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" Macroeconomics. "
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BL
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| Record Number
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562454
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b391644
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| Main Entry
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Olivier Blanchard
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| Title & Author
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Macroeconomics.
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| Edition Statement
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7th edition
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| Publication Statement
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Harlow : Pearson Education Limited,, [2017] ©2017
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| Page. NO
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530 pages : illustrations ; 26 cm
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| ISBN
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1292160500
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: 9781292160504
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| Contents
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Note continued: 16-3. Deficit Reduction, Expectations, and Output -- The Role of Expectations about the Future -- Back to the Current Period -- The Open Economy -- ch. 17 Openness in Goods and Financial Markets -- 17-1. Openness in Goods Markets -- Exports and Imports -- The Choice between Domestic Goods and Foreign Goods -- Nominal Exchange Rates -- From Nominal to Real Exchange Rates -- From Bilateral to Multilateral Exchange Rates -- 17-2. Openness in Financial Markets -- The Balance of Payments -- The Choice between Domestic and Foreign Assets -- Interest Rates and Exchange Rates -- 17-3. Conclusions and a Look Ahead -- ch. 18 The Goods Market in an Open Economy -- 18-1. The IS Relation in the Open Economy -- The Demand for Domestic Goods -- The Determinants of C, I, and G -- The Determinants of Imports -- The Determinants of Exports -- Putting the Components Together -- 18-2 Equilibrium Output and the Trade Balance -- 18-3. Increases in Demand[—]Domestic or Foreign -- Increases in Domestic Demand -- Increases in Foreign Demand -- Fiscal Policy Revisited -- 18-4. Depreciation, the Trade Balance, and Output -- Depreciation and the Trade Balance: The Marshall-Lerner Condition -- The Effects of a Real Depreciation -- Combining Exchange Rate and Fiscal Policies -- 18-5. Looking at Dynamics: The J-Curve -- 18-6. Saving, Investment, and the Current Account Balance -- Appendix: Derivation of the Marshall-Lerner Condition -- ch. 19 Output, the Interest Rate, and the Exchange Rate -- 19-1. Equilibrium in the Goods Market -- 19-2. Equilibrium in Financial Markets -- Domestic Bonds versus Foreign Bonds -- 19-3. Putting Goods and Financial Markets Together -- 19-4. The Effects of Policy in an Open Economy -- The Effects of Monetary Policy in an Open Economyg18-2 The Effects of Fiscal Policy in an Open Economy -- 19-5. Fixed Exchange Rates -- Pegs, Crawling Pegs, Bands, the EMS, and the Euro -- Monetary Policy when the Exchange Rate Is Fixed -- Fiscal Policy when the Exchange Rate Is Fixed -- Appendix: Fixed Exchange Rates, Interest Rates, and Capital Mobility -- ch. 20 Exchange Rate Regimes -- 20-1. The Medium Run -- The IS Relation under Fixed Exchange Rates -- Equilibrium in the Short and the Medium Run -- The Case for and against a Devaluation -- 20-2. Exchange Rate Crises under Fixed Exchange Rates -- 20-3. Exchange Rate Movements under Flexible Exchange Rates -- Exchange Rates and the Current Account -- Exchange Rates and Current and Future Interest Rates -- Exchange Rate Volatility -- 20-4. Choosing between Exchange Rate Regimes -- Common Currency Areas -- Hard Pegs, Currency Boards, and Dollarization -- Appendix 1: Deriving the IS relation under Fixed Exchange Rates Appendix 2: The Real Exchange Rate and Domestic and Foreign Real Interest Rates -- Back to Policy -- ch. 21 Should Policy Makers Be Restrained? -- 21-1. Uncertainty