Macroeconomics, 10/E
Robert J. Gordon, Northwestern University

ISBN-10: 0321278801
ISBN-13: 9780321278807

Publisher: Addison-Wesley
Copyright: 2006
Format: Cloth; 672 pp
Status: Out of Print

Suggested retail price: $155.20
This item is out of print and is no longer available for purchase.

At a time when so many pivotal economic issues are closely tied to the business cycle and monetary-fiscal policy, Robert Gordon provides critical insight into the American and global economy.

 

Macroeconomics builds from an early emphasis on business cycles and monetary-fiscal policy, in both the closed and open economy, to a dynamic analysis of aggregate demand and supply shocks as the causes of inflation and unemployment. Gordon then discusses economic growth using theory and real-world examples to compare rich and poor countries before examining economic growth in the United States.

 

In the Tenth Edition, Gordon tightens the overall framework of chapters, introduces four-color pedagogy, and prepares students to join in discussion and debate about the latest issues including the jobless recovery, recent tax cuts, globalization, and the ‘explosion’ of U.S. productivity growth. 

  • NEW! Gordon’s text now features a four-color design that clarifies data graphs, enhances content, and emphasizes pedagogy throughout.
  • Thoroughly revised and reorganized, the Tenth Edition presents a cohesive framework that motivates students and emphasizes practical applications.
  • Boasting a Keynesian emphasis, the text contains early coverage of income determination, the IS-LM model and the SP-DG inflation.
  • Gordon’s trademark emphasis on the open economy–within each chapter as well as in International Perspectives boxes–exposes students to the global applications of macroeconomic theory.
  • Widely praised case studies incorporate recent events such as the Chinese economic miracle, outsourcing, the jobless recovery, and international and fiscal deficits rejoining to become “twins”.

  • A reorganized Chapter 4 moves the motivation of monetary policy to the forefront and includes integrated coverage of The Fed. This serves as an effective bridge between the introduction of the IS curve (Chapter 3) and the discussion of the LM curve (second half of Chapter 4).
  • A new section in Chapter 5, How the Twin Deficits Interact, uses the investment-private savings diagram to analyze the effects of fiscal deficits and the conditions necessary for international deficits.
  • New four-color design enhances the content throughout, clarifies data graphs, and emphasizes pedagogy in the text.
  • The author includes more than 30% new Case Studies, Examples, and International Perspective boxes, such as Japan’s escape from economic decline, the use of credit cards resulting in the disappearance of cash, and inflation targeting in Europe versus the ‘Eclectic Fed’.
  • Chapter 10 now begins with an introduction to new growth theory as a springboard to its timely discussion of comparative economics and US productivity.
  • Chapter 14 is a unique open-economy oriented chapter on stabilization policy that now includes a formal presentation of inflation targeting and the Taylor rule as alternative frameworks for monetary policy. The International Perspective box reflects the experience of the Euro in its first five years.

PART I:  Introduction and Measurement
1.          What Is Macroeconomics?
2.          The Measurement of Income, Prices, and Unemployment                                                 

PART II:  Income, Interest Rates, Policy, and the Open Economy
3.          Spending, Income, and Interest Rates
4.          Monetary and Fiscal Policy in the IS-LM Model
5.          National Saving, the Government Budget, Foreign Borrowing, and the Twin Deficits
6.          International Trade, Exchange Rates, and Macroeconomic Policy

PART III:  Aggregate Demand, Aggregate Supply, Unemployment and Inflation
7.          Aggregate Demand, Aggregate Supply, and the Self-Correcting Economy
8.          Inflation: Its Causes and Cures
9.          The Goals of Stabilization Policy: Low Inflation and Low Unemployment

PART IV:  Macroeconomics in the Long Run: Growth and Public Finance
10.        The Theory of Economic Growth
11.        The Big Questions of Economic Growth
12.        The Government Budget, the Public Debt, and Social Security

PART V:  Stabilization Policy in an Open Economy
13.        Money and Financial Markets
14.        Stabilization Policy in the Closed and Open Economy

PART VI:  Sources of Instability in the Private Economy
15.        Instability in the Private Economy: Consumption Behavior
16.        Instability in the Private Economy: Investment

 PART VII:  Debates at the Macroeconomic Frontier

17.        New Classical Macro Confronts New Keynesian Macro
18.        Conclusion: Where We Stand

    Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor. Gordon makes extensive use of data, international examples, and case studies throughout, and the Eleventh Edition incorporates critical developments in the field. New topics include the housing bubble and housing wealth, the effect of oil prices on the economy, and the purchase of dollar reserves by China to finance the U.S. import deficit.

    Students have a natural interest in what is happening today and what will happen in the near future. Macroeconomics capitalizes on their interest by beginning with business cycles and monetary-fiscal policy in both closed and open economy. After that, Gordon presents a unique dynamic analysis of demand and supply shocks as causes of inflation and unemployment, followed by a dual approach to economic growth in which theory and real-world examples are used to compare rich and poor countries.
  • 0321485513Macroeconomics, 11/E
    Gordon
    © 2009 | Addison-Wesley | Cloth; 672 pages | Instock
    ISBN-10: 0321485513 | ISBN-13: 9780321485519
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