Opis: Macroeconomics: a European Perspective - Alessia Amighini, Francesco Giavazzi, Olivier Blanchard

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Macroeconomics: A European Perspective will give students a fuller understanding of the subject and has been fully updated to provide broad coverage of the ongoing economic turmoil in Europe. It's unified view of macroeconomics helps students to make the connections between the short, medium, and long run.

 

Features

• Updated chapters on the financial crisis, European economic and monetary integration, the Euro, and sovereign debt


• Graphs and tables  


• Focus boxes expand on macroeconomic events


• Margin notes provide extended definitions and give students additional context

 

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List of figures xi List of tables xv List of Focus boxes xvi About the authors xvii Publisher's acknowledgements xviii Guided tour xx Preface xxii Author acknowledgements xxiii INTRODUCTION 1 Chapter 1 A tour of the world 2 1.1 Europe and the euro 3 1.2 The economic outlook in the USA 6 1.3 The largest emerging economies 10 1.4 Looking ahead 11 Key terms 12 Questions and problems 12 Further reading 13 Appendix Where to find the numbers? 14 Chapter 2 A tour of the book 15 2.1 Aggregate output 16 2.2 Other major macroeconomic variables 21 2.3 Output, unemployment and the inflation rate, Okun's law and the Philips curve 27 2.4 The short run, the medium run and the long run 29 2.5 A tour of the book 30 Summary 32 Key terms 33 Questions and problems 33 Further reading 35 Appendix The construction of real GDP and chain-type indexes 36 THE SHORT RUN 41 Chapter 3 The goods market 42 3.1 The composition of GDP 43 3.2 The demand for goods 44 3.3 The determination of equilibrium output 47 3.4 Investment equals saving: an alternative way of thinking about the goods-market equilibrium 54 3.5 Is the government omnipotent? A warning 57 Summary 58 Key terms 58 Questions and problems 59 Chapter 4 Financial markets 61 4.1 The demand for money 62 4.2 Determining the interest rate: part 1 66 4.3 Determining the interest rate: part 2 70 4.4 Two alternative ways of looking at the equilibrium 76 Summary 79 Key terms 79 Questions and problems 80 Further reading 81 Chapter 5 Goods and financial markets: the IS-LM model 82 5.1 The goods market and the IS relation 83 5.2 Financial markets and the LM relation 87 5.3 Putting the IS and the LM relations together 90 5.4 Using a policy mix 95 5.5 IS-LM and the liquidity trap 96 5.6 How does the IS-LM model fit the facts? 99 Summary 101 Key terms 101 Questions and problems 102 Further reading 103 Appendix An analytical version of the IS-LM model 104 Chapter 6 The IS-LM model in an open economy 108 6.1 Openness in goods markets 109 6.2 Openness in financial markets 116 6.3 The IS relation in an open economy 122 6.4 The LM relation in an open economy 128 6.5 Putting goods and financial markets together in an open economy 131 Summary 133 Key terms 133 Questions and problems 134 Further reading 134 Chapter 7 Output, the interest rate and the exchange rate 136 7.1 Increases in demand, domestic or foreign 137 7.2 Depreciation, the trade balance and output 143 7.3 Looking at dynamics: the J-curve 145 7.4 Saving, investment and the trade balance 147 7.5 The effects of policy in an open economy 151 7.6 Fixed exchange rates 152 Summary 157 Key terms 157 Questions and problems 157 Further reading 160 Appendix Derivation of the Marshall-Lerner condition 161 THE MEDIUM RUN 163 Chapter 8 The labour market 164 8.1 A tour of the labour market 165 8.2 Wage determination 170 8.3 Price determination 177 8.4 The natural rate of unemployment 178 8.5 Where we go from here 182 Summary 183 Key terms 184 Questions and problems 184 Further reading 186 Appendix Wage and price setting relations versus labour supply and labour demand 187 Chapter 9 Putting all markets together: the AS-AD model 189 9.1 Aggregate supply 190 9.2 Aggregate demand 192 9.3 Equilibrium in the short run and in the medium run 194 9.4 The effects of a monetary expansion 197 9.5 A decrease in the budget deficit 200 9.6 An increase in the price of oil 204 9.7 Conclusions 210 Summary 211 Key terms 212 Questions and problems 212 Chapter 10 The Phillips curve, the natural rate of unemployment and inflation 215 10.1 Inflation, expected inflation and unemployment 216 10.2 The Phillips curve 217 10.3 The Phillips curve and the natural rate of unemployment in Europe 224 Summary 232 Key terms 232 Questions and problems 233 Further reading 234 Appendix From the aggregate supply relation to a relation between inflation, expected inflation and unemployment 235 Chapter 11 Inflation, money growth and the real rate of interest 236 11.1 Output, unemployment and inflation 237 11.2 Nominal versus real interest rates 241 11.3 