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Macroeconomics, Fifth Canadian Edition, by Stephen D. Williamson EBOOK PDF Instant Download
Table of Contents
Title Page
Copyright Page
Brief Contents
Contents
Preface
Acknowledgments
About the Author
Part 1: Introduction and Measurement Issues
Chapter 1: 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
Chapter 2: Measurement
Measuring GDP: The National Income and Expenditure Accounts
Nominal and Real GDP and Price Indices
Macroeconomics in Action 2.1: Price Indices and Monetary Policy in Canada
Savings, Wealth, and Capital
Macroeconomics in Action 2.2: Comparing Real GDP across Countries and the Penn Effect
Labour Market Measurement
Macroeconomics in Action 2.3: Differences in Unemployment Rates in Canada and the United States
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 3: Business Cycle Measurement
Regularities in GDP Fluctuations
Macroeconomics in Action 3.1: Economic Forecasting and the Financial Crisis
Comovement
Macroeconomics in Action 3.2: The Correlation between the Price Level and Aggregate Output across Co
Macroeconomics in Action 3.3: The Great Moderation?
Chapter Summary
Key Terms
Questions for Review
Problems
Part 2: Basic Macroeconomic Models: A One-Period Model, and Models of Search and Unemployment
Chapter 4: Consumer and Firm Behaviour: The Work–Leisure Decision and Profit Maximization
The Representative Consumer
Macroeconomics in Action 4.1: How Elastic Is Labour Supply?
The Representative Firm
Macroeconomics in Action 4.2: Henry Ford and Total Factor Productivity
Theory Confronts the Data 4.1: Total Factor Productivity and the Canadian Aggregate Production Funct
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 5: 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 5.1: Government Spending in World War II
Working with the Model: A Change in Total Factor Productivity
Macroeconomics in Action 5.1: The Long Run: Total Factor Productivity in Canada and the United State
Theory Confronts the Data 5.2: The Short Run: Total Factor Productivity and GDP
A Distorting Tax on Wage Income, Tax Rate Changes, and the Laffer Curve
A Model of Public Goods: How Large Should the Government Be?
Theory Confronts the Data 5.3: Canada’s Economic Action Plan
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 6: Search and Unemployment
The Behaviour of the Unemployment Rate, the Participation Rate, and the Employment/ Population Ratio
A One-Sided Search Model of Unemployment
Macroeconomics in Action 6.1: Unemployment and Employment in the United States and Europe
A Two-Sided Search Model of Search and Unemployment
Theory Confronts the Data 6.1: Unemployment, Productivity, and Real GDP in Canada and the United Sta
Macroeconomics in Action 6.2: Employment Insurance and Incentives
Chapter Summary
Key Terms
Questions for Review
Problems
Part 3: Economic Growth
Chapter 7: Economic Growth: Malthus and Solow
Economic Growth Facts
The Malthusian Model of Economic Growth
The Solow Model: Exogenous Growth
Theory Confronts the Data 7.1: The Recent Trend in Economic Growth in Canada
Growth Accounting
Theory Confronts the Data 7.2: The Solow Growth Model, Investment Rates, and Population Growth
Macroeconomics in Action 7.1: Resource Misallocation and Total Factor Productivity
Macroeconomics In Action 7.2: Development Accounting
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 8: Income Disparity among Countries and Endogenous Growth
Convergence
Theory Confronts the Data 8.1: Is Income per Worker Converging in the World?
Macroeconomics in Action 8.1: Measuring Economic Welfare: Per Capita Income, Income Distribution, Le
Endogenous Growth: A Model of Human Capital Accumulation
Macroeconomics in Action 8.2: Education and Growth
Chapter Summary
Key Terms
Questions for Review
Problems
Part 4: Savings, Investment, and Government Deficits
Chapter 9: A Two-Period Model: The Consumption–Savings Decision and Credit Markets
A Two-Period Model of the Economy
Theory Confronts the Data 9.1: Consumption Smoothing and the Stock Market
The Ricardian Equivalence Theorem
Macroeconomics in Action 9.1: The Potential for Government Default and the February 1995 Federal Bud
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 10: Credit Market Imperfections: Credit Frictions, Financial Crises, and Social Security
Credit Market Imperfections and Consumption
Asymmetric Information and the Financial Crisis
Limited Commitment and the Financial Crisis
Theory Confronts the Data 10.1: Asymmetric Information and Interest Rate Spreads
Macroeconomics in Action 10.1: Social Security and Incentives
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 11: A Real Intertemporal Model with Investment
The Representative Consumer
The Representative Firm
Government
Competitive Equilibrium
The Equilibrium Effects of a Temporary Increase in G: Stimulus, the Multiplier, and Crowding Out
Theory Confronts the Data 11.1: The 1990s Fiscal Contraction and the Government Expenditure Multipli
The Equilibrium Effects of a Decrease in the Current Capital Stock, K: Capital Destruction from Wars
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 Futur
An Increase in Credit Market Uncertainty: Asymmetric Information and the Financial Crisis
Theory Confronts the Data 11.2: News, the Stock Market, and Investment Expenditures
Theory Confronts the Data 11.3: Interest Rate Spreads and Aggregate Economic Activity
Chapter Summary
Key Terms
Questions for Review
Problems
Part 5: Money and Business Cycles
Chapter 12: A Monetary Intertemporal Model: Money, Banking, Prices, and Monetary Policy
What Is Money?
