Macroeconomics (6th Edition) PDF
Preview Macroeconomics (6th Edition)
SIXTEHD ITION TheA ddison-WSeesrlieieyns E conomics AbeVBernanke/Crousbore Hartwick/Olewiler Murray Macmeconomics TheE conomiocfsN aturaRle sourUcsee EconometriAc Mso:d ern Introduction BadelParkin HoffmaniAverett Parkin FoundatioofnE sc onomics Womena ndt heE conomyF:a miLy, Economics Worka,n dP ay BiermanIFernandez Perloff GameT hemy wiEtcho nomic Holt M icroecollomics Applications MarketGsa,m esa,ll dS trategBiech avior PermaniCommocnGIiMlvraylMa BingerlHoffman Hubbard NaturaRle sourcaensd E nvironmental Microeconomiwcist Cha lculus Moneyt,h e FinanScyisatle m, Economics andt heE collomy Pbelps Boyer Hughes/Cain HealtEhc onomics Principal/eTsr ansportation Ecollomics AmericaEnc onomiHci s!01"Y RiddeIIiShackelford/Stamos! Branson HustedlMelvin Schneider MacmecollomiTch eorayn dP olicy InternatioEncaoln omics EconomicAs T:o olf orC ritically Bruce UnderstandSioncgi ety Jehle/Reny PubliFci nancaen dt heA merican AdvanceMdi croeconoTmhieco ry Ritter/SilberlUdell Economy PrincipolfMe osn eyB,a nking, Johnson-Lans Byrns!Stone allFdi nanciMaalr kets A Health EconoPmriicmse r Economics Rohlf Klein CarltonlPerloff IntroducttoiE ocno nomiRce asoning MathematiMceatlh odJso rE conomics ModernI ndustrOiragla nization Ruffin/Gregory Krugman/Obstfeld CaveslFraJnokneelsi PrincipoljEe cso nomics InternatioEncaoln omics WorLTdr adea ndP aymellfs: Sargent An Introduction Laidler RationEaxlp ectations TheD emandJoMro ney Chapman andI nflation EnvironmentEaclo nomics: Leeds/vAolnl menlScbiming Scberer Theory, AppliacnadtP ioolni,c y Economics IndustSrtyr uctuSrter,a tegy, CooterlUlen Leeds!vAolnl men andP ubliPco licy Law allEdc onomics TheE conomiocfsS ports StockIWatson Downs Lipsey/CourantlRagan IntroducttoiE ocno nometrics All EconomiTch eory Economics Studenmund ofD emocracy Melvin UsinEgc onometrics Ehrenberg/Smith InternatioMnOallle ya ndF inance Tietenberg Modem LaborE conomics Miller EnvironmentaanldN atural Ekelundffollison EconomiTcosd ay ResourEcceo nomics Economics Miller Tietenberg Fusfeld UnderstandMiondge m Economics EnvironmentEaclo nomics TheA geo ft heE conomist andP olicy MillerlBenjamin Gerber TheE conomiocjsM acroI ssues Todaro/Smith InternatiEocnoanlo mics EconomiDce velopment MillerlBenjaminINortb Gbiara TheE conomiocfsP ubliIcs sues Waldman LearniEncgo nomics Microeconomics MillslHamilton Gordon UrbanE conomics WaldmanlJensen Macmeconomics IndustrOiragla nization: Mishkin Theorayn dP ractice Gregory TheE conomiocjsM oney, Banking, EssentioajEl cso nomics andF inanciMaalr kets