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Master today's principles of macroeconomics and gain an understanding of current economic issues with the solid introduction and policy-based examples and applications found in Baumol/Blinder/Solow's MACROECONOMICS: PRINCIPLES AND POLICY, 14E. Written by three of today's most respected economists, this book is one of the most up-to-date macroeconomics texts on the market -- incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated macroeconomic concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful macroeconomic issues provide an excellent balance of theory to application while keeping you engaged and intrigued. Cover......Page 1 Brief Contents......Page 6 Table of Contents......Page 8 Available Versions......Page 19 Preface......Page 21 About the Authors......Page 23 Part 1: Getting Acquainted with Economics......Page 25 1-1 Ideas for beyond the Final Exam......Page 27 1-2 Inside the Economist's Tool Kit......Page 31 Appendix: Using Graphs: A Review......Page 36 2-1 The American Economy: A Thumbnail Sketch......Page 43 2-2 The Inputs: Labor and Capital......Page 47 2-3 The Outputs: What Does America Produce?......Page 53 2-4 The Central Role of Business Firms......Page 54 2-5 What's Missing from the Picture? Government......Page 55 2-6 Conclusion: It's a Mixed Economy......Page 58 Discussion Questions......Page 59 Chapter 3: The Fundamental Economic Problem: Scarcity and Choice......Page 60 3-1 Scarcity, Choice, and Opportunity Cost......Page 61 3-2 Scarcity and Choice for a Single Firm......Page 63 3-3 Scarcity and Choice for the Entire Society......Page 65 3-5 The Concept of Efficiency......Page 67 3-6 Task 1. How the Market Fosters Efficient Resource Allocation......Page 69 3-7 Task 2. Market Exchange and Deciding How Much of Each Good to Produce......Page 73 3-8 Task 3. How to Distribute the Economy's Outputs among Consumers......Page 74 Summary......Page 75 Test Yourself......Page 76 Discussion Questions......Page 77 Chapter 4: Supply and Demand: An Initial Look......Page 78 4-1 The Invisible Hand......Page 79 4-2 Demand and Quantity Demanded......Page 80 4-3 Supply and Quantity Supplied......Page 84 4-4 Supply and Demand Equilibrium......Page 87 4-5 Effects of Demand Shifts on Supply-Demand Equilibrium......Page 89 4-6 Supply Shifts and Supply-Demand Equilibrium......Page 91 4-7 Battling the Invisible Hand: The Market Fights Back......Page 95 Summary......Page 100 Test Yourself......Page 101 Discussion Questions......Page 103 Part 2: The Macroeconomy: Aggregate Supply and Demand......Page 105 Chapter 5: An Introduction to Macroeconomics......Page 107 5-1 Drawing a Line between Macroeconomics and Microeconomics......Page 108 5-2 Supply and Demand in Macroeconomics......Page 109 5-3 Gross Domestic Product......Page 111 5-4 The Economy on a Roller Coaster......Page 115 5-5 The Problem of Macroeconomic Stabilization: A Sneak Preview......Page 123 Summary......Page 124 Test Yourself......Page 125 Discussion Questions......Page 126 Chapter 6: The Goals of Macroeconomic Policy......Page 127 6-1 The Goal of Economic Growth......Page 128 6-2 The Capacity to Produce: Potential GDP and the Production Function......Page 129 6-3 The Growth Rate of Potential GDP......Page 131 6-5 The Human Costs of High Unemployment......Page 133 6-6 Counting the Unemployed: The Official Statistics......Page 135 6-7 Types of Unemployment......Page 136 6-9 Unemployment Insurance: The Invaluable Cushion......Page 137 6-10 The Goal of Low Inflation......Page 138 6-12 Real versus Nominal Interest Rates......Page 141 6-13 Inflation Distorts Measurements......Page 142 6-14 Other Costs of Inflation......Page 143 6-15 The Costs of Low versus High Inflation......Page 144 6-16 Low Inflation Does Not Necessarily Lead to High Inflation......Page 145 Summary......Page 146 Discussion Questions......Page 147 Appendix: How Statisticians Measure Inflation......Page 148 Chapter 7: Economic Growth: Theory and Policy......Page 152 7-1 The Three Pillars of Productivity Growth......Page 153 7-2 Levels, Growth Rates, and the Convergence Hypothesis......Page 155 7-3 Growth Policy: Encouraging Capital Formation......Page 157 7-4 Growth Policy: Improving Education and Training......Page 160 7-5 Growth Policy: Spurring Technological Change......Page 