Macroeconomics, 7th Edition

R. Glenn Hubbard all

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Macroeconomics, 7th Edition

By R. Glenn Hubbard, Anthony Patrick O'Brien
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For courses in the principles of macroeconomics.


The relevance of macroeconomics shown through real-world business examples

The authors of Macroeconomics help 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.


R. Glenn Hubbard, policymaker, professor, and researcher. Hubbard is the dean 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 Closed-End Funds, and MetLife. He received his PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chairman of the White House Council of Economic Advisers and chairman 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 his 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 small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. O’Brien’s research has dealt with issues such as the evolution of the US automobile industry, the sources of US economic competitiveness, the development of US trade policy, the causes of the Great Depression, and the causes of black–white income differences. His research has been published in leading journals, including American Economic Review, Quarterly Journal of Economics, Journal of Money, Credit, and Banking, Industrial Relations, Journal of Economic History, and Explorations in Economic History. His research has been supported by grants from government agencies and private foundations.




Help students connect economic concepts to current events and policy issues

  • New and Updated - Chapter openers feature either new companies or have updated information. 
  • New - Chapters 1–4, include new An Inside Look features to help students apply economic thinking to current events and policy debates as they are presented in news articles. Additional news articles and analyses appear weekly on MyLab Economics.
  • New - Apply the Concepts include“Virtual Reality Headsets: Will a Substitute Fail for a Lack of Complements?”; “Millennials Shake Up the Markets for Soda, Groceries, Big Macs, and Running Shoes”; and “Forecasting the Demand for Premium Bottled Water.”
  • New - Chapter 5, “The Economics of Health Care,” opens with a new discussion of how insurance companies are dealing with the effects of the Patient Protection and Affordable Care Act of 2010. Authors examine the 2017 debate in Congress over whether that act should be extensively revised.
  • New - Chapter 9, “Inflation, Unemployment, and Federal Reserve Policy,” opens with a new discussion of how the Fed’s attempts to bring the economy in for a soft landing will affect General Motors, Toll Brothers, and other firms.
  • New and Updated - Chapter 18, “Macroeconomics in an Open Economy,” opens with a new discussion of the effect of fluctuations in exchange rates on Amazon’s profit. Solved Problem 18.2 analyzes how fluctuations in the value of the yen affect Toyota, and an updated Apply the Concept considers how the Trump administration has reacted to fluctuations in the value of the dollar.
Table of contents
  • 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
  • 6. Firms, the Stock Market, and Corporate Governance
  • Appendix: Tools to Analyze Firms’ Financial Information
  • 7. Comparative Advantage and the Gains from International Trade
  • 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
  • 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
  • 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
  • 18. Macroeconomics in an Open Economy
  • 19. The International Financial System
  • Appendix: The Gold Standard and the Bretton Woods System