Macroeconomics

Inhaltsverzeichnis

• Front Cover

  1

  -

  2
• Title Page

  2

  -

  3
• Copyright Page

  3

  -

  4
• About the Authors

  4

  -

  5
• Brief Contents

  5

  -

  6
• Detailed Contents

  6

  -

  14
• Applying Macroeconomics to the Real World

  14

  -

  15
• Symbols Used in This Book

  15

  -

  16
• Preface

  16

  -

  28
• +

  Part 1 Introduction

  28

  -

  90

  ---

  • +

    Chapter 1 Introduction to Macroeconomics

    28

    -

    49

    ---

    • +

      1.1 What Macroeconomics Is About

      28

      -

      37

      ---

      • Long-Run Economic Growth

        29

        -

        31
      • Business Cycles

        31

        -

        32
      • Unemployment

        32

        -

        33
      • Inflation

        33

        -

        34
      • The International Economy

        34

        -

        35
      • Macroeconomic Policy

        35

        -

        37
      • Aggregation

        37

        -

        37
    • +

      1.2 What Macroeconomists Do

      37

      -

      41

      ---

      • Macroeconomic Forecasting

        37

        -

        38
      • Macroeconomic Analysis

        38

        -

        38
      • Macroeconomic Research

        38

        -

        39
      • Data Development

        39

        -

        40
      • In Touch with Data and Research: Developing and Testing an Economic Theory

        40

        -

        41
    • +

      1.3 Why Macroeconomists Disagree

      41

      -

      44

      ---

      • Classicals Versus Keynesians

        42

        -

        44
      • A Unified Approach to Macroeconomics

        44

        -

        49
  • +

    Chapter 2 The Measurement and Structure of the National Economy

    49

    -

    81

    ---

    • +

      2.1 National Income Accounting: The Measurement of Production, Income, and Expenditure

      49

      -

      53

      ---

      • In Touch with Data and Research: The National Income and Product Accounts in Malaysia

        51

        -

        52
      • Why the Three Approaches Are Equivalent

        52

        -

        53
    • +

      2.2 Gross Domestic Product

      53

      -

      64

      ---

      • The Product Approach to Measuring GDP

        53

        -

        56
      • In Touch with Data and Research: Natural Resources, the Environment, and the National Income Accounts

        56

        -

        58
      • The Expenditure Approach to Measuring Gdp

        58

        -

        61
      • The Income Approach to Measuring GDP

        61

        -

        64
    • +

      2.3 Saving and Wealth

      64

      -

      71

      ---

      • Measures of Aggregate Saving

        64

        -

        66
      • The Uses of Private Saving

        66

        -

        68
      • Relating Saving and Wealth

        68

        -

        71
    • +

      2.4 Real GDP, Price Indexes, and Inflation

      71

      -

      80

      ---

      • Real GDP

        71

        -

        74
      • Price Indexes

        74

        -

        75
      • In Touch with Data and Research: The Computer Revolution and Chain-Weighted GDP

        75

        -

        78
      • In Touch with Data and Research: CPI Inflation Versus Core Inflation

        78

        -

        80
      • Application The Federal Reserve’s Preferred Inflation Measures

        80

        -

        81
    • 2.5 Interest Rates

      81

      -

      90
• +

  Part 2 Long-Run Economic Performance

  90

  -

  314

  ---

  • +

    Chapter 3 Productivity, Output, and Employment

    90

    -

    139

    ---

    • +

      3.1 How Much Does the Economy Produce? the Production Function

      91

      -

      100

      ---

      • Application The Production Function and Changes of Productivity in the European Union

        92

        -

        94
      • The Shape of the Production Function

        94

        -

        95
      • The Marginal Product of Capital

        95

        -

        96
      • The Marginal Product of Labor

        96

        -

        98
      • Supply Shocks

        98

        -

        100
    • +

      3.2 The Demand for Labor

      100

      -

      107

      ---

      • The Marginal Product of Labor and Labor Demand: An Example

        101

        -

        103
      • A Change in the Wage

        103

        -

        103
      • The Marginal Product of Labor and the Labor Demand Curve

        103

        -

        105
      • Factors That Shift the Labor Demand Curve

        105

        -

        107
      • Aggregate Labor Demand

        107

        -

        107
    • +

      3.3 The Supply of Labor

      107

      -

      114

      ---

      • The Income–Leisure Trade-off

        108

        -

        109
      • Real Wages and Labor Supply

        109

        -

        111
      • Application How Big Is the Gig Economy?

