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Macroeconomics 2008-2009 Update Edition plus MyEconLab One-semester Student Access Kit, 6/E
Andrew B. Abel, Wharton School of the University of Pennsylvania
Ben S. Bernanke, Chairman of the Federal Reserve
Dean Croushore, Robins School of Business, University of Richmond

ISBN-10: 0321558456
ISBN-13:  9780321558459

Publisher:  Prentice Hall
Copyright:  2009
Format:  Cloth Package
Published:  07/21/2008
Status: Out of Print


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Description

Students often struggle to see how macroeconomic models compare to one another and fit into the big picture. Using a unified approach based on a single economics model, Abel, Bernanke, and Croushore provide a balanced, comprehensive treatment of classical and Keynesian economics, presenting macroeconomic theory in a way that prepares students to analyze real macroeconomic data.

The Sixth Edition Update consists of the Sixth Edition of Macroeconomics and the 2008–2009 Update Booklet, which is correlated to sixteen key chapter topics with resource material including speeches, reports, or testimony, most from the Federal Reserve Board. Questions at the end of each topic discussion demonstrate how macroeconomic theory has direct implications on today’s economic policies.

Additionally, the Sixth Edition Update provides the latest work in monetary policy and research, offers worked examples to students learning the IS-LM model, and features MyEconLab, the online homework and tutorial program with automatically graded problem sets.

View a demo of MyEconLab or visit MyEconLab for more information or to request an Instructor Access Code.


Features

  • 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 the Macroeconomy 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.
  • MyEconLab: Each new copy of the text comes with prepaid access to MyEconLab, Addison-Wesley’s online homework and tutorial solution. The Sixth Edition Update includes end-of-chapter problems, which can be assigned in and automatically graded by MyEconLab.  View a demo of MyEconLab or visit MyEconLab for more information or to request an Instructor Access Code.


New To This Edition

  • The Sixth Edition Update correlates sixteen key chapter topics with resource material including speeches, reports, or testimony, most from the Federal Reserve Board. Questions at the end of each topic discussion demonstrate how macroeconomic theory has direct implications on today’s economic policies.
  • Monetary and fiscal policy coverage includes:
    • How the zero bound on nominal interest rates affected monetary policy in Japan, Switzerland, and the United States (Chapter 11).
    • The U.S. disinflation of the 1980s and 1990s (Chapter 12).
    • The role of communication in monetary policy (Chapter 14).
    • Recent proposals to reform the U.S. income tax system to save the U.S. social security system (Chapter 15).
  • Labor market issues include:
    • A discussion of a comparison of U.S. and European labor markets (Chapter 3).
    • The impact of globalization (Chapter 5).
    • The jobless recovery following the 2001 recession (Chapter 8).
    • Measurement of the natural rate of unemployment (Chapter 12).
  • Appendices to the business cycle chapters (Chapters 9–11) show examples of numerical exercises using the model equations, a discussion of the jobless recovery from the 2001 recession (Chapter 8), a box on DSE models and the classical–Keynesian debate (Chapter 11).
  • Growth-related topics include a discussion of the productivity miracle of the 1990s and the growth of China’s economy.


Table of Contents

I. INTRODUCTION

1. Introduction to Macroeconomics

2. The Measurement and Structure of the National Economy
Update Booklet Topic: The Fed’s Preferred Inflation Measures
Resource: Frederic Mishkin, “Headline versus Core Inflation in the Conduct of Monetary Policy,” speech at the conference on Business Cycles, International Transmission, and Macroeconomic Policies, HEC Montreal, October 20, 2007

II. LONG-RUN ECONOMIC PERFORMANCE
3. Productivity, Output, and Employment

4. Consumption, Saving, and Investment
Update Booklet Topic: How Consumers Respond to Tax Rebates
5. Saving and Investment in the Open Economy
Update Booklet Topic: Outsourcing and Globalization
Resource: Ben Bernanke, “Embracing the Challenge of Free Trade: Competing and Prospering in a Global Economy,” speech at the Montana Economic Development Summit, Butte, Montana, May 1, 2007
6. Long-Run Economic Growth

7. The Asset Market, Money, and Prices
Update Booklet Topic: The Term Structure Conundrum
Resource: Federal Reserve Chairman Alan Greenspan, in his testimony before Congress on February 16, 2005

Update Booklet Topic: How Consumers Make Noncash Payments
Resource: Federal Reserve Board of Governors, The 2007 Federal Reserve Payments Study and The 2004 Federal Reserve Payments Study

III. BUSINESS CYCLES AND MACROECONOMIC POLICY
8. Business Cycles
Update Booklet Topic: Hiring and Firing in Recessions
Resource: Shigeru Fujita, “What Do Worker Flows Tell Us About Cyclical Fluctuations in Unemployment?” Federal Reserve Bank of Philadelphia Business Review (Q2 2007), pp. 1–10

