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Test Bank for Macroeconomics, 2nd Edition : Hubbard

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Test Bank for Macroeconomics, 2nd Edition : Hubbard

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Hubbard, O’Brien, and Rafferty realize that most students enrolled in today’s intermediate macroeconomics courses are either undergraduate or masters students who are likely to become entrepreneurs, managers, bankers, stock brokers, accountants, lawyers, or government officials. Very few students will pursue a Ph.D. in economics. Given this student profile, Hubbard, O’Brien, and Rafferty’s text presents Intermediate Macroeconomics in the context of contemporary events, policy, and business with an integrated explanation of today’s financial crisis. Student and instructor feedback tells us that Hubbard, O’Brien, and Rafferty helps make the link between theory and real-world easier for students!

 

Table of Content:

  1. Chapter 1 The Long and Short of Macroeconomics
  2. Learning Objectives
  3. When You Enter the Job Market can Matter a Lot
  4. What Macroeconomics Is About
  5. Macroeconomics in the Short Run and in the Long Run
  6. Long-Run Growth in the United States
  7. Some Countries Have Not Experienced Significant Long-Run Growth
  8. Aging Populations Pose a Challenge to Governments Around the World
  9. Unemployment in the United States
  10. Unemployment Rates Differ Across Developed Countries
  11. Inflation Rates Fluctuate Over Time and Across Countries
  12. Economic Policy Can Help Stabilize the Economy
  13. International Factors Have Become Increasingly Important in Explaining Macroeconomic Events
  14. How Economists Think About Macroeconomics
  15. What Is the Best Way to Analyze Macroeconomic Issues?
  16. Macroeconomic Models
  17. Solving the Problem
  18. Assumptions, Endogenous Variables, and Exogenous Variables in Economic Models
  19. Forming and Testing Hypotheses in Economic Models
  20. Key Issues and Questions of Macroeconomics
  21. Key Terms and Problems
  22. Key Terms
  23. 1.1 What Macroeconomics Is About Become familiar with the focus of macroeconomics.
  24. Review Questions
  25. Problems and Applications
  26. 1.2 How Economists Think About Macroeconomics Explain how economists approach macroeconomic questions.
  27. Review Questions
  28. Problems and Applications
  29. Data Exercises
  30. Chapter 2 Measuring the Macroeconomy
  31. Learning Objectives
  32. How Do We Know When We Are in a Recession?
  33. GDP: Measuring Total Production and Total Income
  34. How the Government Calculates GDP
  35. Production and Income
  36. The Circular Flow of Income
  37. An Example of Measuring GDP
  38. National Income Identities and the Components of GDP
  39. The Relationship Between GDP and GNP
  40. GDP Versus GDI
  41. GDP and National Income
  42. Real GDP, Nominal GDP, and the GDP Deflator
  43. Solving the Problem
  44. Price Indexes and the GDP Deflator
  45. Solving the Problem
  46. The Chain-Weighted Measure of Real GDP
  47. Comparing GDP Across Countries
  48. Inflation Rates and Interest Rates
  49. How Accurate Is the CPI?
  50. The Way the Federal Reserve Measures Inflation
  51. Interest Rates
  52. Measuring Employment and Unemployment
  53. Answering the Key Question
  54. Key Terms and Problems
  55. Key Terms
  56. 2.1 GDP: Measuring Total Production and Total Income Explain how economists use gross domestic product (GDP) to measure total production and total income.
  57. Review Questions
  58. Problems and Applications
  59. 2.2 Real GDP, Nominal GDP, and the GDP Deflator Discuss the difference between real GDP and nominal GDP.
  60. Review Question
  61. Problems and Applications
  62. 2.3 Inflation Rates and Interest Rates Explain how the inflation rate is measured and distinguish between real and nominal interest rates.
  63. Review Questions
  64. Problems and Applications
  65. 2.4Measuring Employment and Unemployment Understand how to calculate the unemployment rate.
