Andrew B. Abel, The Wharton School of the University of Pennsylvania, A prolific researcher, Abel has published extensively on fiscal policy, capital formation, monetary policy, asset pricing, and Social Security-as well as serving on the editorial boards of numerous journals. He has been honored as an Alfred P. Sloan Fellow, a Fellow of the Econometric Society, and a recipient of the John Kenneth Galbraith Award for teaching excellence.
Ben S. Bernanke
Previously the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs at Princeton University, Ben Bernanke received his B.A. in economics from Harvard University summa cum laude-capturing both the Allyn Young Prize for best Harvard undergraduate economics thesis and the John H. Williams prize for outstanding senior in the Economics Department. Like coauthor Abel, he holds a Ph.D. from the Massachusetts Institute of Technology.
Dean Croushore, Robins School of Business, University of Richmond
Dean Croushore is professor of economics and Rigsby Fellow at the University of Richmond. He received his A.B. from Ohio University and his Ph.D. from Ohio State University.
Croushore returned to academia at the University of Richmond in 2003. The focus of his research in recent years has been on forecasting and how data revisions affect monetary policy, forecasting, and macroeconomic research. Croushore's publications include articles in many leading economics journals and a textbook on money and banking. He is associate editor of several journals and visiting scholar at the Federal Reserve Bank of Philadelphia.
I. INTRODUCTION
1. Introduction to Macroeconomics
II. LONG-RUN ECONOMIC PERFORMANCE
2. Productivity, Output, and Employment
3. Consumption, Saving, and Investment
4. Saving and Investment in the Open Economy
5. Long-Run Economic Growth
6. The Asset Market, Money, and Prices
III. BUSINESS CYCLES AND MACROECONOMIC POLICY
7. Business Cycles
8. The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis
9. Classical Business Cycle Analysis: Market-Clearing Macroeconomics
10. Keynesianism: The Macroeconomics of Wage and Price Rigidity
IV. MACROECONOMIC POLICY: ITS ENVIRONMENT AND INSTITUTIONS
11. Unemployment and Inflation
12. Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy
13. Monetary Policy and the Federal Reserve System
14. Government Spending and Its Financing
Appendix A: Some Useful Analytical Tools
Glossary
Name Index
Subject Index
•Coverage of inflation and monetary policy reflects the latest work by researchers and the Federal Reserve.
•Early coverage of long-run topics in chapters 3-7 reflects a commitment to modern macro theory, followed by an equally in-depth analysis of short-run issues in chapters 8-11.
•A unified framework uses a single model, built from a set of core economic ideas, to introduce the macroeconomic theories and concepts.
•A balanced presentation of both classical and Keynesian economics allows students to see the complete picture of economic theory, and allows flexibility for professors to teach the course their way.
•Real-world applications connect theory to practice, helping students make active use of the economic ideas in the text.
?Applications show students how theory is used to understand real-world macroeconomic issues.
?Boxes draw from current research, highlighting interesting new developments and topics in the field.
?In Touch with Data and Research boxes ask students to find and interpret macroeconomic data, like economists would in their careers.
•Learning tools for students aid comprehension and application. Key diagrams in each chapter help students identify the most critical ideas. Summary tables and extensive end-of-chapter problem sets help to reinforce learning.