161 7-6 Recent Productivity Performance in the United States......Page 162 7-7 Growth in the Developing Countries......Page 166 Key Terms......Page 169 Discussion Questions......Page 170 Chapter 8: Aggregate Demand and the Powerful Consumer......Page 171 8-1 Aggregate Demand, Domestic Product, and National Income......Page 172 8-2 The Circular Flow of Spending, Production, and Income......Page 173 8-3 Consumer Spending and Income: The Important Relationship......Page 175 8-4 The Consumption Function and the Marginal Propensity to Consume......Page 178 8-5 Factors That Shift the Consumption Function......Page 179 8-6 The Extreme Variability of Investment......Page 182 8-7 The Determinants of Net Exports......Page 183 8-8 How Predictable Is Aggregate Demand?......Page 184 Key Terms......Page 185 Appendix: National Income Accounting......Page 186 Chapter 9: Demand-Side Equilibrium: Unemployment or Inflation?......Page 193 9-1 The Meaning of Equilibrium GDP......Page 194 9-2 The Mechanics of Income Determination......Page 195 9-3 The Aggregate Demand Curve......Page 198 9-4 Demand-Side Equilibrium and Full Employment......Page 200 9-5 The Coordination of Saving and Investment......Page 202 9-6 Changes on the Demand Side: Multiplier Analysis......Page 203 9-7 The Multiplier Is a General Concept......Page 207 9-8 The Multiplier and the Aggregate Demand Curve......Page 209 Key Terms......Page 210 Test Yourself......Page 211 Appendix A: The Simple Algebra of Income Determination and the Multiplier......Page 212 Appendix B: The Multiplier with Variable Imports......Page 214 Chapter 10: Bringing in the Supply Side: Unemployment and Inflation?......Page 217 10-1 The Aggregate Supply Curve......Page 218 10-2 Equilibrium of Aggregate Demand and Supply......Page 221 10-3 Inflation and the Multiplier......Page 222 10-4 Recessionary and Inflationary Gaps Revisited......Page 223 10-5 Adjusting to a Recessionary Gap: Deflation or Unemployment?......Page 225 10-6 Adjusting to an Inflationary Gap: Inflation......Page 227 10-7 Stagflation from a Supply Shock......Page 229 10-8 Applying the Model to a Growing Economy......Page 230 10-9 A Role for Stabilization Policy......Page 234 Test Yourself......Page 235 Discussion Questions......Page 236 Part 3: Fiscal and Monetary Policy......Page 237 Chapter 11: Managing Aggregate Demand: Fiscal Policy......Page 239 11-1 Income Taxes and the Consumption Schedule......Page 240 11-2 The Multiplier Revisited......Page 241 11-3 Planning Expansionary Fiscal Policy......Page 244 11-5 The Choice between Spending Policy and Tax Policy......Page 245 11-7 The Idea behind Supply-Side Tax Cuts......Page 247 Summary......Page 251 Discussion Questions......Page 252 Appendix A: Graphical Treatment of Taxes and Fiscal Policy......Page 253 Appendix B: Algebraic Treatment of Taxes and Fiscal Policy......Page 256 Chapter 12: Money and the Banking System......Page 259 12-1 The Nature of Money......Page 260 12-2 How the Quantity of Money Is Measured......Page 264 12-3 The Banking System......Page 265 12-4 Systemic Risk and the "Too Big to Fail" Doctrine......Page 269 12-5 The Origins of the Money Supply......Page 271 12-6 Banks and Deposit Creation......Page 272 12-7 Why the Deposit-Creation Formula Is Oversimplified......Page 276 12-8 The Need for Monetary Policy......Page 277 Summary......Page 278 Discussion Questions......Page 279 Chapter 13: Monetary Policy: Conventional and Unconventional......Page 281 13-2 America's Central Bank: The Federal Reserve System......Page 282 13-3 Implementing Monetary Policy in Normal Times: Open-Market Operations......Page 284 13-4 Other Instruments of Monetary Policy......Page 290 13-5 How Monetary Policy Works in Normal Times......Page 293 13-6 Money and the Price Level......Page 295 13-7 Application: Why the Aggregate Demand Curve Slopes Downward......Page 296 13-9 From Financial Distress to Recession......Page 297 Summary......Page 298 Test Yourself......Page 299 Discussion Questions......Page 300 Chapter 14: The Financial Crisis and the Great Recession......Page 301 14-1 Roots of the Crisis......Page 302 14-2 Leverage, Profits, and Risk......Page 303 14-3 The Housing Price Bubble and the Subprime Mortgage Crisis......Page 304 14-4 From the Housing Bubble to the Financial Crisis......Page 306 14-5 From the Financial