: The Economy in the Long Run 41 Chapter 3 National Income: Where It Comes From and Where It Goes 41 3-1 What Determines the Total Production of Goods and Services? The Factors of Production 43 The Production Function 43 The Supply of Goods and Services 44 3-2 How Is National Income Distributed to the Factors of Production? 44 Factor Prices 44 The Decisions Facing a Competitive Firm 45 The Firm’s Demand for Factors 46 The Distribution of National Income 49 ► CASE STUDY The Black Death and Factor Prices 50 The Cobb-Douglas Production Function 51 ► CASE STUDY Labor Productivity as the Key Determinant of Real Wages 53 3-3 What Determines the Demand for Goods and Services? Consumption 55 Investment 55 FYI The Many Different Interest Rates Government Purchases 58 42 54 57 3-4 What Brings the Supply and Demand for Goods and Services into Equilibrium? 58 Equilibrium in the Market for Goods and Services: The Supply and Demand for the Economy’s Output 59 Equilibrium in Financial Markets: The Supply and Demand for Loanable Funds 60 Changes in Saving: The Effects of Fiscal Policy 61 Changes in Investment Demand 62 3-5 Conclusion S4 Appendix The Growing Gap Between Rich and Poor 69 Chapter 4 The Monetary System: What It Is and How It Works 4-1 75 What Is Money? 75 The Functions of Money 76 The Types of Money 76 ► CASE STUDY Money in a POW Camp 77 The Development of Fiat Money 77 ► CASE STUDY Money and Social Conventions on the Islands of Yap 78 FYI Bitcoin: The Strange Case of a Digital Money 78 How the Quantity of Money Is Controlled 79 How the
Quantity of Money Is Measured 80 FYI How Do Credit Cards and Debit Cards Fit into the Monetary System? 81
CONTENTS 4-2 The Role of Banks in the Monetary System 81 10O-Percent-Reserve Banking 81 Fractional-Reserve Banking 82 Bank Capital, Leverage, and Capital Requirements 84 4-3 How Central Banks Influence the Money Supply 85 A Model of the Money Supply 85 The Instruments of Monetary Policy 87 ► CASE STUDY Quantitative Easing and the Exploding Monetary Base 88 Problems in Monetary Control 90 ► CASE STUDY Bank Failures and the Money Supply in the 1930s 90 4-4 Conclusion 92 Chapter 5 Inflation: Its Causes, Effects, and Social Costs 5-1 5-2 The Quantity Theory of Money 98 Transactions and the Quantity Equation 98 From Transactions to Income 99 The Money Demand Function and the Quantity Equation The Assumption of Constant Velocity 1 DO Money, Prices, and Inflation 101 ► CASE STUDY Inflation and Money Growth 102 Seigniorage: The Revenue from Creating Money 100 104 ► CASE STUDY Paying for the American Revolution 5-3 97 Inflation and Interest Rates 105 Two Interest Rates: Real and Nominal 105 The Fisher Effect 105 ► CASE STUDY Inflation and Nominal Interest Rates Two Real Interest Rates: Ex Ante and Ex Post 107 104 106 5-4 The Nominal Interest Rate and the Demand for Money The Cost of Holding Money 108 Future Money and Current Prices 109 5-5 The Social Costs of Inflation 110 The Layperson’s View and the Classical Response 110 ► CASE STUDY What Economists and the Public Say About Inflation 111 The Costs of Expected Inflation 112 The Costs of Unexpected Inflation 113 ► CASE STUDY The Free Silver Movement, the Election of 1896, and The Wizard of Oz 114 One Benefit of Inflation 115 5-6
Hyperinflation 115 The Costs of Hyperinflation 115 The Causes of Hyperinflation 116 ► CASE STUDY Hyperinflation in Interwar Germany ► CASE STUDY Hyperinflation in Zimbabwe 118 5-7 Conclusion: The Classical Dichotomy 119 108 117 І ІХ