Weil EconomiGcro wth Gregory/Stuart Mishkin Russiaann dS oviEecto nomic TheE conomiocjsM oneyB,a nkinagn,d Williamson PeljormanacnedS tructure FinanciMaalr ketAsl,t ernaEtdei tion Macroeconomics SIXTEHD ITION AndreBw.A bel The WhSacrhototfooh nle UniveorPfse intnys ylvania BenS .B ernanke DeaCnr oushore RobSicnhsoo Bfou ls iness Univeorfs iRtiyc hmond BostonSa nF rancisNceow York LondonT orontSoy dneTyo kyoS ingapoMraed rid MexicCoi tyM unichP ariCsa peT own HongK ong Montreal PublishGerre:Tgo bin EditionCr h iefD:e niCslei nton SeniAocrq uisiEtdiiotnosAr d:r ieDn'An meb rosio DirectDoerv eolfo pmeKnatyV: e no DevelopEmdeintto Sry:l vMiaal lory EditoArsisails taMnetgB: e ste ManagiEndgi toNra:n cFye nton SeniPorro ducStuipoenr visKaotrh:r Dyinn ovo Senior MDaensaiggenr C:h ucSkp aulding SupplemSeunptesr visHoera:t her McNally DirectMoerd ioafM: i cheNleliel SeniMoerd iPar oduceMre:l iHsosnai g ConteLneta Mdy,E conLaDbo:u glAa.Rs u by SeniMoarr keting MaRnoaxgaerrm:e Hoch SeniMoarn ufactBuuryienrgC: a rMoell ville CoveDre signeMrA:D A DesIingcn., TexDte siAgrnt,C, o mposition, andP roducCtoioornd inatEilomSn t:r Peeutb lisSheirnvgi ces, Inc. Manyof t hdee signautsiebodyn m sa nufacturseerlslt eodar inssd t intghueipisrrho ductcsl aairmee d ast rademWahrekrste.h odsees ignaatpipoeinanstr h ibso oakn dA ddisWoesnl ewya sa waroefa trademcalraki md,e stihgen ahtaivoen sbp ereinni tnei dn itciaapolsr caalpls . LibroafCr oyn gCraetsasl oging-Diant-aP ublication AbeAln,d reBw.1 ,9 52- MacroeconoAmnidcrseB w.A beBle,nS .B ernanDkeeaC,nr oush-o6rteeh.d . / p.e m-. (Adsdoin-eWslseeyr iinees c onomics) Inclubdiebsl iogrraepfheirceaannlcdi e nsd exes. ISB0N- 321-41554-X Macroecono2mU.in cistS.et da tes-Eccoonnodmiitci oBnesr.n anBkeen,. 1. 1. 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Dean ThWeh arton Bernanke Croushore Schoofto hle RobSicnhosof o l Unvierosfi ty BuessiUsnn,ei rvsity Pennsay lvani oRfi chmond RonaAl.dR osen Previoutshley DeaCnr oushiosr e felPdr ofeosfs or HowarHda rrison assocpiraotfee ssor FinanacteT he and Gabrlilee of econaonmdi cs WhartSocnh ool SnydBeerc Pkr o RigsFbeyl laotw anpdr ofeosfes coorn omaittc hUsen i fesosfEo cro noamniPcdus b lAfifca aitr tsh eU niverosfiR tiyc hmo.H ned versoifPt eyn nsylAvnadnrieaw, Abel PrincUentiovne rBseinBt eyr,n anrkeec eihviAes.d B . OfhrioUomn iversity sumcmualm a ude receihviesd A.B. from recehiivBes.d Ai n.e c onofmriocHmsa ranhdi Psh Df.r oOmh iSot aUtnei versity. PrincUentiovne rasnidht iyPs h .D. sUlcI1lmllaam u de-cap varUdn iversity Croushboergeah ins caPreenenr at frotmh Mea ssachuIsnestttiostf