[Joseph_E._Stiglitz,_Carl_E._Walsh]_Economics(Bookos.org) (1)

Recommendations

Info

Joseph E. StiglitzCOLUMBIA UNIVERSITYCarl E.WalshUNIVERSITY OF CALIFORNIA, SANTA CRUZ
∂ECONOMICSFOURTH EDITIONBW. W. NORTON & COMPANYNEW YORK • LONDON
Page 3: ∂ECONOMICSFOURTH EDITION
Page 7 and 8: ABOUT THE AUTHORSJoseph E. Stiglitz
Page 9 and 10: CONTENTS IN BRIEFPART 1 INTRODUCTIO
Page 11 and 12: CONTENTSPREFACEXXXVPART 1 INTRODUCT
Page 13 and 14: Sources of Shifts in Demand Curves
Page 15 and 16: Short-Run and Long-Run Cost Curves
Page 17 and 18: Conditions for the Pareto Efficienc
Page 19 and 20: THINKING LIKE AN ECONOMIST: Trade-O
Page 21 and 22: Search and Information Intermediari
Page 23 and 24: CHAPTER 19 INTERNATIONAL TRADE AND
Page 25 and 26: Government Deficits and Trade Defic
Page 27 and 28: Evaluating Government Deficits and
Page 29 and 30: PART 7MACROECONOMICFLUCTUATIONS 635
Page 31 and 32: An Expansionary Shift in the ADI Cu
Page 33 and 34: CHAPTER 35 POLICY IN THE OPEN ECONO
Page 35 and 36: CASE IN POINT: Fed Policy Statement
Page 37 and 38: PREFACEThe study of economics has a
Page 39 and 40: of the economist’s approach to im
Page 41 and 42: ture also allows an instructor who
Page 43 and 44: With SmartWork’s intuitive interf
Page 45 and 46: AcknowledgmentsThe book’s first t
Page 47 and 48: Alternative Course OutlineIn the Fo
Page 49 and 50: Plus any of the optional chapters c
Page 51 and 52: ∂Part 1INTRODUCTION∂1
Page 53 and 54: Chapter 1MODERNECONOMICS∂The past
Page 55 and 56:
the illegal online sharing of music
Page 57 and 58:
2. In making choices, individuals r
Page 59 and 60:
gal activity, and on the other side
Page 61 and 62:
Internet ConnectionAUCTION SITESAn
Page 63 and 64:
and products. It is hard to imagine
Page 65 and 66:
The primary reliance on private dec
Page 67 and 68:
Microeconomics andMacroeconomics:Th
Page 69 and 70:
does not prove that the coin is not
Page 71 and 72:
Review and PracticeSUMMARY1. Econom
Page 73 and 74:
This page intentionally left blank
Page 75 and 76:
Chapter 2THINKING LIKE ANECONOMIST
Page 77 and 78:
COMPETITIVE MARKETSTo complete the
Page 79 and 80:
new insights into markets and situa
Page 81 and 82:
INCENTIVES VERSUS EQUALITYWhile inc
Page 83 and 84:
line up to buy at that price. (The
Page 85 and 86:
she has more of both goods than at
Page 87 and 88:
Diminishing returns is an important
Page 89 and 90:
Thinking Like an EconomistTRADE-OFF
Page 91 and 92:
computers and textiles. The develop
Page 93 and 94:
To understand sunk costs, let’s g
Page 95 and 96:
Review and PracticeSUMMARY1. The ba
Page 97 and 98:
Appendix: Reading GraphsWhether the
Page 99 and 100:
Now look at point A, where the econ
Page 101 and 102:
∂Part 2PERFECT MARKETS∂51
Page 103 and 104:
Chapter 3DEMAND, SUPPLY,AND PRICE
Page 105 and 106:
you might buy a few, and if the pri
Page 107 and 108:
SHIFTS IN DEMAND CURVES1.25When the
Page 109 and 110:
Case in PointGASOLINE PRICES AND TH
Page 111 and 112:
In practice, both effects are often
Page 113 and 114:
higher performance at that price. A
Page 115 and 116:
Wrap-UpSUPPLY CURVEThe supply curve
Page 117 and 118:
A change in the natural environment
Page 119 and 120:
USING DEMAND AND SUPPLY CURVESThe c
Page 121 and 122:
Internet ConnectionTHE DEMAND AND S
Page 123 and 124:
the demand and supply curves. What
Page 125 and 126:
Page 127 and 128:
Chapter 4USING DEMANDAND SUPPLY∂W
Page 129 and 130:
ABPRICE ($)Demand fororange juice2.