and Policy -- How Much Do Macroeconomists Actually Know? -- Should Uncertainty Lead Policy Makers to Do Less? -- Uncertainty and Restraints on Policy Makers -- 21-2. Expectations and Policy -- Hostage Takings and Negotiations -- Inflation and Unemployment Revisited -- Establishing Credibility -- Time Consistency and Restraints on Policy Makers -- 21-3. Politics and Policy -- Games between Policy Makers and Voters -- Games between Policy Makers -- Politics and Fiscal Restraints -- ch. 22 Fiscal Policy: A Summing Up -- 22-1. What We Have Learned -- 22-2. The Government Budget Constraint: Deficits, Debt, Spending, and Taxes -- The Arithmetic of Deficits and Debt -- Current versus Future Taxes -- The Evolution of the Debt-to-GDP Ratio -- 22-3 Rates Ricardian Equivalence, Cyclical Adjusted Deficits, and War Finance -- Ricardian Equivalence -- Deficits, Output Stabilization, and the Cyclically Adjusted Deficit -- Wars and Deficits -- 22-4. The Dangers of High Debt -- High Debt, Default Risk, and Vicious Cycles -- Debt Default -- Money Finance -- ch. 23 Monetary Policy: A Summing Up -- 23-1. What We Have Learned -- 23-2. From Money Targeting to Inflation Targeting -- Money Targeting -- Inflation Targeting -- The Interest Rate Rule -- 23-3. The Optimal Inflation Rate -- The Costs of Inflation -- The Benefits of Inflation -- The Optimal Inflation Rate: The State of the Debate -- 23-4. Unconventional Monetary Policy -- 23-5. Monetary Policy and Financial Stability -- Liquidity Provision and Lender of Last Resort -- Macroprudential Tools -- ch. 24 Epilogue: The Story of Macroeconomics -- 24-1. Keynes and the Great Depression -- 24-2. The Neoclassical Synthesis Progress on All Fronts -- Keynesians versus Monetarists -- 24-3. The Rational Expectations Critique -- The Three Implications of Rational Expectations -- The Integration of Rational Expectations -- 24-4. Developments in Macroeconomics up to the 2009 Crisis -- New Classical Economics and Real Business Cycle Theory -- New Keynesian Economics -- New Growth Theory -- Toward an Integration -- 24-5. First Lessons for Macroeconomics after the Crisis. Machine generated contents note: Introduction -- ch. 1 A Tour of the World -- 1-1. The Crisis -- 1-2. The United States -- Low Interest Rates and the Zero Lower Bound -- How Worrisome Is Low Productivity Growth? -- 1-3. The Euro Area -- 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 -- ch. 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, and 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 -- ch. 3 The Goods Market -- 3-1. The Composition of GDP -- 3-2. The Demand for Goods -- Consumption (C) -- Investment (I) -- Government Spending (G) -- 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 -- ch. 4 Financial Markets I -- 4-1. The Demand for Money 68 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? -- 4-3^and the Long Run -- 2-6 Determining the Interest Rate: II -- What Banks Do -- The Demand and Supply for Central Bank Money -- The Federal Funds Market and the Federal Funds Rate -- 4-4. The Liquidity Trap -- Appendix: The Determination of the Interest Rate When People Hold Both Currency and Checkable Deposits -- ch. 5 Goods and Financial Markets The IS-LM Model -- 5-1. 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 -- 5-3. Putting the IS and the LM Relations Together -- Fiscal Policy -- Monetary Policy -- 5-4. Using a Policy Mix -- 5-5. How Does the IS-LM Model Fit the Facts? -- ch. 6 Financial Markets II: The Extended IS-LM Model -- 6-1. Nominal versus Real Interest Rates^^^Rate? -- 4-3^and the Long Run -- 2-6 Nominal and Real Interest Rates in the United States since 1978 -- Nominal and Real Interest Rates: The Zero Lower Bound and Deflation -- 6-2. Risk and Risk Premia -- 6-3. The Role of Financial Intermediaries -- The Choice of Leverage -- Leverage and Lending -- 6-4. Extending the IS-LM -- Financial Shocks and Policies -- 6-5. From a Housing Problem to a Financial Crisis -- Housing Prices and Subprime Mortgages -- The Role of Financial Intermediaries -- Macroeconomic Implications -- Policy Responses -- The Medium Run -- ch. 7 The Labor Market -- 7-1. A Tour of the Labor Market -- The Large Flows of Workers -- 7-2. Movements in Unemployment -- 7-3.
