Macroeconomics

Series
Pearson
Author
Robert J. Gordon  
Publisher
Pearson
Cover
Softcover
Edition
12
Language
English
Total pages
636
Pub.-date
July 2013
ISBN13
9781292022079
ISBN
1292022078
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9781292022079
Macroeconomics
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Description

Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor.
Students have a natural interest in what is happening today and what will happen in the near future. Macroeconomics capitalizes on their interest by beginning with business cycles and monetary-fiscal policy in both closed and open economy. After that, Gordon presents a unique dynamic analysis of demand and supply shocks as causes of inflation and unemployment, followed by a dual approach to economic growth in which theory and real-world examples are used to compare rich and poor countries.

MyEconLab New Design is now available for this title! MyEconLab New Design offers:

  • One Place for All of Your Courses. Improved registration experience and a single point of access for instructors and students who are teaching and learning multiple MyLab/Mastering courses.
  • A Simplified User Interface. The new user interface offers quick and easy access to Assignments, Study Plan, eText & Results, as well as additional option for course customization.
  • New Communication Tools. The following new communication tools can be used to foster collaboration, class participation, and group work.
    • Email: Instructors can send emails to their entire class, to individual students or to instructors who has access to their course.
    • Discussion Board: The discussion board provides students with a space to respond and react to the discussions you create. These posts can also be separated out into specific topics where students can share their opinions/answers and respond to their fellow classmates’ posts.
    • Chat/ ClassLive: ClassLive is an interactive chat tool that allows instructors and students to communicate in real time. ClassLive can be used with a group of students or one-on-one to share images or PowerPoint presentations, draw or write objects on a whiteboard, or send and received graphed or plotted equations. ClassLive also has additional classroom management tools, including polling and hand-raising.
  • Enhanced eText. Available within the online course materials and offline via an iPad app, the enhanced eText allows instructors and students to highlight, bookmark, take notes, and share with one another.

Features

Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor.
Students have a natural interest in what is happening today and what will happen in the near future. Macroeconomics capitalizes on their interest by beginning with business cycles and monetary-fiscal policy in both closed and open economy. After that, Gordon presents a unique dynamic analysis of demand and supply shocks as causes of inflation and unemployment, followed by a dual approach to economic growth in which theory and real-world examples are used to compare rich and poor countries.

  • Theory as a way to evaluate macro questions. Gordon believes that all macro questions relate to a core set of basic macro puzzles and presents theory with this in mind. Students not only see how theory applies to the real world, but they also learn how to recognize the connections between concepts, such as output and unemployment.
  • Patient and early introduction to business cycles. Because students care most about today’s issues, business cycles and inflation are discussed up front. The IS-LM model is presented early, and an integrated treatment covers monetary and fiscal policy stabilization, fiscal and foreign deficits and national saving, and the interplay between the balance of payments and exchange rates.
  • A dynamic version of the AS-AD model. Gordon pioneered the dynamic analysis of aggregate demand and supply shocks that can cause inflation and unemployment to be either positively or negatively correlated. In this edition, the rising prices of oil provide a new test for this theory.
  • A clear distinction between short- and long-run macro models. By clearly distinguishing short-run macro (business cycles and their prevention) from long-run macro (economic growth and the long-run consequences of debt and deficits), Gordon helps students understand how different models relate and connect to one another.
  • Pedagogically designed figures. Color is used consistently throughout chapters to demonstrate the link between theoretical curves and related data graphs.
  • Case studies. Directly following theoretical discussions, case studies bring the material to life using real-world examples to which students can relate.
  • I nternational Perspective boxes. Students gain a well-rounded view of the global economy through International Perspective boxes that compare economic performance in the United States with selected foreign countries.
  • Self-Tests. At the end of every section, Self-Tests immediately check to ensure students retain the topics covered. Answers are provided at the end of each chapter.
  • Data Appendixes. A robust set of data tables is available as appendixes, including annual data for the U.S. back to 1875 and quarterly data back to 1947, as well as annual data since 1960 for other leading nations. This data can also be downloaded from the Companion Website.

