Macroeconomics [antikvár]

J JL ,cond edition he first edition of Macroeconomics was well received by instructors and students, who welcomed its modern coverage, extensive use of real-. world applications, clear writing, and effective learning aids. In the second edition we built on those strengths and, at the same time, significantly shortened and streamlined the book. As with the First Edition, our goal with the Second is to help students learn to think critically and coherently about today's macroeconomic agenda. Toward that end, we provide lively and up-to-date coverage of a wide range of macroeconomic issues and ideas: ¦ Long-term economic growth. Because the rate of economic growth plays a central role in determining living standards, we devote much of Part II to growth and related issues. We first discuss factors contributing to growth, such as productivity (Chapter 3) and rates of saving and investment (Chapter 4), and then in Chapter 6 turn to a full-fledged analysis of the growth process. In Chapter 6 we use tools such as growth accounting and the Solow model to discuss various growth-related topics, including the post-1973 productivity slowdown, the factors that determine long-rim living standards, the prospect for the convergence of living standards around the world, government policies to stimulate growth (including some controversial ideas such as industrial policy), and the "new growth theory." ¦ International macroeconomic issues. We address the increasing integration of the world economy in two ways: First, throughout the text we make frequent use of cross-country comparisons and applications that draw on the experiences of countries other than the United States; for example. Chapter 15 compares recent monetary policy strategies in Germany, Japan, and the United States. In addition, we devoted two innovative chapters specifically to international issues. Chapter 5 shows how the trade balance is related to a nation's rates of saving and investment and then applies this framework to discuss issues such as the less developed country (LDC) debt crisis, the effect of economic development in Eastern Europe on world interest rates, and the link between the trade deficit and the government budget deficit. Chapter 14 uses a simple supply-demand framework to discuss the determination of exchange rates and then shows how economic openness and the exchange rate system affect the operation of monetary and fiscal policy and the transmission of economic shocks among countries. Chapter 14 features new material on fixed exchange rates, including an explanation of why a currency may face a speculative