Macroeconomics 11th Edition by Gregory Mankiw ISBN 9781319263904 1319263909

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ISBN 10: 1319263909
ISBN 13: 9781319263904
Author: Gregory Mankiw

Macroeconomics 11th Edition Table of contents:

Chapter 1: The Science of Macroeconomics

1-1 What Macroeconomists Study

1-2 How Economists Think

Theory as Model Building

The Use of Multiple Models

Prices: Flexible Versus Sticky

Microeconomic Thinking and Macroeconomic Models

1-3 How This Book Proceeds

Chapter 1 End of Chapter

Chapter 1 Summary

Chapter 1 Key Concepts

Chapter 1 Questions for Review

Chapter 1 Problems and Applications

Answers to Quick Quiz

Chapter 2: The Data of Macroeconomics

2-1 Measuring the Value of Economic Activity: Gross Domestic Product

Income, Expenditure, and the Circular Flow

Rules for Computing GDP

Real GDP Versus Nominal GDP

The GDP Deflator

Chain-Weighted Measures of Real GDP

The Components of Expenditure

Other Measures of Income

Seasonal Adjustment

2-2 Measuring the Cost of Living: The Consumer Price Index

The Price of a Basket of Goods

How the CPI Compares to the GDP and PCE Deflators

Does the CPI Overstate Inflation?

2-3 Measuring Joblessness: The Unemployment Rate

The Household Survey

The Establishment Survey

2-4 Conclusion: From Economic Statistics to Economic Models

Chapter 2 End of Chapter

Chapter 2 Summary

Chapter 2 Key Concepts

Chapter 2 Questions for Review

Chapter 2 Problems and Applications

Answers to Quick Quiz

Chapter 3: National Income: Where It Comes From and Where It Goes

3-1 What Determines the Total Production of Goods and Services?

The Factors of Production

The Production Function

The Supply of Goods and Services

3-2 How Is National Income Distributed to the Factors of Production?

Factor Prices

The Decisions Facing a Competitive Firm

The Firm’s Demand for Factors

The Distribution of National Income

The Cobb–Douglas Production Function

3-3 What Determines the Demand for Goods and Services?

Consumption

Investment

Government Purchases

3-4 What Brings the Supply and Demand for Goods and Services into Equilibrium?

Equilibrium in the Market for Goods and Services: The Supply and Demand for the Economy’s Output

Equilibrium in Financial Markets: The Supply and Demand for Loanable Funds

Changes in Saving: The Effects of Fiscal Policy

Changes in Investment Demand

3-5 Conclusion

Chapter 3 End of Chapter

Chapter 3 Summary

Chapter 3 Key Concepts

Chapter 3 Questions for Review

Chapter 3 Problems and Applications

Answers to Quick Quiz

Chapter 3 Appendix: The Growing Gap Between Rich and Poor

A Rising Capital Share

The Race Between Education and Technology

Globalization

The Evolving Role of Marriage

The Policy Questions

Chapter 4: The Monetary System: What It Is and How It Works

4-1 What Is Money?