u te turibnogtt hh Ael lyn YPoruinzge sfyolrv aniUan iSvtearitsn1ei 9 t8Ay4f .t er Technology. besHta rvaurndd ergreacdounaotmei tcesa chfiofnrig yv eea hresm ,o vetdo the He behgiatsne achcianrgea e ttrh e theasnitdsh Jeo hHn.W illiparmifszo er F edeRreasle rBvaen okf P hiladel UniversCihtiyc aogfo and Harvard Uni outstasnedniiniogntr h eec onomipchsiw ah,e rheew avsi cper esident and versaintdhy a,hs e lvdi siatpipnogi nt departmLeiknceto .a utAhboerhl e, economHiisdstu .t ies hdiusr ifnogu r mentastb otTheA lv iUvn iverasnidt y holadP sh Df.r otmh Mea ssachutseeteytnes a artst hPeh iladeFlepdh ia TheH ebrUenwi verosfJi etryu salem. 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P hiladelphia. curreCnhtaliyr amnadnm eam beorf thBeo arodfG overnooftr hsFe e deral ReseSryvset em. v • ne on en s Prelace xv PAR1T Introduction 1 1 IntrodtuoMc taicorno econ2o mics 2 ThMee asureamneSdnt tr ucotftu hrNeea tioEncaoln om2y3 PAR2T long-Run Economic Performance 61 3 Producy,Ot uitvpiuttE,m palnody m6e2n t 4 ConsumpStaivoinan,ng Id,n vestm1e1n0t 5 SavianngId n vestimnte hnOetp eEnc onom1y7 3 Long-ERcuonn oGmriocw t2h1 2 6 7 ThAes sMeatr kMeotn,e, ay nPdr ic2e4s7 PAR3T BusinCeyscsl aensdM acroeconPoomliicc y 281 8 BusinCeyscsl2 e8s2 9 IS-ALOM-/AS The ModeAl :G enFerraamle work foMra croecoAnnoamliyc3s 1i0s 10 ClassicalC yBcAulnseai lnyeMssaisrs k:e t-CMlaecarroiencgo n3o6m0i cs 11 KeynesianMiascmr:o eTchoen Woamgiaecn sPd r oifRc ieg id3i9t8y PAR4T MacroeconPoomliicIc tyEs:n vironment andI nstitutions 443 12 UnemployamneIdnn tf la4t4i4o n 13 ExchaRnagteBe uss,i nCeyscsla ensMd,a croecoPnoolmiiccy int hOep eEnc onom4y7 6 14 MonetPaorlyia cntdyh Fee deRreasle Sryvset e5m2 9 1 5 GovernSmpeenntd ainnIdgt F si nanc5i7n3g SomUes efAunla lyTtooilcs6a 1l0 AppendAi:x 617 Glossarv 629 NameI ndex 631 SubjeIcntd ex • VI • e ale on en s xv 27 Preface 2.2G rosDso mestPirco duct ThPer odAupcptr otaoMc eha suGrOiPn2 g7 PAR1T Introduction 1 BOX2 .1N aturRaels ourctehseE, n vironment, andt heN ationIanlc omAec count3s0 CHAP1T ER ThEex pendAiptpurroteao Mc eha suGrOiPn 3g1 2 IntrodutcoMt aicorone conomics ThIen coAmpep rotaoMc eha suGrOiPn 3g4 37 2.3S avinagn dW ealth 2 11. WhatM acroeconoImsAi bcosu t Measuorfe sA ggSraevgia3nt7ge Long-ERcuonn oGmriocw t3h ThUes eosfP rivSaatvei 3n9g BusiCnyecsls4e s RelaStaivniagnn gWd e alt40h Unemploy5m ent APPLICATIOWNe altVhe rsuSsa ving4 2 Infla6t ion ThIen ternEactoinoon8ma yl 2.4R eaGlO P,P ricIen dexaensd,I nflat4io6n MacroecoPnoolmi9ic cy ReaGlO P4 6 Aggrteigoa1n 0 PriIcned ex4e8s 11 BOX2 .T2h eC omputeRre volution 1.W2h