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Macroeconomics

ISBN-10: 0471586471

ISBN-13: 9780471586470

Edition: 4th 1993 (Student Manual, Study Guide, etc.)

Authors: Robert J. Barro

List price: $28.95
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Description:

Robert Barro's Macroeconomics has become the classic textbook presentation of the equilibrium approach to macroeconomics. In its first four editions, this book has shown undergraduates how market-clearing models with strong microeconomic foundations can be used to understand real-world phenomena and to evaluate alternative macroeconomic policies. Moreover, a single, unified framework works as well for short-term business fluctuation as for long-term economic growth. This latest edition includes the most recent theoretical and empirical developments in economic growth, recent evidence on the macroeconomics of labor markets and public finance, and up-to-date results on the interplay between nominal and real variables.
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Book details

List price: $28.95
Edition: 4th
Copyright year: 1993
Publisher: John Wiley & Sons, Incorporated
Publication date: 2/9/1993
Binding: Paperback
Pages: 237
Size: 8.75" wide x 11.25" long x 0.50" tall
Weight: 1.342
Language: English

Preface
The Approach to Macroeconomics
The Behavior of Output, Unemployment, and the Price Level in the United States
Some Key Facts about U.S. Business Fluctuations
The Approach to Macroeconomics
A Note on Mathematics and Economic Reasoning
Elements of National-Income Accounting
Important Terms and Concepts
Microeconomic Foundations And The Basic Market-Clearing Model
Work Effort, Production, and Consumption--The Economics of Robinson Crusoe
Production Technology
Tastes for Consumption and Leisure
Deciding How Much to Work
Shifts in the Production Function
Wealth Effects
Substitution Effects for Work versus Consumption
Combining the Wealth and Substitution Effects
Summary
Important Terms and Concepts
Questions and Problems
The Behavior of Households with Markets for Commodities and Credit
The Commodity Market
The Credit Market
Budget Constraints
Preferences for Consuming Now versus Later
Choosing Consumption over Two Periods
Wealth and Substitution Effects
Choosing Work Effort at Different Dates
Budget Constraints over Many Periods
Choices over Many Periods
Shifts in the Schedule for Labor's Marginal Product
Summary
Important Terms and Concepts
Questions and Problems
The Demand for Money
The Nature of a Monetary Economy
A Model of Optimal Cash Management
Generalizations and Implications for Money Demand
The Velocity of Money
Empirical Evidence on the Demand for Money
Money and Households' Budget Constraints
Summary
Important Terms and Concepts
Questions and Problems
The Basic Market-Clearing Model
Aggregate-Consistency Conditions and the Clearing of Markets
Clearing the Commodity Market
The Quantity of Money Equals the Quantity Demanded
General Market Clearing
Supply Shocks
Changes in the Stock of Money
Changes in the Demand for Money
Summary
Important Terms and Concepts
Questions and Problems
The Labor Market
Setup of the Labor Market
The Demand for Labor
Labor Supply and Consumption Demand
Clearing of the Labor Market
Clearing of the Commodity Market
The Behavior of the Real Wage Rate
Nominal Wage Rates
The Labor Market in the Macroeconomic Model
Summary
Important Terms and Concepts
Questions and Problems
Inflation
An Introduction to Inflation and Interest Rates
Cross-Country Data on Inflation and Monetary Growth
U.S. Time-Series Data on Inflation and Monetary Growth
Actual and Expected Inflation
Real and Nominal Interest Rates
Summary
Important Terms and Concepts
Questions and Problems
Money, Inflation, and Interest Rates in the Market-Clearing Model
Incorporation of Inflation and Monetary Growth into the Model
Market-Clearing Conditions
The Superneutrality of Money
Monetary Growth, Inflation, and the Nominal Interest Rate
The Dynamics of Inflation
Real Effects of Inflation
Summary
Appendix (optional): The Wealth Effects from the Monetary Terms
Important Terms and Concepts
