Solution manual for Macroeconomics 11th edition by Robert J. Gordon

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Solution manual for Macroeconomics 11th edition by Robert J. Gordon

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Description Solution manual for Macroeconomics 11th edition by Robert J. Gordon Table of Contents Part I: Introduction and Measurement Chapter 1. What Is Macroeconomics? 1-1 How Macroeconomics Affects Our Everyday Lives 1-2 Defining Macroeconomics 1-3 Actual and Natural Real GDP 1-4 Macroeconomics in the Short Run and Long Run 1-5 Case Study: A Century of Business Cycles 1-6 Macroeconomics at the Extremes 1-7 Taming Business Cycles: Stabilization Policy 1-8 The “Internationalizationâ€?of Macroeconomics Chapter 2. The Measurement of Income, Prices, and Unemployment 2-1 Why We Care About Income 2-2 The Circular Flow of Income and Expenditure 2-3 What Transactions Should Be Included in Income and Expenditure? 2-4 Components of Expenditure 2-5 The “Magicâ€?Equation and the Twin Deficits 2-6 How Much Income Flows from Business Firms to Households? 2-7 Nominal GDP, Real GDP, and the GDP Deflator 2-8 Measuring Unemployment 2-9 Case Study: Conflicting Measurements: Was the 2002-04 Recover “Joblessâ€?or Not? Appendix: How We Measure Real GDP and the Inflation Rate Part II: Income, Interest Rates, Policy, and the Open Economy Chapter 3. Spending, Income, and Interest Rates 3-1 Business Cycles and the Theory of Income Determination 3-2 Income Determination, Unemployment, and the Price Level 3-3 Planned Expenditure 3-4 Case Study: Why Did U.S. Saving Almost Vanish in This Decade? 3-5 The Economy In and Out of Equilibrium 3-6 The Multiplier Effect 3-7 Sources of Shifts in Planned Spending 3-8 How Can Monetary Policy Affect Planned Spending? 3-9 The Relation of Autonomous Planned Spending to the Interest Rate 3-10 The IS Curve 3-11 Conclusion: The Missing Relation Appendix: Allowing for Income Taxes and Income-Dependent Net Exports Chapter 4. Monetary and Fiscal Policy in the IS-LM Model 4-1 Introduction: The Power of Monetary and Fiscal Policy 4-2 Why People Use Money 4-3 Income, the Interest Rate, and the Demand for Money 4-4 The LM Curve 4-5 The IS Curve Meets the LM Curve 4-6 Monetary Policy in Action 4-7 How Fiscal Expansion Can “Crowd Outâ€?Investment 4-8 Strong and Weak Effects of Monetary Policy 4-9 Strong and Weak Effects of Fiscal Policy 4-10 Using Fiscal and Monetary Policy Together Appendix: The Elementary Algebra of the IS-LM Model Chapter 5. The Government Budget, Foreign Borrowing, and the Twin Deficits 5-1 Introduction 5-2 The Pervasive Effects of the Government Budget 5-3 Case Study: The Government Budget In Historical Perspective 5-4 The Structural Budget 5-5 National Saving and the Consequences of the Government Budge 5-6 Case Study: How the Deficits Rejoined to Become “Twinsâ€?5-7 The Current Account and the Balance of Payments 5-8 Conclusion: Solutions to the National Saving Squeeze Chapter 6. International Trade, Exchange Rates, and Macroeconomic Policy 6-1 Introduction 6-2 Exchange Rates 6-3 The Market for Foreign Exchange 6-4 Real Exchange Rates and Purchasing Power Parity 6-5 Exchange Rate Systems 6-6 Case Study: Asia Intervenes with Buckets to Buy Dollars and Finance the U.S. Current Account Deficit—How Long Can This Continue? 