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Solution Manual for Macroeconomics, 6th Canadian Edition, Stephen D. Williamson

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 ISBN 13: 9780135616710
ISBN 10: 0135616719
Author:  Stephen D. Williamson
Macroeconomics, Sixth Canadian Edition follows a modern approach to macroeconomics by building macroeconomic models from microeconomic principles. As such, it is consistent with the way that macroeconomic research is conducted today. This approach has three advantages. First, it allows deeper insights into economic growth processes and business cycles, the key topics in macroeconomics. Second, an emphasis on microeconomic foundations better integrates the study of macroeconomics with approaches that students learn in microeconomics courses and in economics field courses. Learning in macroeconomics and microeconomics thus becomes mutually reinforcing, and students learn more. Third, in following an approach to macroeconomics that is consistent with current macroeconomic research, students will be better prepared for advanced study in economics. Personalize Learning with Pearson MyLab Economics MyLab Economics is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.

Table of Content:

  1. Part 1 Introduction and Measurement Issues
  2. Chapter 1 Introduction
  3. Introduction
  4. What Is Macroeconomics?
  5. Gross Domestic Product, Economic Growth, and Business Cycles
  6. Macroeconomic Models
  7. Microeconomic Principles
  8. Disagreement in Macroeconomics
  9. What Do We Learn from Macroeconomic Analysis?
  10. Understanding Recent and Current Macroeconomic Events
  11. Government Spending and the Government Surplus
  12. Unemployment
  13. Inflation
  14. Interest Rates
  15. Trade and the Current Account Surplus
  16. Business Cycles
  17. Chapter Resources
  18. Questions for Review
  19. Problems
  20. Chapter 2 Measurement
  21. Introduction: Measurement
  22. Measuring GDP: The National Income and Expenditure Accounts
  23. The Product Approach to Measuring GDP
  24. The Expenditure Approach
  25. The Income Approach
  26. An Example with Inventory Investment
  27. An Example with International Trade
  28. What Does GDP Leave Out?
  29. The Components of Aggregate Expenditure
  30. Nominal and Real GDP and Price Indices
  31. Measures of the Price Level
  32. Problems with Measuring Real GDP and the Price Level
  33. Savings, Wealth, and Capital
  34. Labour Market Measurement
  35. Chapter Resources
  36. Questions for Review
  37. Problems
  38. Chapter 3 Business Cycle Measurement
  39. Introduction: Business Cycle Measurement
  40. Regularities in GDP Fluctuations
  41. Comovement
  42. The Components of GDP
  43. The Price Level and Inflation
  44. Labour Market Variables
  45. Comovement Summary
  46. Chapter Resources
  47. Questions for Review
  48. Problems
  49. Part 2 Basic Macroeconomic Models: A One-Period Model, and Models of Search and Unemployment
  50. Chapter 4 Consumer and Firm Behaviour: The Work–Leisure Decision and Profit Maximization
  51. Introduction: Consumer and Firm Behaviour: The Work–Leisure Decision and Profit Maximization
  52. The Representative Consumer
  53. The Representative Consumer’s Budget Constraint
  54. The Budget Constraint
  55. Consumer Optimization
  56. How Does the Representative Consumer Respond to a Change in Real Dividends or Taxes?
  57. The Representative Consumer and Changes in the Real Wage: Income and Substitution Effects
  58. An Example: Consumption and Leisure are Perfect Complements
  59. The Representative Firm
  60. The Effect of a Change in Total Factor Productivity on the Production Function
  61. The Profit Maximization Problem of the Representative Firm
  62. Chapter Resources
  63. Questions for Review
  64. Problems
  65. Chapter 5 A Closed-Economy One-Period Macroeconomic Model
  66. Introduction: A Closed-Economy One-Period Macroeconomic Model
  67. Government
  68. Competitive Equilibrium
  69. Optimality
  70. Sources of Social Inefficiencies
  71. How to Use the Model
  72. Working with the Model: The Effects of a Change in Government Purchases
  73. Working with the Model: A Change in Total Factor Productivity
  74. Interpretation of the Model’s Predictions
  75. A Distorting Tax on Wage Income, Tax Rate Changes, and the Laffer Curve
  76. Income Tax Revenue and the Laffer Curve
  77. Keynesian Sticky Wages and Prices
  78. Chapter Resources
  79. Questions for Review
  80. Problems
  81. Chapter 6 Search and Unemployment
  82. Introduction: Search and Unemployment
  83. The Behaviour of the Unemployment Rate, the Participation Rate, and the Employment/Population Ratio in Canada
  84. A One-Sided Search Model of Unemployment
  85. The Welfare of Employed and Unemployed Workers
  86. The Reservation Wage