        111

        -

        112
      • The Labor Supply Curve

        112

        -

        113
      • Aggregate Labor Supply

        113

        -

        114
    • +

      3.4 Labor Market Equilibrium

      114

      -

      118

      ---

      • Full-Employment Output

        116

        -

        116
      • Application Output, Employment, and the Real Wage During Oil Price Shocks

        116

        -

        118
    • +

      3.5 Unemployment

      118

      -

      127

      ---

      • Measuring Unemployment

        118

        -

        119
      • Changes in Employment Status

        119

        -

        119
      • In Touch with Data and Research: Labor Market Data in Kazakhstan

        119

        -

        120
      • Application Unemployment During the European Debt Crisis

        120

        -

        122
      • How Long Are People Unemployed?

        122

        -

        123
      • Why There Always Are Unemployed People

        123

        -

        125
      • In Touch with Data and Research: Alternative Measures of Unemployment Rate

        125

        -

        126
      • Application Recent Trends in Labor Supply

        126

        -

        127
    • 3.6 Relating Output and Unemployment: Okun’s Law

      127

      -

      138
    • Appendix 3.A The Growth Rate Form of Okun’s Law

      138

      -

      139
  • +

    Chapter 4 Consumption, Saving, and Investment

    139

    -

    203

    ---

    • +

      4.1 Consumption and Saving

      140

      -

      156

      ---

      • The Consumption and Saving Decision of an Individual

        141

        -

        142
      • Effect of Changes in Current Income

        142

        -

        143
      • Effect of Changes in Expected Future Income

        143

        -

        144
      • Application The Idiosyncrasy of Singapore’s Aggregate Consumption

        144

        -

        146
      • Effect of Changes in Wealth

        146

        -

        147
      • Effect of Changes in the Real Interest Rate

        147

        -

        149
      • Fiscal Policy

        149

        -

        150
      • In Touch with Data and Research: Interest Rates

        150

        -

        154
      • Application How Investors Respond to Tax Incentives

        154

        -

        156
    • +

      4.2 Investment

      156

      -

      169

      ---

      • The Desired Capital Stock

        157

        -

        159
      • Changes in the Desired Capital Stock

        159

        -

        162
      • Application Measuring the Effects of Taxes on Investment

        162

        -

        164
      • From the Desired Capital Stock to Investment

        164

        -

        166
      • Investment in Inventories and Housing

        166

        -

        167
      • In Touch with Data and Research: Investment and the Stock Market

        167

        -

        169
    • +

      4.3 Goods Market Equilibrium

      169

      -

      186

      ---

      • The Saving–Investment Diagram

        170

        -

        174
      • Application Macroeconomic Consequences of the Boom and Bust in Stock Prices

        174

        -

        186
    • Appendix 4.A A Formal Model of Consumption and Saving

      186

      -

      203
  • +

    Chapter 5 Saving and Investment in the Open Economy

    203

    -

    237

    ---

    • +

      5.1 Balance of Payments Accounting

      204

      -

      215

      ---

      • The Current Account

        204

        -

        206
      • In Touch with Data and Research: The Balance of Payments Accounts in Malaysia

        206

        -

        207
      • Application Current Account Balance and Trade Openness Around the World

        207

        -

        209
      • The Financial Account

        209

        -

        210
      • The Relationship Between the Current Account and the Financial Account

