13780nam 2200601 450 991015479800332120230807193847.01-292-06717-9(CKB)3710000000494974(MiAaPQ)EBC5174684(MiAaPQ)EBC5176350(MiAaPQ)EBC5832251(MiAaPQ)EBC5138440(MiAaPQ)EBC6400607(Au-PeEL)EBL5138440(OCoLC)1024273122(EXLCZ)99371000000049497420190815d2015 uy 0engurcnu||||||||rdacontentrdamediardacarrierMacroeconomics policy and practice /Frederic S. MishkinSecond edition, Global edition.Boston :Pearson,2015.1 online resource (57 pages) illustrationsAlways LearningPearson Custom LibraryIncludes index.1-292-01959-X Includes bibliographical references and index.Cover -- Title -- Copyright -- Brief Contents -- Contents -- Preface -- About the Author -- PART 1 Introduction -- Chapter 1 THE POLICY AND PRACTICE OF MACROECONOMICS -- PREVIEW -- THE PRACTICE OF MACROECONOMICS -- The Process: Developing Macroeconomic Models -- The Purpose: Interpreting Macroeconomic Data -- MACROECONOMIC POLICY -- How Can Poor Countries Get Rich? -- Is Saving Too Low? -- Do Government Budget Deficits Matter? -- How Costly Is It to Reduce Inflation? -- How Can We Make Financial Crises Less Likely? -- How Active Should Stabilization Policy Be? -- Should Macroeconomic Policy Follow Rules? -- Are Global Trade Imbalances a Danger? -- HOW WE WILL STUDY MACROECONOMICS -- Emphasis on Policy and Practice -- Concluding Remarks -- SUMMARY -- KEY TERMS -- REVIEW QUESTIONS -- PROBLEMS -- DATA ANALYSIS PROBLEMS -- Chapter 2 MEASURING MACROECONOMIC DATA -- PREVIEW -- MEASURING ECONOMIC ACTIVITY: NATIONAL INCOME ACCOUNTING -- MEASURING GDP: THE PRODUCTION APPROACH -- Market Value -- Final Goods and Services -- Newly Produced Goods and Services -- Fixed Period of Time -- POLICY AND PRACTICE: Can GDP Buy Happiness? -- Stocks Versus Flows -- MEASURING GDP: THE EXPENDITURE APPROACH -- Consumption Expenditure -- Investment -- Government Purchases -- Meaning of the Word Investment -- Net Exports -- Changes in the Spending Components of GDP over Time -- MEASURING GDP: THE INCOME APPROACH -- Categories of Income -- An International Comparison of Expenditure Components -- Income Measures -- REAL VERSUS NOMINAL GDP -- Nominal Variables -- Real Variables -- Chain-Weighted Measures of Real GDP -- MEASURING INFLATION -- GDP Deflator -- PCE Deflator -- Consumer Price Index -- POLICY AND PRACTICE: Policy and Overstatements of the Cost of Living -- Inflation Rate -- Percentage Change Method and the Inflation Rate -- MEASURING UNEMPLOYMENT.MACROECONOMICS IN THE NEWS: Unemployment and Employment -- MEASURING INTEREST RATES -- Types of Interest Rates -- MACROECONOMICS IN THE NEWS: Interest Rates -- Real Versus Nominal Interest Rates -- The Important Distinction Between Real and Nominal Interest Rates -- SUMMARY -- KEY TERMS -- REVIEW QUESTIONS -- PROBLEMS -- DATA ANALYSIS PROBLEMS -- PART 2 Macroeconomic Basics -- Chapter 3 AGGREGATE PRODUCTION AND PRODUCTIVITY -- PREVIEW -- DETERMINANTS OF AGGREGATE PRODUCTION -- Factors of Production -- Production Function -- Cobb-Douglas Production Function -- APPLICATION: Why Are Some Countries Rich and Others Poor? -- Cobb-Douglas Production Function Characteristics -- Changes in the Production Function: Supply Shocks -- DETERMINATION OF FACTOR PRICES -- Demand for Capital and Labor -- Supply of Capital and Labor -- Factor Market Equilibrium -- DISTRIBUTION OF NATIONAL INCOME -- APPLICATION: Explaining Real Wage Growth -- APPLICATION: Oil Shocks, Real Wages, and the Stock Market -- Concluding Remarks -- SUMMARY -- KEY TERMS -- REVIEW QUESTIONS -- PROBLEMS -- DATA ANALYSIS PROBLEMS -- Chapter 4 SAVING AND INVESTMENT IN CLOSED AND OPEN ECONOMIES -- PREVIEW -- RELATIONSHIP BETWEEN SAVING AND WEALTH -- Private Saving -- Government Saving -- National Saving -- POLICY AND PRACTICE: Government Policies to Stimulate Saving -- Uses of Saving -- The Link Between Saving and Wealth -- MACROECONOMICS IN THE NEWS: Balance of Payments Accounts -- APPLICATION: How the United States Became the Largest Net Debtor in the World -- SAVING, INVESTMENT, AND GOODS MARKET EQUILIBRIUM