Monetary Intertemporal Model
Competitive Equilibrium—The Complete Intertemporal Monetary Model
Shifts in Money Demand
Theory Confronts the Data 12.1: Instability in the Money Demand Function in Canada
Conventional Monetary Policy, the Liquidity Trap, and Unconventional Monetary Policy
Macroeconomics in Action 12.1: Quantitative Easing in the United States
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 13: Business Cycle Models with Flexible Prices and Wages
The Real Business Cycle Model
A Keynesian Coordination Failure Model
Macroeconomics in Action 13.1: Business Cycle Models and the Great Depression in Canada
Macroeconomics in Action 13.2: Uncertainty and Business Cycles
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 14: New Keynesian Economics: Sticky Prices
The New Keynesian Model
The Role of Government Policy in the New Keynesian Model
The Liquidity Trap and Sticky Prices
Macroeconomics in Action 14.1: Policy Lags
Criticisms of Keynesian Models
Macroeconomics in Action 14.2: New Keynesian Models, the Taylor Rule, and Quantitative Easing
Macroeconomics in Action 14.3: How Sticky Are Nominal Prices?
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 15: Inflation: Phillips Curves and Neo-Fisherism
Inflation in a Basic New Keynesian Model
Theory Confronts the Data 15.1: The Phillips Curve
Macroeconomics in Action 15.1: Forward Guidance in the United States after 2008
Neo-Fisherism and a New Keynesian Rational Expectations Model
Chapter Summary
Key Terms
Questions for Review
Problems
Part 6: International Macroeconomics
Chapter 16: International Trade in Goods and Assets
A Two-Period Small Open-Economy Model
Theory Confronts the Data 16.1: Is a Current Account Deficit a Bad Thing?
Theory Confronts the Data 16.2: Greece and Sovereign Default
Production, Investment, and the Current Account
Chapter Summary
Key Terms
Questions for Review
Problems
Chapter 17: Money in the Open Economy
The Nominal Exchange Rate, the Real Exchange Rate, and Purchasing Power Parity
Flexible and Fixed Exchange Rates
Theory Confronts the Data 17.1: The PPP Relationship for the United States and Canada
A Monetary Small Open-Economy Model with a Flexible Exchange Rate
A Monetary Small Open-Economy Model with a Fixed Exchange Rate
Flexible versus Fixed Exchange Rates
Macroeconomics in Action 17.1: Sovereign Debt and the EMU
Capital Controls
A New Keynesian Sticky Price Open-Economy Model
Macroeconomics in Action 17.2: Do Capital Controls Work in Practice?
Chapter Summary
Key Terms
Questions for Review
Problems
Part 7: Money, Banking, and Inflation
Chapter 18: Money, Inflation, and Banking: A Deeper Look
Alternative Forms of Money
Macroeconomics in Action 18.1: Commodity Money and Commodity-Backed Paper Money: Yap Stones and Play
Money and the Absence of Double Coincidence of Wants: The Roles of Commodity Money and Fiat Money
Long-Run Inflation in the Monetary Intertemporal Model
Macroeconomics in Action 18.2: Should the Bank of Canada Reduce the Inflation Rate to Zero or Less?
Financial Intermediation and Banking
Macroeconomics in Action 18.3: Bank Failures and Banking Panics in Canada and the United States
Macroeconomics in Action 18.4: The Financial Crisis in the United States: Banks, Non-bank Financial
Chapter Summary
Key Terms
Questions for Review
Problems
Mathematical Appendix
Index
Back Cover
