Macroeconomics / / Stephen D. Williamson ; international edition contributions by Anisha Sharma

• Record Nr.: UNINA9910151570703321
• Autore: Williamson Stephen D.
• Pubbl/distr/stampa: Boston : , : Pearson, , 2014
• ISBN: 1-292-00046-5
• Edizione: [Fifth edition, international edition.]
• Descrizione fisica: 1 online resource (720 pages) : illustrations, tables
• Collana: Always learning
• Disciplina: 339
• Soggetti: Macroeconomics
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Includes index.
• Nota di contenuto: Cover -- Macroeconomics -- Contents -- Part I Introduction and Measurement Issues -- Introduction -- What Is Macroeconomics? -- Gross Domestic Product, Economic Growth, and Business Cycles -- Macroeconomic Models -- Microeconomic Principles -- Disagreement in Macroeconomics -- What Do We Learn from Macroeconomic Analysis? -- Understanding Recent and Current Macroeconomic Events -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Measurement -- Measuring GDP: The National Income and Product Accounts -- Nominal and Real GDP and Price Indices -- Macroeconomics in Action: Comparing Real GDP Across Countries and the Penn Effect -- Macroeconomics in Action: House Prices and GDP Measurement -- Savings, Wealth, and Capital -- Labor Market Measurement -- Macroeconomics in Action: Alternative Measures of the Unemployment Rate -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Business Cycle Measurement -- Regularities in GDP Fluctuations -- Macroeconomics in Action: Economic Forecasting and the Financial Crisis -- Comovement -- The Components of GDP -- Nominal Variables -- Labor Market Variables -- Macroeconomics in Action: Jobless Recoveries -- Seasonal Adjustment -- Macroeconomics in Action: The Great Moderation and the 2008-2009 Recession -- Comovement Summary -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Part II A One-Period Model of the Macroeconomy -- Consumer and Firm ; Behavior: The Work-Leisure Decision and Profit Maximization -- The Representative Consumer -- The Representative Firm -- Macroeconomics in Action: How Elastic is Labor Supply? -- Macroeconomics in Action: Henry Ford and Total Factor Productivity -- Theory Confronts the Data: Total Factor Productivity and the U.S. Aggregate Production Function.; Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- A Closed-Economy One-Period Macroeconomic Model -- Government -- Competitive Equilibrium -- Optimality -- Working with the Model: The Effects of a Change in Government Purchases -- Theory Confronts the Data: Government Spending in World War II -- Working with the Model: A Change in Total Factor Productivity -- Theory Confronts the Data: Total Factor Productivity, Real GDP, and Energy Prices -- Macroeconomics in Action: Government Expenditures and the American Recovery and Reinvestment Act of 2009 -- A Distorting Tax on Wage Income, Tax Rate Changes, and the Laffer Curve -- A Model of Public Goods: How Large Should the Government Be? -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Search and Unemployment -- Labor Market Facts -- Macroeconomics in Action: Unemployment and Employment in the United States and Europe -- A Diamond-Mortensen-Pissarides Model of Search and Unemployment -- Working with the DMP Model -- Macroeconomics in Action: Unemployment Insurance and Incentives -- Theory Confronts the Data: Productivity, Unemployment, and Real GDP in the United States and Canada: The 2008-2009 Recession -- A Keynesian DMP Model -- Macroeconomics in Action: The Natural Rate of Unemployment and the 2008-2009 Recession -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Part III Economic Growth -- Economic Growth: Malthus and Solow -- Economic Growth Facts -- The Malthusian Model of Economic Growth -- The Solow Model: Exogenous Growth -- Theory Confronts the Data: The Solow Growth Model, Investment Rates, and Population Growth -- Macroeconomics in Action: Resource Misallocation and Total Factor Productivity.; Macroeconomics in Action: Recent Trends in Economic Growth in the United States -- Growth Accounting -- Macroeconomics in Action: Development Accounting -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Income Disparity Among Countries and Endogenous Growth -- Convergence -- Theory Confronts the Data: Is Income Per Worker Converging in the World? -- Macroeconomics in Action: Measuring Economic Welfare: Per Capita Income, Income Distribution, Leisure, and Longevity -- Endogenous Growth: A Model of Human Capital Accumulation -- Macroeconomics in Action: Education and Growth -- Chapter Summary -- Key Terms -- Questions For Review -- Problems -- Working with the Data -- Part IV Savings, Investment, and Government Deficits -- A Two-Period Model: The Consumption-Savings Decision and Credit Markets -- A Two-Period Model of the Economy -- Theory Confronts the Data: Consumption