Macroeconomics : theories and policies

Başlık:

Yazar:

Froyen, Richard T.

ISBN:

9780130998170

Ek Yazar:

Froyen, Richard T.

Edition:

6th ed.

Yayım Bilgisi:

Upper Saddle River, NJ : Prentice Hall, c1999.

Fiziksel Tanım:

xx, 481 p. : col. ill. ; 25 cm.

General Note:

Includes index.

Konu Terimleri:

Macroeconomics.

Makroekonomi.

Mevcut:*

Library	Materyal Türü	Barkod	Yer Numarası	Durum
Searching... Pamukkale Merkez Kütüphanesi	Kitap	0012577	HB172.5.F76 1999	Searching... Unknown

Unique in its unbiased perspective, this text traces the history of macroeconomics and the evolution of macroeconomic thought and the resulting theory and policy. The author admires all points of view and the result is a comprehensive, detailed, unbiased view of modern macroeconomic theory.* NEW - The Chapter on Measurement now includes discussion of the chain-weighted real GDP measure and possible upward bias in the CPI. * NEW - The discussion of Monetary Policy has been expanded to cover recent changes in central bank operation procedures in a number of countries, most importantly, the move toward inflation targeting. * NEW - A new section in Chapter 10 traces the evolution of the Natural Rate concept over time in the United States and other industrialized nations. * NEW - More international coverage, including discussion of cross-country income differences, the Feldstein-Horioka saving-investment puzzle, and the New Zealand experiment with inflation targeting. FEATURES * Provides a balanced coverage of Macroeconomic models. * An aggregate supply/demand framework is used to integrate the discussion of topics throughout and core theories are presented in chronological order, empha

