Verfügbarkeit: Macroeconomics | Technische Universität München

Macroeconomics: understanding the global economy

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Bibliographische Detailangaben
Beteiligte Personen:	Miles, David 1959- (VerfasserIn), Scott, Andrew 1965- (VerfasserIn), Breedon, Francis (VerfasserIn)
Format:	Buch
Sprache:	Englisch
Veröffentlicht:	Chichester Wiley 2012
Ausgabe:	3. ed., 1. publ.
Schlagwörter:	Macroeconomics BUSINESS & ECONOMICS / Economics / Macroeconomics Wirtschaft
Links:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024666410&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Umfang:	XIX, 597 S. Ill., graph. Darst., Kt.
ISBN:	9781119995722 9781119995715

Internformat

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Datensatz im Suchindex

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adam_text	Preface xv PART ONE INTRODUCTION Chapter 1 What Is Macroeconomics? 3 Chapter 2 The Language of Macroeconomics: The National Income Accounts 12 PART TWO ECONOMIC GROWTH AND THE SUPPLY SIDE Chapter 3 The Wealth of Nations: The Supply Side 37 Chapter 4 Capital Accumulation and Economic Growth 59 Chapter 5 Total Factor Productivity, Human Capital and Technology 85 Chapter 6 Endogenous Growth and Convergence 104 Chapter 7 Unemployment and the Labour Market 130 Chapter 8 International Trade 157 Chapter 9 Globalization 185 PART THREE BUSINESS CYCLES AND ECONOMIC POLICY Chapter 10 Consumption and Investment 211 Chapter 11 Business Cycles 250 Chapter 12 Money and Prices 282 Chapter 13 Monetary Policy 314 Chapter 14 Fiscal Policy and the Role of Government 344 Chapter 15 Stabilization Policy 364 PART FOUR ASSET MARKETS AND THE FINANCIAL SECTOR Chapter 16 Financial Markets: Equities and Bonds 395 Chapter 17 The Banking Sector 429 Chanter 18 Sovereian Debt and Default 451 VII VÜi BRIEF CONTENTS PART FIVE EXCHANGE RATES AND GLOBAL CAPITAL MARKETS Chapter 19 Exchange Rate Determination: The Real Exchange Rate 475 Chapter 20 Exchange Rate Determination: Nominal Exchange Rates and Asset Markets 503 Chapter 21 Currency Crises and Exchange Rate Systems 529 Glossary 559 Notes 571 Index 577 Preface xv PART ONE INTRODUCTION Chapter 1 What Is Macroeconomics? 3 1.1 What Is Macroeconomics About? 3 1.2 But What about That Definition? 5 1.3 The Difference between Macroeconomics and Microeconomics 7 1.4 A Crisis for Macroeconomics? 8 Chapter 2 The Language of Macroeconomics: The National Income Accounts 12 2.1 What Do Macroeconomists Measure? 12 2.2 How Do Macroeconomists Measure Output? 13 2.3 Output as Value Added 16 2.4 National Income Accounts 17 2.5 How Large Are Modern Economies? 23 2.6 Total Output and Total Happiness 26 PART TWO ECONOMIC GROWTH AND THE SUPPLY SIDE Chapter 3 The Wealth of Nations: The Supply Side 37 3.1 The Importance of Economic Growth 37 3.2 The Impact of Long-Run Growth 40 3.3 Explaining Cross-Country Income Differences 46 3.4 The Production Function and Factor Inputs 47 3.5 Growth Accounting 52 3.6 Growth Accounting: An Application 54 Chapter 4 Capital Accumulation and Economic Growth 59 4.1 Capital Accumulation and Output Growth 59 4.2 Savings, Investment and Interest Rates 62 4.3 Why Poor Countries Catch Up with the Rich 64 4.4 The Growing Importance of Total Factor Productivity 67 4.5 The End of Growth through Capital Accumulation 69 4.6 Why Bother Saving? 72 4.7 How Much Should a Country Invest? 75 4.8 China: A Big Tiger 78 CONTENTS Chapter 5 Total Factor Productivity, Human Capital and Technology 85 5.1 The Role of Total Factor Productivity 85 5.2 Human Capital 87 5.3 Total Factor Productivity 91 5.4 The Importance of Technological Progress 98 5.5 Scarce Resources and the Production Function 101 Chapter 6 Endogenous Growth and Convergence 104 6.1 Endogenous Growth 105 6.2 Poverty Traps 109 6.3 Convergence or Divergence? 