Macroeconomics, Global Edition, 8th Edition
- Length: 577 pages
- Edition: 8
- Language: English
- Publisher: Pearson
- Publication Date: 2020-06-05
- ISBN-10: 1292351470
- ISBN-13: 9781292351476
- Sales Rank: #2632161 (See Top 100 Books)
A unified view of the latest macroeconomic events
In Macroeconomics, Blanchard presents an integrated, global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets worldwide. Organised into two parts, the text contains a core section that focuses on short-, medium-, and long-run markets and two major extensions that offer more in-depth coverage of the issues at hand. From the major economic crisis that engulfed the world in the late 2000s, to monetary policy in the US, to the problems of the Euro area, and growth in China, the text helps students make sense not only of current macroeconomic events but also of those that may unfold in the future. Integrated, detailed boxes in the 8th Edition have been updated to convey the life of macroeconomics today, reinforce lessons from the models, and help students employ and develop their analytical and evaluative skills.
Cover Title Page Copyright Page Flexible Organization Brief Contents Contents Focus Boxes Preface About the Author THE CORE Introduction Chapter 1 A Tour of the World 1-1 The Crisis 1-2 The Euro Area Can European Unemployment Be Reduced? What Has the Euro Done for Its Members? 1-3 The United States Do Policymakers Have the Tools to Handle the Next Recession? How Worrisome Is Low Productivity Growth? 1-4 China 1-5 Looking Ahead Appendix 1: Where to Find the Numbers Appendix 2: What Do Macroeconomists Do? Chapter 2 A Tour of the Book 2-1 Aggregate Output GDP: Production and Income Nominal and Real GDP GDP: Level versus Growth Rate 2-2 The Unemployment Rate Why Do Economists Care about Unemployment? 2-3 The Inflation Rate The GDP Deflator The Consumer Price Index Why Do Economists Care about Inflation? 2-4 Output, Unemployment, and the Inflation Rate: Okun's Law and the Phillips Curve Okun's Law The Phillips Curve 2-5 The Short Run, the Medium Run, and the Long Run 2-6 A Tour of the Book The Core Extensions Back to Policy Epilogue Appendix: The Construction of Real GDP and Chain-Type Indexes The Short Run Chapter 3 The Goods Market 3-1 The Composition of GDP 3-2 The Demand for Goods Consumption (C) Investment (I) Government Spending (G) 3-3 The Determination of Equilibrium Output Using Algebra Using a Graph Using Words How Long Does It Take for Output to Adjust? 3-4 Investment Equals Saving: An Alternative Way of Thinking about Goods-Market Equilibrium 3-5 Is the Government Omnipotent? A Warning Chapter 4 Financial Markets I 4-1 The Demand for Money Deriving the Demand for Money 4-2 Determining the Interest Rate: I Money Demand, Money Supply, and the Equilibrium Interest Rate Monetary Policy and Open Market Operations Choosing Money or Choosing the Interest Rate? 4-3 Determining the Interest Rate: II What Banks Do The Demand for and Supply of Central Bank Money The Demand for Central Bank Money The Federal Funds Market and the Federal Funds Rate 4-4 The Liquidity Trap Chapter 5 Goods and Financial Markets: The IS-LM Model 5-1 The Goods Market and the IS Relation Investment, Sales, and the Interest Rate Determining Output Deriving the IS Curve Shifts of the IS Curve 5-2 Financial Markets and the LM Relation Real Money, Real Income, and the Interest Rate Deriving the LM Curve 5-3 Putting the IS and LM Relations Together Fiscal Policy Monetary Policy 5-4 Using a Policy Mix 5-5 How Does the IS-LM Model Fit the Facts? Chapter 6 Financial Markets II: The Extended IS-LM Model 6-1 Nominal versus Real Interest Rates Nominal and Real Interest Rates in the United States since 1978 Nominal and Real Interest Rates: The Zero Lower Bound and Deflation 6-2 Risk and Risk Premia 6-3 The Role of Financial Intermediaries The Choice of Leverage Leverage and Lending 6-4 Extending the IS-LM Model Financial Shocks and Policies 6-5 From a Housing Problem to a Financial Crisis Housing Prices and Subprime Mortgages The Role of Financial Intermediaries Macroeconomic Implications Policy Responses The Medium Run Chapter 7 The Labor Market 7-1 A Tour of the Labor Market The Large Flows of Workers 7-2 Movements in Unemployment 7-3 Wage Determination Bargaining Efficiency Wages Wages, Prices, and Unemployment The Expected Price Level The Unemployment Rate The Other Factors 7-4 Price Determination 7-5 The Natural Rate of Unemployment The Wage-Setting Relation The Price-Setting Relation Equilibrium Real Wages and Unemployment 7-6 Where We Go from Here Appendix: Wage- and Price-Setting Relations versus Labor Supply and Labor Demand Chapter 8 The Phillips Curve, the Natural Rate of Unemployment, and Inflation 8-1 Inflation, Expected Inflation, and Unemployment 8-2 The Phillips Curve and Its Mutations The Original Phillips Curve The