Macroeconomics, Pearson New International Edition eBook, 12th Edition

Robert J. Gordon

Macroeconomics, Pearson New International Edition eBook, 12th Edition

By Robert J. Gordon
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Robert J. Gordon
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Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor.

Students have a natural interest in what is happening today and what will happen in the near future.

Macroeconomics capitalises on their interest by beginning with business cycles and monetary-fiscal policy in both closed and open economy. After that, Gordon presents a unique dynamic analysis of demand and supply shocks as causes of inflation and unemployment, followed by a dual approach to economic growth in which theory and real-world examples are used to compare rich and poor countries.

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  • Gordon believes that all macro questions relate to a core set of basic macro puzzles and presents theory with this in mind. Students not only see how theory applies to the real world, but they also learn how to recognise the connections between concepts, such as output and unemployment.
  • Patient and early introduction to business cycles. Because students care most about today’s issues, business cycles and inflation are discussed up front. The IS-LM model is presented early, and an integrated treatment covers monetary and fiscal policy stabilisation, fiscal and foreign deficits and national saving, and the interplay between the balance of payments and exchange rates.
  • A dynamic version of the AS-AD model. Gordon pioneered the dynamic analysis of aggregate demand and supply shocks that can cause inflation and unemployment to be either positively or negatively correlated. In this edition, the rising prices of oil provide a new test for this theory.
  • A clear distinction between short- and long-run macro models. By clearly distinguishing short-run macro (business cycles and their prevention) from long-run macro (economic growth and the long-run consequences of debt and deficits), Gordon helps students understand how different models relate and connect to one another.
  • Pedagogically designed figures. Colour is used consistently throughout chapters to demonstrate the link between theoretical curves and related data graphs.
  • Case studies. Directly following theoretical discussions, case studies bring the material to life using real-world examples to which students can relate.
  • International Perspective boxes. Students gain a well-rounded view of the global economy through International Perspective boxes that compare economic performance in the United States with selected foreign countries.
  • Self-Tests. At the end of every section, Self-Tests immediately check to ensure students retain the topics covered. Answers are provided at the end of each chapter.
  • Data Appendixes. A robust set of data tables is available as appendixes, including annual data for the U.S. back to 1875 and quarterly data back to 1947, as well as annual data since 1960 for other leading nations. This data can also be downloaded from the Companion Website.
Table of contents
  • CHAPTER 1 What Is Macroeconomics?
  • CHAPTER 2 The Measurement of Income, Prices, and Unemployment
  • CHAPTER 3 Income and Interest Rates: The Keynesian Cross Model and the IS Curve
  • CHAPTER 4 Strong and Weak Policy Effects in the IS-LM Model
  • CHAPTER 5 Financial Markets, Financial Regulation, and Economic Instability
  • CHAPTER 6 The Government Budget, the Government Debt, and Limitations of Fiscal Policy
  • CHAPTER 7 International Trade, Exchanges Rates, and Macroeconomic Policy
  • CHAPTER 8 Aggregate Demand, Aggregate Supply, and the Great Depression
  • CHAPTER 9 Inflation: Its Causes and Cures
  • CHAPTER 10 The Goals of Stabilization Policy: Low Inflation and Low Unemployment
  • CHAPTER 11 The Theory of Economic Growth
  • CHAPTER 12 The Big Questions of Economic Growth
  • CHAPTER 13 The Goals, Tools, and Rules of Monetary Policy
  • CHAPTER 14 The Economics of Consumption Behavior
  • CHAPTER 15 The Economics of Investment Behavior
  • CHAPTER 16 New Classical Macro and New Keynesian Macro
  • CHAPTER 17 Conclusion: Where We Stand