Page 131 and 132:
Table 4.1PRICE ELASTICITY OF DEMAND
Page 133 and 134:
International PerspectiveCOMPARING
Page 135 and 136:
the supply curve becomes close to v
Page 137 and 138:
be reflected more in changes in qua
Page 139 and 140:
to illustrate the market’s failur
Page 141 and 142:
New York City leads, in the short r
Page 143 and 144:
Case in PointRENT CONTROL IN NEW YO
Page 145 and 146:
ment is concerned with low wages pa
Page 147 and 148:
2. Imagine that the short-run price
Page 149 and 150:
fall represents a larger percentage
Page 151 and 152:
Chapter 5THE CONSUMPTIONDECISION∂
Page 153 and 154:
As we learned in Chapter 2, a budge
Page 155 and 156:
450ALL OTHER GOODS ($)300GG'FF'20 3
Page 157 and 158:
The consumption of some goods actua
Page 159 and 160:
Internet ConnectionWHAT WE CONSUMET
Page 161 and 162:
tive or negative. Generally, though
Page 163 and 164:
Normally, demand curves are downwar
Page 165 and 166:
is 30, and that of the last pizza i
Page 167 and 168:
CONSUMER SURPLUSIn Chapter 1, we le
Page 169 and 170:
nomic model of consumer choice can
Page 171 and 172:
The Status Quo Bias Loss aversion a
Page 173 and 174:
of $60,000 per year. Imagine that t
Page 175 and 176:
Moving along the curve in one direc
Page 177 and 178:
number of CDs, having an additional
Page 179 and 180:
candy increases. Now he can buy few
Page 181 and 182:
Chapter 6THE FIRM’S COSTS∂Imagi
Page 183 and 184:
The relationship between the quanti
Page 185 and 186:
COST (THOUSANDS OF DOLLARS)AB175C15
Page 187 and 188:
ABCOST (DOLLARS PER UNIT)Marginalco
Page 189 and 190:
average costs are declining at outp
Page 191 and 192:
Table 6.4DEBORAH’S COSTS IF SHE W
Page 193 and 194:
COST (DOLLARS PER UNIT)ALong-run to
Page 195 and 196:
There is one last case to consider.
Page 197 and 198:
produce the same output in several
Page 199 and 200:
Hydroelectric power being generated
Page 201 and 202:
Review and PracticeSUMMARY1. A firm
Page 203 and 204:
Page 205 and 206:
Chapter 7THE COMPETITIVEFIRM∂Whet
Page 207 and 208:
Internet ConnectionFIRMS’ PROFIT-
Page 209 and 210:
Figure 7.3 develops the graphical a
Page 211 and 212:
ABCOST OR PRICE (DOLLARS PER UNIT)p
Page 213 and 214:
COST OR PRICE (DOLLARS PER UNIT)c m
Page 215 and 216:
e-InsightTHE 2001 RECESSION: CUTBAC
Page 217 and 218:
invested in this enterprise would p
Page 219 and 220:
In some cases, supplies of inputs a
Page 221 and 222:
Wrap-UpACCOUNTANTS’ VERSUS ECONOM
Page 223 and 224:
ant, who helps him to draw up the f
Page 225 and 226:
CHAPTER 8LABOR MARKETS∂The previo
Page 227 and 228:
“standard” workweek—the 40-ho
Page 229 and 230:
Wrap-UpWAGE CHANGES AND LABOR SUPPL
Page 231 and 232:
656055Female labor forceparticipati
Page 233 and 234:
Thus, in Figure 8.5, at the price p
Page 235 and 236:
market is in equilibrium, the deman
Page 237 and 238:
constraint has a kink at 37 hours o
Page 239 and 240:
AOriginal budgetconstraintBOriginal
Page 241 and 242:
Chapter 9CAPITAL MARKETS∂At any g
Page 243 and 244:
Joan chooses among the points on th
Page 245 and 246:
past twenty years computer prices h
Page 247 and 248:
