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The number one textbook for intermediate macroeconomics courses since its first edition, this title is known for conveying the cutting edge in macroeconomics theory, research, and policy to the classroom, explaining complex concepts with exceptional clarity.
This new edition addresses emerging macro topics such as income inequality and macroprudential regulation. Frontline empirical research studies are also featured, including Bloom and Van Reened's research on management practices, Nakamura and Steinsson's research on fiscal policy multipliers and Baker and Bloom and Davis's research on the effects of policy uncertainty. The book also improves on its already exemplary focus on teaching students to apply the analytical tools of macroeconomics to current events and policies.
This comprehensive text is the ideal accompaniment to undergraduate courses in Macroeconomics.
Part I: Introduction 1. The Science of Macroeconomics.- 2. The Data of Macroeconomics.- Part II: Classical Theory: The Economy in the Long Run 3. National Income: Where It Comes From and Where It Goes.- 4. The Monetary System: What It Is and How It Works.- 5. Inflation: Its Causes, Effects, and Social Costs.- 6. The Open Economy.- 7. Unemployment and the Labor Market.- Part III: Growth Theory: The Economy in the Very Long Run 8. Economic Growth I: Capital Accumulation and Population Growth.- 9. Economic Growth II: Technology, Empirics, and Policy.- Part IV: Business Cycle Theory: The Economy in the Short Run.- 10. Introduction to Economic Fluctuations.- 11. Aggregate Demand I: Building the IS-LM Model.- 12. Aggregate Demand II: Applying the IS-LM Model.- 13. The Open Economy Revisited: The Mundell-Fleming Model and the Exchange-Rate Regime.- 14. Aggregate Supply and the Short-run Tradeoff Between Inflation and Unemployment.- Part V: Topics in Macroeconomic Theory Thoroughly revised! 15. A Dynamic Model of Economic Fluctuations.- 16. Understanding Consumer Behavior.- 17. The Theory of Investment.- Part VI: Topics in Macroeconomic Policy 18. Alternative Perspectives on Stabilization Policy.- 19. Government Debt and Budget Deficits.- 20. The Financial System: Opportunities and Dangers.- Epilogue : What We Know, What We Don't.