Macroeconomics 2nd Edition Acemoglu Solutions Manual

1. Part I Introduction to Economics
2. 1 The Principles and Practice of Economics
3. Chapter Outline
4. Key Ideas
5. 1.1 The Scope of Economics
6. Economic Agents and Economic Resources
7. Definition of Economics
8. Positive Economics and Normative Economics
9. Positive Economics Describes What People Actually Do
10. Normative Economics Recommends What People Ought to Do
11. Normative Analysis and Public Policy
12. Microeconomics and Macroeconomics
13. 1.2 Three Principles of Economics
14. 1.3 The First Principle of Economics: Optimization
15. Trade-offs and Budget Constraints
16. Opportunity Cost
17. Assigning a Monetary Value to an Opportunity Cost
18. Cost-Benefit Analysis
19. 1.4 The Second Principle of Economics: Equilibrium
20. The Free-Rider Problem
21. 1.5 The Third Principle of Economics: Empiricism
22. 1.6 Is Economics Good for You?
23. Summary
24. Key Terms
25. Questions
26. Problems
27. 2 Economic Methods and Economic Questions
28. Chapter Outline
29. Key Ideas
30. 2.1 The Scientific Method
31. Models and Data
32. An Economic Model
33. Means and Medians
34. Argument by Anecdote
35. 2.2 Causation and Correlation
36. The Red Ad Blues
37. Causation versus Correlation
38. When Correlation Does not Imply Causality
39. Experimental Economics and Natural Experiments
40. 2.3 Economic Questions and Answers
41. Summary
42. Key Terms
43. Questions
44. Problems
45. Appendix Constructing and Interpreting Charts and Graphs
46. A Study about Incentives
47. Experimental Design
48. Describing Variables
49. Pie Charts
50. Bar Charts
51. Time Series Graphs
52. Cause and Effect
53. Correlation Does not Necessarily Imply Causality
54. Appendix Key Terms
55. Appendix Problems
56. 3 Optimization: Doing the Best You Can
57. Chapter Outline
58. Key Ideas
59. 3.1 Optimization: Choosing the Best Feasible Option
60. 3.2 Optimization Application: Renting the Optimal Apartment
61. Before and After Comparisons
62. 3.3 Optimization Using Marginal Analysis
63. Marginal Cost
64. Summary
65. Key Terms
66. Questions
67. Problems
68. 4 Demand, Supply, and Equilibrium
69. Chapter Outline
70. Key Ideas
71. 4.1 Markets
72. Competitive Markets
73. 4.2 How Do Buyers Behave?
74. Demand Curves
75. Willingness to Pay
76. From Individual Demand Curves to Aggregated Demand Curves
77. Building the Market Demand Curve
78. Shifting the Demand Curve
79. Changes in Tastes and Preferences
80. Changes in Income and Wealth
81. Changes in Availability and Prices of Related Goods
82. Changes in Number and Scale of Buyers
83. Changes in Buyers’ Beliefs about the Future
84. 4.3 How Do Sellers Behave?
85. Supply Curves
86. Willingness to Accept
87. From the Individual Supply Curve to the Market Supply Curve
88. Shifting the Supply Curve
89. Changes in Prices of Inputs Used to Produce the Good
90. Changes in Technology Used to Produce the Good
91. Changes in the Number and Scale of Sellers
92. Changes in Sellers’ Beliefs about the Future
93. 4.4 Supply and Demand in Equilibrium
94. Curve Shifting in Competitive Equilibrium
95. 4.5 What Would Happen If the Government Tried to Dictate the Price of Gasoline?
96. Summary
97. Key Terms
98. Questions
99. Problems
100. Part II Introduction to Macroeconomics
101. 5 The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates
102. Chapter Outline
103. Key Ideas
104. 5.1 Macroeconomic Questions
105. 5.2 National Income Accounts: Production = Expenditure = Income
106. Production
107. Expenditure
108. Income
109. Circular Flows
110. National Income Accounts: Production
111. National Income Accounts: Expenditure
112. National Income Accounting: Income
113. 5.3 What Isn’t Measured by GDP?
