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by Peter Antonioni, Manzur Rashid, Dan Richards
Macroeconomics For Dummies
Cover
Cover
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
Part 1: Getting Started with Macroeconomics
Chapter 1: Discovering Why Macroeconomics Is a Big Deal
The Big Picture: Checking Out the Economy as a Whole
Looking at the Key Macroeconomic Variables
Modeling the Macroeconomy
Plotting Economic Policy
Hoping for the Best (and Preparing for the Worst)
Chapter 2: Looking at Key Questions and Concepts
Asking the Big Questions of Macroeconomics
Clarifying Important Macroeconomic Concepts
Thinking Like an Economist: Learning to Love Modeling
Chapter 3: The Short Run and the Long Run
Separating Trend and Cycle
Unifying the Field (or Not)
Policy-Making: The Long and Short of It
Part 2: Measuring the Things That Matter
Chapter 4: Adding Up Gross Domestic Product
Grasping the Idea of GDP
Dissecting GDP Further
Adding It All Up: Calculating GDP
Comparing Living Standards with GDP and Other Methods
Chapter 5: Facing the Fact of Increasing Prices: Inflation
Working Out Inflation: Looking into the Average Shopping Basket
Examining the Cause of Inflation: The Quantity Equation
Appraising Inflation: Good or Bad?
Rising to Extremes: Hyperinflation
Going Downwards: Deflation
Chapter 6: Thinking About Interest Rates
Trading Through Time
Discounting the Future
Impacting Interest Rates: Monetary and Fiscal Policy
Chapter 7: Unemployment: Wasting Talent and Productivity
Constructing Unemployment Measures
Classifying Different Types of Unemployment
Finding the “Natural” Rate of Unemployment
Part 3: The Long-Run Macro Economy
Chapter 8: GDP Growth in the Long Run
Compounding Growth: The Rule of 70
Marginalizing Firm Decisions
Growing GDP Over Time
Steadying the State
Chapter 9: Long-Run Prices and Interest Rates
Using the Quantity Equation with the Long-Run Growth Model
Preferencing Time, Savings, and the Real Interest Rate
Targeting Inflation
Digressing Internationally
Part 4: Modeling the Short-Run Macro Economy
Chapter 10: Working Out a Country’s Economic Demand
Looking into What Everyone Wants: Aggregate Demand
Meeting the Components of Aggregate Demand
Following the Aggregate Demand Curve
Chapter 11: Determining How Much Stuff an Economy Produces
Producing What People Demand: Aggregate Supply
Getting to Grips with Short-Run Aggregate Supply
Chapter 12: Using the AD–AS Model to Analyze Economic Shocks
Discovering What the AD–AS Model Does and Doesn’t Explain
Delving into Demand-Side Shocks
Bumping into Supply-Side Shocks
Part 5: Examining Macroeconomic Policy
Chapter 13: Macroeconomic Policies for the Long Run
Controlling Inflation
Stabilizing the Public Debt
Chapter 14: Monetary Policy and the Short-Run Economy
Implementing Monetary Policy
Spotting the Liquidity Trap and Quantitative Easing
Chapter 15: Fiscal Policy: Balancing the Books — Perhaps
Stabilizing the Economy with Fiscal Policy
Countering the Doubts: Liquidity Traps and Liquidity Constraints
Appraising the Obama Stimulus
Chapter 16: Unemployment and Inflation: The Phillips Curve
Inflating Steadily in the AS–AD Model
Doubting the Phillips Curve … and making adjustments
Confronting unpleasant supply shocks
Learning Lessons: The Lucas Critique and Rational Expectations
Going Long: Determinants of the Natural Rate
Part 6: Understanding the Financial Crisis
Chapter 17: Strengths and Weaknesses of the Financial System
Making the World Go ’Round
Recognizing Systemic Risk
Chapter 18: Learning from the 2007–08 Financial Crisis
Shadowing the Banks
Facing the Panic
Failing to Predict the Crisis
Learning Lessons from the Crisis
Part 7: The Part of Tens
Chapter 19: Getting to Know Ten Great Macroeconomists
Adam Smith (1723–1790)
John Maynard Keynes (1883–1946)
Milton Friedman (1912–2006)
Paul Samuelson (1915–2009)
James Tobin (1918–2002)
Robert Solow (1924–)
Robert Lucas (1937–)
Edward Prescott (1940–)
Robert Barro (1944–)
Janet Yellen (1946–)
Chapter 20: Ten Top Tips to Take Away
Ultimately, Real Things Are What Count
Growth Compounds
Excessive Growth in the Money Supply Causes High Inflation in the Long Run
There’s No Trade-Off between Inflation and Unemployment in the Long Run
Government Has a Budget Constraint
The Value of Commitment
Cyclical Unemployment Is Costly
Monetary and Fiscal Policy Can Be Stabilizing
Financial Markets Are Important … and Fragile
Efficient Markets Should Be Surprised
About the Authors
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End User License Agreement
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