PREFACE XV
INTRODUCTlONAND NATlONAL INCOMEACCOUNTlNG
l INTRODUCTlON
Macroeconomics Encapsulated inThree Models
To Reiterate
Outline and Preview of the Text
Prcrequisites and Recipes
2 NATlONAL INCOME ACCOUNTlNG
The Production of Output and Payments to Factors of Production
Outlays and Components of Demand
Some Important Identities
Measuring Gross Domestic Product
Inflation and Price Indexes
GROWTH,AGGREGATE SUPPLYAND DEMAND, ANDTHE
NEW MACROECONOMlCS
3 GROWTH AND ACCUMULATlON
Growth Accounting
Empirical Estimates of Growth
GfowthTheory:The Neoclassical Model
4 GROWTH AND POLlCY
Growth Theory: Endogenous Growth
Growth Policy
5 AGGREGATE SUPPLY AND DEMAND
TheAggregate Supply Curve
TheAggregate Demand Curve
Fiscal and Monetary Policy UnderAltemative SupptyAssumptions
Suppty-Side Economics
6 AGGREGATE SUPPLY: WAGES, PRlCES, AND UNEMPLOYMENT
TheAggregate Supply Curve and the PriceAdjustment Mechanism
Wages, Prices, and OutputThe Facts
TheWage-Unemployment Relationship:Why areWages Sticky?
From Phillips Curve to theAggregate Supply Curve
The Effects of a Monetary Expansion
Suppty Shocks
Stagflation, Expected Inflation, and the Inflation-Expectations-
Augmented Phillips Curve
7 THE ANATOMY OF INFLATlON AND UNEMPLOYMENT
The Anatomy of Unemployment
Full Employment
The Costs of Uncmployment
The Costs of Inflation
Inflation and Indexation: Inflation-Proofing the Economy
Is a Little Inflation Good for the Economy?
The Political Economy of Inflation and Unemployment
8 THE NEW MACROECONOMlCS
An Overview of the New Macroecononaics
The Rational Expectations Revolution
The Microecononrics of the Imnperfect InfonnationAggregate
Suppty Curve
The RandomWalk of GDP: Does Aggregatc Demand Matter
or is it allAggregate Supply?
Real Business CycleTheory
A New Keynesian Model of SacKy Nonunai prces
FlRST MODELS
9 INCOME AND SPENDlNG
Aggregate Demand and Equilibrium Output
The Consumption Funetion andAggregate Demand
The Multiplier
The Govemment Sector
The Budget
The Full-Employment Budget Surplus
lO MONEY, INTEREST, AND INCOME
Thc Goods MarKet and the IS Curve
The Money Market and the LM Curve
Equilibrium in the Goods and Money Markets
Deriving the Aggregate Demand Schedule
A Formal Treatment of the IS-LM Model
ll MONETARY AND FlSCAL POLlCY
Monetary Policy
Fiscal Policy and Crowding Out
The Composition of Output and the Policy Mix
The Policy Mix in Action
12 INTERNATlONAL LlNKAGES
The Balance of Payments and Exchange Rates
The Exchange Rate in the Long Run
Trade in Goods, Market Equilibrium, and the Balance ofTradc
Capital Mobility
The Mundell-Pleming Model: Perfect Capital Mobility Under Fixed
Exchange Rates
Perfect Capital Mobility and Flexible Exchangc Rate;
PART
BEHAVlORAL FOUNDATlONS 297
13 CONSUMPTlON AND SAVlNG
The Life-Cycle Pennanent-lncomeTheory of Consumption
andSaving
Consumption Under Uncertainty:The ModemApproach
FurtherAspects of Consumption Bchavior
14 INVESTMENT SPENDlNG
Fixed Investment:The NeoclassicalApproach
Residential Investment
Inventory Investment
InvestmentAround theWorid
15 THE DEMAND FOR MONEY
Components ofthe Money Stock
The Functions of Money
The Demand for Money:Theory
Empirical Evidence
The IncomeVelocity ofMoney and the QuantityThcory
16 THE FED, MONEY, AND CREDlT
Money Stock Determination-The Money Multiplier
The Instruments of Monetary Control
The Money Multiplier and Bank Loans
Control of the Money Stock and Control of the Interest Rate
Money Stock and Interest RateTargets
Money, Credit, and Interest Rates
WhichTargets for the Fed?
l7 FlNANClAL MARKETS
Interest Rates Long-Term and Short
The RandomWalk of Stock Prices
Exchange Rates and Interest Rates
18 STABlLlZATlON POLlCY: PROSPECTS AND PROBlEMS
The Great Depression:The Pacts
The Great Depression'.The Issues and Ideas
Thc New Economics
Lags in the Effects of Policy
Expectations and Reactions
Uncertainty and Economic Policy
Activist Policy
Dynamic Inconsistency and RulesVersus Discretion
INFLATION, BUDGET DEFlClTS, AND INTERNATlONAL
ADJUSTMENTS
19 MONEY, DEFlClTS, AND INFLATlON: EVlDENCE AND POLlCY
ISSUES
Interest Rates and Inflation.'The Fisher Equation
Empirical Evidence
Altemative Strategies to Reduce Inflation
Deficits, Money Growth, and the InflationTax
Hyperinflation
20 BUDGET DEFlClTS AND THE PUBLlC DEBT
Pederal Govemment Finances: Facts and Issucs
The Burden of the Debt
The Barro-Ricardo Problem
Social Security
21 INTERNATlONAL ADJUSTMENT AND INTERDEPENDENCE
Adjustment Under Fixed Exchange Rates
Exchange Rate Changes andTradeAdjustment: Empirical Issues
The MonetaryApproach to the Balance of Payments
Plexible Exchange Rates, Money, and frices
Interest Differentiais and Exchange Rate Expectations
Exchange Rate Fluctuations and Interdependence
INDEX 529
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