De-anchoring of Expectations The Re-anchoring of Expectations 8-3 The Phillips Curve and the Natural Rate of Unemployment 8-4 A Summary and Many Warnings Variations in the Natural Rate over Time Variations in the Natural Unemployment Rate across Countries High Inflation and the Phillips Curve Deflation and the Phillips Curve Appendix: Derivation of the Relation Between Inflation, Expected Inflation, and Unemployment Chapter 9 From the Short to the Medium Run: The IS-LM-PC Model 9-1 The IS-LM-PC Model 9-2 From the Short to the Medium Run 9-3 Complications and How Things Can Go Wrong The Zero Lower Bound and Deflation Spirals 9-4 Fiscal Consolidation Revisited 9-5 The Effects of an Increase in the Price of Oil Effects on the Natural Rate of Unemployment 9-6 Conclusions The Short Run versus the Medium Run Shocks and Propagation Mechanisms The Long Run Chapter 10 The Facts of Growth 10-1 Measuring the Standard of Living 10-2 Growth in Rich Countries since 1950 The Large Increase in the Standard of Living since 1950 The Convergence of Output per Person 10-3 A Broader Look across Time and Space Looking across Two Millennia Looking across Countries 10-4 Thinking about Growth: A Primer The Aggregate Production Function Returns to Scale and Returns to Factors Output per Worker and Capital per Worker The Sources of Growth Chapter 11 Saving, Capital Accumulation, and Output 11-1 Interactions between Output and Capital The Effects of Capital on Output The Effects of Output on Capital Accumulation Output and Investment Investment and Capital Accumulation 11-2 The Implications of Alternative Saving Rates Dynamics of Capital and Output The Saving Rate and Output The Saving Rate and Consumption 11-3 Getting a Sense of Magnitudes The Effects of the Saving Rate on Steady-State Output The Dynamic Effects of an Increase in the Saving Rate The US Saving Rate and the Golden Rule 11-4 Physical versus Human Capital Extending the Production Function Human Capital, Physical Capital, and Output Endogenous Growth Appendix: The Cobb-Douglas Production Function and the Steady State Chapter 12 Technological Progress and Growth 12-1 Technological Progress and the Rate of Growth Technological Progress and the Production Function Interactions between Output and Capital Dynamics of Capital and Output Back to the Effects of the Saving Rate 12-2 The Determinants of Technological Progress The Fertility of the Research Process The Appropriability of Research Results Innovation versus Imitation 12-3 Institutions, Technological Progress, and Growth Appendix: How to Measure Technological Progress, and the Application to China Chapter 13 The Challenges of Growth 13-1 The Future of Technological Progress 13-2 Robots and Unemployment 13-3 Growth, Churn, and Inequality The Increase in Wage Inequality The Causes of Increased Wage Inequality Inequality and the Top 1% Growth and Inequality 13-4 Climate Change and Global Warming EXTENSIONS Expectations Chapter 14 Financial Markets and Expectations 14-1 Expected Present Discounted Values Computing Expected Present Discounted Values A General Formula Using Present Values: Examples Constant Interest Rates Constant Interest Rates and Payments Constant Interest Rates and Payments Forever Zero Interest Rates Nominal versus Real Interest Rates and Present Values 14-2 Bond Prices and Bond Yields Bond Prices as Present Values Arbitrage and Bond Prices From Bond Prices to Bond Yields Reintroducing Risk Interpreting the Yield Curve 14-3 The Stock Market and Movements in Stock Prices Stock Prices as Present Values The Stock Market and Economic Activity A Monetary Expansion and the Stock Market An Increase in Consumer Spending and the Stock Market 14-4 Risk, Bubbles, Fads, and Asset Prices Stock Prices and Risk Asset Prices, Fundamentals, and Bubbles Appendix: Deriving the Expected Present Discounted Value Using Real or Nominal Interest Rates Chapter 15 Expectations, Consumption, and Investment 15-1 Consumption The Very Foresighted Consumer An Example Toward a More Realistic Description Putting Things Together: Current Income, Expectations, and Consumption 15-2 Investment Investment and Expectations of Profit Depreciation The Present Value of Expected Profits The Investment Decision A Convenient Special Case Current versus Expected Profit Profit and Sales 15-3 The Volatility of Consumption and Investment Appendix: Derivation of the Expected Present Value of Profits under Static Expectations Chapter 16 Expectations, Output, and Policy 16-1 Expectations and Decisions: Taking Stock Expectations, Consumption, and Investment Decisions Expectations and the IS Relation 16-2 Monetary Policy, Expectations, and Output Monetary Policy Revisited 16-3 Deficit Reduction, Expectations, and Output The Role of Expectations about the Future Back to the Current Period The Open Economy Chapter 17 Openness in Goods and Financial