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Macroeconomics, Global Edition

Macroeconomics, Global Edition

11th Edition

by Andrew AbelDean Croushore and Ben Bernanke
Paperback
Publication Date: 21/06/2023

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Macroeconomics presents macroeconomic theory in a big-picture way.

The text focuses on a single model, to provide you with a clear understanding of macroeconomics and its classical and Keynesian assumptions. Comprehensive coverage helps you analyze real macroeconomic data that real policy makers and researchers use.

The 11th Edition features new coverage, applications, and problems throughout. It also reflects recent events and developments in the field, such as the recent COVID-19 pandemic and the tools used by the Federal Reserve in response.

Hallmark features of this title

  • A unified framework uses a single model, built from a set of core economic ideas (i.e., the production function, the trade-off between consuming today and saving for tomorrow, and supply/demand analysis), to introduce macroeconomic theories and concepts.
  • A balanced presentation of classical and Keynesian economics lets students see the complete picture of economic theory. A flexible organization gives professors the flexibility to teach the course their way.
  • Key diagrams in each chapter help students identify the most critical ideas.
  • A series of full color graphs illustrate the historical movements of key economic variables.
  • Extensive end-of-chapter problem sets help reinforce learning.

New and Updated Features

  • NEW: Coverage of important issues related to the 2020 pandemic includes changes in private saving (Ch. 2), a comparison of pandemic vs. financial crisis affecting U-3 and U-6 measures of the unemployment rate (Ch 3), the unusual nature of the recession (Ch. 8), the Fed's flexible inflation targeting policy and the increase in the inflation rate that followed (Ch. 12), the Fed's monetary policy response (Ch. 14), and the Fed's new operating procedures with abundant reserves (Ch. 15).
  • EXPANDED: Material delves into more detail on topics like developments in the gig economy (Ch. 3).
  • NEW: Applications in every chapter show students how they can use theory to understand an important episode or issue. New ones feature the impact of the pandemic on consumption (Ch. 4).
  • UPDATED: In Touch with Data and Research boxes ask students to find and interpret macro data, like economists would in their careers.
ISBN:
9781292446127
9781292446127
Category:
Macroeconomics
Format:
Paperback
Publication Date:
21-06-2023
Language:
English
Publisher:
Pearson Education Limited
Country of origin:
United Kingdom
Edition:
11th Edition
Dimensions (mm):
253x211x30mm
Weight:
1.24kg

PART 1: INTRODUCTION

Introduction to Macroeconomics

The Measurement and Structure of the National Economy

PART 2: LONG-RUN ECONOMIC PERFORMANCE

Productivity, Output, and Employment

Consumption, Saving, and Investment

Saving and Investment in the Open Economy

Long-Run Economic Growth

The Asset Market, Money, and Prices

PART 3: BUSINESS CYCLES AND MACROECONOMIC POLICY

Business Cycles

The IS–LM/AD–AS Model: A General Framework for Macroeconomic Analysis

Classical Business Cycle Analysis: Market-Clearing Macroeconomics

Keynesianism: The Macroeconomics of Wage and Price Rigidity

PART 4: MACROECONOMIC POLICY: ITS ENVIRONMENT AND INSTITUTIONS

Unemployment and Inflation

Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy

Monetary Policy and the Federal Reserve System

Government Spending and Its Financing

Appendix A: Some Useful Analytical Tools

Andrew Abel

Andrew B. Abel is Ronald A. Rosenfeld Professor of Finance at The Wharton School and professor of economics at the University of Pennsylvania. He received his AB summa cum laude from Princeton University and his PhD from the Massachusetts Institute of Technology.

He began his teaching career at the University of Chicago and Harvard University and has held visiting appointments at both Tel Aviv University and The Hebrew University of Jerusalem. A prolific researcher, Abel has published extensively on fiscal policy, capital formation, monetary policy, asset pricing, and social security, as well as serving on the editorial boards of numerous journals.

He has been honored as an Alfred P. Sloan Fellow, a Fellow of the Econometric Society, and a recipient of the John Kenneth Galbraith Award for teaching excellence. Abel has served as a visiting scholar at the Federal Reserve Bank of Philadelphia, as a member of the Panel of Economic Advisers at the Congressional Budget Office, and as a member of the Technical Advisory Panel on Assumptions and Methods for the Social Security Advisory Board.

He is also a Research Associate of the National Bureau of Economic Research and a member of the Advisory Board of the Carnegie-Rochester NYU Conference Series.

Dean Croushore

Dean Croushore is professor of economics and Rigsby Fellow at the University of Richmond. He received his AB from Ohio University and his PhD from Ohio State University. Croushore began his career at Pennsylvania State University in 1984. After teaching for 5 years, he moved to the Federal Reserve Bank of Philadelphia, where he was vice president and economist.

His duties during his 14 years at the Philadelphia Fed included heading the macroeconomics section, briefing the bank's president and board of directors on the state of the economy and advising them about formulating monetary policy, writing articles about the economy, administering 2 national surveys of forecasters, and researching current issues in monetary policy. In his role at the Fed, he created the Survey of Professional Forecasters (taking over the defunct ASA/NBER survey and revitalizing it) and developed the RealTime Data Set for Macroeconomists. Croushore returned to academia at the University of Richmond in 2003.

The focus of his research in recent years has been on forecasting and how data revisions affect monetary policy, forecasting, and macroeconomic research. Croushore's publications include articles in many leading economics journals and a textbook on money and banking. He is associate editor of several journals and a visiting scholar at the Federal Reserve Bank of Philadelphia and an adjunct associate professor in the business school at Columbia University.

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