Macroeconomics / Edition 5

by R. Glenn Hubbard, Anthony P. O'Brien

Overview

For Principles of Macroeconomics courses at two- and four-year colleges and universities

Reveal the relevance of economics through real-world business examples

One of the challenges of teaching Principles of Macroeconomics is fostering interest in concepts that may not seem applicable to students’ lives. Macroeconomics, Fifth Edition makes economics relevant by demonstrating how real businesses use economics to make decisions every day. Regardless of their future career path–opening an art studio, trading on Wall Street, or bartending at the local pub–students will benefit from understanding the economic forces behind their work.

This program provides a better teaching and learning experience–for you and your students. It will help you to:

• Personalize learning with MyEconLab: This online homework, tutorial, and assessment program fosters learning and provides tools that help instructors to keep students on track.
• Show students how economics is relevant: Relatable features ground course material in the real world, showing students how these ideas are relevant and facilitating understanding.
• Foster thorough understanding via a flexible, student-focused approach: An engaging, captivating writing style and student-friendly learning aids motivate and engage students.

Note: If you are purchasing the standalone text or electronic version, MyEconLab does not come automatically packaged with the text. To purchase MyEconLab please visit www.myeconlab.com or you can purchase a package of the physical text + MyEconLab by searching for 0133826694 / 9780133826692. MyEconLab is not a self-paced technology and should only be purchased when required by an instructor.

Product Details

ISBN-13:	9780133455496
Publisher:	Pearson
Publication date:	01/17/2014
Edition description:	Older Edition
Pages:	744
Product dimensions:	8.40(w) x 10.80(h) x 1.10(d)

About the Author

R. Glenn Hubbard, policymaker, professor, and researcher. Hubbard is the dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University, and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End Funds, and MetLife. He received his PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chairman of the White House Council of Economic Advisers and chairman of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review, Brookings Papers on Economic Activity, Journal of Finance, Journal of Financial Economics, Journal of Money, Credit, and Banking, Journal of Political Economy, Journal of Public Economics, Quarterly Journal of Economics, RAND Journal of Economics, and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony O’Brien, award-winning professor and researcher. O’Brien is a professor of economics at Lehigh University. He received his PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. O’Brien’s research has dealt with issues such as the evolution of the US automobile industry, the sources of US economic competitiveness, the development of US trade policy, the causes of the Great Depression, and the causes of black–white income differences. His research has been published in leading journals, including American Economic Review, Quarterly Journal of Economics, Journal of Money, Credit, and Banking, Industrial Relations, Journal of Economic History, and Explorations in Economic History. His research has been supported by grants from government agencies and private foundations.

Table of Contents

I. Introduction
1. Economics: Foundations and Models
2. Trade-offs, Comparative Advantage, and the Market System
3. Where Prices Come From: The Interaction of Demand and Supply
4. Economic Efficiency, Government Price Setting, and Taxes
5. The Economics of Health Care

II. Firms in the Domestic and International Economies
6. Firms, the Stock Market, and Corporate Governance
7. Comparative Advantage and the Gains from International Trade

III. Macroeconomic Foundations and Long-Run Growth
8. GDP: Measuring Total Production and Income
9. Unemployment and Inflation
10. Economic Growth, the Financial System, and Business Cycles
11. Long-Run Economic Growth: Sources and Policies

IV. Short-Run Fluctuations
12. Aggregate Expenditure and Output in the Short Run
13. Aggregate Demand and Aggregate Supply Analysis

V. Monetary and Fiscal Policy
14. Money, Banks, and the Federal Reserve System
15. Monetary Policy
16. Fiscal Policy
17. Inflation, Unemployment, and Federal Reserve Policy

VI. The International Economy
18. Macroeconomics in an Open Economy
19. The International Financial System

Editorial Reviews

The book places welcome emphasis on financial markets (both domestic and international).” - Mark Tandall, Stanford University

“Accessible, current, and relevant… students will enjoy the balance between model development and real-world applications. I really enjoyed the integration of the financial crisis, housing crash, oil shock and exchange rates. Wonderful!” - Carlos F. Liard-Muriente, Central Connecticut State University

“It is the best textbook to use in an Intermediate Macro course that emphasizes the ongoing financial crisis and its impact on the real economy. The discussion of the sovereign debt crisis in Europe in the second edition is valuable.” - Ted Burczak, Denison University

From the Publisher