Markets 17-1 Openness in Goods Markets Exports and Imports The Choice between Domestic Goods and Foreign Goods Nominal Exchange Rates From Nominal to Real Exchange Rates From Bilateral to Multilateral Exchange Rates 17-2 Openness in Financial Markets The Balance of Payments The Choice between Domestic and Foreign Assets Interest Rates and Exchange Rates 17-3 Conclusions and a Look Ahead Chapter 18 The Goods Market in an Open Economy 18-1 The IS Relation in the Open Economy The Demand for Domestic Goods The Determinants of C, I, and G The Determinants of Imports The Determinants of Exports Putting the Components Together 18-2 Equilibrium Output and the Trade Balance 18-3 Increases in Demand—Domestic or Foreign Increases in Domestic Demand Increases in Foreign Demand Fiscal Policy Revisited 18-4 Depreciation, the Trade Balance, and Output Depreciation and the Trade Balance: the Marshall-Lerner Condition The Effects of a Real Depreciation Combining Exchange Rate and Fiscal Policies 18-5 Saving, Investment, and the Current Account Balance Appendix: Derivation of the Marshall-Lerner Condition Chapter 19 Output, the Interest Rate, and the Exchange Rate 19-1 Equilibrium in the Goods Market 19-2 Equilibrium in Financial Markets Domestic Bonds versus Foreign Bonds 19-3 Putting Goods and Financial Markets Together 19-4 The Effects of Policy in an Open Economy The Effects of Monetary Policy in an Open Economy The Effects of Fiscal Policy in an Open Economy 19-5 Fixed Exchange Rates Pegs, Crawling Pegs, Bands, the EMS, and the Euro Monetary Policy When the Exchange Rate Is Fixed Fiscal Policy When the Exchange Rate Is Fixed Appendix: Fixed Exchange Rates, Interest Rates, and Capital Mobility Chapter 20 Exchange Rate Regimes 20-1 The Medium Run The IS Relation under Fixed Exchange Rates Equilibrium in the Short and the Medium Run The Case for and against a Devaluation 20-2 Exchange Rate Crises under Fixed Exchange Rates 20-3 Exchange Rate Movements under Flexible Exchange Rates Exchange Rates and the Current Account Exchange Rates and Current and Future Interest Rates Exchange Rate Volatility 20-4 Choosing between Exchange Rate Regimes Common Currency Areas Hard Pegs, Currency Boards, and Dollarization Appendix 1: Deriving the IS Relation under Fixed Exchange Rates Appendix 2: The Real Exchange Rate and Domestic and Foreign Real Interest Rates Back to Policy Chapter 21 Should Policymakers Be Restrained? 21-1 Uncertainty and Policy How Much Do Macroeconomists Actually Know? Should Uncertainty Lead Policymakers to Do Less? Uncertainty and Restraints on Policymakers 21-2 Expectations and Policy Hostage Takings and Negotiations Inflation and Unemployment Revisited Establishing Credibility Time Consistency and Restraints on Policymakers 21-3 Politics and Policy Games between Policymakers and Voters Games between Policy-makers Politics and Fiscal Restraints Chapter 22 Fiscal Policy: A Summing Up 22-1 What We Have Learned 22-2 The Government Budget Constraint: Deficits, Debt, Spending, and Taxes The Arithmetic of Deficits and Debt Current versus Future Taxes Full Repayment in Year 2 Full Repayment in Year t Debt Stabilization in Year 2 The Evolution of the Debt-to-GDP Ratio 22-3 Ricardian Equivalence, Cyclical Adjusted Deficits, and War Finance Ricardian Equivalence Deficits, Output Stabilization, and the Cyclically Adjusted Deficit Wars and Deficits 22-4 The Dangers of High Debt High Debt, Default Risk, and Vicious Cycles Debt Default Money Finance 22-5 The Challenges Facing US Fiscal Policy Today Chapter 23 Monetary Policy: A Summing Up 23-1 What We Have Learned 23-2 From Money Targeting to Inflation Targeting Money Targeting Inflation Targeting The Interest Rate Rule 23-3 The Optimal Inflation Rate The Costs of Inflation The Benefits of Inflation The Optimal Inflation Rate: The State of the Debate 23-4 Unconventional Monetary Policy Monetary Policy since the End of the Liquidity Trap 23-5 Monetary Policy and Financial Stability Liquidity Provision and Lender of Last Resort Macroprudential Tools Chapter 24 Epilogue: The Story of Macroeconomics 24-1 Keynes and the Great Depression 24-2 The Neoclassical Synthesis Progress on All Fronts Keynesians versus Monetarists 24-3 The Rational Expectations Critique The Three Implications of Rational Expectations The Integration of Rational Expectations 24-4 Developments in Macroeconomics up to the 2009 Crisis New Classical Economics and Real Business Cycle Theory New Keynesian Economics New Growth Theory Toward an Integration 24-5 First Lessons for Macroeconomics after the Crisis Appendix 1 An Introduction to the National Income and Product Accounts Appendix 2 A Math Refresher Appendix 3 An Introduction to Econometrics Glossary Index A B C D E F G H I J K L M N O P Q R S T U V W Y Z Credits Symbols Used in This Book
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