The Functions of Money

The Types of Money

The Development of Fiat Money

How the Quantity of Money Is Controlled

How the Quantity of Money Is Measured

4-2 The Role of Banks in the Monetary System

100-Percent-Reserve Banking

Fractional-Reserve Banking

Bank Capital, Leverage, and Capital Requirements

4-3 How Central Banks Influence the Money Supply

A Model of the Money Supply

The Instruments of Monetary Policy

Problems in Monetary Control

4-4 Conclusion

Chapter 4 End of Chapter

Chapter 4 Summary

Chapter 4 Key Concepts

Chapter 4 Questions for Review

Chapter 4 Problems and Applications

Answers to Quick Quiz

Chapter 5: Inflation: Its Causes, Effects, and Social Costs

5-1 The Quantity Theory of Money

Transactions and the Quantity Equation

From Transactions to Income

The Money Demand Function and the Quantity Equation

The Assumption of Constant Velocity

Money, Prices, and Inflation

5-2 Seigniorage: The Revenue from Creating Money

5-3 Inflation and Interest Rates

Two Interest Rates: Real and Nominal

The Fisher Effect

Two Real Interest Rates: Ex Ante and Ex Post

5-4 The Nominal Interest Rate and the Demand for Money

The Cost of Holding Money

Future Money and Current Prices

5-5 The Social Costs of Inflation

The Layperson’s View and the Classical Response

The Costs of Expected Inflation

The Costs of Unexpected Inflation

One Benefit of Inflation

5-6 Hyperinflation

The Costs of Hyperinflation

The Causes of Hyperinflation

5-7 Conclusion: The Classical Dichotomy

Chapter 5 End of Chapter

Chapter 5 Summary

Chapter 5 Key Concepts

Chapter 5 Questions for Review

Chapter 5 Problems and Applications

Answers to Quick Quiz

Chapter 6: The Open Economy

6-1 The International Flows of Capital and Goods

The Role of Net Exports

International Capital Flows and the Trade Balance

International Flows of Goods and Capital: An Example

The Irrelevance of Bilateral Trade Balances

6-2 Saving and Investment in a Small Open Economy

Capital Mobility and the World Interest Rate

Why Assume a Small Open Economy?