  66. Review Questions
  67. Problems and Applications
  68. Data Exercises
  69. Chapter 3 The U.S. Financial System
  70. Learning Objectives
  71. The Wonderful World of Credit
  72. An Overview of the Financial System
  73. Financial Markets and Financial Intermediaries
  74. Banking and Securitization
  75. Asymmetric Information and Principal–Agent Problems in Financial Markets
  76. Financial Crises, Government Policy, and the Financial System
  77. Financial Intermediaries and Leverage
  78. Bank Panics
  79. Government Policies to Deal with Bank Panics
  80. The Financial Crisis of 2007–2009
  81. The Mortgage Market and the Subprime Lending Disaster
  82. Runs on the Shadow Banking System
  83. Government Policies to Deal with the Financial Crisis of 2007–2009
  84. The Money Market and the Risk Structure and Term Structure of Interest Rates
  85. The Demand and Supply of Money
  86. Shifts in the Money Demand Curve
  87. Equilibrium in the Money Market
  88. Calculating Bond Interest Rates and the Concept of Present Value
  89. Present Value and the Prices of Stocks and Bonds
  90. Solving the Problem
  91. The Economy’s Many Interest Rates
  92. Answering the Key Question
  93. Key Terms and Problems
  94. Key Terms
  95. 3.1 An Overview of the Financial System Describe the financial system and explain the role it plays in the economy.
  96. Review Questions
  97. Problems and Applications
  98. 3.2 Financial Crises, Government Policy, and the Financial System Understand the role of the central bank in stabilizing the financial system.
  99. Review Questions
  100. Problems and Applications
  101. 3.3 The Money Market and the Risk Structure and Term Structure of Interest Rates Explain how interest rates are determined in the money market and understand the risk structure and the term structure of interest rates.
  102. Review Questions
  103. Problems and Applications
  104. Data Exercises
  105. Chapter 4 The Global Financial System
  106. Learning Objectives
  107. Did U.S. Monetary Policy Slow Brazil’s Growth?
  108. The Balance of Payments
  109. The Current Account
  110. The Financial Account
  111. The Capital Account
  112. Exchange Rates and Exchange Rate Policy
  113. Nominal Exchange Rates
  114. Real Exchange Rates
  115. The Foreign-Exchange Market
  116. Exchange Rate Policy
  117. Policy Choices and the Current Exchange Rate Systems
  118. What Factors Determine Exchange Rates?
  119. Purchasing Power Parity
  120. Why Purchasing Power Parity Doesn’t Hold Exactly
  121. The Interest Parity Condition
  122. Solving the Problem
  123. The Loanable Funds Model and the International Capital Market
  124. Saving and Supply in the Loanable Funds Market
  125. Investment and the Demand for Loanable Funds
  126. Explaining Movements in Saving, Investment, and the Real Interest Rate
  127. The International Capital Market and the Interest Rate
  128. Small Open Economy
  129. Large Open Economy
  130. Answering the Key Question
  131. Key Terms and Problems
  132. Key Terms
  133. 4.1 The Balance of Payments Explain how to calculate the balance of payments.
  134. Review Questions
  135. Problems and Applications
  136. 4.2 Exchange Rates and Exchange Rate Policy Understand the advantages and disadvantages of different exchange rate policies.
  137. Review Questions
  138. Problems and Applications
  139. 4.3 What Factors Determine Exchange Rates? Discuss what factors determine exchange rates.
  140. Review Questions
  141. Problems and Applications
  142. 4.4 The Loanable Funds Model and the International Capital Market Use the loanable funds model to analyze the international capital market.
  143. Review Questions
  144. Problems and Applications
  145. Data Exercises
  146. Chapter 5 The Standard of Living over Time and Across Countries
  147. Learning Objectives
  148. Who Is Number One?
  149. The Aggregate Production Function
  150. The Cobb–Douglas Production Function
  151. The Demand for Labor and the Demand for Capital
  152. Changes in Capital, Labor, and Total Factor Productivity
  153. A Model of Real GDP in the Long Run
  154. The Markets for Capital and Labor
  155. Combining the Factor Markets with the Aggregate Production Function
  156. The Division of Total Income
  157. Solving the Problem
  158. What Determines Levels of Real GDP Across Countries?
  159. Why Real GDP per Worker Varies Among Countries
  160. The per Worker Production Function
  161. What Determines Labor Productivity?
  162. What Determines Real GDP per Capita?
  163. Total Factor Productivity and Labor Productivity
  164. What Explains Total Factor Productivity?
  165. Answering the Key Question
  166. Key Terms and Problems
  167. Key Terms
  168. 5.1 The Aggregate Production Function Describe the aggregate production function.