X |CONTENTS Chapter 6 The Open Economy 125 6-1 The International Flows of Capital and Goods 126 The Role of Net Exports 126 International Capital Flows and the Trade Balance 127 International Flows of Goods and Capital: An Example 129 The Irrelevance of Bilateral Trade Balances 129 6-2 Saving and Investment in a Small Open Economy 130 Capital Mobility and the World Interest Rate 130 Why Assume a Small Open Economy? 131 The Model 131 How Policies Influence the Trade Balance 133 Evaluating Economic Policy 135 ► CASE STUDY The U.S. Trade Deficit 136 ► CASE STUDY Why Doesn’t Capital Flow to Poor Countries? 138 6-3 Exchange Rates 139 Nominal and Real Exchange Rates 139 The Real Exchange Rate and the Trade Balance 140 The Determinants of the Real Exchange Rate 141 How Policies Influence the Real Exchange Rate 142 The Effects of Trade Policies 144 ► CASE STUDY The Economic Consequences of Mr. Trump 145 The Determinants of the Nominal Exchange Rate 146 ► CASE STUDY Inflation and Nominal Exchange Rates 147 The Special Case of Purchasing-Power Parity 148 ► CASE STUDY The Big Mac Around the World 150 6-4 Conclusion: The United States as a Large Open Economy Appendix The Large Open Economy Chapter 7 151 156 Unemployment and the Labor Market 165 7-1 Job Loss, Job Finding, and the Natural Rate of Unemployment ’166 7-2 Job Search and Frictional Unemployment 168 Causes of Frictional Unemployment 168 Public Policy and Frictional Unemployment 169 ► CASE STUDY Unemployment Insurance and the Rate of Job Finding 170 ► CASE STUDY Unemployment Insurance During the Great Shutdown of 2020 170 7-3
Real-Wage Rigidity and Structural Unemployment 171 Minimum-Wage Laws 172 Unions and Collective Bargaining 174 Efficiency Wages 175 ► CASE STUDY Henry Ford’s $5 Workday 176 7-4 Labor-Market Experience: The United States The Duration of Unemployment 177 176
CONTENTS ► CASE STUDY The Increase in U.S. Long-Term Unemployment and the Debate over Unemployment Insurance 177 Variation in the Unemployment Rate Across Demographic Groups 179 Transitions into and out of the Labor Force 180 7-5 Labor-Market Experience: Europe 181 The Rise in European Unemployment 181 Unemployment Variation Within Europe 182 The Rise of European Leisure 183 7-6 Conclusion 185 Part III Growth Theory: The Economy in the Very Long Run 18Ց Chapter 8 Capital Accumulation as a Source of Growth 8-1 The Basic Solow Model 1ՑՑ 190 The Supply and Demand for Goods 190 Growth in the Capital Stock and the Steady State 192 Approaching the Steady State: A Numerical Example 195 ► CASE STUDY The Miracle of Japanese and German Growth How Saving Affects Growth 198 8-2 The Golden Rule Level of Capital 199 Comparing Steady States 199 Finding the Golden Rule Steady State: A Numerical Example The Transition to the Golden Rule Steady State 203 8-3 Conclusion Chapter 9 9-1 201 206 Population Growth and Technological Progress Population Growth in the Solow Model 209 The Steady State with Population Growth 210 The Effects of Population Growth 211 ► CASE STUDY Investment and Population Growth Around the World 212 Alternative Perspectives on Population Growth 214 9-2 Technological Progress in the Solow Model 216 The Efficiency of Labor 216 The Steady State with Technological Progress The Effects of Technological Progress 217 9-3 217 . Beyond the Solow Model: Endogenous Growth Theory The Basic Model 219 A Two-Sector Model 220 The Microeconomics of Research and Development The Process of
Creative Destruction 222 9-4 Conclusion 197 223 219 221 209 j XÍ
xii CONTENTS Chapter 10 Growth Empirics and Policy 10-1 From Growth Theory to Growth Empirics 229 230 Balanced Growth 230 Convergence 230 Factor Accumulation Versus Production Efficiency 231 ► CASE STUDY Good Management as a Source of Productivity 10-2 Accounting for the Sources of Economic Growth Increases in the Factors of Production 233 233 Technological Progress 235 The Sources of Growth in the United States 237 ► CASE STUDY The Slowdown in Productivity Growth The Solow Residual in the Short Run 238 10-3 Policies to Promote Growth 232 237 240 Evaluating the Rate of Saving 240 Changing the Rate of Saving 241 Allocating the Economy’s Investment 242 ► CASE STUDY Industrial Policy in Practice 244 ► CASE STUDY Misallocation in India and China 244 Establishing the Right Institutions 245 ► CASE STUDY The Colonial Origins of Modern Institutions 246 Supporting a Pro-growth Culture 247 Encouraging Technological Progress 248 ► CASE STUDY Is Free Trade Good for Economic Growth? 249 10-4 Conclusion 250 Part IV Business Cycle Theory: The Economy in the Short Run 253 Chapter 11 Introduction to Economic Fluctuations 253 11-1 The Facts About the Business Cycle 254 GDP and Its Components 254 Unemployment and Ckun’s Law 255 Leading Economic Indicators 258 11-2 Time Horizons in Macroeconomics 260 How the Short Run and the Long Run Differ 2BO ► CASE STUDY If You Want to Know Why Firms Have Sticky Prices, Ask Them 261 The Model of Aggregate Supply and Aggregate Demand 263 264 The Quantity Equation as Aggregate Demand 264 Why the Aggregate Demand Curve Slopes Downward Shifts in the Aggregate
