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Summary
Summary
Abel, Bernanke, and Croushore present macroeconomic theory in a way that prepares students to analyze real macroeconomic data used by policy makers and researchers. With a balanced treatment of both classical and Keynesian economics, the comprehensive coverage makes it easy for instructors to align chapters to fit their own syllabi.
Students in this course often struggle to see how the macroeconomic models compare to one another, and fit into the big picture. This text uses a unified approach based on a single economics model that provides students with a clear understanding of macroeconomics and its classical and Keynesian assumptions.
The Sixth Edition includes the latest work in monetary policy and research and offers worked examples to students learning the IS-LM model.
Author Notes
Ben Shalom. Bernanke was born on December 13, 1953 in Augusta, Georgia and was raised in Dillon, South Carolina. He has a Bachelor of Arts degree and a Masters in Economics from Harvard University and a Ph.d in in Economics from Massachusetts Institute of Technology. Bernanke taught at Stanford Graduate School of Business and New York University. He was a professor of economics at Princeton University. He served as chairman of the Federal Reserve from 2006 to 2014. Time magazine named him "Person of the Year" in 2009. Since leaving public servce he has changed his political affiliation from Republican to a moderate Independent. He and his wife Anna have two children.In 2015, his larest book, "The Courage to Act: A Memoir of a Crisis and its Aftermath," became a New York Times bestseller.
Table of Contents
| Part 1 Introduction |
| Chapter 1 Introduction to Macroeconomics |
| 1.1 What Macroeconomics Is About |
| 1.2 What Macroeconomists Do |
| 1.3 Why Macroeconomists Disagree |
| Chapter 2 The Measurement and Structure of the National Economy |
| 2.1 National Income Accounting: The Measurement of Production, Income, and Expenditure |
| 2.2 Gross Domestic Product |
| 2.3 Saving and Wealth |
| 2.4 Real GDP, Price Indexes, and Inflation |
| 2.5 Interest Rates |
| Part 2 Long-Run Economic Performance |
| Chapter 3 Productivity, Output, and Employment |
| 3.1 How Much Does the Economy Produce? The Production Function |
| 3.2 The Demand for Labor |
| 3.3 The Supply of Labor |
| 3.4 Labor Market Equilibrium |
| 3.5 Unemployment |
| 3.6 Relating Output and Unemployment: Okun's Law |
| Chapter 4 Consumption, Saving, and Investment |
| 4.1 Consumption and Saving |
| 4.2 Investment |
| 4.3 Goods Market Equilibrium |
| Chapter 5 Saving and Investment in the Open Economy |
| 5.1 Balance of Payments Accounting |
| 5.2 Goods Market Equilibrium in an Open Economy |
| 5.3 Saving and Investment in a Small Open Economy |
| 5.4 Saving and Investment in Large Open Economies |
| 5.5 Fiscal Policy and the Current Account |
| Chapter 6 Long-Run Economic Growth |
| 6.1 The Sources of Economic Growth |
| 6.2 Growth Dynamics: The Solow Model |
| 6.3 Government Policies to Raise Long-Run Living Standards |
| Chapter 7 The Asset Market, Money, and Prices |
| 7.1 What Is Money? |
| 7.2 Portfolio Allocation and the Demand for Assets |
| 7.3 The Demand for Money |
| 7.4 Asset Market Equilibrium |
| 7.5 Money Growth and Inflation |
| Part 3 Business Cycles and Macroeconomic Policy |
| Chapter 8 Business Cycles |
| 8.1 What Is a Business Cycle? |
| 8.2 The American Business Cycle: The Historical Record |
| 8.3 Business Cycle Facts |
| 8.4 Business Cycle Analysis: A Preview |
| Chapter 9 The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis |
| 9.1 The FE Line: Equilibrium in the Labor Market |
| 9.2 The IS Curve: Equilibrium in the Goods Market |
| 9.3 The LM Curve: Asset Market Equilibrium |
| 9.4 General Equilibrium in the Complete IS LM Model |
| 9.5 Price Adjustment and the Attainment of General Equilibrium |
| 9.6 Aggregate Demand and Aggregate Supply |
| Chapter 10 Classical Business Cycle Analysis: Market-Clearing Macroeconomics |
| 10.1 Business Cycles in the Classical Model |
| 10.2 Money in the Classical Model |
| 10.3 The Misperceptions Theory and the Nonneutrality of Money |
| Chapter 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity |
| 11.1 Real-Wage Rigidity |
| 11.2 Price Stickiness |
| 11.3 Monetary and Fiscal Policy in the Keynesian Model |
| 11.4 The Keynesian Theory of Business Cycles and Macroeconomic Stabilization |
| Part 4 Macroeconomic Policy: Its Environment and Institutions |
| Chapter 12 Unemployment and Inflation |
| 12.1 Unemployment and Inflation: Is There a Trade-Off? |
| 12.2 The Problem of Unemployment |
| 12.3 The Problem of Inflation |
| Chapter 13 Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy |
| 13.1 Exchange Rates |
| 13.2 How Exchange Rates Are Determined: A Supply-and-Demand Analysis |
| 13.3 The IS LM Model for an Open Economy |
| 13.4 Macroeconomic Policy in an Open Economy with Flexible Exchange Rates |
| 13.5 Fixed Exchange Rates |
| Chapter 14 Monetary Policy and the Federal Reserve System |
| 14.1 Principles of Money Supply Determination |
| 14.2 Monetary Control in the United States |
| 14.3 The Conduct of Monetary Policy: Rules Versus Discretion |
| Chapter 15 Government Spending and Its Financing |
| 15.1 The Government Budget: Some Facts and Figures |
| 15.2 Government Spending, Taxes, and the Macroeconomy |
| 15.3 Government Deficits and Debt |
| 15.4 Deficits and Inflation |
| Appendix A Some Useful Analytical Tools |