Questions and Problems
Business Fluctuations, Unemployment, And Economic Growth
Investment and Real Business Cycles
The Capital Stock and Investment in the United States
Real GDP and Its Components during Recessions
Capital in the Production Function
Investment Goods and Consumer Goods
Depreciation
Characteristics of Existing Capital
Investment Demand
Investment and Households' Budget Constraints
Clearing of the Commodity Market
Real Business Cycles
Summary
Important Terms and Concepts
Questions and Problems
Unemployment
A Model of Job Finding
Job Separations
Job Separations, Job Finding, and the Natural Unemployment Rate
The Behavior of U.S. Unemployment Rates
Summary
Important Terms and Concepts
Questions and Problems
Economic Growth
Changes in the Stock of Capital
Convergence
Population Growth
Technological Progress
Evidence from U.S. History
Evidence on Convergence from the U.S. States and Regions of Western Europe
Evidence on Convergence across Countries
Recent Theories of Economic Growth (optional)
Summary
Important Terms and Concepts
Questions and Problems
Government Behavior
Government Consumption and Public Services
Data on Government Expenditures
The Government's Budget Constraint
Households' Budget Constraints
Temporary Changes in Government Consumption
Clearing of the Commodity Market
Evidence from Wartime Experiences
Permanent Changes in Government Consumption
Summary
Important Terms and Concepts
Questions and Problems
Taxes and Transfers
Sources of Government Revenues in the United States
Types of Taxes
An Income Tax in the Theoretical Model
A Change in the Tax Rate
Transfer Payments
Summary
Important Terms and Concepts
Questions and Problems
The Public Debt
The Behavior of the Public Debt in the United States and the United Kingdom
Characteristics of Government Bonds
The Government's Budget Constraint
Public Debt and Households' Budget Constraints
The Effect of a Deficit-Financed Tax Cut
Open-Market Operations
Why Does the Public Debt Matter?
The Timing of Taxes
The Conventional View of a Deficit-Financed Tax Cut
Social Security and Saving
Summary
Important Terms and Concepts
Questions and Problems
The International Economy
World Markets in Goods and Credit
The United States as an Open Economy
The Role of the International Credit Market
Fiscal Policy in the World Economy
The Terms of Trade
Summary
Important Terms and Concepts
Questions and Problems
Exchange Rates
Different Monies and Exchange Rates
Purchasing-Power Parity
Interest-Rate Parity
Fixed Exchange Rates
Flexible Exchange Rates
Purchasing-Power Parity under Flexible and Fixed Exchange Rates
Exchange Rates and the Current-Account Balance
Summary
Important Terms and Concepts
Questions and Problems
Interactions Between The Monetary Sector And The Real Sector
Financial Intermediation
Checkable Deposits and M1
Financial Intermediaries and the Credit Market
The Federal Reserve System
Effects of Federal Reserve Actions
Summary
Important Terms and Concepts
Questions and Problems
The Interplay Between Nominal and Real Variables -- What Is the Evidence?
The Phillips Curve
The Relationship between Unemployment and the Rates of Change of Wages, Prices, and Money--Long-Term Evidence for the United Kingdom and the United States
Cross-Country Relations between Nominal and Real Variables
The Cyclical Behavior of Money and the Price Level
Does Money Affect the Economy, or Is It the Economy That Affects Money?
Implications of the Evidence
Summary
Important Terms and Concepts
Questions and Problems
Money and Business Fluctuations in the Market-Clearing Model
The Structure of a Model with Local Markets
Imperfect Information about Money and the General Price Level
Rules versus Discretion
Summary
Important Terms and Concepts
Questions and Problems
The Keynesian Theory of Business Fluctuations
A Simple Keynesian Model
Determination of Output in the Keynesian Model
IS/LM Analysis and the Role of the Interest Rate
Cyclical Properties of the Keynesian Model
Sticky Prices and New Keynesian Economics
Summary
Important Terms and Concepts
Questions and Problems
Bibliography
Glossary
Author Index
Subject Index