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 introductionThe Ordinary Business of Life
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An Engine for Discovery 4 |
chapter1First Principles |
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Principles That Underlie Individual Choice: The Core of Economics 6
Principle #1: Choices Are Necessary Because Resources Are Scarce 6 Principle #2: The True Cost of Something Is Its Opportunity Cost 7 Principle #3: “How Much” Is a Decision at the Margin 8 Principle #4: People Usually Respond to Incentives, Exploiting Opportunities to Make Themselves Better Off 9
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FOR INQUIRING MINDS: Cashing In at School 10 |
ECONOMICS  IN ACTION Boy or Girl? It Depends on the Cost 10 |
Interaction: How Economies Work 12
Principle #5: There Are Gains from Trade 12 Principle #6: Markets Move Toward Equilibrium 13
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FOR INQUIRING MINDS: Choosing Sides 14
Principle #7: Resources Should Be Used Efficiently to Achieve Society’s Goals 15 Principle #8: Markets Usually Lead to Efficiency 16 Principle #9: When Markets Don’t Achieve Efficiency, Government Intervention Can Improve Society’s Welfare 16
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ECONOMICS IN ACTION Restoring Equilibrium on the Freeways 17 |
Economy-Wide Interactions 18
Principle #10: One Person’s Spending Is Another Person’s Income 18 Principle #11: Overall Spending Sometimes Gets Out of Line with the Economy’s Productive Capacity 19 Principle #12: Government Policies Can Change Spending 19
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ECONOMICS IN ACTION Adventures in Babysitting 20 |
BUSINESS CASE: How Priceline.com Revolutionized the Travel Industry 21 |
chapter2Economics Models: Trade-offs and Trade |
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FROM KITTY HAWK TO DREAMLINER 25 |
Models in Economics: Some Important Examples 26 |
FOR INQUIRING MINDS: The Model That Ate the Economy 26
Trade-offs: The Production Possibility Frontier 27 Comparative Advantage and Gains from Trade 33 Comparative Advantage and International Trade, in Reality 36
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GLOBAL COMPARISON: Pajama Republics 37
Transactions: The Circular-Flow Diagram 37
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ECONOMICS IN ACTION Rich Nation, Poor Nation 39 |
Positive versus Normative Economics 40 When and Why Economists Disagree 41
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FOR INQUIRING MINDS: When Economists Agree 42 |
ECONOMICS IN ACTION Economists, Beyond the Ivory Tower 43 |
BUSINESS CASE: Efficiency, Opportunity Cost, and the Logic of Lean Production 45 |
Chapter 2 APPENDIX Graphs in Economics |
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Graphs, Variables, and Economic Models 51 |
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A Key Concept: The Slope of a Curve 54
The Slope of a Linear Curve 54 Horizontal and Vertical Curves and Their Slopes 55 The Slope of a Nonlinear Curve 56 Calculating the Slope Along a Nonlinear Curve 56 Maximum and Minimum Points 58
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Calculating the Area Below or Above a Curve 59 |
Graphs That Depict Numerical Information 60
Types of Numerical Graphs 60 Problems in Interpreting Numerical Graphs 62
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chapter3Supply and Demand |
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Supply and Demand: A Model of a Competitive Market 68 |
The Demand Schedule and the Demand Curve 69 Shifts of the Demand Curve 70
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GLOBAL COMPARISON: Pay More, Pump Less 71
Understanding Shifts of the Demand Curve 73
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ECONOMICS IN ACTION Beating the Traffic 78 |
The Supply Schedule and the Supply Curve 79 Shifts of the Supply Curve 80 Understanding Shifts of the Supply Curve 81
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ECONOMICS IN ACTION Only Creatures Small and Pampered 85 |
Supply, Demand, and Equilibrium 86
Finding the Equilibrium Price and Quantity 86 Why Do All Sales and Purchases in a Market Take Place at the Same Price? 87 Why Does the Market Price Fall If It Is Above the Equilibrium Price? 88 Why Does the Market Price Rise If It Is Below the Equilibrium Price? 88 Using Equilibrium to Describe Markets 89
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ECONOMICS IN ACTION The Price of Admission 89 |
Changes in Supply and Demand 90
What Happens When the Demand Curve Shifts 91 What Happens When the Supply Curve Shifts 92 Simultaneous Shifts of Supply and Demand Curves 93