The Model

How Policies Influence the Trade Balance

Evaluating Economic Policy

6-3 Exchange Rates

Nominal and Real Exchange Rates

The Real Exchange Rate and the Trade Balance

The Determinants of the Real Exchange Rate

How Policies Influence the Real Exchange Rate

The Effects of Trade Policies

The Determinants of the Nominal Exchange Rate

The Special Case of Purchasing-Power Parity

6-4 Conclusion: The United States as a Large Open Economy

Chapter 6 End of Chapter

Chapter 6 Summary

Chapter 6 Key Concepts

Chapter 6 Questions for Review

Chapter 6 Problems and Applications

Answers to Quick Quiz

Chapter 6 Appendix: The Large Open Economy

Net Capital Outflow

The Model

Policies in the Large Open Economy

Conclusion

Chapter 7: Unemployment and the Labor Market

7-1 Job Loss, Job Finding, and the Natural Rate of Unemployment

7-2 Job Search and Frictional Unemployment

Causes of Frictional Unemployment

Public Policy and Frictional Unemployment

7-3 Real-Wage Rigidity and Structural Unemployment

Minimum-Wage Laws

Unions and Collective Bargaining

Efficiency Wages

7-4 Labor-Market Experience: The United States

The Duration of Unemployment

Variation in the Unemployment Rate Across Demographic Groups

Transitions into and out of the Labor Force

7-5 Labor-Market Experience: Europe

The Rise in European Unemployment

Unemployment Variation Within Europe

The Rise of European Leisure

7-6 Conclusion

Chapter 7 End of Chapter

Chapter 7 Summary

Chapter 7 Key Concepts

Chapter 7 Questions for Review

Chapter 7 Problems and Applications

Answers to Quick Quiz

Chapter 8: Capital Accumulation as a Source of Growth

8-1 The Basic Solow Model

The Supply and Demand for Goods

Growth in the Capital Stock and the Steady State

Approaching the Steady State: A Numerical Example

How Saving Affects Growth

8-2 The Golden Rule Level of Capital

Comparing Steady States

Finding the Golden Rule Steady State: A Numerical Example

The Transition to the Golden Rule Steady State

8-3 Conclusion

Chapter 8 End of Chapter

Chapter 8 Summary

Chapter 8 Key Concepts

Chapter 8 Questions for Review

Chapter 8 Problems and Applications

Answers to Quick Quiz

Chapter 9: Population Growth and Technological Progress

9-1 Population Growth in the Solow Model

The Steady State with Population Growth

The Effects of Population Growth

Alternative Perspectives on Population Growth

9-2 Technological Progress in the Solow Model

The Efficiency of Labor

The Steady State with Technological Progress

The Effects of Technological Progress

9-3 Beyond the Solow Model: Endogenous Growth Theory

The Basic Model

A Two-Sector Model

The Microeconomics of Research and Development

The Process of Creative Destruction

9-4 Conclusion

Chapter 9 End of Chapter

Chapter 9 Summary

Chapter 9 Key Concepts

Chapter 9 Questions for Review

Chapter 9 Problems and Applications

Answers to Quick Quiz

Chapter 10: Growth Empirics and Policy

10-1 From Growth Theory to Growth Empirics

Balanced Growth

Convergence

Factor Accumulation Versus Production Efficiency

10-2 Accounting for the Sources of Economic Growth

Increases in the Factors of Production

Technological Progress

The Sources of Growth in the United States

The Solow Residual in the Short Run

10-3 Policies to Promote Growth

Evaluating the Rate of Saving

Changing the Rate of Saving

Allocating the Economy’s Investment

Establishing the Right Institutions

Supporting a Pro-growth Culture

Encouraging Technological Progress

10-4 Conclusion

Chapter 10 End of Chapter

Chapter 10 Summary

Chapter 10 Key Concept

Chapter 10 Questions for Review

Chapter 10 Problems and Applications

Answers to Quick Quiz

Chapter 11: Introduction to Economic Fluctuations

11-1 The Facts About the Business Cycle

GDP and Its Components

Unemployment and Okun’s Law

Leading Economic Indicators

11-2 Time Horizons in Macroeconomics

How the Short Run and the Long Run Differ

The Model of Aggregate Supply and Aggregate Demand

11-3 Aggregate Demand

The Quantity Equation as Aggregate Demand

Why the Aggregate Demand Curve Slopes Downward

Shifts in the Aggregate Demand Curve

11-4 Aggregate Supply

The Long Run: The Vertical Aggregate Supply Curve

The Short Run: The Horizontal Aggregate Supply Curve

From the Short Run to the Long Run

11-5 Stabilization Policy

Shocks to Aggregate Demand

Shocks to Aggregate Supply

11-6 The Covid-19 Recession of 2020

Modeling the Shutdown

The Policy Response

The Recovery and the Road Ahead

11-7 Conclusion

Chapter 11 End of Chapter

Chapter 11 Summary

Chapter 11 Key Concepts

Chapter 11 Questions for Review

Chapter 11 Problems and Applications

Answers to Quick Quiz

Chapter 12: Aggregate Demand I: Building the IS–LM Model

12-1 The Goods Market and the IS Curve

The Keynesian Cross

12-2 The Money Market and the LM Curve

The Theory of Liquidity Preference

Income, Money Demand, and the LM Curve

How Monetary Policy Shifts the LM Curve

12-3 Conclusion: The Short-Run Equilibrium

Chapter 12 End of Chapter

Chapter 12 Summary

Chapter 12 Key Concepts

Chapter 12 Questions for Review

Chapter 12 Problems and Applications

Answers to Quick Quiz

Chapter 13: Aggregate Demand II: Applying the IS–LM Model

13-1 Explaining Fluctuations with the IS–LM Model

How Fiscal Policy Shifts the IS Curve and Changes the Short-Run Equilibrium

How Monetary Policy Shifts the LM Curve and Changes the Short-Run Equilibrium

The Interaction Between Monetary and Fiscal Policy

Shocks in the IS–LM Model

What Is the Fed’s Policy Instrument—The Money Supply or the Interest Rate?

13-2 IS–LM as a Theory of Aggregate Demand

From the IS–LM Model to the Aggregate Demand Curve

The IS–LM Model in the Short Run and Long Run

13-3 The Great Depression

The Spending Hypothesis: Shocks to the IS Curve

The Money Hypothesis: A Shock to the LM Curve

The Money Hypothesis Again: The Effects of Falling Prices

Could the Depression Happen Again?