MyEconLab New Design is now available for this title! MyEconLab New Design offers:

  • One Place for All of Your Courses. Improved registration experience and a single point of access for instructors and students who are teaching and learning multiple MyLab/Mastering courses.
  • A Simplified User Interface. The new user interface offers quick and easy access to Assignments, Study Plan, eText & Results, as well as additional option for course customization.
  • New Communication Tools. The following new communication tools can be used to foster collaboration, class participation, and group work.
    • Email: Instructors can send emails to their entire class, to individual students or to instructors who has access to the

New to this Edition

Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor.
Students have a natural interest in what is happening today and what will happen in the near future. Macroeconomics capitalizes on their interest by beginning with business cycles and monetary-fiscal policy in both closed and open economy. After that, Gordon presents a unique dynamic analysis of demand and supply shocks as causes of inflation and unemployment, followed by a dual approach to economic growth in which theory and real-world examples are used to compare rich and poor countries.

NEW TO THIS EDITION:

  • Gordon's Twelfth edition of Macroeconomics, not only helps intermediate macroeconomics instructors and their students understand the causes of the 2007-09 Global Economic Crisis (also called the Great Recession) but also the reasons why the recovery has been so slow.
  • NEW! Chapter 5 “Financial Markets, Financial Regulation, and Economic Instability” introduces the new concepts relevant to the housing bubble and financial market meltdown, including risk, leverage, securitization, and bubbles.
  • Debate about the Obama stimulus motivates a new section in Chapter 6 that explains why fiscal multipliers are so different for alternative types of policies, and why it is so difficult to design a stimulus program. Also, a unique set of graphs compares fiscal policy in 1933-41 with 2005-10.
  • NEW! Global Economic Crisis Focus is a new pedagogical tool that uses the reality of the Crisis and its aftermath to energize student learning throughout the book. This feature is sprinkled throughout nearly every chapter, not just to reinforce the teaching of the causes and cures of the Crisis itself, but to provide the student with a jolt that emphasizes “a basic concept about which you are reading right now is directly relevant to understanding the Crisis.”
  • Gordon focuses on 'differences among countries' in the International Perspective feature located in every chapter! These topical “IP” boxes have been updated to provide new material relevant to understanding the Crisis, including:
    • 'Why the Great Depression was worse in the US than in Europe,' and “Institutions Matter: North Korea vs. South Korea,” and numerous others.
  • Understanding the Global Economic Crisis. Several new topic boxes are directly relevant to explanations of the Global Economic Crisis. These have a separate icon and design treatment.
  • Gordon has simplified and shortened the twelfth edition: Numerical examples have been removed from the graphs in Chapter 3 and 4 on the Keynesian 45-degree model and the IS-LM model; this simplifies the exposition while still allowing numerical examples both within the text itself and also in the end-of-chapter questions and problems. The derivation of the short-run aggregate supply (SAS) curve in Chapter 8 (previous Chapter 7) has been simplified to eliminate any need to introduce explicit graphs showing the demand for and supply of labor.
  • Gordon continues the tradition of providing unique data graphs that go far beyond the standard graphs that other textbooks download from government data web sites.

Table of Contents

  • CHAPTER 1 What Is Macroeconomics?
  • CHAPTER 2 The Measurement of Income, Prices, and Unemployment
  • CHAPTER 3 Income and Interest Rates: The Keynesian Cross Model and the IS Curve
  • CHAPTER 4 Strong and Weak Policy Effects in the IS-LM Model
  • CHAPTER 5 Financial Markets, Financial Regulation, and Economic Instability
  • CHAPTER 6 The Government Budget, the Government Debt, and Limitations of Fiscal Policy
  • CHAPTER 7 International Trade, Exchanges Rates, and Macroeconomic Policy
  • CHAPTER 8 Aggregate Demand, Aggregate Supply, and the Great Depression
  • CHAPTER 9 Inflation: Its Causes and Cures
  • CHAPTER 10 The Goals of Stabilization Policy: Low Inflation and Low Unemployment
  • CHAPTER 11 The Theory of Economic Growth
  • CHAPTER 12 The Big Questions of Economic Growth
  • CHAPTER 13 The Goals, Tools, and Rules of Monetary Policy
  • CHAPTER 14 The Economics of Consumption Behavior
  • CHAPTER 15 The Economics of Investment Behavior
  • CHAPTER 16 New Classical Macro and New Keynesian Macro
  • CHAPTER 17 Conclusion: Where We Stand