Macroeconomics (3rd Canadian Edition)

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Download Macroeconomics (3rd Canadian Edition) written by Paul Krugman, Robin Wells, Iris Au, Jack Parkinson in PDF format. This book is under the category Economics and bearing the isbn/isbn13 number 1319120083; 1319190111; 1319294111; 1319120105/9781319120085/ 9781319190118/ 9781319294113/ 9781319120108. You may reffer the table below for additional details of the book.

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Specifications

book-author

Paul Krugman, Robin Wells, Iris Au, Jack Parkinson

publisher

Worth Publishers; 3rd edition

file-type

PDF

pages

Pages

language

English

asin

B07C64F6H3

isbn10

1319120083; 1319190111; 1319294111; 1319120105

isbn13

9781319120085/ 9781319190118/ 9781319294113/ 9781319120108


Book Description

When it involves describing primary financial rules by drawing on present financial points and occasions; essentially the most useful is the Nobel laureate and New York Times columnist Paul Krugman and co-creator; Robin Wells. In Macroeconomics; third Canadian Edition; (PDF); Wells and Krugman’s signature storytelling model and uncanny eye for revealing situations assist readers perceive how financial ideas play out in our world. Canadian co-authors Iris Au and Jack Parkinson have enhanced the textual content with present Canadian examples.

This new third Canadian Edition is up to date; revised; and improved all through; together with a a lot stronger array of superior on-line instruments which are a part of an built-in; full on-line studying system.

All Our Prices Are In US$

NOTE: The product solely contains the ebook Krugman’s Macroeconomics third Canadian Edition in PDF. No access codes are included.