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FOR INQUIRING MINDS:Tribulations on the Runway 94 |
ECONOMICS IN ACTION The Cotton Panic and Crash of 2011 95 |
Competitive Markets—And Others 96 |
BUSINESS CASE: An Uber Way to Get a Ride 97 |
chapter4Price Controls and Quotas: Meddling with Markets |
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BIG CITY, NOT-SO-BRIGHT IDEAS 103 |
Why Governments Control Prices 104 |
Modeling a Price Ceiling 105 How a Price Ceiling Causes Inefficiency 106
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FOR INQUIRING MINDS: Mumbai’s Rent-Control Millionaires 109
So Why Are There Price Ceilings? 110
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ECONOMICS IN ACTION Price Controls in Venezuela: “You Buy What They Have” 110 |
How a Price Floor Causes Inefficiency 113
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GLOBAL COMPARISON: Check Out Our Low, Low Wages! 116
So Why Are There Price Floors? 116
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ECONOMICS IN ACTION The Rise and Fall of the Unpaid Intern 116 |
Controlling Quantities 118
The Anatomy of Quantity Controls 118 The Costs of Quantity Controls 121
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ECONOMICS IN ACTION Crabbing, Quotas, and Saving Lives in Alaska 122 |
BUSINESS CASE: Medallion Financial: Cruising Right Along 124 |
chapter5International Trade |
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Comparative Advantage and International Trade 132
Production Possibilities and Comparative Advantage, Revisited 133 The Gains from International Trade 135 Comparative Advantage versus Absolute Advantage 136
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GLOBAL COMPARISON: Productivity and Wages Around the World 137
Sources of Comparative Advantage 138
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FOR INQUIRING MINDS: Increasing Returns to Scale and International Trade 140 |
ECONOMICS IN ACTION How Hong Kong Lost Its Shirts 140 |
Supply, Demand, and International Trade 141
The Effects of Imports 142 The Effects of Exports 144 International Trade and Wages 146
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ECONOMICS IN ACTION Trade, Wages, and Land Prices in the Nineteenth Century 147 |
The Effects of Trade Protection 148
The Effects of a Tariff 148 The Effects of an Import Quota 150
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ECONOMICS IN ACTION Trade Protection in the United States 151 |
The Political Economy of Trade Protection 152
Arguments for Trade Protection 152 The Politics of Trade Protection 152 International Trade Agreements and the World Trade Organization 153
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FOR INQUIRING MINDS:Tires Under Pressure 154
Challenges to Globalization 154
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ECONOMICS IN ACTION Beefing Up Exports 156 |
BUSINESS CASE: Li & Fung: From Guangzhou to You 158 |
Chapter 5 APPENDIX Consumer and Producer Surplus |
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Consumer Surplus and the Demand Curve 163
Willingness to Pay and the Demand Curve 163 Willingness to Pay and Consumer Surplus 164
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Producer Surplus and the Supply Curve 165
Cost and Producer Surplus 165
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part3 Introduction to Macroeconomics |
chapter6Macroeconomics: The Big Picture |
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The Nature of Macroeconomics 170
Macroeconomic Questions 170 Macroeconomics: The Whole Is Greater Than the Sum of Its Parts 171 Macroeconomics: Theory and Policy 171
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ECONOMICS IN ACTION Fending Off Depression 172 |
Charting the Business Cycle 174 The Pain of Recession 175
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FOR INQUIRING MINDS: Defining Recessions and Expansions 176
Taming the Business Cycle 177
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GLOBAL COMPARISON: Slumps Across the Atlantic 177 |
ECONOMICS IN ACTION Comparing Recessions 178 |
Long-Run Economic Growth 178 |
FOR INQUIRING MINDS: When Did Long-Run Growth Start? 180 |
ECONOMICS IN ACTION A Tale of Two Countries 180 |
Inflation and Deflation 181
The Causes of Inflation and Deflation 181 The Pain of Inflation and Deflation 182
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ECONOMICS IN ACTION A Fast (Food) Measure of Inflation 182 |
International Imbalances 183 |
ECONOMICS IN ACTION Spain’s Costly Surplus 184 |
BUSINESS CASE: The Business Cycle and the Decline of Montgomery Ward 186 |
chapter7GDP and the CPI: Tracking the Macroeconomy |
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The National Accounts 192
The Circular-Flow Diagram, Revisited and Expanded 192 Gross Domestic Product 195