        210

        -

        212
      • Net Foreign Assets and the Balance of Payments Accounts

        212

        -

        213
      • Application The United States as an International Debtor

        213

        -

        215
    • 5.2 Goods Market Equilibrium in an Open Economy

      215

      -

      216
    • +

      5.3 Saving and Investment in a Small Open Economy

      216

      -

      220

      ---

      • The Effects of Economic Shocks in a Small Open Economy

        220

        -

        220
    • 5.4 Saving and Investment in Large Open Economies

      220

      -

      222
    • Application The Impact of Globalization on the U.S. Economy

      222

      -

      224
    • Application Recent Trends in the U.S. Current Account Deficit

      224

      -

      226
    • +

      5.5 Fiscal Policy and the Current Account

      226

      -

      228

      ---

      • The Critical Factor: The Response of National Saving

        226

        -

        227
      • The Government Budget Deficit and National Saving

        227

        -

        228
      • Application The Twin Deficits

        228

        -

        237
  • +

    Chapter 6 Long-Run Economic Growth

    237

    -

    275

    ---

    • +

      6.1 The Sources of Economic Growth

      238

      -

      247

      ---

      • Growth Accounting

        240

        -

        243
      • Application Waves of Productivity Growth over Time

        243

        -

        244
      • Application The Rebound in U.S. Productivity Growth

        244

        -

        247
    • +

      6.2 Long-Run Growth: The Solow Model

      247

      -

      263

      ---

      • Setup of the Solow Model

        248

        -

        255
      • The Fundamental Determinants of Long-run Living Standards

        255

        -

        259
      • Economic Models, Endogenous Variables, and Exogenous Variables

        259

        -

        261
      • Application The Growth of Emerging Economies

        261

        -

        263
    • 6.3 Endogenous Growth Theory

      263

      -

      265
    • +

      6.4 Government Policies to Raise Long-Run Living Standards

      265

      -

      267

      ---

      • Policies to Affect the Saving Rate

        265

        -

        266
      • Policies to Raise the Rate of Productivity Growth

        266

        -

        267
      • Application The Changing Distribution of Income in the United States

        267

        -

        275
  • +

    Chapter 7 The Asset Market, Money, and Prices

    275

    -

    307

    ---

    • +

      7.1 What Is Money?

      275

      -

      282

      ---

      • In Touch with Data and Research: Money in a Prisoner-of-War Camp

        276

        -

        277
      • The Functions of Money

        277

        -

        279
      • In Touch with Data and Research: Monetary Aggregates in the United Kingdom

        279

        -

        280
      • In Touch with Data and Research: The Effect of Dollarization on the United States and Other Nations

        280

        -

        282
    • +

      7.2 Portfolio Allocation and the Demand for Assets

      282

      -

      290

      ---

      • Expected Return

        282

        -

        283
      • Risk

        283

        -

        283
      • Liquidity

        283

        -

        283
      • Time to Maturity

        283

        -

        285
      • Types of Assets and Their Characteristics

        285

        -

        287
      • In Touch with Data and Research: The Housing Crisis of 2007 to 2011

        287

        -

        289
      • Asset Demands

        289

        -

        290
    • +

      7.3 The Demand for Money

      290

      -

      300

      ---

      • The Price Level

        290

        -

        291
      • Real Income

        291

        -

        291
      • Interest Rates

        291

        -

        292
      • The Money Demand Function

        292

        -

        293
      • Other Factors Affecting Money Demand

        293

        -

        295
      • Application Bitcoin and Cryptocurrencies

        295

        -

        297
      • Velocity and the Quantity Theory of Money

        297

        -

        300
    • +

      7.4 Asset Market Equilibrium

      300

      -

      303

      ---

      • Asset Market Equilibrium: an Aggregation Assumption

        300

        -

        302
      • The Asset Market Equilibrium Condition

        302

        -

        303
    • +

      7.5 Money Growth and Inflation

      303

      -

      306

      ---

      • Application Money Growth and Inflation in European Countries in Transition

        304

        -

        306
      • The Inflation Rate and the Nominal Interest Rate

        306

        -

        307
      • Application Inflation Expectations and Linkers

        307

        -

        314
• +

  Part 3 Business Cycles and Macroeconomic Policy

  314

  -

  484

  ---

  • +

    Chapter 8 Business Cycles

    314

    -

    351

    ---

    • 8.1 What Is a Business Cycle?

      315

      -

      317
    • +

      8.2 The American Business Cycle: The Historical Record

      317

      -

      325

      ---

      • The Pre–World War I Period

        317

        -

        317
      • The Great Depression and World War II

        317

        -

        319
      • Post–World War II U.S. Business Cycles

        319

        -

        320
      • The “Long Boom”

        320

        -

        320
      • The Great Recession

        320

        -

        321
      • Have American Business Cycles Become Less Severe?

        321

        -

        324
      • Application Do Economic Expansions Die of Old Age?

