Macroeconomics / / Olivier Blanchard, David R. Johnson

• Autore: Blanchard Olivier
• Pubblicazione: Boston, [Massachusetts] : , : Pearson, , 2013; ©2013
• Edizione: Sixth edition, global edition.
• Descrizione fisica: 1 online resource (619 pages) : color illustrations
• Disciplina: 339
• Soggetto topico: Macroeconomics
• Persona (resp. second.): JohnsonDavid R.
• Note generali: Includes index.
• Nota di contenuto: Cover -- Contents -- Preface -- Introduction -- Chapter 1 A Tour of the World -- 1-1 The Crisis -- 1-2 The United States -- Should You Worry about the United States Deficit? -- 1-3 The Euro Area -- How Can European Unemployment Be Reduced? -- What Has the Euro Done for Its Members? -- 1-4 China -- 1-5 Looking Ahead -- Appendix: Where to Find the Numbers -- Chapter 2 A Tour of the Book -- 2-1 Aggregate Output -- GDP: Production and Income -- Nominal and Real GDP -- GDP: Level versus Growth Rate -- 2-2 The Unemployment Rate -- Why Do Economists Care about Unemployment? -- 2-3 The Inflation Rate -- The GDP Deflator -- The Consumer Price Index -- Why Do Economists Care about Inflation? -- 2-4 Output, Unemployment, and the Inflation Rate: Okun's Law and the Phillips Curve -- Okun's Law -- The Phillips Curve -- 2-5 The Short Run, the Medium Run, the Long Run -- 2-6 A Tour of the Book -- The Core -- Extensions -- Back to Policy -- Epilogue -- Appendix: The Construction of Real GDP, and Chain-Type Indexes -- The Short Run -- Chapter 3 The Goods Market -- 3-1 The Composition of GDP -- 3-2 The Demand for Goods -- Consumption -- Investment -- Government Spending -- 3-3 The Determination of Equilibrium Output -- Using Algebra -- Using a Graph -- Using Words -- How Long Does It Take for Output to Adjust? -- 3-4 Investment Equals Saving: An Alternative Way of Thinking about Goods-Market Equilibrium -- 3-5 Is the Government Omnipotent? A Warning -- Chapter 4 Financial Markets -- 4-1 The Demand for Money -- Deriving the Demand for Money -- 4-2 Determining the Interest Rate: I -- Money Demand, Money Supply, and the Equilibrium Interest Rate -- Monetary Policy and Open Market Operations -- Choosing Money or Choosing the Interest Rate? -- Money, Bonds, and Other Assets -- 4-3 Determining the Interest Rate: II -- What Banks Do. ; The Supply and the Demand for Central Bank Money -- 4-4 Two Alternative Ways of Looking at the Equilibrium* -- The Federal Funds Market and the Federal Funds Rate -- The Supply of Money, the Demand for Money, and the Money Multiplier -- Understanding the Money Multiplier -- Chapter 5 Goods and Financial Markets: The IS-LM Model -- The Goods Market and the IS Relation -- Investment, Sales, and the Interest Rate -- Determining Output -- Deriving the IS Curve -- Shifts of the IS Curve -- 5-2 Financial Markets and the LM Relation -- Real Money, Real Income, and the Interest Rate -- Deriving the LM Curve -- Shifts of the LM Curve -- 5-3 Putting the IS and the LM Relations Together -- Fiscal Policy, Activity, and the Interest Rate -- Monetary Policy, Activity, and the Interest Rate -- 5-4 Using a Policy Mix -- 5-5 How Does the IS-LM Model Fit the Facts? -- The Medium Run -- Chapter 6 The Labor Market -- 6-1 A Tour of the Labor Market -- The Large Flows of Workers -- 6-2 Movements in Unemployment -- 6-3 Wage Determination -- Bargaining -- Efficiency Wages -- Wages, Prices, and Unemployment -- The Expected Price Level -- The Unemployment Rate -- The Other Factors -- 6-4 Price Determination -- 6-5 The Natural Rate of Unemployment -- The Wage-Setting Relation -- The Price-Setting Relation -- Equilibrium Real Wages and Unemployment -- From Unemployment to Employment -- From Employment to Output -- 6-6 Where We Go from Here -- Chapter 7 Putting All Markets Together: The AS-AD Model -- 7-1 Aggregate Supply -- 7-2 Aggregate Demand -- 7-3 Equilibrium in the Short Run and in the Medium Run -- Equilibrium in the Short Run -- From the Short Run to the Medium Run -- 7-4 The Effects of a Monetary Expansion -- The Dynamics of Adjustment -- Going Behind the Scenes -- The Neutrality of Money -- 7-5 A Decrease in the Budget Deficit. ; Deficit Reduction, Output, and the Interest Rate -- Budget Deficits, Output, and Investment -- 7-6 An Increase in the Price of Oil -- Effects on the Natural Rate of Unemployment -- The Dynamics of Adjustment -- 7-7 Conclusions -- The Short Run versus the Medium Run -- Shocks and Propagation Mechanisms -- Where We Go from Here -- Chapter 8 The Phillips Curve, the Natural Rate of Unemployment, and Inflation -- 8-1 Inflation, Expected Inflation, and Unemployment -- 8-2 The Phillips Curve -- The Early Incarnation -- Mutations -- The Phillips Curve and the Natural Rate of Unemployment -- The Neutrality of Money, Revisited -- 8-3 A Summary and Many Warnings -- Variations in the Natural Rate across Countries -- Variations in the Natural Rate over Time -- Disinflation, Credibility, and Unemployment -- High Inflation and the Phillips Curve Relation -- Deflation and the Phillips Curve Relation -- Appendix: From the Aggregate Supply Relation to a Relation between Inflation, Expected Inflation, and Unemployment -- Chapter 9 The Crisis -- 9-1 From a Housing Problem