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FOR INQUIRING MINDS: Our Imputed Lives 197 |
FOR INQUIRING MINDS: Gross What? 200 |
ECONOMICS IN ACTION Creating the National Accounts 201 |
Real GDP: A Measure of Aggregate Output 202
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What Real GDP Doesn’t Measure 203
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GLOBAL COMPARISON: GDP and the Meaning of Life 204 |
ECONOMICS IN ACTION Miracle in Venezuela? 205 |
Price Indexes and the Aggregate Price Level 205
Market Baskets and Price Indexes 206 The Consumer Price Index 207
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ECONOMICS IN ACTION Indexing to the CPI 209 |
BUSINESS CASE: Getting a Jump on GDP 211 |
chapter8Unemployment and Inflation |
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HITTING THE BRAKING POINT 217 |
The Unemployment Rate 218
Defining and Measuring Unemployment 218 The Significance of the Unemployment Rate 219 Growth and Unemployment 221
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ECONOMICS IN ACTION Failure to Launch 223 |
The Natural Rate of Unemployment 224
Job Creation and Job Destruction 224 Frictional Unemployment 225 Structural Unemployment 227 The Natural Rate of Unemployment 229
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GLOBAL COMPARISON: Natural Unemployment Around the OECD 230 Changes in the Natural Rate of Unemployment 230 |
ECONOMICS IN ACTION Structural Unemployment in East Germany 232 |
Inflation and Deflation 233
The Level of Prices Doesn’t Matter… 233 …But the Rate of Change of Prices Does 234 Winners and Losers from Inflation 237 Inflation Is Easy; Disinflation Is Hard 238
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ECONOMICS IN ACTION Israel’s Experience with Inflation 239 |
BUSINESS CASE: Day Labor in the Information Age 240 |
part4 Long-Run Economic Growth |
chapter9Long-Run Economic Growth |
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Comparing Economies Across Time and Space 246 |
ECONOMICS IN ACTION India Takes Off 249 |
The Sources of Long-Run Growth 250
The Crucial Importance of Productivity 250 Explaining Growth in Productivity 251 Accounting for Growth: The Aggregate Production Function 251 What About Natural Resources? 255
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ECONOMICS IN ACTION Is the End of Economic Growth in Sight? 256 |
Why Growth Rates Differ 257
Explaining Differences in Growth Rates 258
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FOR INQUIRING MINDS: Inventing R&D 259 |
GLOBAL COMPARISON: What’s the Matter with Italy? 260
The Role of Government in Promoting Economic Growth 260
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FOR INQUIRING MINDS: The New Growth Theory 261 |
ECONOMICS IN ACTION Why Did Britain Fall Behind? 262 |
Success, Disappointment, and Failure 263
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Latin America’s Disappointment 265 Africa’s Troubles and Promise 265
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ECONOMICS IN ACTION Are Economies Converging? 266 |
Is World Growth Sustainable? 268
Natural Resources and Growth, Revisited 268 Economic Growth and the Environment 270
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ECONOMICS IN ACTION The Cost of Limiting Carbon 272 |
BUSINESS CASE: How Boeing Got Better 274 |
chapter10Savings, Investment Spending, and the Financial System |
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Matching Up Savings and Investment Spending 280
The Savings–Investment Spending Identity 280
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FOR INQUIRING MINDS: Who Enforces the Accounting? 283
The Market for Loanable Funds 284
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FOR INQUIRING MINDS: Using Present Value 285 |
ECONOMICS IN ACTION Sixty Years of U.S. Interest Rates 292 |
Three Tasks of a Financial System 294 Types of Financial Assets 296 Financial Intermediaries 297
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GLOBAL COMPARISON: Bonds Versus Banks 299 |
ECONOMICS IN ACTION Banks and the South Korean Miracle 300 |
Financial Fluctuations 301
The Demand for Stocks 301
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FOR INQUIRING MINDS: How Now, Dow Jones? 302
The Demand for Other Assets 303 Asset Price Expectations 303
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FOR INQUIRING MINDS: Behavioral Finance 304
Asset Prices and Macroeconomics 305
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ECONOMICS IN ACTION The Great American Housing Bubble 306 |
BUSINESS CASE: Grameen Bank: Banking Against Poverty 308 |
Chapter 10 APPENDIX Toward a Fuller Understanding of Present Value |
