Macroeconomics

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Blanchard presents a unified view of macroeconomics, enabling students to see the connections between the short run, medium run, and long run. Features New definition of exchange rate defined as the price of domestic currency in terms of foreign currency A discussion of whether we should think of the central bank as choosing the money stock or the interest rate has been introduced to spark student thought and interest. Expanded discussion of inflation targeting and interest rate rules. Many new boxes and discussions that focus on recent events and research Table Of Contents INTRODUCTION A Tour of the World A Tour of the Book THE CORE The Goods Market. Financial Markets Goods and Financial Markets: The IS-LM Model The Labor Market Putting All Markets Together. The AS-AD Model The Natural Rate of Unemployment and The Phillips Curve Inflation, Activity, and Nominal Money Growth The Facts of Growth Saving, Capital Accumulation, and Output Technological Progress and Growth Technological Progress, Wages, and Unemployment EXTENSION: EXPECTATIONS 1Expectations: The Basic Tools Financial Markets and Expectations Expectations, Consumption, and Investment Expectations, Output, and Policy EXTENSION: THE OPEN ECONOMY Openness in Goods and Financial Markets The Goods Market in an Open Economy Output, the Interest Rate, and the Exchange Rate Exchange Rate Regimes Depressions and Slumps EXTENSION: PATHOLOGIES High inflation Should Policy Makers Be Restrained? BACK TO POLICY Monetary Policy: A Summing Up Fiscal Policy: A Summing Up EPILOGUE Epilogue: The Story of Macroeconomics