atM acroecosntoDsmo i andC hain-WeigGhDtPe d4 8 MacroecoFnoormeicca1 s1t ing BOX2 .3Do esC PII nflatOivoenr stIantcer eaisnte hse MacroecAonnaolmyi1sc2i s Cosotf L iving5?1 MacroecoRneosmeia1cr3 c h 52 2.5I nterReastte s BOX1 .1D evelopainndgT esting ReaVelr sNuosm iInnatle Rraetse5ts3 anE conomTihce ory1 4 DatDae velop1m4e nt 1.W3h yM acroeconoDmiissatgsr 1ee5 PAR2T Lon-RgunE conomic ClassViercsauKlses y nes1i6a ns Performance 61 AU nifAipepdr otaoc hM acroec1o8n omics CHAP3T ER CHAP2T ER ProcdtuiitvOyu.t pauntdE. m pylmoen6t 2 TheM easuremaenndStt ructure 3.1H ow MucDho es Etchoe nomPyr oduce? 23 oft hNea tioEncaoln yo m 63 The ProduFcutnicotni on 2.1N atioInnaclo mAec counting: APPLICATIOTNh eP roductFiuonnc tiooftn h eU .S. The MeasuroemfPe rnotd uction, Economayn dU .SP.r oductiGvriotwyt h6 4 23 Incomaen,dE xpenditure ThSeh aopfe Ptrhoed uFcutnicotn6i 6o n InT ouchw itthh Mea coreconomy: SuppSlhyo c7k1s ThNea tionala nIdn cPorAmocedc uocut2n t5s Whyt hTeh rAepep roaAcrhEeeq su iva2l6e nt • • VII viii DetaiCloendt ents 72 3.2T heD emand Lfaobro r APPLICATIOCNo nsumeSre ntiment andF orecaosftC so nsumeSrp endin1g1 5 ThMea rgiPnraoldo ufLc atb or and LabDoerm anAdnE :x amp7l3e EffoefCc hta nignWe esa lt1h1 8 AC hanignte h Wea ge7 5 EffoefCc hta nignet shR ee aIln teRraets1et1 9 ThMea rgiPnraoldo ufLc atb ort haen d FisPcoalli 1c2y1 LabDoerm aCnudr v7e5 InT ouchw itthh Mea coreconomy: FactTohraSsth itfhLtea bDoerm aCnudr v7e7 InteRraetse1ts2 2 AggreLgaabtDoeer m an7d9 APPLICATIOAN R icardTiaaxCn u t? 1 25 3.3T heS upployfL abor7 9 4.2I nvestme1n2t7 ThIen come-TLreaidseu8-r0oe f f ThDee siCrapet ida S toc1k2 7 I ReaWlag easn Lda bSourp pl8y0 Chanignte hsDe e siCraepdiS ttaolc1 k3 0 ThLea bSourp pCluyr v8e3 APPLICATIOMNe asuritnhgeE ffects AggreLgaabtSoeur p pl84y ofT axeosn I nvestme1nt34 Frotmh Dee siCraepdi tal APPLICATIOCNo mpariUn.gSa .n dE uropean Stock to I1n3v5e stment LaboMra rket8s5 InvestmIennvte nitanon Hrdoi uess i1n3g7 3.4L aboMra rkeEtq uilibr8i7u m BOX4 .1I nvestmaenndtt heS tocMka rket1 38 Full-EmpOluotypmu8et9n t 4.3G oodMsa rkeEtq uilibr1i3u9m APPLICATIOONu tpuEtm,p loymeanntd, theR eaWla geD urinOgil P ricSeh ocks9 0 ThSea ving-InDvieasgtrm1ae4mn0 t APPLICATIOTNe chniCchaaln gaen d APPLICATIOMNa croeconoCmoincs equenocfte hse WageI nequali9t1y Booma ndB usitn S tocPkr ice1s 44 Append4i.xA A FormaMlo del 3.5U nemployme9n3t ofC onsumptainodSn a vin1g 56 MeasuUrnienmgp loy9m4e nt InT ouchw itthh Me acoreconomy: CHAP5T ER LabMoarr kDeatt 9a5 Savianngd v eIsntmiennt ChanignEe ms ploySmteantt9u 5s 173 thOep eEnc onomy How LAornPege opUlnee