The slope of the budget constraint
Page 249 and 250:
gests that the personal saving rate
Page 251 and 252:
would have earned $1,000 in interes
Page 253 and 254:
Despite offering important insights
Page 255 and 256:
e-InsightFINANCING THE NEW ECONOMYW
Page 257 and 258:
Review and PracticeSUMMARY1. The in
Page 259 and 260:
Appendix A: IndifferenceCurves and
Page 261 and 262:
increase in the interest rate, we n
Page 263 and 264:
Page 265 and 266:
Chapter 10THE EFFICIENCY OFCOMPETIT
Page 267 and 268:
CONSUMER AND PRODUCERSURPLUSTo unde
Page 269 and 270:
unable to find an apartment when re
Page 271 and 272:
PRICE OF CIGARETTESPrice paid bycon
Page 273 and 274:
Exchange Efficiency Exchange effici
Page 275 and 276:
COMPETITIVE MARKETS ANDPARETO EFFIC
Page 277 and 278:
more extensive government intervent
Page 279 and 280:
households determine their saving,
Page 281 and 282:
AUnskilled laborsupply (SU )BSkille
Page 283 and 284:
today, but it will also depend on p
Page 285 and 286:
Review and PracticeSUMMARY1. Genera
Page 287 and 288:
∂Part 3IMPERFECT MARKETS∂237
Page 289 and 290:
Chapter 11INTRODUCTION TOIMPERFECTM
Page 291 and 292:
price. The basic competitive model
Page 293 and 294:
is called monopoly. Your local elec
Page 295 and 296:
How much the price must change as s
Page 297 and 298:
Imperfect InformationThe model of p
Page 299 and 300:
MARKETS FOR INFORMATIONInformation
Page 301 and 302:
ness scandals in recent years have
Page 303 and 304:
Thinking Like an EconomistINCENTIVE
Page 305 and 306:
practical matter, this can be done
Page 307 and 308:
Review and PracticeSUMMARY1. By and
Page 309 and 310:
Page 311 and 312:
Chapter 12MONOPOLY,MONOPOLISTICCOMP
Page 313 and 314:
In Chapter 7, we used a graph that
Page 315 and 316:
of $9,000, it sells 2 units; and at
Page 317 and 318:
United StatesJapanPRICE (p )p 1PRIC
Page 319 and 320:
A natural monopoly occurs whenever
Page 321 and 322:
Table 12.2DEGREE OF COMPETITION IN
Page 323 and 324:
Equilibrium with MonopolisticCompet
Page 325 and 326:
A firm that is part of an oligopoli
Page 327 and 328:
and still be better off. However, t
Page 329 and 330:
backward through time, this logic w
Page 331 and 332:
Wrap-UpFORMS OF RESTRICTIVE PRACTIC
Page 333 and 334:
Page 335 and 336:
Review and PracticeSUMMARY1. Both m
Page 337 and 338:
9. Explain why frequent-flier progr
Page 339 and 340:
Chapter 13GOVERNMENTPOLICIES TOWARD
Page 341 and 342:
MANAGERIAL SLACKChapter 6 argued th
Page 343 and 344:
e-InsightUSING THE INTERNET TO ENHA
Page 345 and 346:
marginal cost and to make up the de
Page 347 and 348:
let us first review why competition
Page 349 and 350:
deregulation, government had retain
Page 351 and 352:
demeanor.” (A 1974 amendment made
Page 353 and 354:
demand for them would increase. And
Page 355 and 356:
arguments brought by a small Virgin
Page 357 and 358:
If we plug in the 34 percent share
Page 359 and 360:
long-distance service between major
Page 361 and 362:
Chapter 14STRATEGICBEHAVIOR∂Durin
Page 363 and 364:
Figure 14.1, which reproduces a dia
Page 365 and 366:
Consider the case of politicians A
Page 367 and 368:
