Macroeconomics

内容简介 · · · · · · Dornbusch, Fischer, and Startz has been a long-standing, leading intermediate macroeconomic theory text since its introduction in 1978. This revision retains most of the text's traditional features, including a middle-of-the-road approach and very current research, while updating and simplifying the exposition. This revision focuses on making the text even easier to teach from. The only pre-requisite continues to be principles of economics. 作者简介 · · · · · · RUDI DORNBUSCH (1942–2002) was Ford Professor of Economics and International Management at MIT. He did his undergraduate work in Switzerland and held a PhD from the University of Chicago. He taught at Chicago, at Rochester, and from 1975 to 2002 at MIT. His research was primarily in international economics, with a major macroeconomic component. His special research interests included the behavior of exchange rates, high inflation and hyperinflation, and the problems and opportunities that high capital mobility pose for developing economies. He lectured extensively in Europe and in Latin America, where he took an active interest in problems of stabilization policy, and held visiting appointments in Brazil and Argentina. His writing includes Open Economy Macroeconomics and, with Stanley Fischer and Richard Schmalensee, Economics. STANLEY FISCHER is governor of the Bank of Israel. Previously he was vice chairman of Citigroup and president of Citigroup International, and from 1994 to 2002 he was first deputy managing director of the International Monetary Fund. He was an undergraduate at the London School of Economics and has a PhD from MIT. He taught at the University of Chicago while Rudi Dornbusch was a student there, starting a long friendship and collaboration. He was a member of the faculty of the MIT Economics Department from 1973 to 1998. From 1988 to 1990 he was chief economist at the World Bank. His main research interests are economic growth and development; international economics and macroeconomics, particularly inflation and its stabilization; and the economics of transition. http://www.iie.com/fischer RICHARD STARTZ is Castor Professor of Economics at the University of Washington. He was an undergraduate at Yale University and received his PhD from MIT, where he studied under Stanley Fischer and Rudi Dornbusch. He taught at the Wharton School of the University of Pennsylvania before moving on to the University of Washington, and he has taught, while on leave, at the University of California–San Diego, the Stanford Business School, and Princeton. His principal research areas are macroeconomics, econometrics, and the economics of race. In the area of macroeconomics, much of his work has concentrated on the microeconomic underpinnings of macroeconomic theory. His work on race is part of a long-standing collaboration with Shelly Lundberg. http://www.econ.washington.edu/user/startz Cover Page Half Title Page Other Books By Title Page Copyright Page Dedication About the Authors Preface Web Links for Further Exploration Contents in Brief Contents PART 1 INTRODUCTION AND NATIONAL INCOME ACCOUNTING 1. INTRODUCTION 1-1 Macroeconomics Encapsulated in Three Models 1-2 To Reiterate . . . 1-3 Outline and Preview of the Text 1-4 Prerequisites and Recipes 2. NATIONAL INCOME ACCOUNTING 2-1 The Production of Output and Payments to Factors of Production 2-2 Outlays and Components of Demand 2-3 Some Important Identities 2-4 Measuring Gross Domestic Product 2-5 Inflation and Price Indexes 2-6 Unemployment 2-7 Interest Rates and Real Interest Rates 2-8 Exchange Rates 2-9 Where to Grab a Look at the Data PART 2 GROWTH, AGGREGATE SUPPLY AND DEMAND, AND POLICY 3. GROWTH AND ACCUMULATION 3-1 Growth Accounting 3-2 Empirical Estimates of Growth 3-3 Growth Theory: The Neoclassical Model 4. GROWTH AND POLICY 4-1 Growth Theory: Endogenous Growth 4-2 Growth Policy 5. AGGREGATE SUPPLY AND DEMAND 5-1 The Aggregate Supply Curve 5-2 The Aggregate Supply Curve and the Price Adjustment Mechanism 5-3 The Aggregate Demand Curve 5-4 Aggregate Demand Policy under Alternative Supply Assumptions 5-5 Supply-Side Economics 5-6 Putting Aggregate Supply and Demand Together in the Long Run 6. AGGREGATE SUPPLY: WAGES, PRICES, AND UNEMPLOYMENT 6-1 Inflation and Unemployment 6-2 Stagflation, Expected Inflation, and the Inflation-Expectations-Augmented Phillips Curve 6-3 The Rational Expectations Revolution 6-4 The Wage-Unemployment Relationship: Why Are Wages Sticky? 6-5 From Phillips Curve to the Aggregate Supply Curve 6-6 Supply Shocks 7. THE ANATOMY OF INFLATION AND UNEMPLOYMENT 7-1 Unemployment 7-2 Inflation 7-3 The Anatomy of Unemployment 7-4 Full Employment 7-5 The Costs of Unemployment 7-6 The Costs of Inflation 7-7 Inflation and Indexation: Inflation-Proofing the Economy 7-8 Is a Little Inflation Good for the Economy? 