mplo9y6ed ? Why ThAelrweaA yrsUe n emplPoeyoepd9l 7e 5.1B alanocfPe a ymenAtcsc ounti1n7g4 ThCeu rrAecncto u1n7t4 3.6R elatOiuntgp uatn dU nemployment: Okun'Lsa w 99 y InT ouchw itthh Mea crecn m o o o : ThBea laonfPc aey meAnctcso u1n7ts6 Append3i.xA TheG rowtRha te Form 109 Okun'Lsa w of ThCea piatnaFdli nanAccicaolu1 n7t7 The RelaBteitowntesheCheniu pr rAecncto unt CHAP4T ER antdh e CaanpFdii tnaalnA ccicaolu1 n7t9 110 ConsumpStaivoinan.ng d.I nvtemsent BOX5 .1D oesM arsH avea C urrent AccounStu rplus1?8 1 4.1C onsumptainodSn a vin1g1 1 NeFto reAisgsnea ntds Btahlea nce ThCeo nsumpatnSidao vn ing ofP aymeAnctcso un1t8s1 Deciosfia onIn n divi1d1u2a l APPLICATIOTNh eU niteSdt ates EffoefCc hta nignCe usr rIenncto m1e1 4 asI nternatDieobntaolr 1 83 EffoefCc hta nignEe sx pecFtuetduI rnec om1e1 4 • DetaiCloendt ents IX CHAP7T ER 5.2G oodMsa rkeEtq uilibrium ina nO pen Econo1m8y4 274 TheA sseMtar keMto,n ye,a ndP rices 5.3S avinagn dI nvestmienan t SmalOlp en Econo1m8y5 7.1W hatI sM oney?2 47 ThEef feocfEt cso noSmhiocci kns BOX7 .1 Moneyi n Par isoner-oCfa-mWpa r2 48 aS maOlple Enc ono1m8y9 ThFeu nctoifMo onnse 2y4 8 5.4Sa vinagn dI nvestmienn t MeasuMroinnegTy h:Me o netAagrgyr eg2a5t0e s LargOep enE conomi1e9s1 InT ouchw itthh eM acroeconomy: APPLICATIOTNh eI mpacotfG lobalization ThMeo neytA agrgreg2a5t1e s ont heU .S. Econ1o9m3y ThMeo neSyu ppl2y5 1 APPLICATIORNe ecntTrenidnst heU .S. CurreAnctc ounDte fici1t9 6 BOX7 .2 WhereH avAel tlh eD ollaGrosn e? 252 5.5F iscPaoll iacnydt he 7.2P ortfoAlliloo caatnido n 199 CurreAnctc ount theDe manfdo Ars set2s5 3 ThCer itFiaccatTloh Rree: s ponse ExpecRteetdu 2r5n4 ofN atiSoanvail2n 0g0 Ris2k5 4 ThGeo vernmBeundtgD eetf icit Liqui2d5i4t y anNda itonSaalv i2n0g1 TimteoM atur2i5t5y APPLICATIOTNh eT wiDne fici2t0s2 AssDeetm and2s5 6 CHAP6T ER 73. TheD emanfdo r Mon2e5y6 212 Lon-RgunE conomGirocw th ThPer iLceev e2l5 7 Real In2c5o7m e 213 6.1T heS ourcoefEs c onomGirocw th InteRraetse2ts5 8 GrowAtchc oun2t1i5ng ThMeo neDye maFnudn ct2i5o9n APPLICATIOTNh eP ost-19S7l3o wdown OthFearc tAofrfse cMtoinneDgye man2d6 0 inP roductivity 2G1r7o wth ElacsittoiifMe osn eDye man2d6 1 APPLICATIOTNh eR ecenStu rgienU .S. ProductiGvriotwyt h 220 Veolciatnytd h Qeu antTihteyoor fMy o ne2y6 2 6.2G rowtDhy namics: APPLICATIOFNi nancRieaglu latIinonno,v ation, 223 TheS oloMwo del andt heI nstabiolfMi otnye yD emand 264 Setouftp h Seo lMoowd e2l2 4 7.4A sseMta rkeEtq uilibr2i6um6 ThFeu ndamDeenttearlm ionfa nts AssMeatr kEeqtu irliiubm: An Long-LRiuvniS ntga nda2r3d1s AggregAastsiuomnp t2i6o6n APPLICATIOTNh eG rowth of C2h3i6n a