Macroeconomics (7^th Ed.)

For courses in the principles of macroeconomics.

The relevance of macroeconomics shown through real-world business examples

The authors of Macroeconomicshelp foster interest in the discipline?s concepts, and make the key principles of this topic relevant to students? lives by demonstrating how real businesses use macroeconomics to make decisions every day. With ever-changing US and world economies, the 7th Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path -- opening an art studio, trading on Wall Street, or bartending at the local pub, students will benefit from understanding the macroeconomic forces behind their work.

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PART I: INTRODUCTION

1. Economics: Foundations and Models

Appendix: Using Graphs and Formulas

2. Trade-offs, Comparative Advantage, and the Market System

3. Where Prices Come From: The Interaction of Demand and Supply

4. Economic Efficiency, Government Price Setting, and Taxes

Appendix: Quantitative Demand and Supply Analysis

5. The Economics of Health Care

PART II: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES

6. Firms, the Stock Market, and Corporate Governance

Appendix: Tools to Analyze Firms’ Financial Information

7. Comparative Advantage and the Gains from International Trade

PART III: MACROECONOMIC FOUNDATIONS AND LONG-RUN GROWTH

8. GDP: Measuring Total Production and Income

9. Unemployment and Inflation

10. Economic Growth, the Financial System, and Business Cycles

11. Long-Run Economic Growth: Sources and Policies

PART IV: SHORT-RUN FLUCTUATIONS

12. Aggregate Expenditure and Output in the Short Run

Appendix: The Algebra of Macroeconomic Equilibrium

13. Aggregate Demand and Aggregate Supply Analysis

Appendix: Macroeconomic Schools of Thought

PART V: MONETARY AND FISCAL POLICY

14. Money, Banks, and the Federal Reserve System

15.Monetary Policy

16.Fiscal Policy

Appendix: A Closer Look at the Multiplier

17. Inflation, Unemployment, and Federal Reserve Policy

PART VI: THE INTERNATIONAL ECONOMY

18. Macroeconomics in an Open Economy

19. The International Financial System

Appendix: The Gold Standard and the Bretton Woods System

About our authors

Glenn Hubbard, policymaker, professor, and researcher. Hubbard is Dean emeritus and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Fixed-Income Funds, and MetLife. He received a PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; Quarterly Journal of Economics; RAND Journal of Economics; and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony O’Brien, award-winning professor and researcher. O’Brien is a professor of economics at Lehigh University. He received a PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 years, in both large sections and s