Crisis to the Great Recession......Page 309 14-7 Lessons from the Financial Crisis......Page 313 Summary......Page 314 Discussion Questions......Page 315 Chapter 15: The Debate over Monetary and Fiscal Policy......Page 316 15-1 Velocity and the Quantity Theory of Money......Page 317 15-2 Debate: Should the Fed Use Unconventional Monetary Policies?......Page 320 15-3 Debate: Should Policymakers Fight Asset Price Bubbles?......Page 323 15-4 Debate: Should We Rely on Fiscal or Monetary Policy?......Page 324 15-5 Debate: The Shape of the Aggregate Supply Curve......Page 326 15-6 Debate: Should the Government Intervene at All?......Page 328 15-7 Dimensions of the Rules-versus-Discretion Debate......Page 329 Summary......Page 333 Test Yourself......Page 334 Discussion Questions......Page 335 Chapter 16: Budget Deficits in the Short and Long Run......Page 336 16-1 Should the Budget Always Be Balanced? The Short Run......Page 337 16-2 The Importance of the Policy Mix......Page 338 16-3 Deficits and Debt: Terminology and Facts......Page 341 16-4 Interpreting the Budget Deficit or Surplus......Page 343 16-5 Why Is the National Debt Considered a Burden?......Page 345 16-6 Budget Deficits and Inflation......Page 346 16-7 Debt, Interest Rates, and Crowding Out......Page 348 16-8 The Main Burden of the National Debt: Slower Growth......Page 350 16-9 The Economics and Politics of the U.S. Budget Deficit......Page 352 Summary......Page 353 Discussion Questions......Page 354 Chapter 17: The Trade-Off between Inflation and Unemployment......Page 355 17-1 Demand-Side Inflation versus Supply-Side Inflation: A Review......Page 356 17-2 Origins of the Phillips Curve......Page 357 17-3 Supply-Side Inflation and the Collapse of the Phillips Curve......Page 359 17-4 What the Phillips Curve Is Not......Page 360 17-5 Fighting Unemployment with Fiscal and Monetary Policy......Page 362 17-6 What Should Be Done?......Page 363 17-7 Inflationary Expectations and the Phillips Curve......Page 364 17-8 The Theory of Rational Expectations......Page 366 17-9 Why Economists (and Politicians) Disagree......Page 368 17-11 Attempts to Improve the Trade-Off......Page 369 Key Terms......Page 371 Discussion Questions......Page 372 Part 4: The United States in the World Economy......Page 373 Chapter 18: International Trade and Comparative Advantage......Page 375 18-1 Why Trade?......Page 376 18-2 International versus Intranational Trade......Page 378 18-4 The Arithmetic of Comparative Advantage......Page 379 18-5 Tariffs, Quotas, and Other Interferences with Trade......Page 383 18-6 Why Inhibit Trade?......Page 386 18-7 Can Cheap Imports Hurt a Country?......Page 389 Summary......Page 391 Discussion Questions......Page 392 Appendix: Supply, Demand, and Pricing in World Trade......Page 393 Chapter 19: The International Monetary System: Order or Disorder?......Page 396 19-1 What Are Exchange Rates?......Page 397 19-2 Exchange Rate Determination in a Free Market......Page 398 19-3 When Governments Fix Exchange Rates: The Balance of Payments......Page 403 19-4 A Bit of History: The Gold Standard and the Bretton Woods System......Page 405 19-5 Adjustment Mechanisms under Fixed Exchange Rates......Page 406 19-6 Why Try to Fix Exchange Rates?......Page 407 19-7 The Current "Nonsystem"......Page 408 Summary......Page 412 Discussion Questions......Page 413 Chapter 20: Exchange Rates and the Macroeconomy......Page 415 20-1 International Trade, Exchange Rates, and Aggregate Demand......Page 416 20-2 Aggregate Supply in an Open Economy......Page 418 20-3 The Macroeconomic Effects of Exchange Rates......Page 419 20-4 Fiscal and Monetary Policies in an Open Economy......Page 420 20-5 International Aspects of Deficit Reduction......Page 422 20-7 On Curing the Trade Deficit......Page 424 20-8 Conclusion: No Nation Is an Island......Page 426 Summary......Page 427 Discussion Questions......Page 428 Part 5: The Economy Today......Page 429 21-1 Can We Grow Much Faster Than 2 Percent a Year?......Page 431 21-2 Who Loses from Globalization?......Page 433 21-3 Are Trade Wars "Good and Easy to Win"?......Page 435 21-4 Where Is the National Debt Headed?......Page 436 21-5 Has the Phillips Curve Disappeared?......Page 438 Discussion Questions......Page 439 Appendix......Page 440 Glossary......Page 452 Index......Page 458