DescriptionFor undergraduate Macroeconomics courses.
A modern approach to macroeconomics.
Williamson’s Macroeconomics uses a thoroughly modern approach by showing students how to build macro economic models from micro economic principles. This approach helps to make the text consistent with the way macroeconomic research is conducted today.
The fourth edition weaves the recent events of the financial crisis into the material.
- Allows deeper insights into economic growth processes and business cycles, which are the key topics in macroeconomics.
- Better integrates the study of macroeconomics with what will be covered in economics and microeconomics courses.
- Helps students better prepare for advanced study in economics.
- “Theory Confronts the Data” feature brings macroeconomic theory to life by having students match the characteristics of real-world economic data.
- “Macroeconomics in Action” feature relates real-world applications to theory, summarizes ideas from front-line research in macroeconomics and the history of economic thought, and aids students in understanding core material.
- NEW! “Perspectives on the Financial Crisis” boxes use the theoretical frameworks in the text to present information on the recent worldwide financial crisis and its implications for the 2008-09 recession.
Make studying and retention easier: End-of-Chapter Summary. Each chapter wraps up with an easy-to-read summary of the key ideas contained in the chapter, followed by a glossary of key terms. The terms are also highlighted in bold where they appear within the chapter so that students can revisit the definitions in context.
Challenge proficiency: Questions and Problems. The end of each chapter contains questions and problems that can be used as a self-test for students. These questions and problems relate directly to ideas and facts covered in the chapter and are intended to be challenging and thought provoking.
New to This Edition
- Government Expenditures and the American Recovery and Investment Act of 2009
- Asymmetric Information and Interest Rate Spreads
- The Housing Market, Collateral, and Consumption
- The Total Government Spending Multiplier: Barro vs. Romer
- The Effects of Monetary Policy When the Nominal Interest Rate is Zero
Revised! Understanding money demand and supply: Chapter 11: Money, Banking, Prices, and Monetary Policy. To clearly and accessibly capture the modern theory of money demand and supply, this chapter has been revised to model the choices of consumers and firms between currency and alternative means of payment, while integrating the behavior of banks.
NEW! Following a seamless new approach to Keynesian economics. This new approach has essentially turned Chapter 13: New Keynesian Economics: Sticky Prices into a new chapter. The model used in Chapter 13 is in line with modern approaches to Keynesian Economics, which focus on sticky prices rather than sticky wages, and dispense with the “LM curve” of traditional Keynesian analysis.
Table of Contents
Part I. Introduction and Measurement Issues
Chapter 1: Introduction
Chapter 2: Measurement
Chapter 3: Business Cycle Measurement
Part II. A One-Period Model of the Macroeconomy
Chapter 4: Consumer and Firm Behavior: The Work–Leisure Decision and Profit Maximization
Chapter 5: A Closed-Economy One-Period Macroeconomic Model
Part III. Economic Growth
Chapter 6: Economic Growth: Malthus and Solow
Chapter 7: Income Disparity Among Countries and Endogenous Growth
Part IV. Savings, Investment, and Government Deficits
Chapter 8: A Two-Period Model: The Consumption–Savings Decision and Credit Markets
Chapter 9: Credit Market Imperfections: Credit Frictions, Financial Crises, and Social Security
Chapter 10: A Real Intertemporal Model with Investment
Part V. Money and Business Cycles
Chapter 11: Money, Banking, Prices, and Monetary Policy
Chapter 12: Market-Clearing Models of the Business Cycle
Chapter 13: New Keynesian Economics: Sticky Prices
Part VI. International Macroeconomics
Chapter 14: International Trade in Goods and Assets
Chapter 15: Money in the Open Economy
Part VII. Topics in Macroeconomics
Chapter 16: Money, Inflation, and Banking
Chapter 17: Unemployment: Search and Efficiency Wages
Chapter 18: Inflation, the Phillips Curve, and Central Bank Commitment
Instructor's Manual (Download only) for Macroeconomics, 4th Edition
Test Item File (Download only) for Macroeconomics, 4th Edition
TestGen Computerized Test Bank for Macroeconomics, 4th Edition
Important: To use the test banks below, you must download the TestGen software from the TestGen website. If you need help getting started, read the tutorials on the TestGen site.
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