Additional information

book-author

Paul Krugman, Robin Wells, Iris Au, Jack Parkinson

publisher

Worth Publishers; 3rd edition

file-type

PDF

pages

Pages

language

English

asin

B07C64F6H3

isbn10

1319120083; 1319190111; 1319294111; 1319120105

isbn13

9781319120085/ 9781319190118/ 9781319294113/ 9781319120108

Table of contents


Table of contents :
Inside Cover
Title Page
Copyright Page
Engaging Students in the Study of Economics
About the Authors
Vision and Story of Economics
Engaging Students with a Narrative Approach
Engaging Students with Effective Tools for Learning
Engaging Students with Technology
Powerful Support for Instructors
Acknowledgments
Contents
Part 1 What Is Economics?
Introduction An Engine for Growth and Discovery
A Day in the Megacity
The Invisible Hand
My Benefit, Your Cost
Good Times, Bad Times
Onward and Upward
An Engine for Discovery
Key Terms
Chapter 1 First Principles
Common Ground
Principles That Underlie Individual Choice: The Core of Economics
Principle #1: Choices Are Necessary Because Resources Are Scarce
Principle #2: The True Cost of Something Is Its Opportunity Cost
Principle #3: “How Much” Is a Decision at the Margin
Principle #4: People Usually Respond to Incentives, Exploiting Opportunities to Make Themselves Better Off
For Inquiring Minds Using Incentives to Break the Cycle of Poverty
ECONOMICS in Action Boy or Girl? It Depends on the Cost
Check Your Understanding 1-1
Quick Review
Interaction: How Economies Work
Principle #5: There Are Gains from Trade
Principle #6: Markets Move Toward Equilibrium
Principle #7: Resources Should Be Used Efficiently to Achieve Society’s Goals
Principle #8: Markets Usually Lead to Efficiency
Principle #9: When Markets Don’t Achieve Efficiency, Government Intervention Can Improve Society’s Welfare
ECONOMICS in Action The Fundamental Law of Traffic Congestion
Check Your Understanding 1-2
Quick Review
Economy-Wide Interactions
Principle #10: One Person’s Spending Is Another Person’s Income
Principle #11: Overall Spending Sometimes Gets Out of Line with the Economy’s Productive Capacity
Principle #12: Government Policies Can Change Spending
ECONOMICS in Action Adventures in Babysitting
Check Your Understanding 1-3
Quick Review
BUSINESS CASE How Priceline Revolutionized the Travel Industry
Summary
Key Terms
Problems
Chapter 2 Economic Models: Trade-offs and Trade
From Kitty Hawk to CSeries
Models in Economics: Some Important Examples
For Inquiring Minds The Model That Ate the Economy
Trade-offs: The Production Possibility Frontier
Comparative Advantage and Gains from Trade
Comparative Advantage and International Trade, in Reality
Transactions: The Circular-Flow Diagram
GLOBAL COMPARISON Pajama Republics
ECONOMICS in Action Rich Nation, Poor Nation
Check Your Understanding 2-1
Quick Review
Using Models
Positive versus Normative Economics
When and Why Economists Disagree
For Inquiring Minds When Economists Agree
ECONOMICS in Action Economists: What Are They Good For?
Check Your Understanding 2-2
Quick Review
BUSINESS CASE Efficiency, Opportunity Cost, and the Logic of Lean Production
Summary
Key Terms
Problems
Chapter 2 Appendix: Graphs in Economics
Getting the Picture
Graphs, Variables, and Economic Models
How Graphs Work
Two-Variable Graphs
Curves on a Graph
A Key Concept: The Slope of a Curve
The Slope of a Linear Curve
Horizontal and Vertical Curves and Their Slopes
The Slope of a Non-linear Curve
Calculating the Slope Along a Non-linear Curve
Maximum and Minimum Points
Calculating the Area Below or Above a Curve
Graphs That Depict Numerical Information
Types of Numerical Graphs
Problems in Interpreting Numerical Graphs
Problems
Part 2 Supply and Demand
Chapter 3 Supply and Demand
A Natural Gas Boom
Supply and Demand: A Model of a Competitive Market
The Demand Curve
The Demand Schedule and the Demand Curve
Shifts of the Demand Curve
GLOBAL COMPARISON Pay More, Pump Less
Understanding Shifts of the Demand Curve
ECONOMICS in Action Beating the Traffic