Nominal and real interest rates and the IS-LM model 244 11.4 The effects of money growth 245 11.5 Money growth, inflation and nominal and real interest rates 252 11.6 Disinflation 254 Summary 260 Key terms 261 Questions and problems 261 Chapter 12 The medium run in an open economy 264 12.1 The medium run 265 12.2 Exchange rate crises under fixed exchange rates 270 12.3 Exchange rate movements under flexible exchange rates 274 12.4 Choosing between exchange rate regimes 277 Summary 280 Key terms 280 Questions and problems 281 THE LONG RUN 285 Chapter 13 The facts of growth 286 13.1 Measuring the standard of living 287 13.2 Growth in rich countries since 1950 290 13.3 A broader look across time and space 293 13.4 Thinking about growth: a primer 296 Summary 301 Key terms 301 Questions and problems 302 Further reading 303 Chapter 14 Saving, capital accumulation and output 304 14.1 Interactions between output and capital 305 14.2 The implications of alternative saving rates 308 14.3 Getting a sense of magnitudes 317 14.4 Physical versus human capital 320 Summary 323 Key terms 323 Questions and problems 323 Further reading 325 Appendix The Cobb-Douglas production function and the steady state 326 Chapter 15 Technological progress and growth 327 15.1 Technological progress and the rate of growth 328 15.2 The determinants of technological progress 334 15.3 The facts of growth revisited 337 Summary 342 Key terms 343 Questions and problems 343 Further reading 345 Appendix Constructing a measure of technological progress 346 EXPECTATIONS 351 Chapter 16 Financial markets and expectations 352 16.1 Expected present discounted values 353 16.2 Bond prices and bond yields 359 16.3 The stock market and movements in stock prices 367 16.4 Risk, bubbles, fads and asset prices 374 Summary 378 Key terms 379 Questions and problems 379 Further reading 381 Chapter 17 Expectations, consumption and investment 382 17.1 Consumption theory and the role of expectations 383 17.2 Toward a more realistic description 387 17.3 Investment 391 17.4 The volatility of consumption and investment 398 Summary 400 Key terms 401 Questions and problems 401 Appendix Derivation of the expected present value of profits under static expectations 404 Chapter 18 Expectations, output and policy 405 18.1 Expectations and decisions: taking stock 406 18.2 Monetary policy, expectations and output 409 18.3 Deficit reduction, expectations and output 415 Summary 420 Key terms 421 Questions and problems 421 EUROPE: PAST, PRESENT AND FUTURE Chapter 19 The euro at fourteen: was it a good idea and why is it in trouble? 424 19.1 The monetary history of Europe from post-war to the present day 425 19.2 Is Europe an optimal currency area? 431 19.3 The European system of central banks: structure and objectives 434 19.4 The first thirteen years of the euro (1999-2011) 439 19.5 Should the outs join? 443 Summary 445 Key terms 446 Questions and problems 446 Further reading 447 Chapter 20 The crisis 448 20.1 From a housing problem to a financial crisis 449 20.2 The use and limits of policy 454 20.3 The slow recovery 464 Summary 469 Key terms 469 Questions and problems 469 Further reading 470 Chapter 21 High debt 471 21.1 The government's budget constraint 472 21.2 The evolution of the debt-to-GDP ratio 476 21.3 The return from a high debt 486 Summary 490 Key terms 490 Questions and problems 490 Further reading 491 SHOULD POLICY MAKERS BE RESTRAINED? Chapter 22 Policy and policy makers: what do we know? 494 22.1 Uncertainty and policy 495 22.2 Expectations and policy 498 22.3 Politics and policy 503 Summary 505 Key terms 506 Questions and problems 506 Further reading 508 Chapter 23 Monetary and fiscal policy rules and constraints 509 23.1 The optimal inflation rate 510 23.2 Monetary policy rules 514 23.3 Fiscal policy rules and constraints 523 Summary 532 Key terms 533 Questions and problems 533 Further reading 536 Appendix The time inconsistency problem: Barro and Gordon model 537 EPILOGUE 539 Chapter 24 540 The story of macroeconomics 541 24.1 Keynes and the Great Depression 541 24.2 The neoclassical synthesis 541 24.3 The rational expectations critique 544 24.4 Recent developments up to the crisis 547 24.5 First lessons from the crisis 550 Summary 552 Key terms 552 Further reading 553 Appendix 1 A maths refresher 554 Appendix 2 An introduction to econometrics 559 Glossary 564 Symbols used in this book 575 Index 577

Szczegóły: Macroeconomics: a European Perspective - Alessia Amighini, Francesco Giavazzi, Olivier Blanchard

Tytuł: Macroeconomics: a European Perspective
Autor: Alessia Amighini, Francesco Giavazzi, Olivier Blanchard
Producent: Pearson
ISBN: 9780273771685
Rok produkcji: 2013
Ilość stron: 624
Oprawa: Miękka
Waga: 1.45 kg

Recenzje: Macroeconomics: a European Perspective - Alessia Amighini, Francesco Giavazzi, Olivier Blanchard