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Wage Determination -- Bargaining -- Efficiency Wages -- Wages, Prices, and Unemployment -- The Expected Price Level -- The Unemployment Rate -- The Other Factors -- 7-4. Price Determination -- 7-5. The Natural Rate of Unemployment -- The Wage-Setting Relation The Price-Setting Relation -- Equilibrium Real Wages and Unemployment -- 7-6. Where We Go from Here -- Appendix: Wage- and Price-Setting Relations versus Labor Supply and Labor Demand -- ch. 8 The Phillips Curve, the Natural Rate of Unemployment, and Inflation -- 8-1. Inflation, Expected Inflation, and Unemployment -- 8-2. The Phillips Curve and Its Mutations -- The Early Incarnation -- The Apparent Trade-Off and Its Disappearance -- 8-3. The Phillips Curve and the Natural Rate of Unemployment -- 8-4. A Summary and Many Warnings -- Variations in the Natural Rate across Countries -- Variations in the Natural Rate over Time -- High Inflation and the Phillips Curve Relation -- Deflation and the Phillips Curve Relation -- Appendix: Derivation of the Relation to a Relation between Inflation, Expected Inflation, and Unemployment -- ch. 9 From the Short to the Medium Run: The IS-LM-PC Model -- 9-1. The IS-LM-PC model -- 9-2ation Dynamics and the Medium Run Equilibrium -- The Role of Expectations Revisited -- The Zero Lower Bound and Debt Spirals -- 9-3. Fiscal Consolidation Revisited -- 9-4. The Effects of an Increase in the Price of Oil -- Effects on the Natural Rate of Unemployment -- 9-5. Conclusions -- The Short Run versus the Medium Run -- Shocks and Propagation Mechanisms -- The Long Run -- ch. 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 -- ch. 11The IS-LM-PC model -- 9-2ation 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 -- Output and Investment -- Investment and Capital Accumulation -- 11-2. The Implications of Alternative Saving Rates -- Dynamics of 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 -- ch. 12 Technological Progress and Growth -- 12-1. Technological Progress and the Rate of Growth^^^e IS-LM-PC model -- 9-2ation 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 -- Management, Innovation, and Imitation -- 12-3. Institutions, Technological Progress, and Growth -- 12-4. 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 -- ch. 13 Technological Progress: The Short, the Medium, and the Long Run -- 13-1. Productivity, Output, and Unemployment in the Short Run -- The Empirical Evidence -- 13-2. Productivity and the Natural Rate of Unemployment -- Price Setting and Wage Setting Revisited^^^S-LM-PC model -- 9-2ation The Natural Rate of Unemployment -- The Empirical Evidence -- 13-3. Technological Progress, Churning, and Inequality -- The Increase in Wage Inequality -- The Causes of Increased Wage Inequality -- Inequality and the Top 1% -- Expectations -- ch. 14 Financial Markets and Expectations -- 14-1. Expected Present Discounted Values -- Computing Expected Present Discounted Values -- A General Formula -- Using Present Values: Examples -- Constant Interest Rates -- Constant Interest Rates and Payments -- Constant Interest Rates and Payments Forever -- Zero Interest Rates -- Nominal versus Real Interest Rates and Present Values -- 14-2. Bond Prices and Bond Yields -- Bond Prices as Present Values -- Arbitrage and Bond Prices -- From Bond Prices to Bond Yields -- Reintroducing Risk -- Interpreting the Yield Curve -- 14-3. The Stock Market and Movements in Stock Prices -- Stock Prices as Present Values^^^PC model -- 9-2ation The Stock Market and Economic Activity -- A Monetary Expansion and the Stock Market -- An Increase in Consumer Spending and the Stock Market -- 14-4. Risk, Bubbles, Fads, and Asset Prices -- Stock Prices and Risk -- Asset Prices, Fundamentals, and Bubbles -- Appendix: Deriving the Expected Present Discounted Value Using Real or Nominal Interest Rates -- ch. 15 Expectations, Consumption, and Investment -- 15-1. Consumption -- The Very Foresighted Consumer -- An Example -- Toward a More Realistic Description -- Putting Things Together: Current Income, Expectations, and Consumption -- 15-2. Investment -- Investment and Expectations of Profit -- Depreciation -- The Present Value of Expected Profits -- The Investment Decision -- A Convenient Special Case -- Current versus Expected Profit -- Profit and Sales -- 15-3. The Volatility of Consumption and Investment^^^ices -- Stock Prices as Present Values^^^PC model -- 9-2ation Appendix: Derivation of the Expected Present Value of Profits under Static Expectations -- ch. 16 Expectations, Output, and Policy -- 16-1. Expectations and Decisions: Taking Stock -- Expectations, Consumption, and Investment Decisions -- Expectations and the IS Relation -- 16-2. Monetary Policy, Expectations, and Output -- Monetary Policy Revisited
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