Update Booklet Topic: The Housing Bubble
Resource: Ben S. Bernanke, “Fostering Sustainable Homeownership,” speech at the National Community Reinvestment Coalition Annual Meeting, Washington, D.C., March 14, 2008

Update Booklet Topic: Trends in Economic Volatility
Resource: Charles Notzon and Dan Wilson, “Recent Trends in Economic Volatility: Conference Summary,” Federal Reserve Bank of San Francisco Economic Letter 2008-06, February 15, 2008
9. The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis

10. Classical Business Cycle Analysis: Market-Clearing Macroeconomics

11. Keynesianism: The Macroeconomics of Wage and Price Rigidity


IV. MACROECONOMIC POLICY: ITS ENVIRONMENT AND INSTITUTIONS
12. Unemployment and Inflation

13. Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy
Update Booklet Topic: Recent Changes in Exchange Rates and Net Exports

Update Booklet Topic: The Yuan
14. Monetary Policy and the Federal Reserve System
Update Booklet Topic: The Fed’s Expanded Forecasts
Resource: Ben S. Bernanke, “Federal Reserve Communications,” speech at the Cato Institute Twenty-fifth Anniversary Monetary Policy Conference, Washington D.C., November 14, 2007

Update Booklet Topic: The Fed and Inflation Targeting
Resource: Ben S. Bernanke, “Federal Reserve Communications,” speech at the Cato Institute Twenty-fifth Anniversary Monetary Policy Conference, Washington D.C., November 14, 2007

Update Booklet Topic: Beware of Data Revisions
Resource: Dean Croushore, “Revisions to PCE Inflation Measures: Implications for Monetary Policy,” Federal Reserve Bank of Philadelphia working paper, forthcoming 2008
15. Government Spending and Its Financing
Update Booklet Topic: Marginal Tax Rates on Labor Supply

Update Booklet Topic: Comparing Tax Systems: the U.S. versus Other Countries

Update Booklet Topic: Trends in Tax Rates
Resource: Troy Davig and Alan Garner, “Middle-Income Tax Rates: Trends and Prospects,” Federal Reserve Bank of Kansas City Economic Review (Fourth Quarter 2006), pp. 5–30


Previous Edition(s)

  • Macroeconomics plus MyEconLab plus eBook 1-semester Student Access Kit, 6/E
    Abel, Bernanke & Croushore
    ©2008  |  Prentice Hall  |  Cloth Package; 672 pp  |  Out of Print
    ISBN-10: 0321451406  |  ISBN-13: 9780321451408
    Brief Description  |  More Info



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Author Bios

Andrew B. Abel is the Ronald A. Rosenfeld Professor of Finance at the Wharton School and professor of economics at the University of Pennsylvania. He received his AB summa cum laude from Princeton University and holds a PhD from the Massachusetts Institute of Technology. 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 the Alfred P. Sloan Fellow, a Fellow of the Econometric Society, and a recipient of the John Kenneth Galbraith Award for teaching excellence. He is a Research Associate of the National Bureau of Economic Research and a member of the Advisory Board of the Carnegie-Rochester Conference Series.

Ben S. Bernanke: Previously the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs at Princeton University, Ben Bernanke received both the Allyn Young Prize for best Harvard undergraduate economics thesis and the John H. Williams prize for outstanding senior in the economics department. He went on to earn his PhD from the Massachusetts Institute of Technology, and he has been honored as a Research Associate of the National Bureau of Economic Research. Currently, he is Chairman and a member of the Board of Governors of the Federal Reserve System.

Dean Croushore is an associate professor of economics and Rigsby Fellow at the University of Richmond. Croushore served for fourteen years at the Federal Reserve Bank of Philadelphia, twelve of which as the head of the macroeconomics section. He has taught previously at Penn State University, Temple University, the Wharton School of the University of Pennsylvania, Johns Hopkins University, and Princeton University.

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Abel, Bernanke & Croushore
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Abel, Bernanke & Croushore
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Abel, Bernanke & Croushore
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Companion Website for Macroeconomics, 6/E
Abel, Bernanke & Croushore
©2008  |  Prentice Hall  |  Website  |  Live
ISBN-10: 0321517156  |  ISBN-13: 9780321517159
More Info

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Websites and online courses

Companion Website for Macroeconomics, 6/E
Abel, Bernanke & Croushore
©2008  |  Prentice Hall  |  Website  |  Live
ISBN-10: 0321517156  |  ISBN-13: 9780321517159
More Info


Websites and Online Courses

Companion Website for Macroeconomics, 6/E
Abel, Bernanke & Croushore
©2008  |  Prentice Hall  |  Website  |  Live
ISBN-10: 0321517156  |  ISBN-13: 9780321517159
More Info

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