Demand Curve 265 11-3 Aggregate Demand 11-4 Aggregate Supply 264 266 The Long Run: The Vertical Aggregate Supply Curve 266
CONTENTS The Short Run: The Horizontal Aggregate Supply Curve 267 From the Short Run to the Long Run 269 ► CASE STUDY A Monetary Lesson from French History 270 11-5 Stabilization Policy 271 Shocks to Aggregate Demand 272 Shocks to Aggregate Supply 273 ► CASE STUDY How OPEC Helped Cause Stagflation in the 1970s and Euphoria in the 1980s 274 11-6 The Covid-19 Recession of 2020 276 Modeling the Shutdown 276 The Policy Response 278 The Recovery and the Road Ahead 279 11-7 Conclusion 279 Chapter 12 Aggregate Demand I: Building the IS-LM Model 283 12-1 The Goods Market and the IS Curve 285 The Keynesian Cross 285 ► CASE STUDY Cutting Taxes to Stimulate the Economy: From Kennedy to Trump 291 ► CASE STUDY Increasing Government Purchases to Stimulate the Economy: The Dbama Stimulus 292 ► CASE STUDY Using Regional Data to Estimate Multipliers 293 The Interest Rate, Investment, and the IS Curve 294 How Fiscal Policy Shifts the IS Curve 295 12-2 The Money Market and the LM Curve 297 The Theory of Liquidity Preference 297 ► CASE STUDY Does a Monetary Tightening Raise or Lower Interest Rates? 299 Income, Money Demand, and the LM Curve 300 How Monetary Policy Shifts the LM Curve 300 12-3 Conclusion: The Short-Run Equilibrium 301 Chapter 13 Aggregate Demand II: Applying the IS-LM Model 307 13-1 Explaining Fluctuations with the IS-LM Model 308 How Fiscal Policy Shifts the IS Curve and Changes the Short-Run Equilibrium 308 How Monetary Policy Shifts the LM Curve and Changes the Short-Run Equilibrium 310 The Interaction Between Monetary and Fiscal Policy 311 Shocks in the IS-LM Model 311 ►
CASE STUDY The U.S. Recession of 2001 313 What Is the Fed’s Policy Instrument—The Money Supply or the Interest Rate? 314 13-2 IS-LM as a Theory of Aggregate Demand 315 From the IS-LM Model to the Aggregate Demand Curve The IS-LM Model in the Short Run and Long Run 317 315 I ХІІІ
xiv ¡CONTENTS 13-3 The Great Depression 319 The Spending Hypothesis: Shocks to the /S Curve 320 The Money Hypothesis: A Shock to the LM Curve 321 The Money Hypothesis Again: The Effects of Falling Prices 322 Could the Depression Happen Again? 324 ► CASE STUDY The Financial Crisis and Great Recession of 2008-2009 325 The Liquidity Trap and Unconventional Monetary Policy 327 FYI The Curious Case of Negative Interest Rates 328 13-4 Conclusion 329 Chapter 14 The Open Economy Revisited: The Mundell-Fleming Model and the Exchange-Rate Regime 335 14-1 The Mundell-Fleming Model 336 The Key Assumption: Small Open Economy with Perfect Capital Mobility 337 The Goods Market and the IS* Curve 337 The Money Market and the LM* Curve 339 Putting the Pieces.Together 340 14-2 The Small Open Economy Under Floating Exchange Rates 340 Fiscal Policy 341 Monetary Policy 342 Trade Policy 343 14-3 The Small Open Economy Under Fixed Exchange Rates 344 How a Fixed-Exchange-Rate System Works 344 ► CASE STUDY The International Gold Standard 346 Fiscal Policy 346 Monetary Policy 347 ► CASE STUDY Devaluation and the Recovery from the Great Depression 348 Trade Policy 348 Policy in the Mundell-Fleming Model: A Summary 349 14-4 Interest Rate Differentials 350 Country Risk and Exchange-Rate Expectations 350 Differentials in the Mundell-Fleming Model 351 ► CASE STUDY International Financial Crisis: Mexico 1994-1995 352 ► CASE STUDY International Financial Crisis: Asia 1997-1998 14-5 Should Exchange Rates Be Floating or Fixed? 353 354 Pros and Cons of Different Exchange-Rate Systems 354 355 Speculative
