Macroeconomics: Principles and Policy
This text is well-known for using the Keynesian model in the teaching of economics; yet, in recent editions, the authors have expanded coverage of the growth model considerably to achieve more balanced coverage. The text uses the aggregate supply/ aggregate demand model as a fundamental tool for learning macroeconomics. It achieves the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner and using timely economic data. Using puzzles, issues, and well-developed examples, the authors provide a good balance of theory to application.
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aggregate demand curve aggregate supply curve American assets bank reserves billion budget deficit capital central bank chapter consumer spending consumption function countries country’s currency debt deposits diagram disposable income economists economy’s effect equilibrium GDP equilibrium price euro example exchange rates expansionary expenditure exports fall Federal Reserve Figure firms fiscal policy foreign full employment graph gross domestic product growth rate higher important increase inflation inflationary gap inputs interest rates investment spending Japan labor lower macroeconomic ment monetary policy money supply multiplier nominal GDP opportunity cost output payments percent Phillips curve potential GDP price level production possibilities frontier purchases quantity demanded quantity supplied raise rational expectations real GDP real wages recession recessionary gap reduce rise schedule shows slope stabilization policy stagflation supply and demand supply-side surplus Table tax cuts tion trade deficit U.S. dollar U.S. economy U.S. government United workers