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Macroeconomics 6/c/e
Macroeconomics, 6/e
Rudi Dornbusch, Massachusetts Institute of Technology
Stanley Fischer, International Monetary Fund, on leave from MIT
Richard Startz, University of Washington
Frank Atkins, University of Calgary
Gordon Sparks, Queen's University

Table of Contents

Part 1: Introduction and Measuring Economic Performance

  1. Introduction
    1-1 How Economists Think: Markets, Models and Time Frames
    1-2 The Data that Our Models are Trying to Explain
    1-3 What's Next

  2. Measuring the Performance of the Canadian Economy
    2-1 Measuring Gross Domestic Product
    2-2 Some Important Identities
    2-3 Inflation and Price Indexes
    2-4 Nominal and Real Interest Rates

Part 2: The Economy in the Long-run and the Very Long-run

  1. The Economy in the long-run: the Classical market clearing model
    3-1 The Supply of Good and Services: The production Function and the Labour Market
    3-2 The Demand for Goods and Services
    3-3 The Money Stock, the Price Level and the Inflation Rate

  2. The Economy in the Very Long-run: The Economics of Growth
    4-1 Growth Accounting
    4-2 Growth Theory: The Neo-Classical Growth Model
    4-3 Growth Policy

  3. International Trade and Exchange Rates
    5-1 Balance of Payments Accounts
    5-2 Savings and Investment in a Small Open Economy
    5-3 Exchange Rates
    5-4 The Exchange Rate in the Long-run: Purchasing Power Parity

Part 3: The Economy in Transition: Business Cycles and Adjustment

  1. Business Cycles and the Aggregate Demand-Aggregate Supply Model
    6-1 Business Cycles
    6-2 Introduction to Aggregate Demand and Aggregate Supply
    6-3 Aggregate Demand Policy under Alternative Supply Assumptions
    6-4 Supply Side Economics

  2. Wage and Price Adjustment: The Phillips Curve and Aggregate Supply
    7-1 The Phillips Curve
    7-2 From Phillips Curve to Aggregate Supply

  3. The Anatomy of Inflation and Unemployment
    8-1 The Anatomy of Unemployment
    8-2 Full Employment
    8-3 The Costs of Unemployment
    8-4 The Costs of Inflation
    8-5 Inflation and Indexation: Inflation-Proofing the Economy

  4. International Adjustment: Aggregate Demand and Supply in an Open Economy
    9-1 Adjustment under Fixed Exchange Rates
    9-2 Exchange Rate Changes and Trade Adjustment: Empirical Issues
    9-3 The Monetary Approach to the Balance of Payments
    9-4 Flexible Exchange Rates, Money and Prices
    9-5 Exchange Rate Fluctuations and Interdependence

  5. Policy
    10-1 Lags in the Effects of Policy
    10-2 Expectations and Reactions
    10-3 Uncertainty and Economic Policy
    10-4 Dynamic Policy and Information Feedback
    10-5 Activist Policy
    10-6 Dynamic Inconsistency and Rules Versus Discretion

Part 4: The Economy in the Short-run: Spending and the IS/LM Model of Economic Activity

  1. Income and Spending
    11-1 Aggregate Demand and Equilibrium Output
    11-2 The Consumption Function and Aggregate Demand
    11-3 The Multiplier
    11-4 The Government Sector
    11-5 The Budget
    11-6 The Full-Employment Budget Surplus
    11-7 The Foreign Sector

  2. Money Interest and Income
    12-1 The Goods Market and the IS Curve
    12-2 The Money Market and the LM Curve
    12-3 Equilibrium in the Goods and Money Markets
    12-4 Deriving the Aggregate Demand Schedule
    12-5 A Formal Treatment of the IS-LM Model

  3. Monetary and Fiscal Policy in the Short-Run
    13-1 Monetary Policy
    13-2 Fiscal Policy and Crowding Out
    13-3 The Composition of Output and the Policy Mix
    13-4 The Policy Mix in Action

  4. International Trade, Capital Mobility and the Open Economy in the Short-run
    14-1 Trade in Goods, Market Equilibrium and the balance of Trade
    14-2 Capital Mobility
    14-3 Perfect Capital Mobility and Fixed Exchange Rates
    14-4 Perfect Capital Mobility and Flexible Exchange Rates
    14-5 Interest Differentials and Exchange Rate Expectations

Part 5: Behavioral Foundations

  1. Consumption and Saving
    15-1 The Life-Cycle-Permanent Income Theory of Consumption and Saving
    15-2 Consumption Under Uncertainty: The Modern Approach
    15-3 Further Aspects of Consumption Behaviour

  2. Investment Spending
    16-1 The Stock Demand for Capital and the Flow of Investment
    16-2 Investment Subsectors - Business Fixed, Residential and Inventory
    16-3 Investment and Aggregate Supply

  3. The Demand for Money
    17-1 Components of the Money Stock
    17-2 The Functions of Money
    17-3 The Demand for Money: Theory
    17-4 Empirical Evidence
    17-5 The Income Velocity of Money

  4. The Money Supply Process and Financial Markets
    18-1 The Money Supply and the Banking System
    18-2 The Money Supply and the Monetary Base
    18-3 Short-run Control of the Money Supply
    18-4 Targets and the Implementation of Monetary Policy
    18-5 Financial Markets and Interest Rates
    18-6 The Random Walk of Stock Prices

Part 6: Big Events and Advanced Topics

  1. Big Events: The Economics of Depression, Hyperinflation and Deficits
    19-1 The Great Depression: The Facts
    19-2 The Great Depression: Issues and Ideas
    19-3 Money and Inflation in Ordinary Business Cycles
    19-4 Hyperinflation
    19-5 Deficits, Money Growth and the Inflation Tax
    19-6 Federal Government Finances
    19-7 The Canada Pension Plan

  2. Advanced Topics
    20-1 An Overview of the New Macroeconomics
    20-2 The Rational Expectations Revolution
    20-3 The Microeconomics of the Imperfect Information Aggregate Supply Curve
    20-4 The Random Walk of GDP: Does Aggregate Demand Matter, or is it all Aggregate Supply?
    20-5 Real Business Cycle Theory
    20-6 A New Keynesian Model of Sticky Nominal Prices





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