Smoothing and the Stock Market -- The Ricardian Equivalence Theorem -- Macroeconomics in Action: The Economic Growth and Tax Relief Reconciliation Act and National Saving -- Theory Confronts the Data: Government Financing Arithmetic: Are Government Budget Deficits Sustainable? -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Credit Market Imperfections: Credit Frictions, Financial Crises, and Social Security -- Credit Market Imperfections and Consumption -- Credit Market Imperfections, Asymmetric Information, and the Financial ; Crisis -- Theory Confronts the Data: Asymmetric Information and Interest Rate Spreads -- Credit Market Imperfections, Limited Commitment, and the Financial Crisis -- Theory Confronts the Data: The Housing Market, Collateral, and Consumption -- Theory Confronts the Data: Low Real Interest Rates and the Financial Crisis -- Social Security Programs.; Macroeconomics in Action: Transitions from Pay-As-You-Go to Fully Funded Social Security -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- A Real Intertemporal Model with Investment -- The Representative Consumer -- The Representative Firm -- Theory Confronts the Data: Investment and the Interest Rate Spread -- Government -- Competitive Equilibrium -- The Equilibrium Effects of a Temporary Increase in G : Stimulus, the Multiplier, and Crowding Out -- Macroeconomics in Action: The Total Government Spending Multiplier: Barro vs. Romer -- The Equilibrium Effects of a Decrease in the Current Capital Stock K -- The Equilibrium Effects of an Increase in Current Total Factor Productivity z -- The Equilibrium Effects of an Increase in Future Total Factor Productivity, z: News About the Future and Aggregate Economic A -- Theory Confronts the Data: News, the Stock Market, and Investment Expenditures -- Credit Market Frictions and the Financial Crisis -- Theory Confronts the Data: Interest Rate Spreads and Aggregate Economic Activity -- Sectoral Shocks and Labor Market Mismatch -- Theory Confronts the Data: The Behavior of Real GDP, Employment, and Labor Productivity in the 1981-1982 and 2008-2009 Recessions -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Part V Money and Business Cycles -- Money, Banking, Prices, and Monetary Policy -- What Is Money? -- A Monetary Intertemporal Model -- A Level Increase in the Money Supply and Monetary Neutrality -- Shifts in Money Demand -- Theory Confronts the Data: Instability in the Money Demand Function -- The Short-Run Non-Neutrality of Money: Friedman-Lucas Money Surprise Model -- The Zero Lower Bound and Quantitative Easing -- Macroeconomics in Action: Empirical Evidence on Quantitative Easing -- Chapter Summary -- Key Terms.; Questions for Review -- Problems -- Working with the Data -- Business Cycle Models with Flexible Prices and Wages -- The Real Business Cycle Model -- A Keynesian Coordination Failure Model -- Macroeconomics in Action: Business Cycle Models and the Great Depression -- A New Monetarist Model: Financial Crises and Deficient Liquidity -- Macroeconomics in Action: Uncertainty and Business Cycles -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- New Keynesian Economics: Sticky Prices -- The New Keynesian Model -- The Nonneutrality of Money in the New Keynesian Model -- Theory Confronts the Data: Can the New Keynesian Model Under Fluctuations in the Interest Rate Target Explain Business Cycles? -- Theory Confronts the Data: Keynesian Aggregate Demand Shocks as Causes of Business Cycles -- The Role of Government Policy in the New Keynesian Model -- Total Factor Productivity Shocks in the New Keynesian Model -- Macroeconomics in Action: The Timing of the Effects of Fiscal and Monetary Policy -- The Liquidity Trap and Sticky Prices -- Macroeconomics in Action: New Keynesian Models, the Zero Lower Bound, and Quantitative Easing -- Criticisms of Keynesian Models -- Macroeconomics in Action: How Sticky Are Nominal Prices? -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Part VI International Macroeconomics -- International Trade in Goods and Assets -- A Two-Period Small Open-Economy Model: The Current Account -- Theory Confronts the Data: Is a Current Account Deficit a ; Bad Thing? -- Production, Investment, and the Current Account -- Macroeconomics in Action: The World "Savings Glut" -- Chapter Summary -- Key Terms -- Questions for Review -- Problems -- Working with the Data -- Money in the Open Economy.; The Nominal Exchange Rate, the Real Exchange Rate, and Purchasing Power Parity.
• Sommario/riassunto: For undergraduate Macroeconomics courses. A modern approach to macroeconomics. Williamson's Macroeconomics uses a thoroughly modern approach by showing students how to build macroeconomic models from microeconomic principles. This approach helps to make the text consistent with the way macroeconomic research is conducted today.