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mMcConnell
ac
ro
Brue
Flynn
macroeconomics
,Macroeconomics
PRINCIPLES, PROBLEMS, AND POLICIES
,THE MCGRAW-HILL SERIES: ECONOMICS
ESSENTIALS OF ECONOMICS ECONOMICS OF SOCIAL MONEY AND BANKING
Brue, McConnell, and Flynn ISSUES Cecchetti and Schoenholtz
Essentials of Economics Guell Money, Banking, and Financial Markets
Third Edition Issues in Economics Today Fifth Edition
Mandel Seventh Edition
M: Economics, The Basics Register and Grimes URBAN ECONOMICS
Third Edition Economics of Social Issues O’Sullivan
Schiller and Gebhardt Twenty-First Edition Urban Economics
Essentials of Economics Eighth Edition
Tenth Edition ECONOMETRICS
Gujarati and Porter LABOR ECONOMICS
PRINCIPLES OF ECONOMICS Basic Econometrics Borjas
Asarta and Butters Fifth Edition Labor Economics
Connect Master: Economics Hilmer and Hilmer Seventh Edition
First Edition Practical Econometrics McConnell, Brue, and Macpherson
Colander First Edition Contemporary Labor Economics
Economics, Microeconomics, and Eleventh Edition
Macroeconomics
MANAGERIAL ECONOMICS
Tenth Edition
Baye and Prince PUBLIC FINANCE
Frank, Bernanke, Antonovics, and Heffetz Managerial Economics and Business Rosen and Gayer
Principles of Economics, Principles of Strategy Public Finance
Microeconomics, Principles of Ninth Edition Tenth Edition
Macroeconomics
Sixth Edition Brickley, Smith, and Zimmerman
Managerial Economics and ENVIRONMENTAL
Frank, Bernanke, Antonovics, and Heffetz Organizational Architecture
Streamlined Editions: Principles of ECONOMICS
Sixth Edition
Economics, Principles of Field and Field
Microeconomics, Principles of Thomas and Maurice Environmental Economics: An
Macroeconomics Managerial Economics Introduction
Third Edition Twelfth Edition Seventh Edition
Karlan and Morduch
Economics, Microeconomics, and INTERMEDIATE ECONOMICS INTERNATIONAL ECONOMICS
Macroeconomics Bernheim and Whinston Appleyard and Field
Second Edition Microeconomics International Economics
McConnell, Brue, and Flynn Second Edition Ninth Edition
Economics, Microeconomics, and Dornbusch, Fischer, and Startz Pugel
Macroeconomics Macroeconomics International Economics
Twenty-First Edition Twelfth Edition Sixteenth Edition
Samuelson and Nordhaus Frank
Economics, Microeconomics, and Microeconomics and Behavior
Macroeconomics Ninth Edition
Nineteenth Edition
Schiller and Gebhardt ADVANCED ECONOMICS
The Economy Today, The Micro Economy
Romer
Today, and The Macro
Advanced Macroeconomics
Economy Today
Fourth Edition
Fourteenth Edition
Slavin
Economics, Microeconomics, and
Macroeconomics
Eleventh Edition
,THE FOUR VERSIONS OF MCCONNELL, BRUE, FLYNN
Essentials of
Chapter* Economics Microeconomics Macroeconomics Economics
1. Limits, Alternatives, and Choices x x x x
2. The Market System and the Circular Flow x x x x
3. Demand, Supply, and Market Equilibrium x x x x
4. Market Failures: Public Goods and Externalities x x x x
5. Government’s Role and Government Failure x x x x
6. Elasticity x x x
7. Utility Maximization x x
8. Behavioral Economics x x
9. Businesses and the Costs of Production x x x
10. Pure Competition in the Short Run x x x
11. Pure Competition in the Long Run x x x
12. Pure Monopoly x x x
13. Monopolistic Competition x x x
14. Oligopoly and Strategic Behavior x x x
15. Technology, R&D, and Efficiency x x
16. The Demand for Resources x x
17. Wage Determination x x x
18. Rent, Interest, and Profit x x
19. Natural Resource and Energy Economics x x
20. Public Finance: Expenditures and Taxes x x
21. Antitrust Policy and Regulation x x
22. Agriculture: Economics and Policy x x
23. Income Inequality, Poverty, and Discrimination x x x
24. Health Care x x
25. Immigration x x
26. An Introduction to Macroeconomics x x
27. Measuring Domestic Output and National Income x x x
28. Economic Growth x x x
29. Business Cycles, Unemployment, and Inflation x x x
30. Basic Macroeconomic Relationships x x
31. The Aggregate Expenditures Model x x
32. Aggregate Demand and Aggregate Supply x x x
33. Fiscal Policy, Deficits, and Debt x x x
34. Money, Banking, and Financial Institutions x x x
35. Money Creation x x
36. Interest Rates and Monetary Policy x x x
37. Financial Economics x x
38. Extending the Analysis of Aggregate Supply x x
39. Current Issues in Macro Theory and Policy x x
40. International Trade x x x x
41. The Balance of Payments, Exchange Rates, and Trade Deficits x x x x
42. The Economics of Developing Countries x x x
*Chapter numbers refer to Economics: Principles, Problems, and Policies.
A red “X” indicates chapters that combine or consolidate content from two or more Economics chapters.