        324

        -

        325
    • +

      8.3 Business Cycle Facts

      325

      -

      341

      ---

      • The Cyclical Behavior of Economic Variables: Direction and Timing

        325

        -

        326
      • Production

        326

        -

        328
      • Expenditure

        328

        -

        329
      • Employment and Unemployment

        329

        -

        330
      • Application The Job Finding Rate and the Job Loss Rate

        330

        -

        333
      • Average Labor Productivity and the Real Wage

        333

        -

        334
      • Money Growth and Inflation

        334

        -

        335
      • Financial Variables

        335

        -

        336
      • International Aspects of the Business Cycle

        336

        -

        337
      • In Touch with Data and Research: Coincident and Leading Indexes

        337

        -

        341
    • +

      8.4 Business Cycle Analysis: A Preview

      341

      -

      343

      ---

      • In Touch with Data and Research: The Seasonal Cycle and the Business Cycle

        342

        -

        343
      • Aggregate Demand and Aggregate Supply: A Brief Introduction

        343

        -

        351
  • +

    Chapter 9 The IS–LM/AD–AS Model: A General Framework for Macroeconomic Analysis

    351

    -

    402

    ---

    • +

      9.1 The FE Line: Equilibrium in the Labor Market

      352

      -

      354

      ---

      • Factors That Shift the FE Line

        352

        -

        354
    • +

      9.2 The IS Curve: Equilibrium in the Goods Market

      354

      -

      358

      ---

      • Factors That Shift the IS Curve

        356

        -

        358
    • +

      9.3 The LM Curve: Asset Market Equilibrium

      358

      -

      366

      ---

      • The Interest Rate and the Price of a Nonmonetary Asset

        359

        -

        359
      • The Equality of Money Demanded and Money Supplied

        359

        -

        362
      • Factors That Shift the LM Curve

        362

        -

        366
    • +

      9.4 General Equilibrium in the Complete IS–LM Model

      366

      -

      371

      ---

      • Applying the IS–LM Framework: A Temporary Adverse Supply Shock

        367

        -

        369
      • Application The Oil Price Shock of 2008

        369

        -

        369
      • In Touch with Data and Research: Econometric Models and Macroeconomic Forecasts for Monetary Policy Analysis

        369

        -

        371
    • +

      9.5 Price Adjustment and the Attainment of General Equilibrium

      371

      -

      376

      ---

      • The Effects of a Monetary Expansion

        371

        -

        375
      • Classical Versus Keynesian Versions of the IS–LM Model

        375

        -

        376
    • +

      9.6 Aggregate Demand and Aggregate Supply

      376

      -

      392

      ---

      • The Aggregate Demand Curve

        377

        -

        379
      • The Aggregate Supply Curve

        379

        -

        382
      • Equilibrium in the AD–AS Model

        382

        -

        382
      • Monetary Neutrality in the AD–AS Model

        382

        -

        392
    • Appendix 9.A Worked-Out Numerical Exercise for Solving the IS–LM/AD–AS Model

      392

      -

      395
    • Appendix 9.B Algebraic Versions of the IS–LM/AD–AS Model

      395

      -

      402
  • +

    Chapter 10 Classical Business Cycle Analysis: Market-Clearing Macroeconomics

    402

    -

    442

    ---

    • +

      10.1 The Real Business Cycle Theory

      403

      -

      412

      ---

      • Application Calibrating the Business Cycle

        406

        -

        412
    • 10.2 Fiscal Policy Shocks in the Classical Model

      412

      -

      416
    • +

      10.3 Unemployment in the Classical Model

      416

      -

      421

      ---

      • Jobless Recoveries

        419

        -

        421
    • +

      10.4 Money in the Classical Model

      421

      -

      424

      ---

      • Monetary Policy and the Economy

        421

        -

        421
      • Monetary Nonneutrality and Reverse Causation

        421

        -

        422
      • The Nonneutrality of Money: Additional Evidence

        422

        -

        424
    • +

      10.5 The Misperceptions Theory and the Nonneutrality of Money

      424

      -

      439

      ---

      • Monetary Policy and the Misperceptions Theory

        427

        -

        429
      • Rational Expectations and the Role of Monetary Policy

        429

        -

        431
      • In Touch with Data and Research: Are Price Forecasts Rational?

        431

        -

        439
    • Appendix 10.A Worked-Out Numerical Exercise for Solving the Classical AD–AS Model with Misperceptions

      439

      -

      440
    • Appendix 10.B An Algebraic Version of the Classical AD–AS Model with Misperceptions