International PerspectiveBEGGAR-THY
Page 369 and 370:
Internet ConnectionTHE ZERO-SUM GAM
Page 371 and 372:
REPUTATIONSDeveloping good reputati
Page 373 and 374:
If you have a deposit in a commerci
Page 375 and 376:
competes peacefully. Assume Microso
Page 377 and 378:
to actually carry out the threat wh
Page 379 and 380:
Review and PracticeSUMMARY1. In per
Page 381 and 382:
summer her parents decide whether o
Page 383 and 384:
Chapter 15IMPERFECTINFORMATION INTH
Page 385 and 386:
quantity demanded will actually fal
Page 387 and 388:
The Incentive ProblemProviding ince
Page 389 and 390:
REPUTATION SOLUTIONSReputation play
Page 391 and 392:
Case in PointBUYING HEALTH INSURANC
Page 393 and 394:
Thinking Like an EconomistINCENTIVE
Page 395 and 396:
Internet ConnectionJOB SEARCHThe In
Page 397 and 398:
stores’ buyers seek out literally
Page 399 and 400:
remains the same, so the second sou
Page 401 and 402:
Review and PracticeSUMMARY1. The ba
Page 403 and 404:
Page 405 and 406:
Chapter 16IMPERFECTIONS INTHE LABOR
Page 407 and 408:
unions had claimed that when they n
Page 409 and 410:
ECONOMIC EFFECTSThe source of union
Page 411 and 412:
When a union goes on strike, the fi
Page 413 and 414:
firm long enough to make his traini
Page 415 and 416:
machines have one advantage over hu
Page 417 and 418:
These “wages of trust” may expl
Page 419 and 420:
by the firm: the company can try to
Page 421 and 422:
Review and PracticeSUMMARY1. The pr
Page 423 and 424:
∂Part 4ISSUES INPUBLIC POLICY∂3
Page 425 and 426:
Chapter 17THE PUBLIC SECTOR∂Throu
Page 427 and 428:
Why Does the GovernmentIntervene in
Page 429 and 430:
The lifetime prospects for children
Page 431 and 432:
e-InsightTHE NEW ECONOMY AND INEQUA
Page 433 and 434:
Wrap-UpCRITERIA FOR EVALUATING A TA
Page 435 and 436:
The income tax is only one of sever
Page 437 and 438:
1997, the program commonly known as
Page 439 and 440:
SOCIAL INSURANCEThe United States h
Page 441 and 442:
Government FailuresDecisions about
Page 443 and 444:
BUDGETING AND SPENDING PROCEDURESTh
Page 445 and 446:
campaign contributions affect the b
Page 447 and 448:
that point, additional sources of r
Page 449 and 450:
Health care is different from most
Page 451 and 452:
Review and PracticeSUMMARY1. Govern
Page 453 and 454:
Page 455 and 456:
Chapter 18ENVIRONMENTALECONOMICS∂
Page 457 and 458:
Consider what happens if, in the pr
Page 459 and 460:
matters? Some economists, led by th
Page 461 and 462:
in such developments. The end of lo
Page 463 and 464:
the socially optimal level of produ
Page 465 and 466:
by 2 units and plant B by 4 units.
Page 467 and 468:
operation causes. Thus, the price h
Page 469 and 470:
Review and PracticeSUMMARY1. Govern
Page 471 and 472:
Page 473 and 474:
Chapter 19INTERNATIONALTRADE AND TR
Page 475 and 476:
relative to the size of the populat
Page 477 and 478:
Internet ConnectionDAVID RICARDOThe
Page 479 and 480:
e-InsightTHE UNITED STATES’ COMPA
Page 481 and 482:
has a comparative advantage in fine
Page 483 and 484:
But trade among individuals and tra
Page 485 and 486:
restrict the importation of goods.