  169. Review Questions
  170. Problems and Applications
  171. 5.2 A Model of Real GDP in the Long Run Explain how real GDP is determined in the long run.
  172. Review Questions
  173. Problems and Applications
  174. 5.3 Why Real GDP per Worker Varies Among Countries Understand why the standard of living varies across countries.
  175. Review Questions
  176. Problems and Applications
  177. 5.4 Total Factor Productivity and Labor Productivity Understand why labor productivity varies across countries.
  178. Review Questions
  179. Problems and Applications
  180. Data Exercises
  181. Chapter 6 Long-Run Economic Growth
  182. Learning Objectives
  183. The Surprising Economic Rise of India
  184. The Solow Growth Model
  185. Capital Accumulation
  186. The Steady State
  187. Transition to the Steady State
  188. Saving Rates and Growth Rates
  189. Labor Force Growth and the Solow Growth Model
  190. Labor Force Growth and the Steady State
  191. The Effect of an Increase in the Labor Force Growth Rate
  192. Solving the Problem
  193. Technological Change and the Solow Growth Model
  194. Technological Change
  195. Technological Change and the Steady State
  196. Steady-State Growth Rates
  197. Balanced Growth, Convergence, and Long-Run Equilibrium
  198. Convergence to the Balanced Growth Path
  199. Do All Countries Converge to the Same Steady State?
  200. Endogenous Growth Theory
  201. AK Growth Models: Reconsidering Diminishing Returns
  202. Two-Sector Growth Model: The Production of Knowledge
  203. Policies to Promote Economic Growth
  204. Answering the Key Question
  205. Key Terms and Problems
  206. Key Terms
  207. 6.1 The Solow Growth Model Understand the effect of capital accumulation on labor productivity.
  208. Review Questions
  209. Problems and Applications
  210. 6.2 Labor Force Growth and the Solow Growth Model Understand the effect of labor force growth on labor productivity.
  211. Review Questions
  212. Problems and Applications
  213. 6.3 Technological Change and the Solow Growth Model Understand the effect of technological change on labor productivity and the standard of living.
  214. Review Questions
  215. Problems and Applications
  216. 6.4 The Balanced Growth Path, Convergence, and Long-Run Equilibrium Explain balanced growth, convergence, and long-run equilibrium.
  217. Review Questions
  218. Problems and Applications
  219. 6.5 Endogenous Growth Theory Explain the determinants of technological change using the endogenous growth model.
  220. Review Questions
  221. Problems and Applications
  222. Data Exercises
  223. Chapter 7 Money and Inflation
  224. Learning Objectives
  225. What Can You Buy With $100 Trillion?
  226. What Is Money, and Why Do We Need It?
  227. The Functions of Money
  228. Commodity Money Versus Fiat Money
  229. How Is Money Measured?
  230. Which Measure of the Money Supply Should We Use?
  231. The Federal Reserve and the Money Supply
  232. How the Fed Changes the Monetary Base
  233. The Process of Money Creation
  234. The Quantity Theory of Money and Inflation
  235. The Quantity Theory of Money
  236. The Quantity Theory Explanation of Inflation
  237. Solving the Problem
  238. Can the Quantity Theory Accurately Predict the Inflation Rate?
  239. The Relationships Among the Growth Rate of Money, Inflation, and the Nominal Interest Rate
  240. Real Interest Rates and Expected Real Interest Rates
  241. The Fisher Effect
  242. Money Growth and the Nominal Interest Rate
  243. The Costs of Inflation
  244. Costs of Expected Inflation
  245. How Large Are the Costs of Expected Inflation?
  246. Costs of Unexpected Inflation
  247. Inflation Uncertainty
  248. Benefits of Inflation
  249. Hyperinflation and Its Causes
  250. Causes of Hyperinflation
  251. German Hyperinflation After World War I
  252. Answering the Key Question
  253. Key Terms and Problems
  254. Key Terms
  255. 7.1 What Is Money, and Why Do We Need It? Define money and explain its functions.