Check Your Understanding 3-1
Quick Review
The Supply Curve
The Supply Schedule and the Supply Curve
Shifts of the Supply Curve
Understanding Shifts of the Supply Curve
ECONOMICS in Action Only Creatures Small and Pampered
Check Your Understanding 3-2
Quick Review
Supply, Demand, and Equilibrium
Finding the Equilibrium Price and Quantity
1. Why Do All Sales and Purchases in a Market Take Place at the Same Price?
2. Why Does the Market Price Fall If It Is Above the Equilibrium Price?
3. Why Does the Market Price Rise If It Is Below the Equilibrium Price?
Using Equilibrium to Describe Markets
ECONOMICS in Action The Price of Admission
Check Your Understanding 3-3
Quick Review
Changes in Supply and Demand
What Happens When the Demand Curve Shifts
What Happens When the Supply Curve Shifts
Simultaneous Shifts of Supply and Demand Curves
ECONOMICS in Action The Cotton Panic and Crash of 2011
Check Your Understanding 3-4
Quick Review
Competitive Markets—and Others
BUSINESS CASE Uber Gives Riders a Lesson in Supply and Demand
Summary
Key Terms
Problems
Chapter 3 Appendix A: The Algebra of Demand, Supply, and Equilibrium
The Demand Curve
The Supply Curve
Market Equilibrium
Problems
Chapter 3 Appendix B: Consumer and Producer Surplus
Consumer Surplus and the Demand Curve
Willingness to Pay and the Demand Curve
Willingness to Pay and Consumer Surplus
Producer Surplus and the Supply Curve
Cost and Producer Surplus
The Gains from Trade
Problems
Chapter 4 Price Controls and Quotas: Meddling with Markets
Big City, Not So Bright Ideas
Why Governments Control Prices
Price Ceilings
Modeling a Price Ceiling
How a Price Ceiling Causes Inefficiency
For Inquiring Minds Mumbai’s Rent-Control Millionaires
So Why Are There Price Ceilings?
ECONOMICS in Action Why Price Controls in Venezuela Proved Useless
Check Your Understanding 4-1
Quick Review
Price Floors
How a Price Floor Causes Inefficiency
GLOBAL COMPARISON Check Out Our Low, Low Wages!
So Why Are There Price Floors?
ECONOMICS in Action The Rise and Fall of the Unpaid Intern
Check Your Understanding 4-2
Quick Review
Controlling Quantities
The Anatomy of Quantity Controls
The Costs of Quantity Controls
ECONOMICS in Action The Lobsters of Atlantic Canada
Check Your Understanding 4-3
Quick Review
BUSINESS CASE Uber, Welcome to Vancouver. Not Yet!
Summary
Key Terms
Problems
Part 3 Individuals and Markets
Chapter 5 International Trade
The Everywhere Phone
Comparative Advantage and International Trade
Production Possibilities and Comparative Advantage, Revisited
The Gains from International Trade
Comparative Advantage versus Absolute Advantage
GLOBAL COMPARISON Productivity and Wages Around the World
Sources of Comparative Advantage
For Inquiring Minds Increasing Returns to Scale and International Trade
ECONOMICS in Action How Hong Kong Lost Its Shirts
Check Your Understanding 5-1
Quick Review
Supply, Demand, and International Trade
The Effects of Imports
The Effects of Exports
International Trade and Wages
ECONOMICS in Action Trade, Wages, and Land Prices in the Nineteenth Century
Check Your Understanding 5-2
Quick Review
The Effects of Trade Protection
The Effects of a Tariff
The Effects of an Import Quota
ECONOMICS in Action Trade Protection in Canada
Check Your Understanding 5-3
Quick Review
The Political Economy of Trade Protection
Arguments for Trade Protection
The Politics of Trade Protection
International Trade Agreements and the World Trade Organization
Challenges to Globalization
ECONOMICS in Action Solar Disputes
Check Your Understanding 5-4
Quick Review
BUSINESS CASE Li & Fung: From Guangzhou to You
Summary
Key Terms
Problems
Chapter 6 Macroeconomics: The Big Picture
Greek Tragedies
The Nature of Macroeconomics
Macroeconomic Questions
Macroeconomics: The Whole Is Greater Than the Sum of Its Parts
Macroeconomics: Theory and Policy
ECONOMICS in Action Fending Off Depression
Check Your Understanding 6-1
Quick Review
The Business Cycle
Charting the Business Cycle
The Pain of Recession