The Liquidity Trap and Unconventional Monetary Policy

13-4 Conclusion

Chapter 13 End of Chapter

Chapter 13 Summary

Chapter 13 Key Concepts

Chapter 13 Questions for Review

Chapter 13 Problems and Applications

Answers to Quick Quiz

Chapter 14: The Open Economy Revisited: The Mundell–Fleming Model and the Exchange-Rate Regime

14-1 The Mundell–Fleming Model

The Key Assumption: Small Open Economy with Perfect Capital Mobility

The Goods Market and the IS* Curve

The Money Market and the LM* Curve

Putting the Pieces Together

14-2 The Small Open Economy Under Floating Exchange Rates

Fiscal Policy

Monetary Policy

Trade Policy

14-3 The Small Open Economy Under Fixed Exchange Rates

How a Fixed-Exchange-Rate System Works

Fiscal Policy

Monetary Policy

Trade Policy

Policy in the Mundell–Fleming Model: A Summary

14-4 Interest Rate Differentials

Country Risk and Exchange-Rate Expectations

Differentials in the Mundell–Fleming Model

14-5 Should Exchange Rates Be Floating or Fixed?

Pros and Cons of Different Exchange-Rate Systems

Speculative Attacks, Currency Boards, and Dollarization

The Impossible Trinity

14-6 From the Short Run to the Long Run: The Mundell–Fleming Model with a Changing Price Level

14-7 A Concluding Reminder

Chapter 14 End of Chapter

Chapter 14 Summary

Chapter 14 Key Concepts

Chapter 14 Questions for Review

Chapter 14 Problems and Applications

Answers to Quick Quiz

Chapter 14 Appendix: A Short-Run Model of the Large Open Economy

Fiscal Policy

Monetary Policy

A Rule of Thumb

Chapter 15: Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment

15-1 The Basic Theory of Aggregate Supply

The Sticky-Price Model

An Alternative Theory: The Imperfect-Information Model

Implications

15-2 Inflation, Unemployment, and the Phillips Curve

Deriving the Phillips Curve from the Aggregate Supply Curve

Adaptive Expectations and Inflation Inertia

Two Causes of Rising and Falling Inflation

The Short-Run Tradeoff Between Inflation and Unemployment

Disinflation and the Sacrifice Ratio

Rational Expectations and the Possibility of Painless Disinflation

Hysteresis and the Challenge to the Natural-Rate Hypothesis

15-3 Conclusion

Chapter 15 End of Chapter

Chapter 15 Summary

Chapter 15 Key Concepts

Chapter 15 Questions for Review

Chapter 15 Problems and Applications

Answers to Quick Quiz

Chapter 15 Appendix: The Mother of All Models

Chapter 16: A Dynamic Model of Economic Fluctuations

16-1 Elements of the Model

Output: The Demand for Goods and Services

The Real Interest Rate: The Fisher Equation

Inflation: The Phillips Curve

Expected Inflation: Adaptive Expectations

The Nominal Interest Rate: The Monetary-Policy Rule

16-2 Solving the Model

The Long-Run Equilibrium

The Dynamic Aggregate Supply Curve

The Dynamic Aggregate Demand Curve

The Short-Run Equilibrium

16-3 Using the Model

Long-Run Growth

A Shock to Aggregate Supply

A Shock to Aggregate Demand

A Shift in Monetary Policy

16-4 Two Applications: Lessons for Monetary Policy

The Tradeoff Between Output Variability and Inflation Variability

The Taylor Principle

16-5 Conclusion: Toward DSGE Models

Chapter 16 End of Chapter

Chapter 16 Summary

Chapter 16 Key Concepts

Chapter 16 Questions for Review

Chapter 16 Problems and Applications

Answers to Quick Quiz

Chapter 17: Alternative Perspectives on Stabilization Policy

17-1 Should Policy Be Active or Passive?

Lags in the Implementation and Effects of Policies

The Difficult Job of Economic Forecasting

Ignorance, Expectations, and the Lucas Critique

The Historical Record

17-2 Should Policy Be Conducted by Rule or Discretion?