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How to Calculate the Present Value of One-Year Projects 313 |
How to Calculate the Present Value of Multiyear Projects 313 |
How to Calculate the Present Value of Projects with Revenues and Costs 314 |
How to Calculate the Price of a Bond Using Present Value 315 |
How to Calculate the Price of a Share of Stock Using Present Value 316 |
part5 Short-Run Economic Fluctuations |
chapter11Income and Expenditure |
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The Multiplier: An Informal Introduction 318 |
ECONOMICS IN ACTION Sand State Slump 320 |
Current Disposable Income and Consumer Spending 321 Shifts of the Aggregate Consumption Function 324
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ECONOMICS IN ACTION Famous First Forecasting Failures 326 |
The Interest Rate and Investment Spending 328 Expected Future Real GDP, Production Capacity, and Investment Spending 329 Inventories and Unplanned Investment Spending 330
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ECONOMICS IN ACTION Interest Rates and the U.S. Housing Boom 331 |
The Income–Expenditure Model 332
Planned Aggregate Spending and Real GDP 333 Income–Expenditure Equilibrium 334 The Multiplier Process and Inventory Adjustment 336
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ECONOMICS IN ACTION Inventories and the End of a Recession 339 |
BUSINESS CASE: What’s Good for America Is Good for GM 341 |
Chapter 11 APPENDIX Deriving the Multiplier Algebraically |
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chapter12Aggregate Demand and Aggregate Supply |
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Why Is the Aggregate Demand Curve Downward Sloping? 351 The Aggregate Demand Curve and the Income–Expenditure Model 352 Shifts of the Aggregate Demand Curve 354 Government Policies and Aggregate Demand 357
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ECONOMICS IN ACTION Moving Along the Aggregate Demand Curve, 1979–1980 358 |
The Short-Run Aggregate Supply Curve 359
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FOR INQUIRING MINDS: What’s Truly Flexible, What’s Truly Sticky 360
Shifts of the Short-Run Aggregate Supply Curve 361 The Long-Run Aggregate Supply Curve 364 From the Short Run to the Long Run 366
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ECONOMICS IN ACTION Sticky Wages in the Great Recession 367 |
Short-Run Macroeconomic Equilibrium 368 Shifts of Aggregate Demand: Short-Run Effects 369 Shifts of the SRAS Curve 370
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GLOBAL COMPARISON: Supply Shocks of the Twenty-first Century 372
Long-Run Macroeconomic Equilibrium 372
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FOR INQUIRING MINDS: Where’s the Deflation? 375 |
ECONOMICS IN ACTION Supply Shocks Versus Demand Shocks in Practice 375 |
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FOR INQUIRING MINDS: Keynes and the Long Run 377
Policy in the Face of Demand Shocks 377 Responding to Supply Shocks 378
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ECONOMICS IN ACTION Is Stabilization Policy Stabilizing? 378 |
BUSINESS CASE: Slow Steaming 380 |
part6 Stabilization Policy |
chapter13Fiscal Policy |
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HOW BIG IS BIG ENOUGH? 385 |
Fiscal Policy: The Basics 386
Taxes, Purchases of Goods and Services, Government Transfers, and Borrowing 386 The Government Budget and Total Spending 387 Expansionary and Contractionary Fiscal Policy 388 Can Expansionary Fiscal Policy Actually Work? 390 A Cautionary Note: Lags in Fiscal Policy 391
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ECONOMICS IN ACTION What Was in the Recovery Act? 392 |
Fiscal Policy and the Multiplier 393
Multiplier Effects of an Increase in Government Purchases of Goods and Services 393 Multiplier Effects of Changes in Government Transfers and Taxes 394 How Taxes Affect the Multiplier 395
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ECONOMICS IN ACTION Austerity and the Multiplier 396 |
The Budget Balance as a Measure of Fiscal Policy 398 The Business Cycle and the Cyclically Adjusted Budget Balance 398 Should the Budget Be Balanced? 401
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ECONOMICS IN ACTION Europe’s Search for a Fiscal Rule 401 |
Long-Run Implications of Fiscal Policy 402
Deficits, Surpluses, and Debt 403
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GLOBAL COMPARISON: The American Way of Debt 404
Problems Posed by Rising Government Debt 405 Deficits and Debt in Practice 406
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FOR INQUIRING MINDS: What Happened to the Debt from World War II? 407 |
ECONOMICS IN ACTION Are We Greece? 409 |
BUSINESS CASE: Here Comes the Sun 411 |
Chapter 13 APPENDIX Taxes and the Multiplier |
