Description
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.
Features
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.
NEW (or updated) boxes include:
Focus. The Lehman Bankruptcy, Fears of Another Great Depression, and Shifts in the Consumption Function.
Focus: Bank Runs, Deposit Insurance, and Wholesale Funding.
Focus. Deficit Reduction: Good or Bad for Investment?
Focus: The U.S. Recession of 2001.
Focus. Why has the U.S. Natural Rate of Unemployment Fallen.
Since the Early 1990s and How Will the Crisis Affect it?
Focus: Increasing Leverage and Alphabet Soup. SIVs, AIG, and CDSs.
Focus Box. Japan, the liquidity trap, and Fiscal policy.
Focus Box. Do Banking Crises Affect the Natural Level of Out-put?
Focus: Does Money Lead to Happiness?
Focus. What is behind Chinese Growth?
Focus. Why Deflation Can Be Very Bad. Deflation and the Real Interest Rate in the Great Depression.
Focus Box: The Yield Curve and the Liquidity Trap.
Focus Box: The Increase in U.S. Housing Prices: Fundamentals, or a bubble?
Focus. The Liquidity Trap, Quantitative Easing, and The Role of Expectations.
Focus. The G20 and the 2009 Fiscal Stimulus.
Focus. The U.S. Current Account Deficit: Origins and Implications.
Focus. How Countries Decreased Their Debt Ratios After World War II.
Focus. The U.S. Budget Deficit Challenge.
Focus. LTV Ratios and Housing Price Increases From 2000 To 2007.
New to This Edition
Chapter on the economics crisis. Chapter 9: The Crisis focuses on the origins of the crisis, the role of the financial system, and the constraints facing fiscal and monetary policy, such as the liquidity trap and the high level of public debt.
Chapter 23 on Fiscal Policy has been substantially re-written to focus on the current debt problems of the United States.
Table of Contents Chapter 1. A Tour of the World Chapter 2. A Tour of the Book Chapter 3. The Goods Market Chapter 4. Financial Markets Chapter 5. Goods and Financial Markets: The IS-LM Model Chapter 6. The Labor Market Chapter 7 Putting All Markets Together: The AS/AD Model Chapter 8. The Phillips Curve, the Natural Rate of Unemployment, and Inflation Chapter 9. The Crisis Chapter 10. The Facts of Growth Chapter 11. Saving, Capital Accumulation, and Output Chapter 12. Technological Progress and Growth Chapter 13. Technological Progress. The Short, the Medium, and the Long Run Chapter 14. Expectations: The Basic Tools Chapter 15. Financial Markets and Expectations Chapter 16. Expectations, Consumption, and Investment Chapter 17. Expectations, Output, and Policy Chapter 18. Openness in Goods and Financial Markets Chapter 19. The Goods Market in an Open Economy Chapter 20. Output, the Interest Rate, and the Exchange Rate Chapter 21. Exchange Rate Regimes Chapter 22. Should Policy Makers be Restrained? Chapter 23. Fiscal Policy: A Summing Up Chapter 24. Monetary Policy: A Summing Up Chapter 25. Epilogue: The Story of Macroeconomics