111 6.4 Determinants of the Steady State 115 6.5 Why Is Africa So Poor? 117 6.6 The Curse of Natural Resources 124 6.7 Does Aid Work? 125 Chapter 7 Unemployment and the Labour Market 130 7.1 Labour Market Data 130 7.2 A Long-Run Model of the Labour Market 133 7.3 The Natural Rate of Unemployment 136 7.4 A Diagrammatic Analysis 137 7.5 Determinants of the Natural Rate 138 7.6 What Lowers Unemployment? 145 7.7 A Flow Approach to the Natural Rate of Unemployment 147 7.8 Labour Market Reform 152 Chapter 8 International Trade 157 8.1 Patterns of World Trade 158 8.2 Comparative Advantage: How Countries Benefit from Trade 160 8.3 The Terms of Trade 165 8.4 In What Goods Will Countries Trade? 170 8.5 Distributional Impacts of Trade 175 8.6 Competitiveness 177 8.7 Strategic Trade Theory 179 8.8 Political Economy and Vested Interest 182 Chapter 9 Globalization 185 9.1 Globalization: A Long-Term Perspective 186 9.2 The Benefits of Trade Liberalization 191 9.3 Foreign Direct Investment and Multinationals 198 9.4 Immigration 200 9.5 Problems of Globalization 203 9.6 The WTO and the Future of Trade Liberalization 206 CONTENTS PART THREE BUSINESS CYCLES AND ECONOMIC POLICY Chapter 10 Consumption and Investment 211 10.1 The Importance of Consumption 211 10.2 The Basic Keynesian Model of Consumption 213 10.3 The Permanent Income Model 216 10.4 The Importance of Current Income Revisited 223 10.5 The Influence of Interest Rates 226 10.6 The Role of Wealth and Capital Gains 228 10.7 Demographic Influences in the Life-Cycle Model 230 10.8 Investment and the Capital Stock 231 10.9 The Optimal Stock of Capital 233 10.10 Declining Marginal Product of Capital 235 10.11 Investment and the Stock Market 238 10.12 Cash Flows and Investment 240 10.13 The IS Curve 241 Chapter 11 Business Cycles 250 11.1 What Is a Business Cycle? 250 11.2 Measuring the Business Cycle 252 11.3 Characterizing Business Cycles 255 11.4 Business Cycles as Aggregate Fluctuations 257 11.5 Have Business Cycles Changed? 261 11.6 Are Business Cycles Bad? 262 11.7 The Frisch-Slutsky Paradigm 265 11.8 Aggregate Demand and Aggregate Supply 271 11.9 So What Causes Business Cycles? 278 Chapter 12 Money and Prices 282 12.1 Rising Prices 283 12.2 Measuring Inflation 287 12.3 The Costs of Inflation and the Dangers of Deflation 289 12.4 The Nature of Money 296 12.5 The Money Supply 299 12.6 How Banks Make Money: The Money Multiplier 301 12.7 Seignorage and the Inflation Tax: How Governments Make Money from Money 303 12.8 Hyperinflation 305 12.9 Monetarism and the Quantity Theory of Money 306 Chapter 13 Monetary Policy 314 13.1 The Influence of Central Banks 314 13.2 Monetary Policy and the LM Curve 317 13.3 What Does Monetary Policy Target? 322 XII CONTENTS 13.4 What Intermediate Target Should Central Banks Use? 323 13.5 Money Supply Targeting 324 13.6 Exchange Rate Targets 328 13.7 Inflation Targeting 328 13.8 The Operational Instruments of Monetary Policy 330 13.9 Controlling the Money Supply or Interest Rates? 332 13.10 How Monetary Policy Affects the Economy: The Transmission Mechanism 334 13.11 Monetary Policy in Practice 336 13.12 Quantitative Easing 339 Chapter 14 Fiscal Policy and the Role of Government 344 14.1 Government Spending 344 14.2 The Rationale for Government s Role and the Failure of the Invisible Hand 348 14.3 Taxation and Distortions 351 14.4 Deficits and Taxes 357 14.5 Optimal Budget Deficits 360 Chapter 15 Stabilization Policy 364 15.1 Output Fluctuations and the Tools of Macroeconomic Policy 364 15.2 General Arguments against Stabilization Policy 368 15.3 The Inflation Output Trade-off 373 15.4 The Phillips Curve and Shifting Expectations 378 15.5 Policy Credibility: The Good News about Shifting Expectations 380 15.6 Time Inconsistency 383 15.7 Rules versus Discretion 387 PART FOUR ASSET MARKETS AND THE FINANCIAL SECTOR Chapter 16 Financial Markets: Equities and Bonds 395 16.1 The Financial Sector: An Overview 395 16.2 Debt and Equity 398 16.3 International Comparisons of Equity Markets 398 16.4 The Determination of Stock Prices 402 16.5 On the Unpredictability of Share Prices 404 16.6 Risk, Equity Prices and Excess Return 406 16.7 Are Stock Prices Forecastable? 