Taming the Business Cycle
For Inquiring Minds Defining Recessions and Expansions
GLOBAL COMPARISON Slumps Across the Atlantic
ECONOMICS in Action Comparing Recessions
Check Your Understanding 6-2
Quick Review
Long-Run Economic Growth
ECONOMICS in Action A Tale of Two Countries
Check Your Understanding 6-3
Quick Review
Inflation and Deflation
The Causes of Inflation and Deflation
The Pain of Inflation and Deflation
ECONOMICS in Action A Fast (Food) Measure of Inflation
Check Your Understanding 6-4
Quick Review
International Imbalances
ECONOMICS in Action Greece’s Costly Surplus
Check Your Understanding 6-5
Quick Review
BUSINESS CASE The Business Cycle and the Decline of Montgomery Ward
Summary
Key Terms
Problems
Chapter 7 GDP and the CPI: Tracking the Macroeconomy
China Hits the Big Time
The National Accounts
Following the Funds: The Expanded Circular-Flow Diagram
Gross Domestic Product
Calculating GDP
For Inquiring Minds Our Imputed Lives
What GDP Tells Us
For Inquiring Minds Gross What?
Check Your Understanding 7-1
Quick Review
Real GDP: A Measure of Aggregate Output
Calculating Real GDP
What Real GDP Doesn’t Measure
GLOBAL COMPARISON GDP and the Meaning of Life
ECONOMICS in Action Miracle in Venezuela?
Check Your Understanding 7-2
Quick Review
Price Indexes and the Aggregate Price Level
Market Baskets and Price Indexes
The Consumer Price Index
Other Price Measures
ECONOMICS in Action Indexing to the CPI
Check Your Understanding 7-3
Quick Review
BUSINESS CASE Betting on Bad Numbers
Summary
Key Terms
Problems
Chapter 8 Unemployment and Inflation
An Unwelcome Dilemma
The Unemployment Rate
Defining and Measuring Unemployment
The Significance of the Unemployment Rate
Growth and Unemployment
ECONOMICS in Action Failure to Launch
Check Your Understanding 8-1
Quick Review
The Natural Rate of Unemployment
Job Creation and Job Destruction
Frictional Unemployment
Structural Unemployment
The Natural Rate of Unemployment
Changes in the Natural Rate of Unemployment
ECONOMICS in Action Structural Unemployment in Spain
Check Your Understanding 8-2
Quick Review
Inflation and Deflation
The Level of Prices Doesn’t Matter …
… But the Rate of Change of Prices Does
Winners and Losers from Unexpected Inflation
Inflation Is Easy; Disinflation Is Hard
ECONOMICS in Action Israel’s Experience with Inflation
Check Your Understanding 8-3
Quick Review
BUSINESS CASE AskforTask
Summary
Key Terms
Problems
Part 4 Long-Run Economic Growth
Chapter 9 Long-Run Economic Growth
Airpocalypse Now
Comparing Economies Across Time and Space
Real GDP per Capita
Growth Rates
ECONOMICS in Action An Economic Breakthrough in Bangladesh
Check Your Understanding 9-1
Quick Review
The Sources of Long-Run Growth
The Crucial Importance of Productivity
Explaining Growth in Productivity
Accounting for Growth: The Aggregate and Per Worker Production Functions
What About Natural Resources?
ECONOMICS in Action The Rise, Fall, and Return of the Productivity Paradox
Check Your Understanding 9-2
Quick Review
Why Growth Rates Differ
Explaining Differences in Growth Rates
The Role of Government in Promoting Economic Growth
For Inquiring Minds Inventing R&D
ECONOMICS in Action What’s the Matter with Italy?
Check Your Understanding 9-3
Quick Review
Success, Disappointment, and Failure
East Asia’s Miracle
Latin America’s Disappointment
Africa’s Troubles and Promise
Left Behind by Growth?
ECONOMICS in Action Are Economies Converging?
Check Your Understanding 9-4
Quick Review
Is World Growth Sustainable?
Natural Resources and Growth, Revisited
Economic Growth and the Environment
ECONOMICS in Action What Is the Cost of Limiting Carbon?
Check Your Understanding 9-5
Quick Review
BUSINESS CASE Raising the Bar(code)
Summary
Key Terms
Problems
Chapter 10 Savings, Investment Spending, and the Financial System
Paying for a Hidden Empire
Matching Up Savings and Investment Spending
The Savings–Investment Spending Identity
The Domestic Market for Loanable Funds
For Inquiring Minds Using Present Value
