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Macroeconomics: Theory through Applications

Table of Contents

• About the Authors

• Acknowledgments

• Dedications

• Preface

• Chapter 1: What Is Economics?

  • Microeconomics in a Fast-Food Restaurant
  • Macroeconomics in a Fast-Food Restaurant
  • What Is Economics, Really?
  • End-of-Chapter Material

• Chapter 2: Macroeconomics in Action

  • Chapter Introduction
  • Behind the Screens
  • Between News and Policy: The Framework of Macroeconomics
  • End-of-Chapter Material

• Chapter 3: The State of the Economy

  • Measuring Economic Activity
  • Measuring Prices and Inflation
  • The Circular Flow of Income
  • The Meaning of Real GDP
  • End-of-Chapter Material

• Chapter 4: The Interconnected Economy

  • Chapter Introduction
  • Housing Supply and Demand
  • Comparative Statics: Changes in the Price of Housing
  • Three Important Markets
  • Linkages across Markets
  • End-of-Chapter Material

• Chapter 5: Globalization and Competitiveness

  • The Production of Real GDP
  • Labor in the Aggregate Production Function
  • Physical Capital in the Aggregate Production Function
  • Other Inputs in the Aggregate Production Function
  • Accounting for Changes in GDP
  • Globalization and Competitiveness Revisited
  • End-of-Chapter Material

• Chapter 6: Global Prosperity and Global Poverty

  • Chapter Introduction
  • The Single-Person Economy
  • Four Reasons Why GDP Varies across Countries
  • The Accumulation of Physical Capital
  • Balanced Growth
  • The Role of International Institutions in Promoting Growth
  • End-of-Chapter Material

• Chapter 7: The Great Depression

  • Chapter Introduction
  • What Happened during the Great Depression?
  • The Great Depression: A Decrease in Potential Output?
  • The Components of GDP during the Great Depression
  • The Great Depression: A Decrease in Aggregate Spending?
  • Policy Interventions and the Great Depression
  • End-of-Chapter Material

• Chapter 8: Jobs in the Macroeconomy

  • Chapter Introduction
  • Unemployment
  • Job and Worker Flows
  • Hours Worked
  • The Government and the Labor Market
  • End-of-Chapter Material

• Chapter 9: Money: A User’s Guide

  • Chapter Introduction
  • What Is Money?
  • Using Money to Buy Goods and Services
  • Using Money to Buy Other Monies: Exchange Rates
  • Using Money to Buy Assets: Interest Rates
  • End-of-Chapter Material

• Chapter 10: Understanding the Fed

  • Chapter Introduction
  • Central Banks
  • The Monetary Transmission Mechanism
  • Monetary Policy, Prices, and Inflation
  • Monetary Policy in the Open Economy
  • The Tools of the Fed
  • The Fed in Action
  • End-of-Chapter Material

• Chapter 11: Inflations Big and Small

  • Chapter Introduction
  • The Quantity Theory of Money
  • Facts about Inflation and Money Growth
  • The Causes of Inflation
  • The Costs of Inflation
  • Policy Remedies
  • End-of-Chapter Material

• Chapter 12: Income Taxes

  • Chapter Introduction
  • Basic Concepts of Taxation
  • The Kennedy Tax Cut of 1964
  • Income Taxes and Saving
  • The Reagan Tax Cut
  • End-of-Chapter Material

• Chapter 13: Social Security

  • Chapter Introduction
  • Individual and Government Perspectives on Social Security
  • A Model of Consumption
  • Social Security in Crisis?
  • The Benefits and Costs of a Social Security System
  • Social Security in the Real World
  • End-of-Chapter Material

• Chapter 14: Balancing the Budget

  • Chapter Introduction
  • Deficits and Debt
  • The Causes of Budget Deficits
  • The Benefits of Deficits
  • The Costs of Deficits
  • The Ricardian Perspective
  • End-of-Chapter Material

• Chapter 15: The Global Financial Crisis

  • Chapter Introduction
  • The Financial Crisis in the United States
  • From Financial Crisis to Recession
  • The Crisis in Europe and the Rest of the World
  • Currency Crises
  • End-of-Chapter Material

• Chapter 16: Macroeconomics Toolkit

  • Chapter Introduction
  • The Labor Market
  • Choices over Time
  • Discounted Present Value
  • The Credit (Loan) Market (Macro)
  • Correcting for Inflation
  • Supply and Demand
  • Comparative Advantage
  • Comparative Statics
  • Nash Equilibrium
  • Foreign Exchange Market
  • Growth Rates
  • Mean and Variance
  • Correlation and Causality
  • The Fisher Equation: Nominal and Real Interest Rates
  • The Aggregate Production Function
  • The Circular Flow of Income
  • Growth Accounting
  • The Solow Growth Model
  • The Aggregate Expenditure Model
  • Price Adjustment
  • Consumption and Saving
  • The Government Budget Constraint
  • The Life-Cycle Model of Consumption
  • Aggregate Supply and Aggregate Demand
  • The IS-LM Model