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chapter14Money, Banking, and the Federal Reserve System |
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GLOBAL COMPARISON: The Big Moneys 421
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Measuring the Money Supply 423
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FOR INQUIRING MINDS: What’s with All the Currency? 424 |
ECONOMICS IN ACTION The History of the Dollar 425 |
The Monetary Role of Banks 426
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The Problem of Bank Runs 427
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ECONOMICS IN ACTION It’s a Wonderful Banking System 429 |
Determining the Money Supply 430
How Banks Create Money 430 Reserves, Bank Deposits, and the Money Multiplier 432 The Money Multiplier in Reality 433
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ECONOMICS IN ACTION Multiplying Money Down 434 |
The Federal Reserve System 435
The Structure of the Fed 435 What the Fed Does: Reserve Requirements and the Discount Rate 436 Open-Market Operations 437
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FOR INQUIRING MINDS: Who Gets the Interest on the Fed’s Assets? 439
The European Central Bank 439
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ECONOMICS IN ACTION The Fed’s Balance Sheet, Normal and Abnormal 440 |
The Evolution of the American Banking System 441 |
The Crisis in American Banking in the Early Twentieth Century 441
Responding to Banking Crises: The Creation of the Federal Reserve 442 The Savings and Loan Crisis of the 1980s 444 Back to the Future: The Financial Crisis of 2008 444
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ECONOMICS IN ACTION Regulation After the 2008 Crisis 447 |
BUSINESS CASE: The Perfect Gift: Cash or a Gift Card? 449 |
chapter15Monetary Policy |
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THE MOST POWERFUL PERSON IN GOVERNMENT 455 |
The Opportunity Cost of Holding Money 456 The Money Demand Curve 458 Shifts of the Money Demand Curve 459
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ECONOMICS IN ACTION A Yen for Cash 460 |
Money and Interest Rates 461
The Equilibrium Interest Rate 461 Two Models of Interest Rates? 463 Monetary Policy and the Interest Rate 463 Long-Term Interest Rates 465
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ECONOMICS IN ACTION The Fed Reverses Course 466 |
Monetary Policy and Aggregate Demand 467
Expansionary and Contractionary Monetary Policy 467 Monetary Policy in Practice 468 The Taylor Rule Method of Setting Monetary Policy 469
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GLOBAL COMPARISON: Inflation Targets 470
The Zero Lower Bound Problem 471
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ECONOMICS IN ACTION What the Fed Wants, the Fed Gets 471 |
Money, Output, and Prices in the Long Run 472
Short-Run and Long-Run Effects of an Increase in the Money Supply 472 Changes in the Money Supply and the Interest Rate in the Long Run 474
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ECONOMICS IN ACTION International Evidence of Monetary Neutrality 475 |
BUSINESS CASE: PIMCO Bets on Cheap Money 477 |
Chapter 15 APPENDIX Reconciling the Two Models of the Interest Rate |
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The Interest Rate in the Short Run 481 The Interest Rate in the Long Run 482
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chapter16Inflation, Disinflation, and Deflation |
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BRINGING A SUITCASE TO THE BANK 485 |
The Classical Model of Money and Prices 486 The Logic of Hyperinflation 489
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ECONOMICS IN ACTION Zimbabwe’s Inflation 491 |
Moderate Inflation and Disinflation 491
The Output Gap and the Unemployment Rate 492
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FOR INQUIRING MINDS: Okun’s Law 494
The Short-Run Phillips Curve 494
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FOR INQUIRING MINDS: The Aggregate Supply Curve and the Short-Run Phillips Curve 496
Inflation Expectations and the Short-Run Phillips Curve 497
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ECONOMICS IN ACTION The Phillips Curve in the Great Recession 499 |
Inflation and Unemployment in the Long Run 500
The Long-Run Phillips Curve 500 The Natural Rate of Unemployment, Revisited 502 The Costs of Disinflation 502
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GLOBAL COMPARISON: Disinflation Around the World 502 |
ECONOMICS IN ACTION The Great Disinflation of the 1980s 503 |
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ECONOMICS IN ACTION Is Europe Turning Japanese? 506 |
BUSINESS CASE: Licenses to Print Money 508 |
