Macroeconomics. 9th ed.
Thoroughly revised to reflect the macroeconomic issues of the twenty-first century, Macroeconomics, Ninth Edition combines classic, time-tested pedagogy with a fresh treatment of timely topics and the use of the most current data.
The Ninth Edition represents the most complete revision in many years. While retaining its organization of income determination, the IS-LM model, and the SP-DG inflation model “up front,” this edition applies the recent ups and downs of the U.S. “New Economy” to make the study of business cycles, monetary and fiscal policy, inflation, saving, and investment more exciting and more relevant than ever. New to this edition is a chapter (11) that grapples with the big questions of economic growth and develops an analysis that goes beyond the standard theories and builds on the best research in the field.
The text is universally praised for consistently holding up the theory to the magnifying glass of reality, and this edition is no exception. Substantive case studies and international perspective boxes-including the 9/11 disaster as a classic “shock” to supply and demand-bolster the macroeconomic theory.
In the Ninth Edition of Macroeconomics, Robert Gordon provides an authoritative explanation of the U.S. economy's performance in the 1990s, while focusing on real-world applications of the core theory. In this new revision, the author retains and refines the pedagogical features that have helped an entire generation of students learn macroeconomics. Hallmarks of the Gordon text, such as its strong international focus, emphasis on real-world applications, and early, unified treatment of the IS-LM model have earned extensive praise from instructors and students alike. The Ninth Edition includes coverage of some of the most current domestic and international issues, including the "Goldilocks" American economy of the 1990s (not "too hot" or "too cold" but "just right"), the federal government budget surplus, the Asian financial crisis, and the euro. - Chapter on growth, which explains differences across nations and across historical eras in one country (the U.S.). - Keynesian emphasis with early treatment of IS/LM. - A widely complimented focus on real-world applications. - Strong international thread throughout. - More emphasis on the economic downturn, business cycle issues, and fiscal policy.
I. INTRODUCTION AND MEASUREMENT
- What is Macroeconomics?
- The Measurement of Income, Prices, and Unemployment
II. INCOME, INTEREST RATES, POLICY, AND THE OPEN ECONOMY
- The Simple Keynesian Theory of Income Determination
- The IS-LM Model
- Monetary Policy, Fiscal Policy, and the Government Budget
- International Trade, Exchange Rates, and Macroeconomic Policy
- Aggregate Demand, Aggregate Supply, and the Self-Correcting Economy
- Inflation: Its Causes and Cures
- The Goals of Stabilization Policy: Low Inflation and Low Unemployment
- The Theory of Economic Growth
- The Big Questions of Economic Growth
- The Government Budget, the Public Debt, and Social Security
- Money and Financial Markets
- Stabilization Policy in the Closed and Open Economy
- Instability in the Private Economy: Consumption Behavior
- Instability in the Private Economy: Investment
- New Classical Macro Confronts New Keynesian Macro
- Conclusion: Where We Stand
III. INFLATION AND UNEMPLOYMENT
IV. MACROECONOMICS IN THE LONG RUN: GROWTH AND PUBLIC FINANCE
V. STABILIZATION POLICY IN AN OPEN ECONOMY
VI. SOURCES OF INSTABILITY IN THE PRIVATE ECONOMY
VII. DEBATES AT THE MACROECONOMIC FRONTIER