,
, Twenty-First Edition
Macroeconomics
PRINCIPLES, PROBLEMS, AND POLICIES
Campbell R. McConnell
University of Nebraska
Stanley L. Brue
Pacific Lutheran University
Sean M. Flynn
Scripps College
,MACROECONOMICS: PRINCIPLES, PROBLEMS, AND POLICIES, TWENTY-FIRST EDITION
Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2018 by McGraw-Hill
Education. All rights reserved. Printed in the United States of America. Previous editions © 2015, 2012, and
2009. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a
database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not
limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.
Some ancillaries, including electronic and print components, may not be available to customers
outside the United States.
This book is printed on acid-free paper.
1 2 3 4 5 6 7 8 9 LWI 21 20 19 18 17
ISBN 978-1-259-91567-3 (student edition)
MHID 1-259-91567-0 (student edition)
ISBN 978-1-259-91575-8 (instructor’s edition)
MHID 1-259-91575-1 (instructor’s edition)
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Library of Congress Cataloging-in-Publication Data
Names: McConnell, Campbell R., author. | Brue, Stanley L., 1945- author. |
Flynn, Sean Masaki, author.
Title: Macroeconomics : principles, problems, and policies / Campbell R.
McConnell, University of Nebraska, Stanley L. Brue, Pacific Lutheran
University, Sean M. Flynn, Scripps College.
Description: Twenty First Edition. | Dubuque : McGraw-Hill Education, [2018]
| Revised edition of Macroeconomics, 2015.
Identifiers: LCCN 2016044903| ISBN 9781259915673 (student edition : alk.
paper) | ISBN 1259915670 (student edition : alk. paper)
Subjects: LCSH: Macroeconomics.
Classification: LCC HB172.5 .M3743 2018 | DDC 339—dc23 LC record available at
https://lccn.loc.gov/2016044903
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a
website does not indicate an endorsement by the authors or McGraw-Hill Education, and
McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.
mheducation.com/highered
,To Mem and to Terri and Craig, and to past instructors
, ABOUT THE AUTHORS
CAMPBELL R. MCCONNELL earned his Ph.D. from the University of
Iowa after receiving degrees from Cornell College and the University of
Illinois. He taught at the University of Nebraska–Lincoln from 1953 until
his retirement in 1990. He is also coauthor of Contemporary Labor
Economics, eleventh edition, and Essentials of Economics, third edition,
and has edited readers for the principles and labor economics courses. He
is a recipient of both the University of Nebraska Distinguished Teaching
Award and the James A. Lake Academic Freedom Award and is past pres-
ident of the Midwest Economics Association. Professor McConnell was
awarded an honorary Doctor of Laws degree from Cornell College in
1973 and received its Distinguished Achievement Award in 1994. His pri-
mary areas of interest are labor economics and economic education. He has
an extensive collection of jazz recordings and enjoys reading jazz history.
STANLEY L. BRUE did his undergraduate work at Augustana College
(South Dakota) and received its Distinguished Achievement Award in
1991. He received his Ph.D. from the University of Nebraska–Lincoln. He
is retired from a long career at Pacific Lutheran University, where he was
honored as a recipient of the Burlington Northern Faculty Achievement
Award. Professor Brue has also received the national Leavey Award for
excellence in economic education. He has served as national president and
chair of the Board of Trustees of Omicron Delta Epsilon International
Economics Honorary. He is coauthor of Economic Scenes, fifth edition
(Prentice-Hall); Contemporary Labor Economics, eleventh edition;
Essentials of Economics, third edition; and The Evolution of Economic
Thought, eighth edition (Cengage Learning). For relaxation, he enjoys in-
ternational travel, attending sporting events, and going on fishing trips.
SEAN M. FLYNN did his undergraduate work at the University of
Southern California before completing his Ph.D. at U.C. Berkeley, where
he served as the Head Graduate Student Instructor for the Department of
Economics after receiving the Outstanding Graduate Student Instructor
Award. He teaches at Scripps College (of the Claremont Colleges) and is
the author of Economics for Dummies, second edition (Wiley), and coau-
thor of Essentials of Economics, third edition. His research interests
include finance, behavioral economics, and health economics. An accom-
plished martial artist, he has represented the United States in international
aikido tournaments and is the author of Understanding Shodokan Aikido
(Shodokan Press). Other hobbies include running, traveling, and enjoying
ethnic food.
viii
, KEY GRAPHS
1.2 The Production Possibilities Curve 11
2.2 The Circular Flow Diagram 38
3.6 Equilibrium Price and Quantity 57
10.2 Consumption and Saving Schedules 203
10.5 The Investment Demand Curve 210
11.2 Equilibrium GDP in a Private Closed Economy 225
11.7 Recessionary and Inflationary Expenditure Gaps 235
12.7 The Equilibrium Price Level and Equilibrium Real GDP 254
16.1 The Demand for Money, the Supply of Money, and the
Equilibrium Interest Rate 325
16.4 Monetary Policy and Equilibrium GDP 340
16.5 The AD-AS Theory of the Price Level, Real Output, and
Stabilization Policy 346
20.2 Trading Possibilities Lines and the Gains from Trade 417
21.1 The Market for Foreign Currency (Pounds) 441
ix
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