Preface	p. xvii
Part I Introduction and Measurement	p. 1
1 Introduction	p. 2
1.1 What Is Macroeconomics?	p. 2
1.2 Post-World War II U.S. Economic Performance	p. 3
1.3 Central Questions in Macroeconomics	p. 9
1.4 Conclusion	p. 12
2 Measurement of Macroeconomic Variables	p. 13
2.1 The National Income Accounts	p. 13
2.2 Gross Domestic Product	p. 14
Perspectives 2.1 What GDP Is Not	p. 17
2.3 National Income	p. 18
2.4 Personal and Personal Disposable Income	p. 19
2.5 Some National Income Accounting Identities	p. 21
2.6 Measuring Price Changes: Real Versus Nominal Gross Domestic Product	p. 22
2.7 The Consumer Price Index and the Producer Price Index	p. 25
2.8 Measures of Cyclical Variation in Output	p. 26
Perspectives 2.2 Upward Bias in the Consumer Price Index	p. 27
2.9 Conclusion	p. 28
Perspectives 2.3 Dating Business Cycles	p. 29
Part II Macroeconomic Models	p. 31
3 Classical Macroeconomics (I): Equilibrium Output and Employment	p. 32
3.1 The Starting Point	p. 32
3.2 The Classical Revolution	p. 33
3.3 Production	p. 34
3.4 Employment	p. 35
3.5 Equilibrium Output and Employment	p. 41
3.6 Conclusion	p. 47
Perspectives 3.1 Real Business Cycles: A First Look	p. 47
4 Classical Macroeconomics (II): Money, Prices, and Interest	p. 49
4.1 The Quantity Theory of Money	p. 49
Perspectives 4.1 Money in Hyperinflations	p. 55
4.2 The Classical Theory of the Interest Rate	p. 55
4.3 Policy Implications of the Classical Equilibrium Model	p. 59
4.4 Conclusion	p. 63
Perspectives 4.2 Supply-Side Economics--A Modern Classical View	p. 64
5 The Keynesian System (I): The Role of Aggregate Demand	p. 66
5.1 The Problem of Unemployment	p. 66
5.2 The Simple Keynesian Model: Conditions for Equilibrium Output	p. 69
5.3 The Components of Aggregate Demand	p. 73
5.4 Determining Equilibrium Income	p. 77
5.5 Changes in Equilibrium Income	p. 80
5.6 Fiscal Stabilization Policy	p. 85
5.7 Conclusion	p. 86
Perspectives 5.1 Fiscal Policy in Practice	p. 87
Appendix Exports and Imports in the Simple Keynesian Model	p. 89
6 The Keynesian System (II): Money, Interest, and Income	p. 93
6.1 Money in the Keynesian System	p. 93
Perspectives 6.1 Residential Construction and the Interest Rate	p. 96
6.2 The IS-LM Curve Model	p. 104
6.3 Conclusion	p. 127
Appendix The Algebra of the IS-LM Model	p. 128
7 The Keynesian System (III): Policy Effects in the IS-LM Model	p. 133
7.1 Factors That Affect Equilibrium Income and the Interest Rate	p. 133
7.2 The Relative Effectiveness of Monetary and Fiscal Policy	p. 139
7.3 Conclusion	p. 148
Perspectives 7.1 The Monetary--Fiscal Policy Mix: Some Historical Examples	p. 149
Appendix Monetary and Fiscal Policy Multipliers in the IS--LM Curve Model	p. 151
8 The Keynesian System (IV): Aggregate Supply and Demand	p. 155
8.1 The Keynesian Aggregate Demand Curve	p. 156
8.2 The Keynesian Aggregate Demand Curve Combined with the Classical Theory of Aggregate Supply	p. 161
8.3 The Keynesian Contractual View of the Labor Market	p. 165
Perspectives 8.1 Price and Quantity Adjustments in Great Britain, 1929-1936	p. 167
8.4 Labor Supply and Variability in the Money Wage	p. 172
8.5 The Effects of Shifts in the Aggregate Supply Function	p. 177
Perspectives 8.2 Severe Supply Disruption: The Case of the Former Soviet Republics	p. 184
8.6 Conclusion: Keynes Versus the Classics	p. 185
9 The Monetarist Counterrevolution	p. 190
9.1 Introduction	p. 190
9.2 The Reformulation of the Quantity Theory of Money	p. 192
Perspectives 9.1 The Monetarist View of the Great Depression	p. 197
9.3 Fiscal and Monetary Policy: Monetarists Versus Keynesians	p. 202
9.4 Unstable Velocity and the Declining Influence of Monetarism	p. 209
9.5 Conclusion	p. 210
10 Output, Inflation, and Unemployment: Monetarist and Keynesian Views	p. 212
10.1 The Natural Rate Theory	p. 212
10.2 Monetary Policy, Output, and Inflation: A Monetarist View	p. 215
10.3 A Keynesian View of the Output--Inflation Trade-Off	p. 221
10.4 Evolution of the Natural Rate Concept	p. 227
10.5 Conclusion	p. 230
11 New Classical Economics	p. 232
