The authors of Macroeconomics, Hubbard and O’Brien help foster interest in the discipline’s concepts, and make the key principles of this topic relevant to students’ lives by demonstrating how real businesses use macroeconomics to make decisions every day. With ever-changing US and world economies, the 7th Edition has been updated with the latest developments using new real-world business and policy examples. Regardless of their future career path — opening an art studio, trading on Wall Street, or bartending at the local pub — students will benefit from understanding the macroeconomic forces behind their work.
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Table of contents
1. A Tour of the World
2. A Tour of the Book
The Short Run
3. The Goods Market
4. Financial Markets I
5. Goods and Financial Markets; The IS-LM Model
6. Financial Markets II
The Medium Run
7. The Labor Market
8. The Phillips Curve, the Natural Rate of Unemployment, and Inflation
9. Putting All Markets Together: From the Short to the Medium Run
The Long Run
10. The Facts of Growth
11. Saving, Capital Accumulation, and Output
12. Technological Progress and Growth
13. Technological Progress: The Short, the Medium, and the Long Runs
14. Financial Markets and Expectations
15. Expectations, Consumption, and Investment
16. Expectations, Output, and Policy
The Open Economy
17. Openness in Goods and Financial Markets
18. The Goods Market in an Open Economy
19. Output, the Interest Rate, and the Exchange Rate
20. Exchange Rate Regimes
Back to Policy
21. Should Policy Makers Be Restrained?
22. Fiscal Policy: A Summing Up
23. Monetary Policy: A Summing Up
24. Epilogue: The Story of Macroeconomics
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