Abel, Bernanke, and Croushore present macroeconomic theory in a way that prepares students to analyze real macroeconomic data used by policy makers and researchers. With a balanced treatment of both classical and Keynesian economics, the comprehensive coverage makes it easy for instructors to align chapters to fit their own syllabi.
Students in this course often struggle to see how the macroeconomic models compare to one another, and fit into the big picture. This text uses a unified approach based on a single economics model that provides students with a clear understanding of macroeconomics and its classical and Keynesian assumptions.
The main objective of the eighth edition is to keep the book fresh and up-to-date, especially in light of the recent crises in the United States and Europe and many new tools used by the Federal Reserve in response to the crisis. To reflect recent events and developments in the field, revisions have been made throughout the text, and additional new applications, boxes, and problems are included.
Key Features
- Coverage of inflation and monetary policy reflects the latest work by researchers and the Federal Reserve.
- Early coverage of long-run topics in chapters 3-7 reflects a commitment to modern macro theory, followed by an equally in-depth analysis of short-run issues in chapters 8-11.
- A unified framework uses a single model, built from a set of core economic ideas, to introduce the macroeconomic theories and concepts.
- A balanced presentation of both classical and Keynesian economics allows students to see the complete picture of economic theory, and allows flexibility for professors to teach the course their way.
- Real-world applications connect theory to practice, helping students make active use of the economic ideas in the text.
- Learning tools for students aid comprehension and application. Key diagrams in each chapter help students identify the most critical ideas. Summary tables and extensive end-of-chapter problem sets help to reinforce learning.
- Available with the award-winning MyEconLab!MyEconLab is a powerful assessment and tutorial system that works hand-in-hand with Macroeconomics. MyEconLab includes comprehensive homework, quiz, test, and tutorial options, where instructors can manage all assessment needs in one program!
New to This Edition
- The eighth edition provides lively coverage of a broad spectrum of macroeconomic issues and ideas, including a variety of new and updated topics:
- Monetary policy.
- Long-term economic growth.
- International macroeconomic issues.
- Business cycles.
- Fiscal policy.
- Labor market issues.
Contents
I. INTRODUCTION
- 1. Introduction to Macroeconomics
- 2. The Measurement and Structure of the National Economy
II. LONG-RUN ECONOMIC PERFORMANCE
- 3. Productivity, Output, and Employment
- 4. Consumption, Saving, and Investment
- 5. Saving and Investment in the Open Economy
- 6. Long-Run Economic Growth
- 7. The Asset Market, Money, and Prices
III. BUSINESS CYCLES AND MACROECONOMIC POLICY
- 8. Business Cycles
- 9. The IS–LM/AD–AS Model: A General Framework for Macroeconomic Analysis
- 10. Classical Business Cycle Analysis: Market-Clearing Macroeconomics
- 11. Keynesianism: The Macroeconomics of Wage and Price Rigidity
IV. MACROECONOMIC POLICY: ITS ENVIRONMENTAND INSTITUTIONS
- 12. Unemployment and Inflation
- 13. Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy
- 14. Monetary Policy and the Federal Reserve System
- 15. Government Spending and Its Financing
- Appendix A: Some Useful Analytical Tools
- Glossary
- Name Index
- Subject Index
About the Authors
- Andrew Abel received his A.B. summa cum laude from Princeton University and his Ph.D. 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.
- Ben Bernanke received his B.A. in economics from Harvard University summa cum laude–capturing both the Allyn Young Prize for best Harvard undergraduate economics thesis and the John H. Williams prize for outstanding senior in the Economics Department. Like coauthor Abel, he holds a Ph.D. from the Massachusetts Institute of Technology. Bernanke began his career at the Stanford Graduate School of Business in 1979. In 1985 he moved to Princeton University, where he served as chair of the Economics Department from 1995 to 2002. He has twice been visiting professor at M.I.T. and once at New York University, and has taught in undergraduate, M.B.A., M.P.A., and Ph.D. programs. He has authored more than 60 publications in macroeconomics, macroeconomic history, and finance.
- Dean Croushore is professor of economics and Rigsby Fellow at the University of Richmond. He received his A.B. from Ohio University and his Ph.D. from Ohio State University. Croushore began his career at Pennsylvania State University in 1984. After teaching for five years, he moved to the Federal Reserve Bank of Philadelphia, where he was vice president and economist. His duties during his fourteen 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 two 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 Real-Time Data Set for Macroeconomists.
Book Details
- Hardcover: 672 pages
- Publisher: Prentice Hall; 8 edition (2013)
- Language: English
- ISBN-10: 0132992280
- ISBN-13: 978-0132992282
- Product Dimensions: 1.1 x 8.2 x 10 inches
- List Price: $224.40