IN A CLOSED ECONOMY -- Saving and Investment Equation -- Saving -- Investment -- Goods Market Equilibrium -- RESPONSE TO CHANGES IN SAVING AND INVESTMENT IN A CLOSED ECONOMY -- Changes in Saving: Autonomous Consumption -- Changes in Saving: Effects of Fiscal Policy.POLICY AND PRACTICE: Crowding Out and the Debate over the 2009 Fiscal Stimulus Package -- Changes in Autonomous Investment -- SAVING, INVESTMENT, AND GOODS MARKET EQUILIBRIUM IN AN OPEN ECONOMY -- Perfect Capital Mobility and the Open Economy -- Goods Market Equilibrium in an Open Economy -- SAVING, INVESTMENT, AND THE TRADE BALANCE IN A SMALL OPEN ECONOMY -- Goods Market Equilibrium in a Small Open Economy -- Connection Between the World Economy and the Small Open Economy -- RESPONSE TO CHANGES IN SAVING AND INVESTMENT IN A SMALL OPEN ECONOMY -- Changes in Domestic Saving -- APPLICATION: The Twin Deficits -- Changes in Investment -- LARGE VERSUS SMALL OPEN ECONOMIES -- SUMMARY -- KEY TERMS -- REVIEW QUESTIONS -- PROBLEMS -- DATA ANALYSIS PROBLEMS -- Chapter 4 Web Appendix SAVING AND INVESTMENT IN LARGE OPEN ECONOMIES -- Chapter 5 MONEY AND INFLATION -- PREVIEW -- WHAT IS MONEY? -- Meaning of Money -- Functions of Money -- Unusual Forms of Money -- CENTRAL BANKS AND THE CONTROL OF THE MONEY SUPPLY -- Federal Reserve Banks -- Board of Governors of the Federal Reserve System -- Federal Open Market Committee (FOMC) -- The European Central Bank -- Control of the Money Supply -- MEASURING MONEY -- The Federal Reserve's Monetary Aggregates -- Where Are All the U.S. Dollars and the Euros? -- The Fed's Use of M1 Versus M2 in Practice -- QUANTITY THEORY OF MONEY -- Velocity of Money and the Equation of Exchange -- From the Equation of Exchange to the Quantity Theory of Money -- The Classical Dichotomy -- Quantity Theory and the Price Level -- Quantity Theory and Inflation -- APPLICATION: Testing the Quantity Theory of Money -- HYPERINFLATION -- POLICY AND PRACTICE: The Zimbabwean Hyperinflation -- INFLATION AND INTEREST RATES -- APPLICATION: Testing the Fisher Effect -- THE COST OF INFLATION -- Costs of Anticipated Inflation.Costs of Unanticipated Inflation -- SUMMARY -- KEY TERMS -- REVIEW QUESTIONS -- PROBLEMS -- DATA ANALYSIS PROBLEMS -- Chapter 5 Appendix THE MONEY SUPPLY PROCESS -- THE FED'S BALANCE SHEET -- Liabilities -- Assets -- CONTROL OF THE MONETARY BASE -- Federal Reserve Open Market Operations -- Shifts from Deposits into Currency -- Discount Loans -- Overview of the Fed's Ability to Control the Monetary Base -- MULTIPLE DEPOSIT CREATION: A SIMPLE MODEL -- Deposit Creation: The Single Bank -- Deposit Creation: The Banking System -- Critique of the Simple Model -- FACTORS THAT DETERMINE THE MONEY SUPPLY -- Changes in the Nonborrowed Monetary Base -- Changes in Borrowed Reserves from the Fed -- Changes in the Required Reserve Ratio -- Changes in Currency Holdings -- Changes in Excess Reserves -- Overview of the Money Supply Process -- THE MONEY MULTIPLIER -- Deriving the Money Multiplier -- Intuition Behind the Money Multiplier -- Money Supply Response to Changes in the Factors -- APPLICATION: Quantitative Easing and the Money Supply, 2007-2013 -- SUMMARY -- KEY TERMS -- REVIEW QUESTIONS AND PROBLEMS -- DATA ANALYSIS PROBLEMS -- Chapter 5 Web Appendix APPLICATION: THE GREAT DEPRESSION BANK PANICS AND THE MONEY SUPPLY, 1930-1933 -- PART 3 Long-Run Economic Growth -- Chapter 6 THE SOURCES OF GROWTH AND THE SOLOW MODEL -- PREVIEW -- ECONOMIC GROWTH AROUND THE WORLD -- THE SOLOW GROWTH MODEL -- Building Blocks of the Solow Growth Model -- Time Subscripts -- Dynamics of the Solow Growth Model -- Convergence in the Solow Model -- The "Bathtub Model" of the Steady State -- APPLICATION: Evidence on Convergence, 1960-2012 -- War, Destruction, and Growth Miracles -- SAVING RATE CHANGES IN THE SOLOW MODEL -- POPULATION GROWTH IN THE SOLOW MODEL -- Population Growth and the Steady State -- Changes in Population Growth -- Population Growth and Real GDP Per Capita.POLICY AND