In Macroeconomics, Blanchard presents a unified, global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets worldwide. Organized into two parts, the text contains a core section that focuses on short-, medium-, and long-run markets and three major extensions that offer more in-depth coverage of the issues at hand. From the major economic crisis and monetary policy in the United States, to the problems of the Euro area and growth in China, the text helps students make sense not only of current macroeconomic events but also of events that may unfold in the future. Distinguished Authorship. Olivier Blanchard is one of Pearson’s most notable economics authors and brings his years of experience and research of macroeconomic issues, including time as the chief economist at the International Monetary Fund, to the text.
Comprehensive coverage of current events. Current macroeconomic events (such as Changes in the U.S. Natural Rate of Unemployment since 1990) are integrated into each chapter of the book within the text and detailed boxes. Each box shows students how they can use what they’ve learned to get an understanding of economics in the real world.
Implications of the Equilibrium Model. Blanchard offers a unique, underlying model that shows the implications of equilibrium in three sets of markets: the goods market, the financial market, and the labor market, helping students understand the impact of equilibrium. Introduction
1. A Tour of the World
2. A Tour of the Book
The Short Run
3. The Goods Market
4. Financial Markets I
5. Goods and Financial Markets; The IS-LM Model
6. Financial Markets II
The Medium Run
7. The Labor Market
8. The Phillips Curve, the Natural Rate of Unemployment, and Inflation
9. Putting All Markets Together: From the Short to the Medium Run
The Long Run
10. The Facts of Growth
11. Saving, Capital Accumulation, and Output
12. Technological Progress and Growth
13. Technological Progress: The Short, the Medium, and the Long Runs
EXTENSIONS
Expectations
14. Financial Markets and Expectations
15. Expectations, Consumption, and Investment
16. Expectations, Output, and Policy
The Open Economy
17. Openness in Goods and Financial Markets
18. The Goods Market in an Open Economy
19. Output, the Interest Rate, and the Exchange Rate
20. Exchange Rate Regimes
Back to Policy
21. Should Policy Makers Be Restrained?
22. Fiscal Policy: A Summing Up
23. Monetary Policy: A Summing Up
24. Epilogue: The Story of MacroeconomicsOlivier Blanchard,MIT (Massachusetts Institute of Technology)
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