ECONOMICS in Action Sixty Years of Canadian Interest Rates
Check Your Understanding 10-1
Quick Review
The Financial System
Three Tasks of a Financial System
Types of Financial Assets
Financial Intermediaries
GLOBAL COMPARISON Corporate Bonds in Canada and the Euro Area
ECONOMICS in Action Banks and the South Korean Miracle
Check Your Understanding 10-2
Quick Review
Financial Fluctuations
The Demand for Stocks
For Inquiring Minds How Now, Dow Jones?
The Demand for Other Assets
Asset Price Expectations
For Inquiring Minds Behavioural Finance
Asset Prices and Macroeconomics
ECONOMICS in Action The Great Canadian Housing Bubble
Check Your Understanding 10-3
Quick Review
BUSINESS CASE Grameen Bank: Banking Against Poverty
Summary
Key Terms
Problems
Chapter 10 Appendix: Toward a Fuller Understanding of Present Value
How to Calculate the Present Value of One-Year Projects
How to Calculate the Present Value of Multiyear Projects
How to Calculate the Present Value of Projects with Revenues and Costs
How to Calculate the Price of a Bond Using Present Value
How to Calculate the Price of a Share of Stock Using Present Value
Problems
Part 5 Short-Run Economic Fluctuations
Chapter 11 Income and Expenditure
Hard Times in Helsinki
The Multiplier: An Informal Introduction
ECONOMICS in Action To Shale and Back
Check Your Understanding 11-1
Quick Review
Consumer Spending
Current Disposable Income and Consumer Spending
Shifts of the Aggregate Consumption Function
ECONOMICS in Action Famous First Forecasting Failures
Check Your Understanding 11-2
Quick Review
Investment Spending
1. The Interest Rate and Investment Spending
2. Expected Future Real GDP, Production Capacity, and Investment Spending
3. Inventories and Unplanned Investment Spending
ECONOMICS in Action Interest Rates and the Canadian Housing Market
Check Your Understanding 11-3
Quick Review
The Income–Expenditure Model
Planned Aggregate Expenditure and Real GDP
Income–Expenditure Equilibrium
The Multiplier Process and Inventory Adjustment
What About Exports and Imports?
ECONOMICS in Action Inventories and the End of a Recession
Check Your Understanding 11-4
Quick Review
BUSINESS CASE What’s Good for North America Is Good for GM
Summary
Key Terms
Problems
Chapter 11 Appendix: Deriving the Multiplier Algebraically
Problems
Chapter 12 Aggregate Demand and Aggregate Supply
Different Generations, Different Policies
Aggregate Demand
Why Is the Aggregate Demand Curve Downward Sloping?
The Aggregate Demand Curve and the Income–Expenditure Model
Shifts of the Aggregate Demand Curve
Government Policies and Aggregate Demand
ECONOMICS in Action Moving Along the Aggregate Demand Curve, 1979–1982
Check Your Understanding 12-1
Quick Review
Aggregate Supply
The Short-Run Aggregate Supply Curve
Shifts of the Short-Run Aggregate Supply Curve
For Inquiring Minds What’s Truly Flexible, What’s Truly Sticky
The Long-Run Aggregate Supply Curve
From the Short Run to the Long Run
ECONOMICS in Action Sticky Wages in the Great Recession
Check Your Understanding 12-2
Quick Review
The AD–AS Model
Short-Run Macroeconomic Equilibrium
Shifts of Aggregate Demand: Short-Run Effects
Shifts of the SRAS Curve
Long-Run Macroeconomic Equilibrium
For Inquiring Minds Where’s the Deflation?
ECONOMICS in Action Supply Shocks versus Demand Shocks in Practice
Check Your Understanding 12-3
Quick Review
Macroeconomic Policy
Policy in the Face of Demand Shocks
For Inquiring Minds Keynes and the Long Run
Responding to Supply Shocks
ECONOMICS in Action Is Stabilization Policy Stabilizing?
Check Your Understanding 12-4
Quick Review
BUSINESS CASE Toyota Makes Its Move
Summary
Key Terms
Problems
Part 6 Stabilization Policy
Chapter 13 Fiscal Policy
To Stimulate or Not to Stimulate?
Fiscal Policy: The Basics
Taxes, Purchases of Goods and Services, Government Transfers, and Borrowing
The Government Budget and Total Spending
Expansionary and Contractionary Fiscal Policy
Can Expansionary Fiscal Policy Actually Work?
A Cautionary Note: Lags in Fiscal Policy
