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.
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- 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
- Chapter 6, “Search and Unemployment,” is entirely new. This chapter presents an accessible version of the search and matching model for which Peter Diamond, Dale Mortensen, and Christopher Pissarides received the Nobel prize in 2010. This basic search model has become a workhorse for research in labor economics and macroeconomics over the last 30 years. This model allows us to understand the determinants of unemployment, and to successfully address some puzzles regarding the recent behavior of labor markets in the United States, following the financial crisis.
- Chapter 11, “A Real Intertemporal Model with Investment,” contains a new section on “Sectoral Shocks and Labor Market Mismatch,” which is important for understanding some features of the 2008-2009 recession and the recovery from the recession.
- In Chapter 12, “Money, Banking, Prices, and Monetary Policy,” the approach to money demand has been simplified, and new material has been added on monetary policy rules, the liquidity trap, and quantitative easing. This material is critical for understanding monetary policy in the United States and other countries during and since the financial crisis.
- In Chapter 13, “Business Cycles with Flexible Prices and Wages,” a new section is included on “A New Monetarist Model: Financial Crises and Deficient Liquidity,” which captures some causes of the financial crisis, and explores the appropriate policy responses.
- Chapters 15 and 16, which cover international economics, have been revised extensively. In particular, an addition to Chapter 16 is the treatment of a New Keynesian sticky-price open economy model.
- New end-of-chapter problems have been added.
- New “Theory Confronts the Data,” and “Macroeconomics in Action” features have been added to cover recent macroeconomic events and macroeconomic policy issues, particularly as they relate to the financial crisis, and the 2008-2009 recession.
- The “Working with the Data” sections at the end of each chapter have been revised extensively so students can use the FRED database, provided by the Federal Reserve Bank of St. Louis.
Table of Contents
I. INTRODUCTION AND MEASUREMENT ISSUES
3. Business Cycle Measurement
II. A ONE-PERIOD MODEL OF THE MACROECONOMY
4. Consumer and Firm Behavior: The Work—Leisure Decision and Profit Maximization
5. A Closed-Economy One-Period Macroeconomic Model
6. Search and Unemployment
PART III. ECONOMIC GROWTH
7. Economic Growth: Malthus and Solow
8. Income Disparity Among Countries and Endogenous Growth
PART IV. SAVINGS, INVESTMENT, AND GOVERNMENT DEFICITS
9. A Two-Period Model: The Consumption—Savings Decision and Credit Markets
10. Credit Market Imperfections: Credit Frictions, Financial Crises, and Social Security
11. A Real Intertemporal Model with Investment
PART V. MONEY AND BUSINESS CYCLES
12. Money, Banking, Prices, and Monetary Policy
13. Business Cycle Models with Flexible Prices and Wages
14. New Keynesian Economics: Sticky Prices
PART VI. INTERNATIONAL MACROECONOMICS
15. International Trade in Goods and Assets
16. Money in the Open Economy
PART VII. MONEY, BANKING, AND INFLATION
17. Money, Inflation, and Banking
18. Inflation, the Phillips Curve, and Central Bank Commitment
Appendix Mathematical Appendix
Test Item File (Download only) for Macroeconomics, 5th Edition
TestGen Computerized Test Bank for Macroeconomics, 5th 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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