11.1 The New Classical Attack	p. 232
11.2 A Broader View of the New Classical Position	p. 241
11.3 The Keynesian Countercritique	p. 243
Perspectives 11.1 The New Classical Economics and the Disinflation of the 1980s	p. 244
11.4 Conclusion	p. 248
Perspectives 11.2 The Great Depression: New Classical Views	p. 249
12 Real Business Cycle Theory and the New Keynesian Economics	p. 252
12.1 Real Business Cycle Models	p. 252
Perspectives 12.1 Labor Market Flows	p. 259
12.2 New Keynesian Economics	p. 260
Perspectives 12.2 Are Prices Sticky?	p. 263
12.3 Conclusion	p. 267
13 Macroeconomic Models: A Summary	p. 269
13.1 Theoretical Issues	p. 269
13.2 Policy Issues	p. 273
Part III Extensions of the Models	p. 277
14 Consumption and Investment	p. 278
14.1 Consumption	p. 278
Perspectives 14.1 Declining U.S. Personal Saving	p. 289
14.2 Investment Spending	p. 294
Perspectives 14.2 Inventories in the Most Recent Recession	p. 306
14.3 Conclusion	p. 306
15 Money Demand	p. 308
15.1 The Definition of Money	p. 310
15.2 The Theory of the Transactions Demand for Money	p. 311
15.3 Extensions of Keynes's Theory of the Demand for Money as a Store of Wealth	p. 320
15.4 Instability of Money Demand	p. 324
15.5 Conclusion	p. 327
16 The Money Supply Process	p. 329
16.1 The Federal Reserve System	p. 329
16.2 Bank Reserves and Bank Deposits	p. 333
16.3 Who Controls the Money Stock?	p. 340
Perspectives 16.1 The Money Supply During the Great Depression	p. 344
16.4 Conclusion	p. 345
17 Long- and Intermediate-Term Economic Growth	p. 347
17.1 Long-Run Steady-State Growth	p. 348
Perspectives 17.1 Accounting for U.S. Economic Growth	p. 355
17.2 Determinants of Output Growth in Intermediate-Run Periods	p. 358
Perspectives 17.2 Growth and Productivity Slowdown in Other Industrialized Economies	p. 361
Perspectives 17.3 The Laffer Curve	p. 368
17.3 Growth Policies in the Reagan, Bush, and Clinton Administrations	p. 371
17.4 Conclusion	p. 373
Part IV Economic Policy	p. 377
18 Fiscal Policy	p. 378
18.1 The Goals of Macroeconomic Policy	p. 378
18.2 The Goals of Macroeconomic Policymakers	p. 379
Perspectives 18.1 Rational Expectations and the Partisan Theory	p. 383
18.3 The Federal Budget	p. 383
Perspectives 18.2 Budget Deficits in Seven Industrial Countries	p. 386
18.4 The Economy and the Federal Budget: The Concept of Automatic Fiscal Stabilizers	p. 386
18.5 Keynesian Objections to Balanced-Budget Rules	p. 390
18.6 What About the Deficit?	p. 392
18.7 Conclusion	p. 398
Perspectives 18.3 Ricardian Equivalence	p. 399
19 Monetary Policy	p. 403
19.1 The Monetary Policymaking Process	p. 403
19.2 Competing Strategies for Monetary Policy: Targeting Monetary Aggregates or Interest Rates	p. 404
Perspectives 19.1 Central Bank Independence and Economic Performance	p. 405
19.3 Implications of Intermediate Targeting on a Monetary Aggregate	p. 408
19.4 Implications of Targeting the Interest Rate	p. 412
19.5 Money Stock Versus Interest Rate Targets	p. 415
19.6 The Evolution of Federal Reserve Strategy	p. 417
19.7 Changes in Central Bank Institutions: Recent International Experience	p. 419
Perspectives 19.2 Inflation Targeting in Practice: The New Zealand Experience	p. 421
19.8 Conclusion	p. 422
Part V Open Economy Macroeconomics	p. 423
20 Exchange Rates and the International Monetary System	p. 424
20.1 The U.S. Balance of Payments Accounts	p. 424
20.2 Exchange Rates and the Market for Foreign Exchange	p. 427
20.3 The Current Exchange Rate System	p. 434
20.4 Advantages of Exchange Rate Flexibility	p. 437
20.5 Experience with Floating Exchange Rates	p. 442
20.6 Fixed Versus Flexible Exchange Rates	p. 447
20.7 Conclusion	p. 450
Perspectives 20.1 The European Monetary System	p. 451
21 Monetary and Fiscal Policy in the Open Economy	p. 453
21.1 The Mundell-Fleming Model	p. 453
21.2 The Case of Imperfect Capital Mobility	p. 456
21.3 The Case of Perfect Capital Mobility	p. 462
Perspectives 21.1 The Saving--Investment Correlation Puzzle	p. 468
21.4 Conclusion	p. 468
Glossary	p. 471
Index	p. 475

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