  256. Review Questions
  257. Problems and Applications
  258. 7.2 The Federal Reserve and the Money Supply Explain how the Federal Reserve changes the money supply.
  259. Review Questions
  260. Problems and Applications
  261. 7.3 The Quantity Theory of Money and Inflation Describe the quantity theory of money and use it to explain the connection between changes in the money supply and the inflation rate.
  262. Review Questions
  263. Problems and Applications
  264. 7.4 The Relationships Among the Growth Rate of Money, Inflation, and the Nominal Interest Rate Discuss the relationships among the growth rate of money, inflation, and nominal interest rates.
  265. Review Questions
  266. Problems and Applications
  267. 7.5 The Costs of Inflation Explain the costs of a monetary policy that allows inflation to be greater than zero.
  268. Review Questions
  269. Problems and Applications
  270. 7.6 Hyperinflation and Its Causes Explain the causes of hyperinflation.
  271. Review Questions
  272. Problems and Applications
  273. Data Exercises
  274. Open Market Operations
  275. The Simple Deposit Multiplier
  276. A More Realistic Money Multiplier
  277. Chapter 8 The Labor Market
  278. Learning Objectives
  279. If Firms Have Trouble Finding Workers, Why Is the Unemployment Rate so High?
  280. The Labor Market
  281. Nominal and Real Wages
  282. The Demand for Labor Services
  283. Shifting the Demand Curve
  284. The Supply of Labor Services
  285. Factors That Shift the Labor Supply Curve
  286. Equilibrium in the Labor Market
  287. The Effect of Technological Change
  288. Solving the Problem
  289. Categories of Unemployment
  290. Frictional Unemployment and Job Search
  291. Structural Unemployment
  292. Cyclical Unemployment
  293. Full Employment
  294. Unemployment Around the World
  295. Duration of Unemployment Around the World
  296. The Natural Rate of Unemployment
  297. A Simple Model of the Natural Rate of Unemployment
  298. Solving the Problem
  299. What Determines the Natural Rate of Unemployment?
  300. Why Does Unemployment Exist?
  301. Equilibrium Real Wages and Unemployment
  302. Efficiency Wages
  303. Labor Unions Around the World
  304. Minimum Wage Laws
  305. Answering the Key Question
  306. Key Terms and Problems
  307. Key Terms
  308. 8.1 The Labor Market Use the model of demand and supply for labor to explain how wages and employment are determined.
  309. Review Questions
  310. Problems and Applications
  311. 8.2 Categories of Unemployment Define unemployment and explain the three categories of unemployment.
  312. Review Questions
  313. Problems and Applications
  314. 8.3 The Natural Rate of Unemployment Explain the natural rate of unemployment.
  315. Review Questions
  316. Problems and Applications
  317. 8.4 Why Does Unemployment Exist? Explain how government policies affect the unemployment rate.
  318. Review Questions
  319. Problems and Applications
  320. Data Exercises
  321. Chapter 9 Business Cycles
  322. Learning Objectives
  323. Is the Housing Cycle the Business Cycle?
  324. The Short Run and the Long Run in Macroeconomics
  325. The Keynesian and Classical Approaches
  326. Macroeconomic Shocks and Price Flexibility
  327. Why Are Prices Sticky in the Short Run?
  328. What Happens During a Business Cycle?
  329. The Changing Severity of the U.S. Business Cycle
  330. How Do We Know the Economy Is in an Expansion or a Recession?
  331. Measuring Business Cycles
  332. Solving the Problem
  333. Costs of the Business Cycle
  334. Movements of Economic Variables During the Business Cycle
  335. The Global Business Cycle
  336. Shocks and Business Cycles
  337. Multiplier Effects
  338. An Example of a Shock with Multiplier Effects: The Bursting of the Housing Bubble
  339. A Simple Model of the Business Cycle: Aggregate Demand and Aggregate Supply
  340. Aggregate Demand and Aggregate Supply: An Introduction
  341. Aggregate Supply Shocks and the Business Cycle
  342. Aggregate Demand Shocks and the Business Cycle
  343. Should Policy Try to Offset Shocks?
  344. Answering the Key Question
  345. Key Terms and Problems
  346. Key Terms
  347. 9.1 The Short Run and the Long Run in Macroeconomics Explain the difference between the short run and the long run in macroeconomics.