ECONOMICS in Action What was in Canada’s 2009 Economic Action Plan?
Check Your Understanding 13-1
Quick Review
Fiscal Policy and the Multiplier
Multiplier Effects of an Increase in Government Purchases of Goods and Services
Multiplier Effects of Changes in Government Transfers and Taxes
How Taxes Affect the Multiplier
ECONOMICS in Action Austerity and the Multiplier
Check Your Understanding 13-2
Quick Review
The Budget Balance
The Budget Balance as a Measure of Fiscal Policy
The Business Cycle and the Cyclically Adjusted Budget Balance
Should the Budget Be Balanced?
ECONOMICS in Action Trying to Balance Budgets in a Recession
Check Your Understanding 13-3
Quick Review
Long-Run Implications of Fiscal Policy
Deficits, Surpluses, and Debt
Problems Posed by Rising Government Debt
GLOBAL COMPARISON The Canadian Way of Debt
Deficits and Debt in Practice
For Inquiring Minds What Happened to the Debt from World War II?
Implicit Liabilities
ECONOMICS in Action Implicit Liabilities and the Baby Boomers
Check Your Understanding 13-4
Quick Review
BUSINESS CASE Infrastructure: If You Built It, Will the Economy Grow?
Summary
Key Terms
Problems
Chapter 13 Appendix: Taxes and the Multiplier
Problems
Chapter 14 Money, Banking, and the Central Banking System
Funny Money
The Meaning of Money
What Is Money?
Roles of Money
GLOBAL COMPARISON The Big Moneys
Types of Money
Measuring the Money Supply
For Inquiring Minds What’s with All the Currency?
ECONOMICS in Action The History of the Canadian Dollar
Check Your Understanding 14-1
Quick Review
The Monetary Role of Banks
What Banks Do
The Problem of Bank Runs
Bank Regulation
ECONOMICS in Action It’s a Wonderful Banking System
Check Your Understanding 14-2
Quick Review
Determining the Money Supply
How Banks Create Money
Reserves, Bank Deposits, and the Money Multiplier
The Money Multiplier in Reality
ECONOMICS in Action Multiplying Money Down
Check Your Understanding 14-3
Quick Review
Central Banks
The Functions of a Central Bank
The Structure of the Bank of Canada
Central Banks’ Tools of Monetary Control
Open-Market Operations
For Inquiring Minds Who Gets the Interest on the Bank of Canada’s Assets?
Interest Rate Targets versus Money Supply Targets
ECONOMICS in Action The Bank of Canada’s Balance Sheet, Normal and Abnormal
Check Your Understanding 14-4
Quick Review
The Evolution of the Canadian Banking System
The First World War—An Early Crisis in Canadian Banking
Responding to the Great Depression: The Creation of the Bank of Canada
Back to the Future: The U.S. Financial Crisis of 2008 and Its Aftermath
ECONOMICS in Action Why are Canada’s Banks More Stable?
Check Your Understanding 14-5
Quick Review
BUSINESS CASE The Perfect Gift: Cash or a Gift Card?
Summary
Key Terms
Problems
Chapter 15 Monetary Policy
The Most Powerful Person in Government
The Demand for Money
The Opportunity Cost of Holding Money
The Money Demand Curve
Shifts of the Money Demand Curve
ECONOMICS in Action A Yen for Cash
Check Your Understanding 15-1
Quick Review
Money and Interest Rates
The Equilibrium Interest Rate
Two Models of Interest Rates?
Monetary Policy and the Interest Rate
For Inquiring Minds Eight Fixed Dates for the BOC Policy Interest Rate Announcements
Long-Term Interest Rates
ECONOMICS in Action The Bank of Canada Reverses Course
Check Your Understanding 15-2
Quick Review
Monetary Policy and Aggregate Demand
Expansionary and Contractionary Monetary Policy
Monetary Policy in Practice
Inflation Targeting
GLOBAL COMPARISON Inflation Targets
The Zero Lower Bound Problem
ECONOMICS in Action What the Central Bank Wants, the Central Bank Gets
Check Your Understanding 15-3
Quick Review
Money, Output, and Prices in the Long Run
Short-Run and Long-Run Effects of an Increase in the Money Supply
Monetary Neutrality
Changes in the Money Supply and the Interest Rate in the Long Run
ECONOMICS in Action International Evidence of Monetary Neutrality
Check Your Understanding 15-4
Quick Review
BUSINESS CASE Parking Your Money at PayPal