6-7 Determinants of Net Exports 6-8 The Real Exchange Rate and Interest Rate 6-9 Effects of Monetary and Fiscal Policy with Fixed and Flexible Exchange Rates 6-10 Conclusion: Economic Policy in the Open Economy Part III: Aggregate Demand, Aggregate Supply, Unemployment and Inflation Chapter 7. Aggregate Demand, Aggregate Supply, and the Self-Correcting Economy 7-1 Combining Aggregate Demand with Aggregate Supply 7-2 Flexible Prices and the AD Curve 7-3 Shifting the Aggregate Demand Curve with Monetary and Fiscal Policy 7-4 Alternative Shapes of the Short-Run Aggregate Supply Curve 7-5 The Short-Run Aggregate Supply (SAS) Curve When the Nominal Wage Rate Is Constant 7-6 How the Wage Rate Is Set 7-7 Fiscal and Monetary Expansion in the Short and Long Run 7-8 Classical Macroeconomics: The Quantity Theory of Money and the Self-Correcting Economy 7-9 The Keynesian Revolution: The Failure of Self-Correction 7-10 Case Study: What Caused the Great Depression Chapter 8. Inflation: Its Causes and Cures 8-1 Introduction 8-2 Real GDP, the Inflation Rate, and the Short-Run Phillips Curve 8-3 The Adjustment of Expectations 8-4 Nominal GDP Growth and Inflation 8-5 Effects of an Acceleration in Nominal GDP Growth 8-6 Expectations and the Inflation Cycle 8-7 Recession as a Cure for Inflation 8-8 The Importance of Supply Shocks 8-9 The Response of Inflation and the Output Ratio to a Supply Shock 8-10 Case Study: Why Did Inflation Creep Up After 2003? 8-11 Inflation and Output Fluctuations: Recapitulation of Causes and Cures 8-12 How Is the Unemployment Rate Related to the Inflation Rate? Appendix: The Elementary Algebra of the SP-DG Model Chapter 9. The Goals of Stabilization Policy: Low Inflation and Low Unemployment 9-1 The Costs and Causes of Inflation 9-2 Money and Inflation 9-3 Why Inflation Is Not Harmless 9-4 Indexation and Other Reforms to Reduce the Costs of Inflation 9-5 The Government Budget Constraint and the Inflation Tax 9-6 Starting and Stopping in Hyperinflation 9-7 Why the Unemployment Rate Cannot Be Reduced to Zero 9-8 Sources of Mismatch Unemployment 9-9 Turnover Unemployment and Job Search Part IV: Macroeconomics in the Long Run: Growth and Public Finance Chapter 10. The Theory of Economic Growth 10-1 The Importance of Economic Growth 10-2 Standards of Living as the Consequence of Economic Growth 10-3 The Production Function and Economic Growth 10-4 Solow’s Theory of Economic Growth 10-5 Technology in Theory and Practice 10-6 Puzzles That Solow’s Theory Cannot Explain 10-7 Human Capital, Immigration, and the Solow Puzzles 10-8 Endogenous Growth Theory: How Is Technological Change Produced? 10-9 Conclusion: Are There Secrets of Growth? Appendix: General Functional Forms and the Production Function Chapter 11. The Big Questions of Economic Growth 11-1 Answering the Big Questions 11-2 The Standard of Living and Concepts of Productivity 11-3 The Failure of Convergence 11-4 Human Capital and Technology 11-5 Political Capital, Infrastructure, and Geography 11-6 Case Study: Uneven U.S. Growth Across Eras: Why Did U.S. Productivity Growth Slow Down and Then Revive? 11-7 Labor Supply Shifts as a Source of Faster or Slower Productivity Growth 11-8 Case Study: The Productivity Growth Contrast Between Europe and the United States 11-9 Conclusion to the Great Questions of Growth Chapter 12. The Government Budget, the Public Debt, and Social Security 12-1 Introduction: The Government Budget and Long-Run Economic Growth 12-2 Long-Run Effects of Fiscal Policy on Economic Growth and Welfare 12-3 The Future Burden of the Government Debt 12-4 Will the Government Remain Solvent? 