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Macroeconomics (Third Edition)


Author: Charles I. Jones

Publisher: W. W. Norton & Company


Publish Date: December 17, 2013

ISBN-10: 393923908

Pages: 640

File Type: PDF

Language: English

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Book Preface

The macroeconomic events of the last several years are truly breathtaking — a once-in-alifetime (we hope) occurrence. While the basics of how economists understand the macroeconomy remain solid, the global financial crisis and the Great Recession take us into waters that, if not uncharted, at least haven’t been visited in recent decades. The remarkable collapse in housing prices, the large rise in the financial risk premium, the massive expansion of the Federal Reserve’s balance sheet, and the global nature of the financial crisis are among the novel changes in the macroeconomy.

This new edition continues the tradition established in previous versions of the book of providing up-to-date, modern analysis of both current events and classic issues in macroeconomics. For example, the latest research on the Great Recession (Chapters 10 and 14), China’s impact on U.S. jobs and wage inequality (Chapter 7), new measures of standards of living (Chapter 2), and the Euro-area financial crisis (Chapter 20) are all incorporated. In addition, I’m especially excited to introduce a new chapter on DSGE (dynamic, stochastic, general equilibrium) models—the new Chapter 15. This chapter explains state-of-the-art business cycle modeling at a level appropriate for all intermediate macro students, complementing the more traditional AS/AD-style analysis of earlier chapters. This third edition also incorporates many new case studies and exercises, extensive updates to tables and figures to reflect the most current data, and improvements on nearly every page in the text.

It is a fascinating time to study macroeconomics, and I look forward to sharing astounding facts about the macroeconomy with you and to discussing the Nobel-caliber ideas that help us understand them.


1 Introduction to Macroeconomics 4
2 Measuring the Macroeconomy 18
3 An Overview of Long-Run Economic Growth 42
4 A Model of Production 68
5 The Solow Growth Model 99
6 Growth and Ideas 134
7 The Labor Market, Wages, and Unemployment 172
8 Inflation 202
9 An Introduction to the Short Run 230
10 The Great Recession: A First Look 251
11 The IS Curve 274
12 Monetary Policy and the Phillips Curve 305
13 Stabilization Policy and the AS/AD Framework 341
14 The Great Recession and the Short-Run Model 379
15 DSGE Models: The Frontier of Business Cycle Research 406
16 Consumption 440
17 Investment 463
18 The Government and the Macroeconomy 490
19 International Trade 514
20 Exchange Rates and International Finance 540
21 Parting Thoughts 576

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