  87. The Determination of the Unemployment Rate
  88. An Increase in Employment Insurance Benefits
  89. A Two-Sided Search Model of Unemployment and Labour Market Participation
  90. Consumers
  91. Firms
  92. Matching
  93. Optimization by Consumers
  94. Optimization by Firms
  95. Equilibrium
  96. An Increase in the Employment Insurance Benefit
  97. An Increase in Productivity
  98. A Decrease in Matching Efficiency
  99. Chapter Resources
  100. Questions for Review
  101. Problems
  102. Part 3 Economic Growth
  103. Chapter 7 Economic Growth: Malthus and Solow
  104. Introduction: Economic Growth: Malthus and Solow
  105. Economic Growth Facts
  106. The Malthusian Model of Economic Growth
  107. Analysis of the Steady State in the Malthusian Model
  108. The Effects of an Increase in z on the Steady State
  109. How Useful is the Malthusian Model of Economic Growth?
  110. The Solow Model: Exogenous Growth
  111. The Representative Firm
  112. Competitive Equilibrium
  113. Analysis of the Steady State
  114. The Steady-State Effects of an Increase in the Savings Rate
  115. Consumption per Worker and Golden Rule Capital Accumulation
  116. The Steady-State Effects of an Increase in Labour Force Growth
  117. Growth and the Distribution of Income
  118. Growth Accounting
  119. Solow Residuals and Productivity Slowdowns
  120. A Growth Accounting Exercise
  121. Chapter Resources
  122. Questions for Review
  123. Problems
  124. Chapter 8 Income Disparity among Countries and Endogenous Growth
  125. Introduction: Income Disparity among Countries and Endogenous Growth
  126. Convergence
  127. Endogenous Growth: A Model of Human Capital Accumulation
  128. The Representative Consumer
  129. The Representative Firm
  130. Competitive Equilibrium
  131. Economic Policy and Growth
  132. Convergence in the Endogenous Growth Model
  133. Endogenous Growth and the Distribution of Income
  134. Chapter Resources
  135. Questions for Review
  136. Problems
  137. Part 4 Savings, Investment, and Government Deficits
  138. Chapter 9 A Two-Period Model: The Consumption–Savings Decision and Credit Markets
  139. Introduction: A Two-Period Model: The Consumption–Savings Decision and Credit Markets
  140. A Two-Period Model of the Economy
  141. Consumers
  142. The Consumer’s Lifetime Budget Constraint
  143. The Consumer’s Preferences
  144. Consumer Optimization
  145. An Increase in Current-Period Income
  146. An Increase in Future Income
  147. Temporary and Permanent Changes in Income
  148. An Increase in the Real Interest Rate
  149. An Example: Perfect Complements
  150. Government
  151. Competitive Equilibrium
  152. The Ricardian Equivalence Theorem
  153. Ricardian Equivalence: A Numerical Example
  154. Ricardian Equivalence: A Graph
  155. Ricardian Equivalence and Credit Market Equilibrium
  156. Ricardian Equivalence and the Burden of the Government Debt
  157. Chapter Resources
  158. Questions for Review
  159. Problems
  160. Chapter 10 Credit Market Imperfections: Credit Frictions, Financial Crises, and Social Security
  161. Introduction: Credit Market Imperfections: Credit Frictions, Financial Crises, and Social Security
  162. Credit Market Imperfections and Consumption
  163. Example: Credit Market Imperfections in General Equilibrium
  164. Asymmetric Information and Financial Crises
  165. Limited Commitment and Financial Crises
  166. Ricardian Equivalence, Intergenerational Redistribution, and Social Security
  167. Pay-as-You-Go Social Security
  168. Fully Funded Social Security
  169. Chapter Resources
  170. Questions for Review
  171. Problems
  172. Chapter 11 A Real Intertemporal Model with Investment
  173. Introduction: A Real Intertemporal Model with Investment
  174. The Representative Consumer
  175. Current Labour Supply
  176. The Current Demand for Consumption Goods
  177. The Representative Firm
  178. Profits and Current Labour Demand
  179. The Representative Firm’s Investment Decision
  180. Optimal Investment: A Numerical Example
  181. Investment with Asymmetric Information: The Financial Crisis
  182. Government
  183. Competitive Equilibrium
  184. The Current Labour Market and the Output Supply Curve
  185. Shifts in the Output Supply Curve
  186. The Current Goods Market and the Output Demand Curve
  187. Shifts in the Output Demand Curve
  188. The Complete Real Intertemporal Model
  189. The Equilibrium Effects of a Temporary Increase in G: Stimulus, the Multiplier, and Crowding Out
  190. The Equilibrium Effects of a Decrease in the Current Capital Stock, K: Capital Destruction from Wars and Natural Disasters
  191. The Equilibrium Effects of an Increase in Current Total Factor Productivity, z
  192. The Equilibrium Effects of an Increase in Future Total Factor Productivity, z′: News about the Future and Aggregate Economic Activity