Summary
Key Terms
Problems
Chapter 15 Appendix: Reconciling the Two Models of the Interest Rate
The Interest Rate in the Short Run
The Interest Rate in the Long Run
Problems
Chapter 16 Inflation, Disinflation, and Deflation
Bringing a Suitcase to the Bank
Money and Inflation
The Classical Model of Money and Prices
The Inflation Tax
The Logic of Hyperinflation
ECONOMICS in Action Zimbabwe’s Inflation
Check Your Understanding 16-1
Quick Review
Moderate Inflation and Disinflation
The Output Gap and the Unemployment Rate
For Inquiring Minds Okun’s Law
The Short-Run Phillips Curve
For Inquiring Minds The Aggregate Supply Curve and the Short-Run Phillips Curve
Inflation Expectations and the Short-Run Phillips Curve
ECONOMICS in Action The Phillips Curve in the Great Recession
Check Your Understanding 16-2
Quick Review
Inflation and Unemployment in the Long Run
The Long-Run Phillips Curve
The Natural Rate of Unemployment, Revisited
GLOBAL COMPARISON Disinflation Around the World
The Costs of Disinflation
ECONOMICS in Action The Great Disinflation of the 1980s
Check Your Understanding 16-3
Quick Review
Deflation
Debt Deflation
Effects of Expected Deflation
ECONOMICS in Action Is Europe Turning Japanese?
Check Your Understanding 16-4
Quick Review
BUSINESS CASE Dining and Dollars in Buenos Aires
Summary
Key Terms
Problems
Part 7 Events and Ideas
Chapter 17 Macroeconomics: Events and Ideas
Old Books and New Ideas
Classical Macroeconomics
Money and the Price Level
The Business Cycle
The Great Depression and the Keynesian Revolution
Keynes’s Theory
For Inquiring Minds The Politics of Keynes
Policy to Fight Recessions
ECONOMICS in Action The End of the Great Depression
Check Your Understanding 17-1
Quick Review
Challenges to Keynesian Economics
The Revival of Monetary Policy
Monetarism
Limits to Macroeconomic Policy: Inflation and the Natural Rate of Unemployment
The Political Business Cycle
ECONOMICS in Action The Bank of Canada’s Flirtation with Monetarism
Check Your Understanding 17-2
Quick Review
Rational Expectations, Real Business Cycles, and New Classical Macroeconomics
Rational Expectations
Real Business Cycles
ECONOMICS in Action The 1970s in Reverse
Check Your Understanding 17-3
Quick Review
The Great Moderation Consensus
Modern Macroeconomics After the Great Recession
The Economic Environment Post Recession
Stimulus versus Austerity
Unconventional Monetary Policy
ECONOMICS in Action Japan’s Escape Attempt
Check Your Understanding 17-4
Quick Review
Summary
Key Terms
Problems
Part 8 The International Economy
Chapter 18 International Macroeconomics
Switzerland Doesn’t Want Your Money
Capital Flows and the Balance of Payments
Balance of Payments Accounts
For Inquiring Minds GDP, GNP, and the Current Account
Modelling the Financial Account
GLOBAL COMPARISON Big Surpluses
Underlying Determinants of International Capital Flows
Two-Way Capital Flows
ECONOMICS in Action The Golden Age of Capital Flows
Check Your Understanding 18-1
Quick Review
The Role of the Exchange Rate
Understanding Exchange Rates
The Equilibrium Exchange Rate
Inflation and Real Exchange Rates
Purchasing Power Parity
For Inquiring Minds Burgernomics
ECONOMICS in Action Strong Dollar Woes
Check Your Understanding 18-2
Quick Review
Exchange Rate Policy
Exchange Rate Regimes
How Can an Exchange Rate Be Held Fixed?
The Exchange Rate Regime Dilemma
For Inquiring Minds From Bretton Woods to the Euro
ECONOMICS in Action China Pegs the Yuan
Check Your Understanding 18-3
Quick Review
Exchange Rates and Macroeconomic Policy
1. Devaluation and Revaluation of Fixed Exchange Rates
2. Monetary Policy Under Floating Exchange Rates
3. International Business Cycles
ECONOMICS in Action The Little Currency That Could
Check Your Understanding 18-4
Quick Review
BUSINESS CASE A Yen for Japanese Cars
Summary
Key Terms
Problems
Macroeconomic Data Tables
Solutions to Check Your Understanding Questions
Glossary
Index
Back Cover

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