408 16.8 Speculation or Fundamentals? 410 16.9 Bubbles 411 16.10 What is a Bond? 412 16.11 Prices, Yields and Interest Rates 414 16.12 Inflation and the Bond Market 419 16.13 Government Policy and the Yield Curve 420 CONTENTS XIII Chapter 17 The Banking Sector 429 17.1 The Role of Banks 429 17.2 Problems in Banking Markets 434 17.3 Banking Crises 442 17.4 Credit Crunches 446 Chapter 18 Sovereign Debt and Default 451 18.1 Sovereign Debt and Deficits 451 18.2 Deficits and the Business Cycle 453 18.3 Long-Run Sustainability 456 18.4 The Intertemporal Budget Constraint 459 18.5 Sovereign Default 461 18.6 Credit Risk and Credit Agencies 465 18.7 Debt Forgiveness 469 PART FIVE EXCHANGE RATES AND GLOBAL CAPITAL MARKETS Chapter 19 Exchange Rate Determination: The Real Exchange Rate 475 19.1 Types of Exchange Rate 476 19.2 Law of One Price 478 19.3 Purchasing Power Parity 483 19.4 The Balance of Payments 488 19.5 Which Countries Are Rich and Which Are Poor? 492 19.6 Current and Capital Accounts and the Real Exchange Rate 493 Chapter 20 Exchange Rate Determination: Nominal Exchange Rates and Asset Markets 503 20.1 The Importance of Asset Markets 503 20.2 Covered Interest Parity 505 20.3 Uncovered Interest Parity 507 20.4 Pinning Down the Exchange Rate with UIP 509 20.5 The Role of Expectations 512 20.6 Does UiP Hold? 515 20.7 Introducing Risk-Averse Investors 516 20.8 What Are Exchange Rate Markets Really Like? 518 20.9 Global Capital Markets 520 20.10 A Home Bias Puzzle 524 Chapter 21 Currency Crises and Exchange Rate Systems 529 21.1 Currency Crises 529 21.2 First-Generation Models 531 21.3 Second-Generation Models and the ERM Crisis 532 21.4 Twin Crises: Banking and Currency 535 21.5 Foreign Exchange Rate Intervention 538 XIV CONTENTS 21.6 Sovereign Wealth Funds 21.7 The Role of the IMF 21.8 Capital Account Liberalization 21.9 Exchange Rate Regimes 21.10 Currency Boards 21.11 Currency Unions Glossary Notes Index 540 541 544 547 553 554 559 571 577
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spellingShingle	Miles, David 1959- Scott, Andrew 1965- Breedon, Francis Macroeconomics understanding the global economy Macroeconomics BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh Wirtschaft
title	Macroeconomics understanding the global economy
title_auth	Macroeconomics understanding the global economy
title_exact_search	Macroeconomics understanding the global economy
title_full	Macroeconomics understanding the global economy David Miles ; Andrew Scott and Francis Breedon
title_fullStr	Macroeconomics understanding the global economy David Miles ; Andrew Scott and Francis Breedon
title_full_unstemmed	Macroeconomics understanding the global economy David Miles ; Andrew Scott and Francis Breedon
title_short	Macroeconomics
title_sort	macroeconomics understanding the global economy
title_sub	understanding the global economy
topic	Macroeconomics BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh Wirtschaft
topic_facet	Macroeconomics BUSINESS & ECONOMICS / Economics / Macroeconomics Wirtschaft
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024666410&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT milesdavid macroeconomicsunderstandingtheglobaleconomy AT scottandrew macroeconomicsunderstandingtheglobaleconomy AT breedonfrancis macroeconomicsunderstandingtheglobaleconomy

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