Page 487 and 488:
OTHER NONTARIFF BARRIERSVERs and qu
Page 489 and 490:
they can raise prices. In such a ca
Page 491 and 492:
BEGGAR-THY-NEIGHBOR POLICIESConcern
Page 493 and 494:
Thinking Like an EconomistDISTRIBUT
Page 495 and 496:
parent: everyone can see that it is
Page 497 and 498:
Environmental and human rights issu
Page 499 and 500:
Internet ConnectionTHE WORLD TRADE
Page 501 and 502:
9. How is it possible that while th
Page 503 and 504:
Chapter 20TECHNOLOGICALCHANGE∂For
Page 505 and 506:
e-InsightTHE NEW ECONOMY AND INNOVA
Page 507 and 508:
uncertain about whether it will be
Page 509 and 510:
Soon after Henry Ford’s Model T h
Page 511 and 512:
Because expenditures on R & D are f
Page 513 and 514:
SCHUMPETERIAN COMPETITIONAlthough c
Page 515 and 516:
even the existence of certain mater
Page 517 and 518:
increasing awareness of the importa
Page 519 and 520:
Review and PracticeSUMMARY1. Ideas
Page 521 and 522:
∂Part 5INTRODUCTIONTO MACROECONOM
Page 523 and 524:
Chapter 21MACROECONOMICSAND THEECON
Page 525 and 526:
302520PERCENT1510501900 1910 1920 1
Page 527 and 528:
Today, a slight rise in the unemplo
Page 529 and 530:
GOVERNMENT DEFICITS AND TRADE DEFIC
Page 531 and 532:
significant periods of deflation si
Page 533 and 534:
Review and PracticeSUMMARY1. The th
Page 535 and 536:
Chapter 22MEASURINGOUTPUT ANDUNEMPL
Page 537 and 538:
Table 22.1CALCULATING GDPPrices and
Page 539 and 540:
MEASURING GDP: THE VALUE OF OUTPUTT
Page 541 and 542:
Wrap-UpGDP equals consumption plus
Page 543 and 544:
spending represents income for thos
Page 545 and 546:
International PerspectiveWHAT GETS
Page 547 and 548:
Measuring Nonmarket Goods Nonmarket
Page 549 and 550:
ment represents economic hardship.
Page 551 and 552:
1412FranceUNEMPLOYMENT RATE (%)1086
Page 553 and 554:
Wrap-UpFORMS OF UNEMPLOYMENTSeasona
Page 555 and 556:
Flows and StocksGDP is a measure of
Page 557 and 558:
produces two products, lectures and
Page 559 and 560:
Chapter 23THE COST OFLIVING ANDINFL
Page 561 and 562:
a variety of transactions, inflatio
Page 563 and 564:
JANUARY 1918 = 10010 1310 1210 1110
Page 565 and 566:
To see how a price index like the C
Page 567 and 568:
The second major problem is “qual
Page 569 and 570:
purchase foreign goods, so their pr
Page 571 and 572:
Review and PracticeSUMMARY1. The in
Page 573 and 574:
∂Part 6FULL-EMPLOYMENTMACROECONOM
Page 575 and 576:
Chapter 24THE FULL-EMPLOYMENTMODEL
Page 577 and 578:
In macroeconomics, we stress aggreg
Page 579 and 580:
duction and hire more workers. Seco
Page 581 and 582:
REAL WAGE (w/P )ALabor supply curve
Page 583 and 584:
capital markets to ensure that the
Page 585 and 586:
to firms and in return receive paym
Page 587 and 588:
est rate (perhaps rising slightly w
Page 589 and 590:
REAL INTEREST RATE (r )ASavingcurve
Page 591 and 592:
USING THE GENERAL EQUILIBRIUM MODEL
Page 593 and 594:
Review and PracticeSUMMARY1. Macroe
Page 595 and 596:
Page 597 and 598:
Chapter 25GOVERNMENTFINANCE AT FULL
Page 599 and 600:
Adding the GovernmentIntroducing go
Page 601 and 602:
From this perspective, the first eq
Page 603 and 604:
revenues match expenditures. In 199
Page 605 and 606:
International PerspectiveDEFICITS I