  348. Review Questions
  349. Problems and Applications
  350. 9.2 What Happens During a Business Cycle? Understand what happens during a business cycle.
  351. Review Questions
  352. Problems and Applications
  353. 9.3 Shocks and Business Cycles Explain how economists think about business cycles.
  354. Review Questions
  355. Problems and Applications
  356. 9.4 A Simple Model of the Business Cycle: Aggregate Demand and Aggregate Supply Use the aggregate demand and aggregate supply model to explain the business cycle.
  357. Review Questions
  358. Problems and Applications
  359. Data Exercises
  360. Chapter 10 Explaining Aggregate Demand: The IS–MP Model
  361. Learning Objectives
  362. Fear of Falling (into a Recession)
  363. The IS Curve: The Relationship Between Real Interest Rates and Aggregate Expenditure
  364. Equilibrium in the Goods Market
  365. The Multiplier Effect
  366. The Government Purchases and Tax Multipliers
  367. Solving the Problem
  368. Constructing the IS Curve
  369. Shifts of the IS Curve
  370. The IS Curve and the Output Gap
  371. The Monetary Policy Curve: The Relationship Between the Central Bank’s Target Interest Rate and Output
  372. The Link Between the Short-Term Nominal Interest Rate and the Long-Term Real Interest Rate
  373. Interest Rate Movements During the 2007–2009 Recession
  374. Deriving the MP Curve Using the Money Market Model
  375. Shifts of the MP Curve
  376. Equilibrium in the IS–MP Model
  377. Demand Shocks and Fluctuations in Output
  378. Monetary Policy and Fluctuations in Real GDP
  379. Solving the Problem
  380. IS–MP and Aggregate Demand
  381. Answering the Key Question
  382. Key Terms and Problems
  383. Key Terms
  384. 10.1 The IS Curve: The Relationship Between Real Interest Rates and Aggregate Expenditure Explain how the IS curve represents the relationship between the real interest rate and aggregate expenditure.
  385. Review Questions
  386. Problems and Applications
  387. 10.2 The Monetary Policy Curve: The Relationship Between the Central Bank’s Target Interest Rate and Output Use the monetary policy, MP, curve to show how the interest rate set by the central bank helps to determine the output gap.
  388. Review Questions
  389. Problems and Applications
  390. 10.3 Equilibrium in the IS–MP Model Use the IS–MP model to understand why real GDP fluctuates.
  391. Review Questions
  392. Problems and Applications
  393. Data Exercises
  394. Asset Market Equilibrium
  395. Deriving the LM Curve
  396. Shifting the LM Curve
  397. Equilibrium in the IS–LM Model
  398. Solving the Problem
  399. An Alternative Derivation of the MP Curve
  400. Key Terms and Problems
  401. Key Terms
  402. Review Questions
  403. Problems and Applications
  404. Chapter 11 The IS–MP Model: Adding Inflation and the Open Economy
  405. Learning Objectives
  406. Where’s the Inflation?
  407. The IS–MP Model and the Phillips Curve
  408. Okun’s Law, the Output Gap, and the Phillips Curve
  409. Movement Along an Existing Phillips Curve
  410. Shifts of the Phillips Curve
  411. How Well Does the Phillips Curve Fit the Inflation Data?
  412. Using Monetary Policy to Fight a Recession
  413. Solving the Problem
  414. The Performance of the U.S. Economy During 2007–2009
  415. Using the IS–MP Model to Analyze the Financial Crisis and the Housing Crash
  416. The IS–MP Model and the Oil Shock of 2007–2008
  417. The IS–MP Model in an Open Economy
  418. The IS Curve with a Floating Exchange Rate
  419. Monetary Policy with a Floating Exchange Rate
  420. Equilibrium in an Open Economy with a Floating Exchange Rate
  421. The IS–MP Model with a Fixed Exchange Rate
  422. The IS Curve with a Fixed Exchange Rate
  423. The MP Curve with a Fixed Exchange Rate
  424. Equilibrium in an Open Economy with a Fixed Exchange Rate
  425. Answering the Key Question
  426. Key Terms and Problems
  427. Key Terms
  428. 11.1 The IS–MP Model and the Phillips Curve Understand the role of the Phillips curve in the IS–MP model.
