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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