      440

      -

      442
  • +

    Chapter 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity

    442

    -

    482

    ---

    • +

      11.1 Real-Wage Rigidity

      443

      -

      450

      ---

      • Some Reasons for Real-Wage Rigidity

        443

        -

        444
      • The Efficiency Wage Model

        444

        -

        445
      • Wage Determination in the Efficiency Wage Model

        445

        -

        446
      • Employment and Unemployment in the Efficiency Wage Model

        446

        -

        448
      • Efficiency Wages and the FE Line

        448

        -

        449
      • In Touch with Data and Research: Efficiency Wages

        449

        -

        450
    • +

      11.2 Price Stickiness

      450

      -

      456

      ---

      • Sources of Price Stickiness: Monopolistic Competition and Menu Costs

        450

        -

        456
    • +

      11.3 Monetary and Fiscal Policy in the Keynesian Model

      456

      -

      463

      ---

      • Monetary Policy

        456

        -

        459
      • Fiscal Policy

        459

        -

        463
    • +

      11.4 The Keynesian Theory of Business Cycles and Macroeconomic Stabilization

      463

      -

      477

      ---

      • Keynesian Business Cycle Theory

        463

        -

        465
      • Macroeconomic Stabilization

        465

        -

        468
      • Supply Shocks in the Keynesian Model

        468

        -

        470
      • In Touch with Data and Research: DSGE Models and the Classical–Keynesian Debate

        470

        -

        477
    • Appendix 11.A Labor Contracts and Nominal-Wage Rigidity

      477

      -

      480
    • Appendix 11.B Worked-Out Numerical Exercise for Calculating the Multiplier in a Keynesian Model

      480

      -

      482
    • Appendix 11.C The Multiplier in the Keynesian Model

      482

      -

      484
• +

  Part 4 Macroeconomic Policy: Its Environment and Institutions

  484

  -

  656

  ---

  • +

    Chapter 12 Unemployment and Inflation

    484

    -

    516

    ---

    • +

      12.1 Unemployment and Inflation: Is There a Trade-off?

      484

      -

      495

      ---

      • The Expectations-augmented Phillips Curve

        487

        -

        490
      • The Shifting Phillips Curve

        490

        -

        495
    • +

      12.2 Macroeconomic Policy and the Phillips Curve

      495

      -

      498

      ---

      • In Touch with Data and Research: The Lucas Critique

        496

        -

        497
      • The Long-Run Phillips Curve

        497

        -

        498
    • +

      12.3 The Problem of Unemployment

      498

      -

      501

      ---

      • The Costs of Unemployment

        498

        -

        499
      • The Long-Term Behavior of the Unemployment Rate

        499

        -

        501
    • +

      12.4 The Problem of Inflation

      501

      -

      506

      ---

      • The Costs of Inflation

        502

        -

        504
      • In Touch with Data and Research: Indexed Contracts

        504

        -

        506
    • +

      12.5 Fighting Inflation: The Role of Inflationary Expectations

      506

      -

      510

      ---

      • In Touch with Data and Research: The Sacrifice Ratio

        508

        -

        510
      • The U.S. Disinflation of the 1980s and 1990s

        510

        -

        516
  • +

    Chapter 13 Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy

    516

    -

    568

    ---

    • +

      13.1 Exchange Rates

      517

      -

      528

      ---

      • Nominal Exchange Rates

        517

        -

        518
      • In Touch with Data and Research: Exchange Rates

        518

        -

        519
      • Real Exchange Rates

        519

        -

        520
      • Appreciation and Depreciation

        520

        -

        521
      • Purchasing Power Parity

        521

        -

        522
      • In Touch with Data and Research: McParity

        522

        -

        524
      • The Real Exchange Rate and Net Exports

        524

        -

        526
      • Application The Value of the Hong Kong Dollar and Net Exports

        526

        -

        528
    • +

      13.2 How Exchange Rates Are Determined: A Supply-and-Demand Analysis

      528

      -

      533

      ---

      • Macroeconomic Determinants of the Exchange Rate and Net Export Demand

        530

        -

        533
    • +

      13.3 The IS–LM Model for an Open Economy

      533

      -

      539

      ---

      • The Open-Economy IS Curve

        533

        -

        536
      • Factors That Shift the Open-Economy IS Curve

        536

        -

        538
      • The International Transmission of Business Cycles

        538

        -

        539
    • +

      13.4 Macroeconomic Policy in an Open Economy with Flexible Exchange Rates

      539

      -

      545

      ---

      • A Fiscal Expansion

        539

        -

        542
      • A Monetary Contraction

        542

        -

        545
    • +

      13.5 Fixed Exchange Rates

      545

      -

      562

      ---

      • Fixing the Exchange Rate

        545

        -

        548
      • Monetary Policy and the Fixed Exchange Rate

        548

        -

        551
      • Fixed Versus Flexible Exchange Rates

        551

        -

        551
      • Currency Unions

        551

        -

        553
      • Application Is Either the United States or Europe an Optimum Currency Area?