Distrust of Policymakers and the Political Process

The Time Inconsistency of Discretionary Policy

Rules for Monetary Policy

17-3 Conclusion

Chapter 17 End of Chapter

Chapter 17 Summary

Chapter 17 Key Concepts

Chapter 17 Questions for Review

Chapter 17 Problems and Applications

Answers to Quick Quiz

Chapter 17 Appendix: Time Inconsistency and the Tradeoff Between Inflation and Unemployment

More Problems and Applications

Chapter 18: Government Debt and Budget Deficits

18-1 The Size of the Government Debt

18-2 Measurement Problems

Problem 1: Inflation

Problem 2: Capital Assets

Problem 3: Uncounted Liabilities

Problem 4: The Business Cycle

Summing Up

18-3 The Traditional View of Government Debt

18-4 The Ricardian View of Government Debt

The Basic Logic of Ricardian Equivalence

Consumers and Future Taxes

Making a Choice

18-5 Other Perspectives on Government Debt

Balanced Budgets Versus Optimal Fiscal Policy

Fiscal Effects on Monetary Policy

Debt and the Political Process

International Dimensions

18-6 Conclusion

Chapter 18 End of Chapter

Chapter 18 Summary

Chapter 18 Key Concepts

Chapter 18 Questions for Review

Chapter 18 Problems and Applications

Answers to Quick Quiz

Chapter 19: The Financial System: Opportunities and Dangers

19-1 What Does the Financial System Do?

Financing Investment

Sharing Risk

Dealing with Asymmetric Information

Fostering Economic Growth

19-2 Financial Crises

The Anatomy of a Crisis

Policy Responses to a Crisis

Policies to Prevent Crises

19-3 Conclusion

Chapter 19 End of Chapter

Chapter 19 Summary

Chapter 19 Key Concepts

Chapter 19 Questions for Review

Chapter 19 Problems and Applications

Answers to Quick Quiz

Chapter 20: The Microfoundations of Consumption and Investment

20-1 What Determines Consumer Spending?

John Maynard Keynes and the Consumption Function

Franco Modigliani and the Life-Cycle Hypothesis

Milton Friedman and the Permanent-Income Hypothesis

Robert Hall and the Random-Walk Hypothesis

David Laibson and the Pull of Instant Gratification

The Bottom Line on Consumption

20-2 What Determines Investment Spending?

The Rental Price of Capital

The Cost of Capital

The Cost–Benefit Calculus of Investment

Taxes and Investment

The Stock Market and Tobin’s q

Financing Constraints

The Bottom Line on Investment

20-3 Conclusion: The Key Role of Expectations

Chapter 20 End of Chapter

Chapter 20 Summary

Chapter 20 Key Concepts

Chapter 20 Questions for Review

Chapter 20 Problems and Applications

Answers to Quick Quiz

Epilogue: What We Know, What We Don’t

The Four Most Important Lessons of Macroeconomics

Lesson 1: In the long run, a country’s capacity to produce goods and services determines the standard of living of its citizens.

Lesson 2: In the short run, aggregate demand influences the amount of goods and services that a country produces.

Lesson 3: In the long run, the rate of money growth determines the rate of inflation, but it does not affect the rate of unemployment.

Lesson 4: In the short run, policymakers who control monetary and fiscal policy face a tradeoff between inflation and unemployment.

The Four Most Important Unresolved Questions of Macroeconomics

Question 1: How should policymakers try to promote growth in the economy’s natural level of output?

Question 2: What is the best way to stabilize the economy?

Question 3: How costly is inflation, and how costly is reducing inflation?

Question 4: Are government budget deficits a big problem?