Page 607 and 608:
investment increases the capital st
Page 609 and 610:
400AThe Federal Deficit300200BILLIO
Page 611 and 612:
collected fell; Congress passed a l
Page 613 and 614:
Review and PracticeSUMMARY1. When t
Page 615 and 616:
Page 617 and 618:
Chapter 26THE OPENECONOMY AT FULLEM
Page 619 and 620:
domestic economy is borrowing more
Page 621 and 622:
The discussion so far has also assu
Page 623 and 624:
to be a simple matter: the buyer pa
Page 625 and 626:
2520DomesticinvestmentPERCENTAGE OF
Page 627 and 628:
50,000Exports40,00030,000MILLIONS O
Page 629 and 630:
curve for dollars represents the do
Page 631 and 632:
Trade deficits mean the country is
Page 633 and 634:
Review and PracticeSUMMARY1. In an
Page 635 and 636:
Chapter 27GROWTH ANDPRODUCTIVITY∂
Page 637 and 638:
3.53.03.122.66PERCENT2.52.01.52.202
Page 639 and 640:
The growth rate of output is the su
Page 641 and 642:
production function: the relationsh
Page 643 and 644:
telecommunications industry, other
Page 645 and 646:
its marginal cost is therefore zero
Page 647 and 648:
residual (i.e., TFP). The decrease
Page 649 and 650:
because the United States has been
Page 651 and 652:
Page 653 and 654:
2. Explain why a rapid influx of wo
Page 655 and 656:
Chapter 28MONEY, THE PRICELEVEL, AN
Page 657 and 658:
2015RATE OF INFLATION IN CPI (%)105
Page 659 and 660:
Since we are interested in the dema
Page 661 and 662:
807060INFLATION RATE (%)50403020100
Page 663 and 664:
important of these are banks, but t
Page 665 and 666:
pay their workers. How could the lo
Page 667 and 668:
Money as a Store of Value People wi
Page 669 and 670:
Table 28.2GLOSSARY OF FINANCIAL TER
Page 671 and 672:
Table 28.3AMERICABANK BALANCE SHEET
Page 673 and 674:
e-InsightELECTRONIC CASHA TV ad sho
Page 675 and 676:
Table 28.5SUPERBANK BALANCE SHEETAs
Page 677 and 678:
The Federal Reserve was created by
Page 679 and 680:
the banking system as a whole remai
Page 681 and 682:
If (for good reasons or bad) many d
Page 683 and 684:
Review and PracticeSUMMARY1. In the
Page 685 and 686:
∂Part 7MACROECONOMICFLUCTUATIONS
Page 687 and 688:
Chapter 29INTRODUCTION TOMACROECONO
Page 689 and 690:
A11,0001960-1961recession1969-1970r
Page 691 and 692:
broken only by two brief recessions
Page 693 and 694:
Thinking Like an EconomistEMPLOYMEN
Page 695 and 696:
L 1 - L 0 , is the level of cyclica
Page 697 and 698:
Thinking Like an EconomistINFORMATI
Page 699 and 700:
market. Once this has happened, the
Page 701 and 702:
assuming that the firm’s output i
Page 703 and 704:
labor markets. Conversely, wages wi
Page 705 and 706:
Fundamentals of Fluctuations 4INFLA
Page 707 and 708:
Review and PracticeSUMMARY1. Econom
Page 709 and 710:
Page 711 and 712:
Chapter 30AGGREGATEEXPENDITURES AND
Page 713 and 714:
THE NATIONAL INCOME-OUTPUT IDENTITY
Page 715 and 716:
the final increase in equilibrium o
Page 717 and 718:
ical questions. First, why does the
Page 719 and 720:
8,0007,000REAL CONSUMPTION(BILLIONS
Page 721 and 722:
lion. If any of the components of E
Page 723 and 724:
2018INVESTMENT (AS % OF GDP)1614121
Page 725 and 726:
without waiting; otherwise, they ma
Page 727 and 728:
The effect of exports and imports o