7-9 Political Business Cycle Theory 8. POLICY PREVIEW 8-1 A Media Level View of Practical Policy 8-2 Policy as a Rule 8-3 Interest Rates and Aggregate Demand 8-4 Calculating How to Hit the Target PART 3 FIRST MODELS 9. INCOME AND SPENDING 9-1 Aggregate Demand and Equilibrium Output 9-2 The Consumption Function and Aggregate Demand 9-3 The Multiplier 9-4 The Government Sector 9-5 The Budget 9-6 The Full-Employment Budget Surplus 10. MONEY, INTEREST, AND INCOME 10-1 The Goods Market and the IS Curve 10-2 The Money Market and the LM Curve 10-3 Equilibrium in the Goods and Money Markets 10-4 Deriving the Aggregate Demand Schedule 10-5 A Formal Treatment of the IS-LM Model 11. MONETARY AND FISCAL POLICY 11-1 Monetary Policy 11-2 Fiscal Policy and Crowding Out 11-3 The Composition of Output and the Policy Mix 11-4 The Policy Mix in Action 12. INTERNATIONAL LINKAGES 12-1 The Balance of Payments and Exchange Rates 12-2 The Exchange Rate in the Long Run 12-3 Trade in Goods, Market Equilibrium, and the Balance of Trade 12-4 Capital Mobility 12-5 The Mundell-Fleming Model: Perfect Capital Mobility under Fixed Exchange Rates 12-6 Perfect Capital Mobility and Flexible Exchange Rates PART 4 BEHAVIORAL FOUNDATIONS 13. CONSUMPTION AND SAVING 13-1 The Life-Cycle–Permanent-Income Theory of Consumption and Saving 13-2 Consumption under Uncertainty: The Modern Approach 13-3 Further Aspects of Consumption Behavior 14. INVESTMENT SPENDING 14-1 The Stock Demand for Capital and the Flow of Investment 14-2 Investment Subsectors—Business Fixed, Residential, and Inventory 14-3 Investment and Aggregate Supply 15. THE DEMAND FOR MONEY 15-1 Components of the Money Stock 15-2 The Functions of Money 15-3 The Demand for Money: Theory 15-4 Empirical Evidence 15-5 The Income Velocity of Money 16. THE FED, MONEY, AND CREDIT 16-1 Money Stock Determination: The Money Multiplier 16-2 The Instruments of Monetary Control 16-3 The Money Multiplier and Bank Loans 16-4 Control of the Money Stock and Control of the Interest Rate 16-5 Money Stock and Interest Rate Targets 16-6 Money, Credit, and Interest Rates 16-7 Which Targets for the Fed? 17. POLICY 17-1 Lags in the Effects of Policy 17-2 Expectations and Reactions 17-3 Uncertainty and Economic Policy 17-4 Targets, Instruments, and Indicators: A Taxonomy 17-5 Activist Policy 17-6 Which Target?—A Practical Application 17-7 Dynamic Inconsistency and Rules versus Discretion 18. FINANCIAL MARKETS AND ASSET PRICES 18-1 Interest Rates: Long and Short Term 18-2 The Random Walk of Stock Prices 18-3 Exchange Rates and Interest Rates PART 5 BIG EVENTS, INTERNATIONAL ADJUSTMENTS, AND ADVANCED TOPICS 19. BIG EVENTS: THE ECONOMICS OF DEPRESSION, HYPERINFLATION, AND DEFICITS 19-1 The Great Recession: Bubbles and Bust 19-2 The Great Depression: The Facts 19-3 The Great Depression: The Issues and Ideas 19-4 Money and Inflation in Ordinary Business Cycles 19-5 Hyperinflation 19-6 Deficits, Money Growth, and the Inflation Tax 19-7 Budget Deficits: Facts and Issues 19-8 Social Security 20. INTERNATIONAL ADJUSTMENT AND INTERDEPENDENCE 20-1 Adjustment under Fixed Exchange Rates 20-2 Exchange Rate Changes and Trade Adjustment: Empirical Issues 20-3 The Monetary Approach to the Balance of Payments 20-4 Flexible Exchange Rates, Money, and Prices 20-5 Interest Differentials and Exchange Rate Expectations 20-6 Exchange Rate Fluctuations and Interdependence 20-7 The Choice of Exchange Rate Regimes 21. ADVANCED TOPICS 21-1 An Overview of the New Macroeconomics 21-2 The Rational Expectations Revolution 21-3 The Microeconomics of the Imperfect Information Aggregate Supply Curve 21-4 The Random Walk of GDP: Does Aggregate Demand Matter, or Is It All Aggregate Supply? 21-5 Real Business Cycle Theory 21-6 A New Keynesian Model of Sticky Nominal Prices 21-7 Bringing It All Together Appendix Selected Historical Series on U.S. Gross Domestic Product and Related Series Real Net Stock of U.S. Fixed Reproducible Tangible Wealth, 1929-2009 Selected International Macroeconomic Statistics Glossary Index

Dornbusch, Fischer, and Startz has been a long-standing, leading intermediate macroeconomic theory text since its introduction in 1978. This revision retains most of the text’s traditional features, including a middle-of-the-road approach and very current research, while updating and simplifying the exposition. This revision focuses on making the text even easier to teach from. The only pre-requisite continues to be principles of economics.

Dornbusch, Fischer, and Startz has been a long-standing, leading intermediate macroeconomic theory text since its introduction in 1978. This revision includes an approach and research, while simplifying the exposition. It focuses on making the text easier to teach Macroeconomics employs a model-based approach to macroeconomic analysis and demostrates how various models are connected with the goal of giving students the capacity to analyze current economic issues in the context of an economic frame of reference