  429. Review Questions
  430. Problems and Applications
  431. 11.2 The Performance of the U.S. Economy During 2007–2009 Use the IS–MP model to understand the performance of the U.S. economy during the recession of 2007–2009.
  432. Review Questions
  433. Problems and Applications
  434. 11.3 The IS–MP Model in an Open Economy Understand the IS–MP model in an open economy.
  435. Review Questions
  436. Problems and Applications
  437. Data Exercises
  438. Chapter 12 Monetary Policy in the Short Run
  439. Learning Objectives
  440. Why Didn’t the Fed Avoid the Recession of 2007–2009?
  441. The Federal Reserve System
  442. Creation of the Federal Reserve System
  443. The Structure of the Federal Reserve System
  444. The Goals of Monetary Policy
  445. Price Stability
  446. High Employment
  447. Financial Market Stability
  448. Interest Rate Stability
  449. The Fed’s Dual Mandate
  450. Monetary Policy Tools
  451. Open Market Operations
  452. Discount Loans and the Lender of Last Resort
  453. Reserve Requirements
  454. New Monetary Policy Tools in Response to the 2007–2009 Financial Crisis
  455. Monetary Policy and the IS–MP Model
  456. Monetary Policy and Aggregate Expenditure
  457. Using Monetary Policy to Fight a Recession
  458. Using Monetary Policy to Fight Inflation
  459. Using Monetary Policy to Deal with a Supply Shock
  460. Solving the Problem
  461. The Liquidity Trap, the Zero Lower Bound, and Alternative Channels of Monetary Policy
  462. The Limitations of Monetary Policy
  463. Policy Lags
  464. Economic Forecasts
  465. Model Uncertainty
  466. Consequences of Policy Limitations
  467. Solving the Problem
  468. Moral Hazard
  469. Central Bank Independence
  470. The Independence of the U.S. Federal Reserve
  471. Monetary Policy in an Open Economy
  472. Monetary Policy with Floating Exchange Rates
  473. Monetary Policy with a Fixed Exchange Rate
  474. The Policy Trilemma for Economic Policy
  475. Answering the Key Question
  476. Key Terms and Problems
  477. Key Terms
  478. 12.1 The Federal Reserve System Understand the structure of the Federal Reserve.
  479. Review Questions
  480. Problems and Applications
  481. 12.2 The Goals of Monetary Policy Describe the goals of monetary policy.
  482. Review Questions
  483. Problems and Applications
  484. 12.3 Monetary Policy Tools Explain the Federal Reserve’s monetary policy tools.
  485. Review Questions
  486. Problems and Applications
  487. 12.4 Monetary Policy and the IS–MP Model Use the IS–MP model to understand how monetary policy affects the economy in the short run.
  488. Review Questions
  489. Problems and Applications
  490. 12.5 The Limitations of Monetary Policy Explain the challenges in using monetary policy effectively.
  491. Review Questions
  492. Problems and Applications
  493. 12.6 Central Bank Independence Evaluate the arguments for and against central bank independence.
  494. Review Questions
  495. Problems and Applications
  496. 12.7 Monetary Policy in an Open Economy Explain how monetary policy operates in an open economy.