Page 729 and 730:
became less expensive, imports rose
Page 731 and 732:
Calculating Equilibrium OutputAt th
Page 733 and 734:
Wrap-UpAGGREGATE EXPENDITURES AND O
Page 735 and 736:
Review and PracticeSUMMARY1. Income
Page 737 and 738:
Page 739 and 740:
Chapter 31AGGREGATEDEMAND ANDINFLAT
Page 741 and 742:
When we discuss interest rates and
Page 743 and 744:
Because equilibrium GDP is determin
Page 745 and 746:
Fiscal Policy A change in governmen
Page 747 and 748:
Wrap-UpFACTORS THAT SHIFT THE AGGRE
Page 749 and 750:
But the story does not end there. A
Page 751 and 752:
offsetting amount. But the contract
Page 753 and 754:
Thinking Like an EconomistTOUGH TRA
Page 755 and 756:
bank could cut interest rates at ea
Page 757 and 758:
Case in PointTHE 1990SNow that we h
Page 759 and 760:
to sustained increases in productiv
Page 761 and 762:
Review and PracticeSUMMARY1. Aggreg
Page 763 and 764:
Page 765 and 766:
Chapter 32THE FEDERALRESERVE ANDINT
Page 767 and 768:
987INTEREST RATES (%)65432TargetFed
Page 769 and 770:
The position of the demand curve fo
Page 771 and 772:
equilibrium funds rate rises. If th
Page 773 and 774:
tity of money increases. When the m
Page 775 and 776:
Page 777 and 778:
Chapter 33THE ROLE OFMACROECONOMICP
Page 779 and 780:
THE NEW TRADE-OFF:OUTPUT STABILITY-
Page 781 and 782:
AggregatedemandinflationcurvesPoten
Page 783 and 784:
ADI 1E 1Aggregatedemand-inflationcu
Page 785 and 786:
765Actual deficitPOTENTIAL GDP (%)4
Page 787 and 788:
Conducting Monetary Policy The FOMC
Page 789 and 790:
The Committee perceives the upside
Page 791 and 792:
stimulate aggregate expenditures, e
Page 793 and 794:
Case in PointTHE INTEREST RATE CUT
Page 795 and 796:
economy and lead to a resurgence of
Page 797 and 798:
The Inflation Target The position o
Page 799 and 800:
This discussion returns us to the t
Page 801 and 802:
Wrap-UpDIFFERENCES BETWEEN MONETARY
Page 803 and 804:
3. Assume that the economy is curre
Page 805 and 806:
∂Part 8THE GLOBAL ECONOMY∂755
Page 807 and 808:
Chapter 34THEINTERNATIONALFINANCIAL
Page 809 and 810:
The foreign exchange market in Yere
Page 811 and 812:
that wants to use the euros to buy
Page 813 and 814:
States than moving it to Europe or
Page 815 and 816:
Expectations about changes in the e
Page 817 and 818:
expressed in terms of the value of
Page 819 and 820:
One of the attractions of the Europ
Page 821 and 822:
As speculators withdrew capital, th
Page 823 and 824:
Under a currency board, the exchang
Page 825 and 826:
Review and PracticeSUMMARY1. In a f
Page 827 and 828:
Page 829 and 830:
Chapter 35POLICY IN THEOPEN ECONOMY
Page 831 and 832:
While this discussion has focused o
Page 833 and 834:
rises and its appreciation reduces
Page 835 and 836:
Internet ConnectionFOREIGN EXCHANGE
Page 837 and 838:
exports are a large fraction of tot
Page 839 and 840:
Central Bank had increased the inte
Page 841 and 842:
3. Suppose a fall in net exports du
Page 843 and 844:
Chapter 36DEVELOPMENTAND TRANSITION
Page 845 and 846:
$5,500$5,000$4,50019912002$4,000$3,
Page 847 and 848:
LIFE IN A LESS-DEVELOPED COUNTRYJus
Page 849 and 850:
Some of this inequality is simply d
Page 851 and 852:
changes served to level the playing