  193. Housing Market Bubbles and Aggregate Activity
  194. Chapter Resources
  195. Questions for Review
  196. Problems
  197. Part 5 Money and Business Cycles
  198. Chapter 12 A Monetary Intertemporal Model: Money, Banking, Prices, and Monetary Policy
  199. Introduction: A Monetary Intertemporal Model: Money, Banking, Prices, and Monetary Policy
  200. What Is Money?
  201. Monetary Intertemporal Model
  202. Real and Nominal Interest Rates and the Fisher Relation
  203. Banks and Alternative Means of Payment
  204. Equilibrium in the Market for Credit Card Services and the Demand for Money
  205. Government
  206. Competitive Equilibrium—The Complete Intertemporal Monetary Model
  207. A Level Increase in the Money Supply and Monetary Neutrality
  208. Shifts in Money Demand
  209. Conventional Monetary Policy, the Liquidity Trap, and Unconventional Monetary Policy
  210. Quantitative Easing
  211. Negative Nominal Interest Rates
  212. Corridor Systems and Floor Systems
  213. Chapter Resources
  214. Questions for Review
  215. Problems
  216. Chapter 13 Business Cycles
  217. Introduction: Business Cycles
  218. The Real Business Cycle Model
  219. Real Business Cycles and the Behaviour of Nominal Variables
  220. Implications of Real Business Cycle Theory for Government Policy
  221. Critique of Real Business Cycle Theory
  222. The New Keynesian Model
  223. The Non-Neutrality of Money in the New Keynesian Model
  224. The Role of Government Policy in the New Keynesian Model
  225. Does the New Keynesian Model Replicate the Data?
  226. The Liquidity Trap and Sticky Prices
  227. Criticisms of Keynesian Models
  228. Chapter Resources
  229. Questions for Review
  230. Problems
  231. Chapter 14 Inflation: Phillips Curves and Neo-Fisherism
  232. Introduction: Inflation: Phillips Curves and Neo-Fisherism
  233. Inflation in a Basic New Keynesian Model
  234. Monetary Policy Goals
  235. Low Real Interest Rates and the Zero Lower Bound
  236. Neo-Fisherism and a New Keynesian Rational Expectations Model
  237. Neo-Fisherism and Taylor Rules
  238. Chapter Resources
  239. Questions for Review
  240. Problems
  241. Part 6 International Macroeconomics
  242. Chapter 15 International Trade in Goods and Assets
  243. Introduction: International Trade in Goods and Assets
  244. A Two-Period Small Open-Economy Model
  245. Credit Market Imperfections and Default
  246. Production, Investment, and the Current Account
  247. The Effects of an Increase in the World Real Interest Rate
  248. A Temporary Increase in Government Expenditure and the Effects on the Current Account and Domestic Output
  249. The Effects of Increases in Current and Future Total Factor Productivity
  250. Current Account Deficits, Consumption, and Investment