PRACTICE: China's One-Child Policy and Other Policies to Limit Population Growth -- PRODUCTIVITY GROWTH IN THE SOLOW MODEL -- Technology Growth and the Steady State -- SUMMING UP THE SOLOW MODEL -- Solow Model: The Results -- Solow Model: Limitations -- SOURCES OF ECONOMIC GROWTH: GROWTH ACCOUNTING -- Growth Accounting Equation -- Growth Accounting in Practice -- APPLICATION: U.S. Growth Rates in the Postwar Period -- CROSS-COUNTRY DIFFERENCES IN GROWTH ACCOUNTING RATES -- SUMMARY -- KEY TERMS -- REVIEW QUESTIONS -- PROBLEMS -- DATA ANALYSIS PROBLEMS -- Chapter 6 Appendix THE ALGEBRA OF THE SOLOW GROWTH MODEL -- SOLVING FOR THE STEADY STATE -- SUMMARY AND RESULTS -- REVIEW QUESTIONS AND PROBLEMS -- Chapter 6 Web Appendix THE GOLDEN RULE LEVEL OF THE CAPITAL-LABOR RATIO -- Chapter 7 DRIVERS OF GROWTH: TECHNOLOGY, POLICY, AND INSTITUTIONS -- PREVIEW -- TECHNOLOGY AS A PRODUCTION INPUT -- Technology Versus Conventional Production Inputs -- Technology and Excludability -- POLICIES TO PROMOTE PRODUCTIVITY -- Building Infrastructure -- Increasing Human Capital -- POLICY AND PRACTICE: Government Measures to Increase Human Capital -- Encouraging Research and Development -- INSTITUTIONS AND PROPERTY RIGHTS -- The Legal System and Property Rights -- Geography, the Legal System, and Economic Growth -- Obstacles to Effective Property Rights -- POLICY AND PRACTICE: The World Bank's Doing Business -- POLICY AND PRACTICE: Does Foreign Aid Work? -- ENDOGENOUS GROWTH THEORY -- Allocation of Labor -- Production Function -- Production of Technology -- Sustained Growth in the Romer Model -- FACTORS THAT AFFECT ENDOGENOUS GROWTH -- Effects of an Increase in the Fraction of the Population Engaged in R&D, α -- Effect of Changes in the Productiveness of R&D, χ -- Response to an Increase in the Total Population, N.APPLICATION: Does Population Growth Improve Living Standards?.For courses in Intermediate Macroeconomics Help students understand macroeconomics in theory as well as practice Macroeconomics: Policy and Practice, Second Edition draws on the rich tapestry of recent economic events to help students understand the policy issues debated by the media and the public at large during these trying times. Building on his expertise in macroeconomic policy making at the Federal Reserve, author Frederic S. Mishkin provides detailed, step-by-step explanations of all models and highlights the techniques used by policy makers in practice. The Second Edition incorporates a wealth of new and updated content, as well as new tools and resources in MyEconLab that bring course material to life. This text provides a better teaching and learning experience-for you and your students. It will help you to: Personalize learning with MyEconLab: This online homework, tutorial, and assessment program engages students in learning and provides instructors tools to keep students on track. Enable students to connect theory to practice: An aggregate demand and supply model helps students understand theory, while numerous examples help them understand the applications of theory. Foster interest via engaging features and updated content: Updates that reflect the latest happenings in the world of economics and student-friendly in-text tools capture student interest. Teach your course your way: A flexible structure allows instructors to focus on the particular areas of macroeconomics that match their course goals. Please note that the product you are purchasing does not include MyEconLab.   MyEconLab   Join over 11 million students benefiting from Pearson MyLabs. This title can be supported by MyEconLab, an online homework and tutorial system designed to test and build your understanding. 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To find out who your Pearson representative is, visit www.pearsoned.co.uk/replocator.Always learning.Pearson custom library.MacroeconomicsMacroeconomics.339Mishkin Frederic S.115649MiAaPQMiAaPQMiAaPQBOOK9910154798003321Macroeconomics1494464UNINA