12-5 Case Study: Historical Behavior of the Debt-GDP Ratio Since 1790 12-6 Why the Budget Deficit Disappeared Temporarily and the Reappeared 12-7 Alternative Views of Fiscal Policy: Supply-Side Economics 12-8 Alternative Views of Fiscal Policy: The Barro-Ricardo Equivalence Theorem 12-9 The Great Debate over Social Security 12-10 Long-Run Economic Growth and the Fiscal Debate Part V: Stabilization Policy in an Open Economy Chapter 13. Money and Financial Markets 13-1 Money in a World of Many Financial Assets and Liabilities 13-2 Financial Institutions, Markets, and Instruments 13-3 Definitions of Money 13-4 High-Powered Money and Determinants of the Money Supply 13-5 The Fed’s Three Tools for Changing the Money Supply 13-6 Theories of the Demand for Money 13-7 Case Study: Why Interest Rates Were More Volatile in the 1980s and Less Volatile in the 1990s 13-8 Why the Federal Reserve “Setsâ€?Interest Rates Chapter 14. Stabilization Policy in the Closed and Open Economy 14-1 The Central Role of Demand Shocks 14-2 Stabilization Targets and Instruments in the Activistsâ€?Paradise 14-3 Policy Rules 14-4 Policy Pitfalls: Lags and Uncertain Multipliers 14-5 Case Study: Was the Fed Responsible for the Great Moderation? 14-6 Time Inconsistency, Credibility, and Reputation 14-7 Case Study: The Taylor Rule and the Changing Fed Attitude Toward Inflation and Output 14-8 Rules Versus Discretion: An Assessment 14-9 Case Study: Should Monetary Policy Target the Exchange Rate? Part VI: Stability and Instability in the Private Economy Chapter 15. The Economics of Consumption Behavior 15-1 Consumption and Economic Stability 15-2 Case Study: Main Features of U.S. Consumption Data 15-3 Background: The Conflict Between the Time-Series and Cross-Section Evidence 15-4 Forward-Looking Behavior: The Permanent-Income Hypothesis 15-5 Forward-Looking Behavior: The Life-Cycle Hypothesis 15-6 Rational Expectations and Other Amendments to the Simple Forward-Looking Theories 15-7 Bequests and Uncertainty 15-8 Case Study: Did Souring Household Assets Cause the Collapse in the Household Saving Rate? 15-9 Why the Official Household Saving Data Are Misleading 15-10 Conclusion: Consumption and the Case For and Against Activism Chapter 16. The Economics of Investment Behavior 16-1 Investment and Economic Stability 16-2 Case Study: The Historical Instability of Investment 16-3 The Accelerator Hypothesis of Net Investment 16-4 Case Study: The Simple Accelerator and the Postwar U.S. Economy 16-5 The Flexible Accelerator 16-6 The Neoclassical Theory of Investment Behavior 16-7 User Cost and the Role of Monetary and Fiscal Policy 16-8 Business Confidence and Speculation 16-9 Case Study: The Boom and Bust in the “New Economyâ€?Investment 16-10 Investment as a Source of Instability of Output and Interest Rates 16-11 Conclusion: Investment and the Case For and Against Activism Part VII: Debates at the Macroeconomic Frontier Chapter 17. New Classical Macro Confronts New Keynesian Macro 17-1 Introduction: Classical and Keynesian Economics, Old and New 17-2 Imperfect Information and the “Fooling Modelâ€?17-3 The Lucas Model and the Policy Ineffectiveness Proposition 17-4 The Real Business Cycle Model 17-5 New Classical Macroeconomics: Limitations and Positive Contributions 17-6 Essential Features of the New Keynesian Economics 17-7 Why Small Nominal Rigidities Have Large Macroeconomic Effects 17-8 Coordination Failures and Indexation 17-9 Long-Term Labor Contracts as a Source of the Business Cycle 17-10 “Realâ€?Sources of Wage Stickiness 17-11 Assessment of the New Keynesian Model Chapter 18. Conclusion: Where We Stand 18-1 The Evolution of Events and Ideas 18-2 The Reaction of Ideas to Events, 1923â€?7 18-3 The Reaction of Ideas to Events, 1947â€?9 18-4 The Reaction of Ideas to Events, 1970â€?007 18-5 The Reaction of Ideas to Events in the World Economy 18-6 Macro Mysteries: Unsettled Issues and Debates

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