Attacks, Currency Boards, and Dollarization 356 The Impossible Trinity 357 ► CASE STUDY The Debate over the Euro ► CASE STUDY The Chinese Currency Controversy 358 14-6 From the Short Run to the Long Run: The Mundell-Fleming Model with a Changing Price Level 359 14-7 A Concluding Reminder 361
CONTENTS I XV Appendix A Short-Run Model of the Large Open Economy 366 Chapter 15 Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment 371 15-1 The Basic Theory of Aggregate Supply 372 The Sticky-Price Model 372 An Alternative Theory: The Imperfect-Information Model 374 ► CASE STUDY International Differences in the Aggregate Supply Curve 376 Implications 376 15-2 Inflation, Unemployment, and the Phillips Curve 378 Deriving the Phillips Curve from the Aggregate Supply Curve 379 FYI The History of the Modern Phillips Curve 380 Adaptive Expectations and Inflation Inertia 380 Two Causes of Rising and Falling Inflation 381 ► CASE STUDY Inflation and Unemployment in the United States 382 The Short-Run Tradeoff Between Inflation and Unemployment 383 FYI How Precise Are Estimates of the Natural Rate of Unemployment? 385 Disinflation and the Sacrifice Ratio 385 Rational Expectations and the Possibility of Painless Disinflation 386 ► CASE STUDY The Sacrifice Ratio in Practice 387 Hysteresis and the Challenge to the Natural-Rate Hypothesis 389 15-3 Conclusion 390 Appendix The Mother of All Models 364 Part V Topics in Macroeconomic Theory and Policy 399 Chapter 16 A Dynamic Model of Economic Fluctuations 16-1 Elements of the Model 400 Output: The Demand for Goods and Services 400 The Real Interest Rate: The Fisher Equation 401 Inflation: The Phillips Curve 402 Expected Inflation: Adaptive Expectations 403 The Nominal Interest Rate: The Monetary-Policy Rule ► CASE STUDY The Taylor Rule 404 16-2 Solving the Model 406 The Long-Run Equilibrium 407 The Dynamic
Aggregate Supply Curve 408 The Dynamic Aggregate Demand Curve 409 The Short-Run Equilibrium 411 16-3 Using the Model 412 403 366
xvi Icontents Long-Run Growth 412 A Shock to Aggregate Supply 413 A Shock to Aggregate Demand 415 FYI The Numerical Calibration and Simulation A Shift in Monetary Policy 418 16-4 Two Applications: Lessons for Monetary Policy 416 421 The Tradeoff Between Output Variability and Inflation Variability 421 ► CASE STUDY Different Mandates, Different Realities: The Fed Versus the ECB 423 The Taylor Principle 424 ► CASE STUDY What Caused the Great Inflation? 426 16-5 Conclusion: Toward DSGE Models 427 Chapter 17 Alternative Perspectives on Stabilization Policy 431 17-1 Should Policy Be Active or Passive? 432 Lags in the Implementation and Effects of Policies 432 The Difficult Job of Economic Forecasting 433 ► CASE STUDY Mistakes in Forecasting 434 Ignorance, Expecta'tlons, and the Lucas Critique 436 The Historical Record 436 ► CASE STUDY How Does Policy Uncertainty Affect the Economy? 437 17-2 Should Policy Be Conducted by Rule or Discretion? 439 Distrust of Policymakers and the Political Process 439 The Time Inconsistency of Discretionary Policy 440 ► CASE STUDY Alexander Hamilton Versus Time Inconsistency 442 Rules for Monetary Policy 442 ► CASE STUDY Inflation Targeting: Rule or Constrained Discretion? 443 ► CASE STUDY Central-Bank Independence 444 17-3 Conclusion 446 Appendix Time Inconsistency and the Tradeoff Between Inflation and Unemployment 449 Chapter 18 Government Debt and Budget Deficits 453 18-1 The Size of the Government Debt 454 ► CASE STUDY The Troubling Long-Term Outlook for Fiscal Policy 18-2 Measurement Problems 457 Problem 1 : Inflation 458 Problem 2: Capital
Assets 458 Problem 3: Uncounted Liabilities 459 Problem 4: The Business Cycle 460 Summing Up 460 18-3 The Traditional View of Government Debt FYI Taxes and Incentives 462 460 456