  497. Review Questions
  498. Problems and Applications
  499. Data Exercises
  500. Chapter 13 Fiscal Policy in the Short Run
  501. Learning Objectives
  502. Driving Toward a “Fiscal Cliff”
  503. The Goals and Tools of Fiscal Policy
  504. Who Conducts Fiscal Policy?
  505. Traditional Tools of Fiscal Policy
  506. Budget Deficits, Discretionary Fiscal Policy, and Automatic Stabilizers
  507. Discretionary Fiscal Policy and Automatic Stabilizers
  508. The Budget Deficit and the Budget Surplus
  509. The Deficit and the Debt
  510. Is the Federal Debt a Problem?
  511. The Short-Run Effects of Fiscal Policy
  512. Fiscal Policy and the IS Curve
  513. Using Discretionary Fiscal Policy to Fight a Recession
  514. Automatic Stabilizers
  515. Solving the Problem
  516. Personal Income Tax Rates and the Multiplier
  517. Solving the Problem
  518. The Effects of Changes in Tax Rates on Potential GDP
  519. The Limitations of Fiscal Policy
  520. Policy Lags
  521. Economic Forecasts
  522. The Uncertainty of Economic Models
  523. Crowding Out and Forward-Looking Households
  524. When Will Fiscal Multipliers Be Large?
  525. Moral Hazard
  526. Consequences of Policy Limitations
  527. Evaluating the American Recovery and Reinvestment Act
  528. Fiscal Policy in an Open Economy
  529. Fiscal Policy with Floating Exchange Rates
  530. Fiscal Policy with a Fixed Exchange Rate
  531. Answering the Key Question
  532. Key Terms and Problems
  533. Key Terms
  534. 13.1 The Goals and Tools of Fiscal Policy Explain the goals and tools of fiscal policy.
  535. Review Questions
  536. Problems and Applications
  537. 13.2 Budget Deficits, Discretionary Fiscal Policy, and Automatic Stabilizers Distinguish between automatic stabilizers and discretionary fiscal policy and understand how the budget deficit is measured.
  538. Review Questions
  539. Problems and Applications
  540. 13.3 The Short-Run Effects of Fiscal Policy Use the IS–MP model to understand how fiscal policy affects the economy in the short run.
  541. Review Questions
  542. Problems and Applications
  543. 13.4 The Limitations of Fiscal Policy Use the IS–MP model to explain the challenges of using fiscal policy effectively.
  544. Review Questions
  545. Problems and Applications
  546. 13.5 Fiscal Policy in an Open Economy Explain how fiscal policy operates in an open economy.
  547. Review Questions
  548. Problems and Applications
  549. Data Exercises
  550. Chapter 14 Aggregate Demand, Aggregate Supply, and Monetary Policy
  551. Learning Objectives
  552. Did the Fed Create and Then Kill the Great Moderation?
  553. Aggregate Demand Revisited
  554. The Aggregate Demand Curve
  555. Shifts of the Aggregate Demand Curve
  556. When Are Shifts to the Aggregate Demand Curve Permanent?
  557. Aggregate Supply and the Phillips Curve
  558. Shifts in the Aggregate Supply Curve
  559. The Aggregate Demand and Aggregate Supply Model
  560. Equilibrium in the AD–AS Model
  561. The Effects of a Supply Shock
  562. Permanent Demand Shocks: Changes in the Central Bank Reaction Function
  563. Temporary Demand Shocks: Changes in Aggregate Expenditure
  564. Solving the Problem
  565. Rational Expectations and Policy Ineffectiveness
  566. Rational Expectations and Anticipated Policy Changes
  567. Rational Expectations and Unanticipated Policy Changes
  568. Rational Expectations and Demand Shocks
  569. Are Anticipated and Credible Policy Changes Actually Ineffective?
  570. Monetary Policy: Rules Versus Discretion
  571. The Taylor Rule
  572. The Taylor Rule and the Real Interest Rate
  573. The Case for Discretion
  574. The Case for Rules
  575. Answering the Key Question
  576. Key Terms and Problems
  577. Key Terms
  578. 14.1 Aggregate Demand Revisited Understand how aggregate demand is determined.
  579. Review Questions
  580. Problems and Applications
  581. 14.2 Aggregate Supply and the Phillips Curve Explain the relationship between aggregate supply and the Phillips curve.
  582. Review Questions
  583. Problems and Applications
  584. 14.3 The Aggregate Demand and Aggregate Supply Model Use the aggregate demand and aggregate supply model to analyze macroeconomic conditions.
