目录及大纲

Guided tour of the book xiv
List of case studies and boxes xvi
Preface xix
Publisher’s acknowledgements xxiii
1 Macroeconomic essentials 1
1.1 The issues of macroeconomics 1
1.2 Essentials of macroeconomic accounting 7
1.3 Beyond accounting 20
Chapter summary 25
Exercises 26
Recommended reading 28
Appendix: Logarithms, growth rates and logarithmic scales 29
2 Booms and recessions (I): the Keynesian cross 33
2.1 The circular flow model revisited: terminology and overview 38
2.2 Income determination: a first look 43
2.3 Income determination: a second look 48
2.4 An intertemporal view of consumption and investment 51
Chapter summary 56
Exercises 57
Recommended reading 59
Applied problems 59
3 Money, interest rates and the global economy 62
3.1 The money market, the interest rate and the LM curve 63
3.2 Aggregate expenditure, the interest rate and the exchange rate:
the IS curve 70
3.3 The IS-LM or the global economy model 75
Chapter summary 84
Exercises 85
Recommended reading 87
Applied problems 87
4 Exchange rates and the balance of payments 90
4.1 Globalization 91
4.2 The exchange rate and the balance of payments 93
4.3 Back to IS-LM: enter the FE curve 97
4.4 Equilibrium in all three markets 105
Chapter summary 110
Exercises 110
Recommended reading 112
Applied problems 112
5 Booms and recessions (II): the national economy 115
5.1 Fiscal policy in the Mundell–Fleming model 116
5.2 Monetary policy in the Mundell–Fleming model 119
5.3 The algebra of monetary and fiscal policy in the
Mundell–Fleming model 124
5.4 Comparative statics versus adjustment dynamics 125
5.5 Adjustment dynamics with expected depreciation 127
5.6 When prices move 130
5.7 Today’s exchange rate and the future 133
Chapter summary 135
Exercises 136
Recommended reading 137
Applied problems 138
6 Enter aggregate supply 141
6.1 Potential income and the labour market 142
6.2 Why is there unemployment in equilibrium? 150
6.3 Why may actual output deviate from potential output? 164
Chapter summary 167
Exercises 168
Recommended reading 169
Applied problems 170
7 Booms and recessions (III): aggregate supply
and demand 172
7.1 The short-run aggregate supply curve 173
7.2 The aggregate demand curve 174
7.3 The AD-AS model: basics 182
7.4 Policy and shocks in the AD-AS model 186
Chapter summary 193
Exercises 194
Recommended reading 195
Appendix: The algebra of the AD curve 195
8 Booms and recessions (IV): dynamic aggregate
supply and demand 198
8.1 The aggregate-supply curve in an inflation–income diagram 199
8.2 Equilibrium income and inflation: the DAD curve 200
8.3 The DAD-SAS model 201
8.4 Inflation expectations 204
8.5 The DAD-SAS model at work 207
Chapter summary 220
Exercises 221
Recommended reading 222
Appendix: The algebra of the DAD curve 222
Appendix: The genesis of the DAD-SAS model 223
Applied problems 225
9 Economic growth (I): basics 228
9.1 Stylized facts of income and growth 228
9.2 The production function and growth accounting 230
9.3 Growth theory: the Solow model 237
9.4 Why incomes may differ 239
9.5 What about consumption? 241
9.6 Population growth and technological progress 246
9.7 Empirical merits and deficiencies of the Solow model 251
Chapter summary 255
Exercises 255
Recommended reading 257
Applied problems 257
10 Economic growth (II): advanced issues 259
10.1 The government in the Solow model 260
10.2 Economic growth and capital markets 263
10.3 Extending the Solow model and moving beyond 271
10.4 Poverty traps in the Solow model 273
10.5 Human capital 277
10.6 Endogenous growth 281
Chapter summary 286
Exercises 287
Recommended reading 288
Appendix: A synthesis of the DAD-SAS and the Solow model 289
Applied problems 289
11 Endogenous economic policy 293
11.1 What do politicians want? 293
11.2 Political business cycles 297
11.3 Rational expectations 301
11.4 Policy games 303
11.5 Ways out of the time inconsistency trap 308
Chapter summary 313
Exercises 314
Recommended reading 315
Applied problems 315
12 The European Monetary System and Euroland at work 317
12.1 Preliminaries 318
12.2 The 1992 EMS crisis 321
12.3 Exchange rate target zones 327
12.4 Speculative attacks 333
12.5 Monetary and fiscal policy in the euro area 336
Chapter summary 341
Exercises 343
Recommended reading 344
Appendix: The two-country Mundell–Fleming model 344
Applied problems 346
13 Inflation and central bank independence 348
13.1 Inflation, central bank independence and the EMS 349
13.2 Supply shocks and central bank independence 358
13.3 Disinflations and the sacrifice ratio 365
13.4 Lessons for European Monetary Union 373
Chapter summary 375
Exercises 376
Recommended reading 377
Applied problems 378
14 Budget deficits and public debt 380
14.1 The government budget 381
14.2 The dynamics of budget deficits and the public debt 382
14.3 Maastricht, the budget and the central bank 396
14.4 What is wrong with having deficits and debt? 399
14.5 Does monetary union need budget rules? 400
Chapter summary 404
Exercises 405
Recommended reading 406
Applied problems 407
15 Unemployment and growth 409
15.1 Linking unemployment and growth 409
15.2 European unemployment 412
15.3 Persistence in the DAD-SAS model 428
15.4 Lessons, remedies and prospects 432
Chapter summary 437
Exercises 438
Recommended reading 439
Applied problems 439
16 Real business cycles and sticky prices: new perspectives
on booms and recessions 442
16.1 Reality check: business cycle patterns and the
DAD-SAS model 443
16.2 New Keynesian responses 447
16.3 Real business cycles 454
Chapter summary 478
Exercises 479
Recommended reading 480
Appendix: A primer in econometrics 481
A.1 First task: estimating unknown parameters 482
A.2 Second task: testing hypotheses 484
A.3 A closer look at OLS estimation 486
Appendix summary 496
Exercises 497
Recommended reading 497
Index 499