chapter17Crises and Consequences |
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FROM PURVEYOR OF DRY GOODS TO DESTROYER OF WORLDS 513 |
Banking: Benefits and Dangers 514
The Trade-off Between Rate of Return and Liquidity 514 The Purpose of Banking 515 Shadow Banks and the Re-emergence of Bank Runs 516
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ECONOMICS IN ACTION The Day the Lights Went Out at Lehman 517 |
Banking Crises and Financial Panics 518
The Logic of Banking Crises 518 Historical Banking Crises: The Age of Panics 520 Modern Banking Crises Around the World 521
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ECONOMICS IN ACTION Erin Go Broke 522 |
The Consequences of Banking Crises 523
Banking Crises, Recessions, and Recovery 523 Why Are Banking-Crisis Recessions So Bad? 524
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ECONOMICS IN ACTION Banks and the Great Depression 527 |
The 2008 Crisis and Its Aftermath 528
Severe Crisis, Slow Recovery 528 Aftershocks in Europe 529 The Stimulus–Austerity Debate 531 The Lesson of the Post-Crisis Slump 532
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ECONOMICS IN ACTION If Only It Were the 1930s 532 |
Regulation in the Wake of the Crisis 533 |
ECONOMICS IN ACTION Bent Breaks the Buck 534 |
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chapter18Macroeconomics: Events and Ideas |
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Classical Macroeconomics 540
Money and the Price Level 540
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ECONOMICS IN ACTION When Did the Business Cycle Begin? 540 |
The Great Depression and the Keynesian Revolution 541 |
FOR INQUIRING MINDS: The Politics of Keynes 543
Policy to Fight Recessions 544
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ECONOMICS IN ACTION The End of the Great Depression 544 |
Challenges to Keynesian Economics 545
The Revival of Monetary Policy 545 Limits to Macroeconomic Policy: Inflation and the Natural Rate of Unemployment 549 The Political Business Cycle 549
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ECONOMICS IN ACTION The Fed’s Flirtation with Monetarism 550 |
Rational Expectations, Real Business Cycles, and New Classical Macroeconomics 550
Rational Expectations 551
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FOR INQUIRING MINDS: Supply-Side Economics 552 |
ECONOMICS IN ACTION The 1970s in Reverse 553 |
Consensus and Conflict in Modern Macroeconomics 554
Question 1: Is Expansionary Monetary Policy Helpful in Fighting Recessions? 554 Question 2: Is Expansionary Fiscal Policy Effective in Fighting Recessions? 555 Question 3: Can Monetary and/or Fiscal Policy Reduce Unemployment in the Long Run? 555 Question 4: Should Fiscal Policy Be Used in a Discretionary Way? 555 Question 5: Should Monetary Policy Be Used in a Discretionary Way? 556
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ECONOMICS IN ACTION Lats of Luck 558 |
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chapter19Open-Economy Macroeconomics |
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SWITZERLAND DOESN’T WANT YOUR MONEY 563 |
Capital Flows and the Balance of Payments 564
Balance of Payments Accounts 564
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FOR INQUIRING MINDS: GDP, GNP, and the Current Account 566
Modeling the Financial Account 568
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GLOBAL COMPARISON: Big Surpluses 569
Underlying Determinants of International Capital Flows 571
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FOR INQUIRING MINDS: A Global Savings Glut? 571
Two-Way Capital Flows 572
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ECONOMICS IN ACTION The Golden Age of Capital Flows 572 |
The Role of the Exchange Rate 573
Understanding Exchange Rates 574 The Equilibrium Exchange Rate 574 Inflation and Real Exchange Rates 577 Purchasing Power Parity 579
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FOR INQUIRING MINDS: Burgernomics 579 |
ECONOMICS IN ACTION Low-Cost America 580 |
Exchange Rate Regimes 582 How Can an Exchange Rate Be Held Fixed? 582 The Exchange Rate Regime Dilemma 584
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FOR INQUIRING MINDS: From Bretton Woods to the Euro 584 |
ECONOMICS IN ACTION China Pegs the Yuan 585 |
Exchange Rates and Macroeconomic Policy 586
Devaluation and Revaluation of Fixed Exchange Rates 586 Monetary Policy Under Floating Exchange Rates 587 International Business Cycles 588
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ECONOMICS IN ACTION The Little Currency That Could 589 |
BUSINESS CASE: A Yen for Japanese Cars 591 |
Macroeconomic Data Tables M-1 |
Solutions to “Check Your Understanding” Questions S-1 |
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