to a Financial Crisis -- Housing Prices and Subprime Mortgages -- The Role of Banks -- 9-2 The Use and Limits of Policy -- Initial Policy Responses -- The Limits of Monetary Policy: The Liquidity Trap -- The Limits of Fiscal Policy: High Debt -- 9-3 The Slow Recovery -- The Long Run -- Chapter 10 The Facts of Growth -- 10-1 Measuring the Standard of Living -- 10-2 Growth in Rich Countries since 1950 -- The Large Increase in the Standard of Living since 1950 -- The Convergence of Output per Person -- 10-3 A Broader Look across Time and Space -- Looking across Two Millennia -- Looking across Countries -- 10-4 Thinking About Growth: A Primer -- The Aggregate Production Function -- Returns to Scale and Returns to Factors -- Output per Worker and Capital per Worker -- The Sources of Growth. ; Chapter 11 Saving, Capital Accumulation, and Output -- 11-1 Interactions between Output and Capital -- The Effects of Capital on Output -- The Effects of Output on Capital Accumulation -- 11-2 The Implications of Alternative Saving Rates -- Dynamics of Capital and Output -- Steady-State Capital and Output -- The Saving Rate and Output -- The Saving Rate and Consumption -- 11-3 Getting a Sense of Magnitudes -- The Effects of the Saving Rate on Steady-State Output -- The Dynamic Effects of an Increase in the Saving Rate -- The U.S. Saving Rate and the Golden Rule -- 11-4 Physical versus Human Capital -- Extending the Production Function -- Human Capital, Physical Capital, and Output -- Endogenous Growth -- Appendix: The Cobb-Douglas Production Function and the Steady State -- Chapter 12 Technological Progress and Growth -- 12-1 Technological Progress and the Rate of Growth -- Technological Progress and the Production Function -- Interactions between Output and Capital -- Dynamics of Capital and Output -- The Effects of the Saving Rate -- 12-2 The Determinants of Technological Progress -- The Fertility of the Research Process -- The Appropriability of Research Results -- 12-3 The Facts of Growth Revisited -- Capital Accumulation versus Technological Progress in Rich Countries since 1985 -- Capital Accumulation versus Technological Progress in China -- Appendix: Constructing a Measure of Technological Progress -- Chapter 13 Technological Progress: The Short, the Medium, and the Long Run -- 13-1 Productivity, Output, and Unemployment in the Short Run -- Technological Progress, Aggregate Supply, and Aggregate Demand -- The Empirical Evidence -- 13-2 Productivity and the Natural Rate of Unemployment -- Price Setting and Wage Setting Revisited -- The Natural Rate of Unemployment -- The Empirical Evidence. ; 13-3 Technological Progress, Churning, and Distribution Effects -- The Increase in Wage Inequality -- The Causes of Increased Wage Inequality -- 13-4 Institutions, Technological Progress, and Growth -- Expectations -- Chapter 14 Expectations: The Basic Tools -- 14-1 Nominal versus Real Interest Rates -- Nominal and Real Interest Rates in the United States since 1978 -- 14-2 Nominal and Real Interest Rates, and the IS-LM Model -- 14-3 Money Growth, Inflation, Nominal and Real Interest Rates -- Revisiting the IS-LM Model -- Nominal and Real Interest Rates in the Short Run -- Nominal and Real Interest Rates in the Medium Run -- From the Short to the Medium Run -- Evidence on the Fisher Hypothesis -- 14-4 Expected Present Discounted Values -- Computing Expected Present Discounted Values -- Using Present Values: Examples -- Nominal versus Real Interest Rates, and Present Values -- Appendix: D eriving the Expected Present Discounted ValueUsing Real or Nominal Interest Rates -- Chapter 15 Financial Markets and Expectations -- 15-1 Bond Prices and Bond Yields -- Bond Prices as Present Values -- Arbitrage and Bond Prices -- From Bond Prices to Bond Yields -- Interpreting the Yield Curve -- The Yield Curve and Economic Activity -- 15-2 The Stock Market and Movements in Stock Prices -- Stock Prices as Present Values -- The Stock Market and Economic Activity -- A Monetary Expansion and the Stock Market -- An Increase in Consumer Spending and the Stock Market -- 15-3 Risk, Bubbles, Fads, and Asset Prices -- Stock Prices and Risk -- Asset Prices, Fundamentals, and Bubbles -- Chapter 16 Expectations, Consumption, and Investment -- 16-1 Consumption -- The Very Foresighted Consumer -- An Example -- Toward a More Realistic Description -- Putting Things Together: Current Income, Expectations, and Consumption -- 16-2 Investment -- Investment and Expectations of Profit. ; A Convenient Special Case.
• Sommario/riassunto: For intermediate economics courses. Blanchard presents a unified and global view of macroeconomics, enabling students to see the connections between the short-run, medium-run, and long-run. From the major economic crisis to the budget deficits of the United States, the detailed boxes in this text have been updated to convey the life of macroeconomics today and reinforce the lessons from the models, making them more concrete and easier to grasp.
• Titolo autorizzato: Macroeconomics
• ISBN: 0-273-76628-7
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910150214903321
• Lo trovi qui: Univ. Federico II