Conclusion

Glossary

Index

Notes

Last Book Page

Inside Back Cover

Back Cover

Extended Descriptions

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Three graphs titled, “(a) The Market for Loanable Funds”, “(b) Net Capital Outflow”, and “(c) The Market for Foreign Exchange”, depicts a reduction in national saving in the large open economy

Three graphs titled, “(a) The Market for Loanable Funds”, “(b) Net Capital Outflow”, and “(c) The Market for Foreign Exchange”, depicts an increase in investment demand in the large open economy

Three graphs titled, “(a) The Market for Loanable Funds”, “(b) Net Capital Outflow”, and “(c) The Market for Foreign Exchange”, depicts an import restriction in the large open economy

Three graphs titled, “(a) The Market for Loanable Funds”, “(b) Net Capital Outflow”, and “(c) The Market for Foreign Exchange”, depicts a fall in the net capital outflow in the large open economy

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Two graphs titled, “(a) The I S–L M Model” and “(b) The Aggregate Demand Curve” depicts the derivation of the aggregate demand curve with the I S-L M model

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Two graphs titled “(a) The I S–L M Model” and “(b) The Model of Aggregate Supply and Aggregate Demand”, depict the short-run and long-run equilibria

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Two graphs titled, “(a) The Mundell–Fleming Model” and “(b) The Aggregate Demand Curve” depict the Mundell–Fleming as a theory of aggregate demand

Two graphs titled, “(a) The Mundell–Fleming Model” and “(b) The Model of Aggregate Supply and Aggregate Demand” depicts the short-run and long-run equilibria in a small open economy

Three graphs titled, “(a) The I S–L M Model”, “(b) Net Capital Outflow”, and “(c) The Market for Foreign Exchange” depict a short run model of a large open economy

Three graphs titled, “(a) The I S–L M Model”, “(b) Net Capital Outflow”, and “(c) The Market for Foreign Exchange” depict fiscal expansion in a large open economy

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Five graphs titled, “(a) Supply Shock”, “(b) Output”, “(c) Real Interest Rate”, “(d) Inflation”, and “(e) Nominal Interest Rate”, depict the different responses of supply shock

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Five graphs titled, “(a) Demand Shock”, “(b) Output”, “(c) Real Interest Rate”, “(d) Inflation”, and “(e) Nominal Interest Rate”, depict the different responses of demand shock

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Five graphs titled, “(a) Inflation Target”, “(b) Output”, “(c) Real Interest Rate”, “(d) Inflation”, and “(e) Nominal Interest Rate”, depicts the impact of the reduction in target inflation

Two graphs titled, “(a) D A D Curve Is Flat” and “(b) D A D Curve Is Steep”, depicts the two possible responses to a supply shock

A graph depicts the impact of demand shock due to non-compliance of Taylor Principle

A cartoon shows a king holding court with his courtiers

A graph depicts the “Actual Unemployment Rate” from the year 2007 to 2010

A graph shows the changes in the Policy Uncertainty indices from the year 1985 to the year 2019

A scatter plot depicts average inflation versus the index of central-bank independence for 14 countries

A graph shows the change in the Debt G D P ratio over the years from 1791 to 2019

A graph shows the change in the T E D spread, basis points over the years from 2004 to 2020

A flowchart depicts the anatomy of a financial crisis

A line graph depicts the Keynesian Consumption function

A graph depicts the short-run consumption function and the long-run consumption function

A graph depicts the “Life cycle of consumption function”

A graph depicts, the shift in consumption function due to changes in wealth

A graph depicts the Life Cycle of Consumption, Income, and Wealth

A graph depicts the real rental price of the capital stock

Two graphs, titled “(a) The Downward-Sloping Investment Function” and “(b) A Shift in the Investment Function”, depict the Investment function

A graph shows the percent change in stock prices and the percent change in real G D P over the years from 1980 to 2020

Four line graphs depict Real G D P Growth, Inflation Rate (G D P Deflator), Unemployment Rate, and Nominal Interest Rate (Three-Month Treasury Bills)

Four line graphs depict U S Federal Government Budget Deficit, U S Net Exports of Goods and Services

 

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Tags: Gregory Mankiw, Macroeconomics