Applications In Touch with Data and Research
The Federal Reserve’s Preferred Inflation Measures 49 Developing and Testing an Economic Theory 13
The Production Function of the U.S. Economy and U.S. The National Income and Product Accounts 24
Productivity Growth 62 Natural Resources, the Environment, and the National
Output, Employment, and the Real Wage During Income Accounts 29
Oil Price Shocks 85 The Computer Revolution and
Unemployment Duration and the 2007-2009 Chain-Weighted GDP 45
Recession 91 Does CPI Inflation Overstate Increases
Consumer Sentiment and Forecasts of Consumer in the Cost of Living? 47
Spending 110 Labor Market Data 88
How Consumers Respond to Tax Rebates 120 Interest Rates 116
Measuring the Effects of Taxes on Investment 129 Investment and the Stock Market 133
Macroeconomic Consequences of the Boom and Bust The Balance of Payments Accounts 171
in Stock Prices 140 Money in a Prisoner-of-War Camp 243
The United States as International Debtor 177 The Monetary Aggregates 246
The Impact of Globalization on the U.S. Economy 189 Where Have All the Dollars Gone? 247
Recent Trends in the U.S. Current Account Deficit 191 The Housing Crisis That Began in 2007 254
The Twin Deficits 196 Coincident and Leading Indexes 302
The Post–1973 Slowdown in Productivity Growth 213 The Seasonal Cycle and the Business Cycle 307
The Recent Surge in U.S. Productivity Growth 215 Econometric Models and Macroeconomic Forecasts
The Growth of China 231 for Monetary Policy Analysis 335
Money Growth and Inflation in European Countries Are Price Forecasts Rational? 396
in Transition 269 Henry Ford’s Efficiency Wage 415
Measuring Inflation Expectations 272 DSGE Models and the Classical–Keynesian Debate 435
The Job Finding Rate and the Job Loss Rate 295 The Lucas Critique 461
Oil Price Shocks Revisited 334 Indexed Contracts 469
Calibrating the Business Cycle 371 The Sacrifice Ratio 473
The Value of the Dollar and U.S. Net Exports 491 Exchange Rates 483
European Monetary Unification 517 McParity 487
Crisis in Argentina 519 Measuring the Impact of Government Purchases
The Money Multiplier During Severe Financial on the Economy 604
Crises 542
The Financial Crisis of 2008 564
Inflation Targeting 574
Labor Supply and Tax Reform in the 1980s 593
Social Security: How Can It Be Fixed? 597
, Symbols Used in This Book
A productivity V velocity
B government debt W nominal wage
BASE monetary base Y total income or output
C consumption Y full-employment output
CA current account balance
CU currency held by nonbank
public
a individual wealth or assets
DEP bank deposits
c individual consumption;
E worker effort consumption per worker
G government purchases cu currency–deposit ratio
I investment d depreciation rate
INT net interest payments e real exchange rate
K capital stock enom nominal exchange rate
KFA capital and financial account enom official value of nominal
balance exchange rate
M money supply i nominal interest rate
MC marginal cost i m
nominal interest rate on money
MPK marginal product of capital k capital–labor ratio
MPN marginal product of labor n growth rate of labor force
MRPN marginal revenue product of labor pK price of capital goods
N employment, labor r expected real interest rate
N full-employment level of r w
world real interest rate
employment
ra-t expected after-tax real interest rate
NFP net factor payments
res reserve–deposit ratio
NM nonmonetary assets
s individual saving; saving rate
NX net exports
t income tax rate
P price level
u unemployment rate
e
P expected price level
u natural unemployment rate
Psr short-run price level
uc user cost of capital
R real seignorage revenue
w real wage
RES bank reserves
y individual labor income; output
S national saving per worker
Spvt private saving p inflation rate
Sgovt government saving p e
expected inflation rate
T taxes hY income elasticity of money demand
TR transfers t tax rate on firm revenues
,MyEconLab Provides the Power of Practice
®
Optimize your study time with MyEconLab, the online assessment and tutorial system. When you
take a sample test online, MyEconLab gives you targeted feedback and a personalized Study Plan to
identify the topics you need to review.
Study Plan
The Study Plan shows you the sections
you should study next, gives easy access
to practice problems, and provides you
with an automatically generated quiz to
prove mastery of the course material.
Unlimited Practice
As you work each exercise, instant feedback
helps you understand and apply the concepts.
Many Study Plan exercises contain
algorithmically generated values to ensure
that you get as much practice as you need.
Learning Resources
Study Plan problems link to learning resources that
further reinforce concepts you need to master.
MyEconLab
• Help Me Solve This learning aids help you break down a ®
problem much the same way as an instructor would do during
office hours. Help Me Solve This is available for select problems.
• eText links are specific to the problem at hand so that related
concepts are easy to review just when they are needed. Find out more at www.myeconlab.com
• A graphing tool enables you to build and manipulate graphs to
better understand how concepts, numbers, and graphs connect.
,This page intentionally left blank
,Real-Time Data Analysis Exercises
Up-to-date macro data is a great way to engage in
and understand the usefulness of macro variables
and their impact on the economy. Real-Time Data
Analysis exercises communicate directly with the
Federal Reserve Bank of St. Louis’s FRED site, so
every time FRED posts new data, students see
new data.
End-of-chapter exercises accompanied by the
Real-Time Data Analysis icon include Real-
Time Data versions in MyEconLab.
Select in-text figures labeled MyEconLab Real-
Time Data update in the electronic version of the
text using FRED data.
Current News Exercises
Posted weekly, we find the latest
microeconomic and macroeconomic news
stories, post them, and write auto-graded
multi-part exercises that illustrate the
economic way of thinking about the news.
Interactive Homework Exercises
Participate in a fun and engaging activity that
helps promote active learning and mastery of
important economic concepts.
Pearson’s experiments program is flexible and
easy for instructors and students to use. For
a complete list of available experiments, visit
www.myeconlab.com.
,This page intentionally left blank
, Macroeconomics
Eighth Edition
Andrew B. Abel
The Wharton School of the
University of Pennsylvania
Ben S. Bernanke
Dean Croushore
Robins School of Business
University of Richmond
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