Page 853 and 854:
policies, together with macroeconom
Page 855 and 856:
Trade Giving less-developed economi
Page 857 and 858:
eroded significantly in 2001 as a r
Page 859 and 860:
calculations of this kind allowed i
Page 861 and 862:
with ethnic strife or conflicts wit
Page 863 and 864:
the value of existing savings. Mafi
Page 865 and 866:
6. What are some of the roles that
Page 867 and 868:
∂Part 9FURTHER TOPICS INMACROECON
Page 869 and 870:
Chapter 37INFLATION ANDUNEMPLOYMENT
Page 871 and 872:
curve. A. W. Phillips was a New Zea
Page 873 and 874:
1614INFLATION RATE (%)1210861960-19
Page 875 and 876:
on the rate of inflation. The posit
Page 877 and 878:
An important implication of this co
Page 879 and 880:
Internet ConnectionWINNERS OF THE N
Page 881 and 882:
the oil embargo imposed by the Orga
Page 883 and 884:
expected inflation rate equal to π
Page 885 and 886:
unemployment rate is 5 percent (i.e
Page 887 and 888:
Chapter 38CONTROVERSIES INMACROECON
Page 889 and 890:
ing a large tax cut through Congres
Page 891 and 892:
rather than raising taxes to financ
Page 893 and 894:
ity.” The Humphrey-Hawkins Act se
Page 895 and 896:
Page 897 and 898:
THE INTERVENTIONIST PERSPECTIVEThe
Page 899 and 900:
ceed in keeping the unemployment ra
Page 901 and 902:
they argue that if the Fed is held
Page 903 and 904:
These actions were taken in light o
Page 905 and 906:
International PerspectiveCENTRAL BA
Page 907 and 908:
rate−1 percent expected inflation
Page 909 and 910:
but doing so leads to bigger swings
Page 911 and 912:
between fluctuations in unemploymen
Page 913 and 914:
Page 915 and 916:
Chapter 39A STUDENT’S GUIDETO INV
Page 917 and 918:
Internet ConnectionCALCULATING INTE
Page 919 and 920:
regarding the prospects of the econ
Page 921 and 922:
Table 39.1ALTERNATIVE INVESTMENTS A
Page 923 and 924:
A crowd protests rate hikes by the
Page 925 and 926:
12,000ADow Jones Industrial Average
Page 927 and 928:
Investing in housing, particularly
Page 929 and 930:
Thinking Like an EconomistTHE DISTR
Page 931 and 932:
subsides. Thus, if a person knows t
Page 933 and 934:
can expect to earn only a normal le
Page 935 and 936:
Strategies for Intelligent Investin
Page 937 and 938:
Review and PracticeSUMMARY1. Invest
Page 939 and 940:
Page 941 and 942:
capital goods: the machines and bui
Page 943 and 944:
Federal Open Market Committee(FOMC)
Page 945 and 946:
M1, M2, M3: measures of the money s
Page 947 and 948:
price system: the economic system i
Page 949 and 950:
substitution effect: the reduced co
Page 951 and 952:
Page 953 and 954:
Page 955 and 956:
banks:assets of, 621-22, 625balance
Page 957 and 958:
currency (continued)inflation and,
Page 959 and 960:
exchange rates (continued)appreciat
Page 961 and 962:
horizontal restrictions, oligopolie
Page 963 and 964:
investment, investments, 672-76, 69
Page 965 and 966:
monetary policy (continued)trade-of
Page 967 and 968:
price takers, 27, 131, 218price war
Page 969 and 970:
Social Security (continued)as pay-a
Page 971:
unions (continued)strikes by, 355su
show all

[Joseph_E._Stiglitz,_Carl_E._Walsh]_Economics(Bookos.org) (1)

Create successful ePaper yourself

Delete template?

Save as template?