ThAes sMeatr kEeqtu iliCborniduimt2 i6o8n EndogeGnroouwsTt hhe ory 238 7,5M oneyG rowtahn dI nflat2io6n9 6.3G overnmePnotl ictioRe asi se APPLICATIOMNo neyG rowtahn dI nflation 240 Long-RLuinv iSntga ndards inE uropeCaonu ntriineT sr ansiti27o0n PolitcoAi fefste hcSeta viRnagt2 e4 0 ThEex pecItnefdl Raattiaeon tndh e PolitcoRi aeiss eR attohefe NominIanlt eRraets2et7 2 ProducGtriovwit2th4y 1 APPLICATIOMNe asuriInngf latEixopne ctati2o7n3s x DetaiCloendt ents CHAP9T ER PAR3T BusinCesysc laensd IS-LM/AO-AS MacroeconPoomliicc2 y8 1 The Mode:Al Geenrla 310 FramewfoorMrka croeconoAmniacl ysis CHAP8T ER 9.1T he LinEeq:u ilibrium FE 282 BusisnsCe ycles int heL aboMra rket3 11 FactTohraSsth itfhFteE L in3e1 2 8.1W hatI s Bau sineCsyscl e2?8 3 9.2T he CurvEeq:u ilibrium IS 8.2T heA mericBauns ineCyscsl e: 313 int heG oodMsa rket TheH istorRieccaolr 2d 85 FactTohraSsth itfhIteSC u rv3e1 5 ThPer e-WWoarrIl dP er2i8o5d ThGer eDaetp resasnWidoo rnl dI IW2a 8r5 9.3T he CurvAes:s et LM 317 MarkeEtq uilibrium Post-WWoarrIlU Id. Bsu.s iCnyecsls2e 8s7 ThIen teRraetasent td h Per ice The" LoBnogo m2"8 8 ofaN onmoneAtsasre3yt1 8 HavAem eriBcuasni Cnyecslse s ThEeq uaolfMi otnye Dye manded BecoLmeesS se vere? 288 anMdo ney Sup3p1l8i ed 290 8.3B usineCyscsl Fea cts FactorSsh itTfhhLteaM Ct u rv3e2 1 ThCey clBiechaalvo ifo Erc onomic 9.G4e nerEaqlu ilibirnit uhme VariabDlierse:ca tniTdoi nm ing 290 Complete Model3 25 IS-LM Produc2t9i1o n ApplytihInegS -FLrMa mewAoT remkp:o rary InT ouchw itthh Mea croeconomy: AdveSruspep Slhyo c3k2 6 LeadIinndgi ca2t9o2r s APPLICATIOONi lP ricSeh ockRse visit3e2d8 Expendi2t9u4r e BOX9 .1 Econometriacn dMM aocdreolesc onomic EmployamneUdnn te mploy2m9e5n t ForecafsotrMs o netaProyl iAcnya lysi3s2 9 AveraLgaeb Porro ducatnitdvh iet y 9.5P riAcdej ustmaenndtt h eA ttainment ReaWla ge2 97 ofG enerEaqlu ilibr3i3u0m MoneGyr owatnhId n fla2t9i8o n ThEef feocfaMt osn etEaxrpya ns3i3o0n FinanVcariiaalb2 l9e9s ClasVseriscuKasel y neVserisainoo fn s IntetrinoIAan s ap eocftt hsBe u siCnyecsls3e 0 0 thIeS -MLoMd e3l3 4 301 8.4B usineCyscsl Aen alysAi Psr:e view 336 9.6A ggregDaetmea nadn dA ggregSautpep ly BOX8 .1 TheS easonCaylc laen d ThAeg greDgeamtaeCn udr v3e3 6 theB usineCsysc le3 01 ThAeg greSguaptpCelu yr v3e3 8 AggreDgeamtaean ndAd g greSguaptpel y: Equiliibntr hiAeuD m- AMSod e3l4 1 AB rief Int3r0o2d uction MonetNaeruyt riantl hiAetD y- AMSod e3l4 1 Append9i.xA W orked-NOuutm eriEcxaelr cise 351 for Soltvhien g Model IS-LMIAD-AS Append9i.xB A lgebrVaeircs ioofnts h e IS-LM 353 and Models AD-AS
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