Macroeconomics: Policy and Practice (2nd Edition) by Frederic S. Mishkin

By Frederic S. Mishkin

For classes in Intermediate Macroeconomics

Help scholars comprehend macroeconomics in concept in addition to practice

Macroeconomics: coverage and Practice, moment variation attracts at the wealthy tapestry of contemporary fiscal occasions to aid scholars comprehend the coverage matters debated by means of the media and the general public at huge in the course of those attempting instances. development on his services in macroeconomic coverage making on the Federal Reserve, writer Frederic S. Mishkin offers special, step by step factors of all types and highlights the innovations utilized by coverage makers in perform. the second one variation contains a wealth of recent and up-to-date content material, in addition to new instruments and assets in MyEconLab that deliver path fabric to life.

This textual content offers a greater educating and studying experience—for you and your scholars. it is going to assist you to:

Personalize studying with MyEconLab: This on-line homework, instructional, and evaluate application engages scholars in studying and gives teachers instruments to maintain scholars on track.
Enable scholars to attach concept to practice: An combination call for and provide version is helping scholars comprehend concept, whereas a number of examples support them comprehend the purposes of theory.
Foster curiosity through enticing good points and up-to-date content: Updates that replicate the most recent happenings on the planet of economics and student-friendly in-text instruments trap pupil interest.
Teach your path your way: a versatile constitution permits teachers to target the actual components of macroeconomics that fit their direction goals.

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Extra resources for Macroeconomics: Policy and Practice (2nd Edition)

Sample text

S. and world economies throughout every chapter. The Purpose: Interpreting Macroeconomic Data Macroeconomists, and in turn macroeconomic models, focus in particular on three economic data series: real GDP, the unemployment rate, and the inflation rate. We look at each in turn. Real GDP. Real Gross Domestic Product (GDP) measures the output of actual goods and services produced in an economy over a fixed period, usually a year. As we will see in Chapter 2, real GDP also equals the total amount of real income of every person and firm in the economy.

Economic theory involves developing an economic model, a simplified representation of the 1We will explore the microeconomic foundations of macroeconomics in Chapters 18 to 20 of this book. 3 4 Part one • Introduction e­ conomic phenomenon that takes a mathematical or graphical form. The development of an economic theory or model typically involves five steps: 1. Identify an interesting economic question. For example, a macroeconomist might want to understand why the unemployment rate rises or falls over time, or why workers’ wages in real terms (in terms of the goods and services they can actually buy) rise more rapidly during certain periods, but not others.

How Much Time It Takes to Get to the Long Run . Sources of Business Cycle Fluctuations . . . . Effectiveness of Stabilization Policy . . . . . Cost of Reducing Inflation . . . . . . . . The Dangers of Budget Deficits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624 624 625 626 626 627 The Future of Business Cycle Theory . . . . . . . . 628 Summary . . .

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