  251. Tariff Barriers
  252. Chapter Resources
  253. Questions for Review
  254. Problems
  255. Chapter 16 Money in the Open Economy
  256. Introduction: Money in the Open Economy
  257. The Nominal Exchange Rate, the Real Exchange Rate, and Purchasing Power Parity
  258. Flexible and Fixed Exchange Rates
  259. A Monetary Small Open-Economy Model with a Flexible Exchange Rate
  260. The Neutrality of Money with a Flexible Exchange Rate
  261. A Nominal Shock to the Domestic Economy from Abroad: P* Increases
  262. A Real Shock to the Domestic Economy from Abroad
  263. A Monetary Small Open-Economy Model with a Fixed Exchange Rate
  264. A Nominal Foreign Shock Under a Fixed Exchange Rate
  265. A Real Foreign Shock Under a Fixed Exchange Rate
  266. Exchange Rate Devaluation
  267. Flexible versus Fixed Exchange Rates
  268. Capital Controls
  269. The Effects of Capital Controls
  270. A New Keynesian Sticky Price Open-Economy Model
  271. Monetary Policy in the New Keynesian Model with a Flexible Exchange Rate
  272. Fiscal Policy
  273. Fixed Exchange Rate
  274. Tariff Wars and Short Run Macroeconomic Activity
  275. Chapter Resources
  276. Questions for Review
  277. Problems
  278. Part 7 Money, Inflation, and Banking
  279. Chapter 17 Money and Inflation: A Deeper Look
  280. Introduction: Money and Inflation: A Deeper Look
  281. Alternative Forms of Money
  282. Money and the Absence of Double Coincidence of Wants: The Roles of Commodity Money and Fiat Money
  283. Anticipated Inflation and the Friedman Rule: A Lagos-Wright Monetary Model
  284. Pareto-Optimal Allocation
  285. Equilibrium in the Lagos-Wright Model
  286. Optimal Monetary Policy: The Friedman Rule
  287. Chapter Resources
  288. Questions for Review
  289. Problems
  290. Chapter 18 Financial Intermediation and Banking
  291. Introduction: Financial Intermediation and Banking
  292. Properties of Assets
  293. Financial Intermediation
  294. The Diamond-Dybvig Banking Model
  295. A Diamond-Dybvig Bank
  296. Bank Runs in the Diamond-Dybvig Model
  297. Deposit Insurance
  298. Chapter Resources
  299. Questions for Review
  300. Problems
  301. Mathematical Appendix
  302. Introduction: Mathematical Appendix
  303. Chapter 5: A Closed-Economy One-Period Macroeconomic Model
  304. Chapter 6: Search and Unemployment
  305. Chapters 7 and 8: Economic Growth
  306. Chapter 9: Two-Period Model
  307. Chapter 11: A Real Intertemporal Model with Investment
  308. Chapter 12: A Monetary Intertemporal Model
  309. Chapter 17: Money and Inflation: A Deeper Look
  310. Chapter 18: Financial Intermediation and Banking
  311. Notation Appendix
  312. Glossary

 

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