        553

        -

        554
      • Application European Monetary Unification

        554

        -

        562
    • Appendix 13.A Worked-Out Numerical Exercise for the Open-Economy IS–LM Model

      562

      -

      565
    • Appendix 13.B An Algebraic Version of the Open-Economy IS–LM Model

      565

      -

      568
  • +

    Chapter 14 Monetary Policy and the Federal Reserve System

    568

    -

    615

    ---

    • +

      14.1 Principles of Money Supply Determination

      569

      -

      581

      ---

      • Open-Market Operations

        571

        -

        572
      • The Money Multiplier

        572

        -

        575
      • Bank Runs

        575

        -

        576
      • Application The Money Multiplier During Severe Financial Crises

        576

        -

        581
    • +

      14.2 Monetary Control in the United States

      581

      -

      587

      ---

      • The Federal Reserve System

        581

        -

        582
      • The Federal Reserve’s Balance Sheet and Open-market Operations

        582

        -

        584
      • Reserve Requirements

        584

        -

        585
      • Discount Window Lending

        585

        -

        586
      • Application The Lender of Last Resort

        586

        -

        587
      • Interest Rate on Reserves

        587

        -

        587
    • +

      14.3 Setting Monetary Policy Targets

      587

      -

      591

      ---

      • Targeting the Federal Funds Rate

        587

        -

        591
    • +

      14.4 Making Monetary Policy in Practice

      591

      -

      601

      ---

      • Lags in the Effects of Monetary Policy

        591

        -

        593
      • Conducting Monetary Policy Under Uncertainty

        593

        -

        595
      • Monetary Policy in the Great Recession

        595

        -

        596
      • Application Is There Really a Zero Lower Bound?

        596

        -

        600
      • Application Contagion Effects of the 2008 Global Financial Crisis

        600

        -

        601
    • +

      14.5 The Conduct of Monetary Policy: Rules Versus Discretion

      601

      -

      609

      ---

      • The Monetarist Case for Rules

        602

        -

        604
      • Rules and Central Bank Credibility

        604

        -

        605
      • The Taylor Rule

        605

        -

        608
      • Other Ways to Achieve Central Bank Credibility

        608

        -

        609
      • Application Inflation Targeting

        609

        -

        615
  • +

    Chapter 15 Government Spending and Its Financing

    615

    -

    654

    ---

    • +

      15.1 The Government Budget: Some Facts and Figures

      615

      -

      623

      ---

      • Government Outlays

        615

        -

        617
      • Taxes

        617

        -

        621
      • Deficits and Surpluses

        621

        -

        623
    • +

      15.2 Government Spending, Taxes, and the Macroeconomy

      623

      -

      631

      ---

      • Fiscal Policy and Aggregate Demand

        623

        -

        626
      • Government Capital Formation

        626

        -

        626
      • Incentive Effects of Fiscal Policy

        626

        -

        629
      • Application Supply-Side Economics

        629

        -

        631
    • +

      15.3 Government Deficits and Debt

      631

      -

      642

      ---

      • The Growth of the Government Debt

        631

        -

        633
      • Application Social Security in France: How Can It Be Fixed?

        633

        -

        635
      • The Burden of the Government Debt on Future Generations

        635

        -

        636
      • Budget Deficits and National Saving: Ricardian Equivalence Revisited

        636

        -

        639
      • Departures from Ricardian Equivalence

        639

        -

        640
      • In Touch with Data and Research: Japan’s Fiscal Policy Since the “Lost Decade”

        640

        -

        642
    • +

      15.4 Deficits and Inflation

      642

      -

      647

      ---

      • The Deficit and the Money Supply

        642

        -

        644
      • Real Seignorage Collection and Inflation

        644

        -

        647
      • Application Quantitative Easing and Inflation

        647

        -

        654
    • Appendix 15.A The Debt–GDP Ratio

      654

      -

      656
• +

  Appendix A Some Useful Analytical Tools

  656

  -

  664

  ---

  • A.1 Functions and Graphs

    656

    -

    657
  • A.2 Slopes of Functions

    657

    -

    658
  • A.3 Elasticities

    658

    -

    659
  • A.4 Functions of Several Variables

    659

    -

    659
  • A.5 Shifts of a Curve

    659

    -

    660
  • A.6 Exponents

    660

    -

    660
  • A.7 Growth Rate Formulas

    660

    -

    661
  • Problems

    661

    -

    664
• Glossary

  664

  -

  676
• Name Index

  676

  -

  678
• Subject Index

  678

  -

  690

Über die Autoren

Andrew Abel

Author

Ben Bernanke

Author

Dean Croushore

Author