CONTENTS 18-4 The Ricardian View of Government Debt 462 The Basic Logic of Ricardian Equivalence 463 Consumers and Future Taxes 463 ► CASE STUDY George H. W. Bush’s Withholding Experiment Making a Choice 466 ATI Ricardo on Ricardian Equivalence 4Б7 18-5 Other Perspectives on Government Debt 467 Balanced Budgets Versus Optimal Fiscal Policy Fiscal Effects on Monetary Policy 468 Debt and the Political Process 469 International Dimensions 470 18-6 Conclusion 464 467 470 Chapter 19 The Financial System: Opportunities and Dangers 475 19-1 What Does the Financial System Do? 476 Financing Investment 476 Sharing Risk 477 Dealing with Asymmetric Information 478 Fostering Economic Growth 479 FYI The Efficient Markets Hypothesis Versus Keynes’s Beauty Contest 480 19-2 Financial Crises 481 The Anatomy of a Crisis 481 FYI The TED Spread 483 ► CASE STUDY Who Should Be Blamed for the Financial Crisis of 2008-2009? 485 Policy Responses to a Crisis 486 Policies to Prevent Crises 489 ► CASE STUDY The European Sovereign Debt Crisis 492 19-3 Conclusion 493 Chapter 20 The Microfoundations of Consumption and Investment 497 20-1 What Determines Consumer Spending? 497 John Maynard Keynes and the Consumption Function 498 Franco Modigliani and the Life-Cycle Hypothesis 501 Milton Friedman and the Permanent-Income Hypothesis 504 ► CASE STUDY The 1964 Tax Cut and the 1968 Tax Surcharge 506 ► CASE STUDY The Tax Rebates of 2008 506 Robert Hall and the Random-Walk Hypothesis 508 ► CASE STUDY Do Predictable Changes in Income Lead to Predictable Changes in Consumption? 509 David Laibson and the Pull of
Instant Gratification 509 ► CASE STUDY How to Get People to Save More 510 The Bottom Line on Consumption 511 I XVII
xviii I CONTENTS 20-2 What Determines Investment Spending? 512 The Rental Price of Capital 512 The Cost of Capital 514 The Cost-Benefit Calculus of Investment 515 Taxes and Investment 517 The Stock Market and Tobin’s q 518 ► CASE STUDY The Stock Market as an Economic Indicator Financing Constraints 520 The Bottom Line on Investment 521 20-3 Conclusion: The Key Role of Expectations 51Э 522 Epilogue What We Know, What We Don't 527 The Four Most Important Lessons of Macroeconomics 527 Lesson 1 : In the long run, a country’s capacity to produce goods and services determines the standard of living of its citizens. 527 Lesson 2: In the short run, aggregate demand influences the amount of goods and services that a country produces. 528 Lesson 3: In the long run, the rate of money growth determines the rate of inflation, but it does not affect the rate of unemployment. 528 Lesson 4: In the short run, policymakers who control monetary and fiscal policy face a tradeoff between inflation and unemployment. 529 The Four Most Important Unresolved Questions of Macroeconomics 529 Question 1 : How should policymakers try to promote growth in the economy’s natural level of output? 530 Question 2: What is the best way to stabilize the economy? 531 Question 3: How costly is inflation, and how costly is reducing inflation? 532 Question 4: Are government budget deficits a big problem? 533 Conclusion Glossary Index 534 535 545 |
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| spelling | Mankiw, Nicholas Gregory 1958- Verfasser (DE-588)120973626 aut Macroeconomics N. Gregory Mankiw, Harvard University Eleventh edition New York Worth Publishers, Macmillan Learning [2022] © 2022 xxx, 557 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Makroökonomie (DE-588)4037174-8 gnd rswk-swf Neue Makroökonomie (DE-588)4120793-2 gnd rswk-swf Neokeynesianismus (DE-588)4138182-8 gnd rswk-swf Hyperinflation IS-LM Inflation Keynes economic growth economic policy growth macroeconomics money unemployment (DE-588)4123623-3 Lehrbuch gnd-content Makroökonomie (DE-588)4037174-8 s DE-604 Neokeynesianismus (DE-588)4138182-8 s Neue Makroökonomie (DE-588)4120793-2 s Vorangegangen ist 9781319243586 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=033230700&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Mankiw, Nicholas Gregory 1958- Macroeconomics Makroökonomie (DE-588)4037174-8 gnd Neue Makroökonomie (DE-588)4120793-2 gnd Neokeynesianismus (DE-588)4138182-8 gnd |
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| title | Macroeconomics |
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| topic_facet | Makroökonomie Neue Makroökonomie Neokeynesianismus Lehrbuch |
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