  585. Review Questions
  586. Problems and Applications
  587. 14.4 Rational Expectations and Policy Ineffectiveness Discuss the implications of rational expectations for macroeconomic policymaking.
  588. Review Questions
  589. Problems and Applications
  590. 14.5 Monetary Policy: Rules Versus Discretion Discuss the pros and cons of the central bank’s operating under policy rules rather than using discretionary policy.
  591. Review Questions
  592. Problems and Applications
  593. Data Exercises
  594. Chapter 15 Fiscal Policy and the Government Budget in the Long Run
  595. Learning Objectives
  596. Drowning in a Sea of Debt?
  597. Debt and Deficits in Historical Perspective
  598. The Government Budget Constraint
  599. The Relationship Between the Deficit and the National Debt
  600. Gross Federal Debt Versus Debt Held by the Public
  601. The Debt-to-GDP Ratio
  602. Composition of Federal Government Revenue and Expenditure
  603. Federal Government Expenditure
  604. The Sustainability of Fiscal Policy
  605. Expressing the Deficit as a Percentage of GDP
  606. When Is Fiscal Policy Sustainable?
  607. Solving the Problem
  608. The Effects of Budget Deficits in the Long Run
  609. The Budget Deficit and Crowding Out
  610. The Conventional View: Crowding Out Private Investment
  611. Ricardian Equivalence
  612. The Fiscal Challenges Facing the United States
  613. Projections of Federal Government Revenue and Expenditure
  614. Will the United States Pay Off Its Debt?
  615. Policy Options
  616. Answering the Key Question
  617. Key Terms and Problems
  618. Key Terms
  619. 15.1 Debt and Deficits in Historical Perspective Discuss basic facts about the U.S. government’s fiscal situation.
  620. Review Questions
  621. Problems and Applications
  622. 15.2 The Sustainability of Fiscal Policy Explain when fiscal policy is sustainable and when it is not sustainable.
  623. Review Questions
  624. Problems and Applications
  625. 15.3 The Effects of Budget Deficits in the Long Run Understand how fiscal policy affects the economy in the long run.
  626. Review Questions
  627. Problems and Applications
  628. 15.4 The Fiscal Challenges Facing the United States Explain the fiscal challenges facing the United States.
  629. Review Questions
  630. Problems and Applications
  631. Data Exercises
  632. Chapter 16 Consumption and Investment
  633. Learning Objectives
  634. Are All Tax Cuts Created Equal?
  635. The Macroeconomic Implications of Microeconomic Decision Making: Intertemporal Choice
  636. Households and Firms are Forward Thinking
  637. An Important Difference Between Consumption and Investment
  638. Factors That Determine Consumption
  639. Consumption and GDP
  640. The Intertemporal Budget Constraint and Consumption Smoothing
  641. Two Theories of Consumption Smoothing
  642. Permanent Versus Transitory Changes in Income
  643. Consumption and the Real Interest Rate
  644. Housing Wealth and Consumption
  645. How Policy Affects Consumption
  646. Solving the Problem
  647. Credit Rationing of Households
  648. Precautionary Saving
  649. Tax Incentives and Saving
  650. Factors That Determine Private Investment
  651. The Investment Decisions of Firms
  652. Corporate Taxes and the Desired Capital Stock
  653. From the Desired Capital Stock to Investment
  654. Solving the Problem
  655. Tobin’s q: Another Framework for Explaining Investment
  656. Credit Rationing and the Financial Accelerator
  657. Uncertainty and Irreversible Investment
  658. Answering the Key Question
  659. Key Terms and Problems
  660. Key Terms
  661. 16.1 The Macroeconomic Implications of Microeconomic Decision Making: Intertemporal Choice Discuss the macroeconomic implications of microeconomic decision making by households and firms.
  662. Review Questions
  663. Problems and Applications
  664. 16.2 Factors That Determine Consumption Explain the determinants of personal consumption.
  665. Review Questions
  666. Problems and Applications
  667. 16.3 Factors That Determine Private Investment Explain the determinants of private investment.
  668. Review Questions
  669. Problems and Applications
  670. Data Exercises
  671. Glossary
  672. Index
  673. Key Symbols and Abbreviations
  674. Equations

 

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