114. Physical Capital Depreciation
115. Home Production
116. The Underground Economy
117. Negative Externalities
118. Gross Domestic Product versus Gross National Product
119. The Increase in Income Inequality
120. Leisure
121. Does GDP Buy Happiness?
122. 5.4 Real versus Nominal
123. The GDP Deflator
124. The Consumer Price Index
125. Inflation
126. Adjusting Nominal Variables
127. Summary
128. Key Terms
129. Questions
130. Problems
131. 6 Aggregate Incomes
132. Chapter Outline
133. Key Ideas
134. 6.1 Inequality Around the World
135. Measuring Differences in GDP per Capita
136. Inequality in GDP per capita
137. GDP per Worker
138. Productivity
139. Incomes and the Standard of Living
140. 6.2 Productivity and the Aggregate Production Function
141. Productivity Differences
142. The Aggregate Production Function
143. Labor
144. Physical Capital and Land
145. Technology
146. Representing the Aggregate Production Function
147. 6.3 The Role and Determinants of Technology
148. Technology
149. Dimensions of Technology
150. Entrepreneurship
151. Summary
152. Key Terms
153. Questions
154. Problems
155. Appendix The Mathematics of Aggregate Production Functions
156. Part III Long-Run Growth and Development
157. 7 Economic Growth
158. Chapter Outline
159. Key Ideas
160. 7.1 The Power of Economic Growth
161. A First Look at U.S. Growth
162. Exponential Growth
163. Patterns of Growth
164. 7.2 How Does a Nation’s Economy Grow?
165. Optimization: The Choice Between Saving and Consumption
166. What Brings Sustained Growth?
167. Knowledge, Technological Change, and Growth
168. 7.3 The History of Growth and Technology
169. Growth Before Modern Times
170. Malthusian Limits to Growth
171. The Industrial Revolution
172. Growth and Technology Since the Industrial Revolution
173. 7.4 Growth, Inequality, and Poverty
174. Growth and Inequality
175. Growth and Poverty
176. How Can We Reduce Poverty?
177. Summary
178. Key Terms
179. Questions
180. Problems
181. Appendix The Solow Growth Model
182. The Three Building Blocks of the Solow Model
183. Steady-State Equilibrium in the Solow Model
184. Determinants of GDP
185. Dynamic Equilibrium in the Solow Model
186. Sources of Growth in the Solow Model
187. Calculating Average (Compound) Growth Rates
188. Appendix Key Terms
189. Appendix Problems
190. 8 Why Isn’t the Whole World Developed?
191. Chapter Outline
192. Key Ideas
193. 8.1 Proximate Versus Fundamental Causes of Prosperity
194. Geography
195. Culture
196. Institutions
197. A Natural Experiment of History
198. 8.2 Institutions and Economic Development
199. Inclusive and Extractive Economic Institutions
200. How Economic Institutions Affect Economic Outcomes
201. The Logic of Extractive Economic Institutions
202. Inclusive Economic Institutions and the Industrial Revolution
203. 8.3 Is Foreign Aid the Solution to World Poverty?
204. Summary
205. Key Terms
206. Questions
207. Problems
208. Part IV Equilibrium in the Macroeconomy
209. 9 Employment and Unemployment
210. Chapter Outline
211. Key Ideas
212. 9.1 Measuring Employment and Unemployment
213. Classifying Potential Workers
214. Calculating the Unemployment Rate
215. Trends in the Unemployment Rate
216. 9.2 Equilibrium in the Labor Market
217. The Demand for Labor
218. Shifts in the Labor Demand Curve
219. The Supply of Labor
220. Shifts in the Labor Supply Curve
221. Equilibrium in a Competitive Labor Market
222. 9.3 Why Is There Unemployment?
223. Voluntary Unemployment
224. Job Search and Frictional Unemployment
225. 9.4 Wage Rigidity and Structural Unemployment
226. Minimum Wage Laws
227. Labor Unions and Collective Bargaining
228. Efficiency Wages
229. Downward Wage Rigidity
230. 9.5 Cyclical Unemployment and the Natural Rate of Unemployment
231. Summary
232. Key Terms
233. Questions
234. Problems
235. 10 Credit Markets
236. Chapter Outline
237. Key Ideas
238. 10.1 What Is the Credit Market?
239. Borrowers and the Demand for Loans
240. Real and Nominal Interest Rates
241. The Credit Demand Curve
242. Saving Decisions
243. The Credit Supply Curve
244. Equilibrium in the Credit Market
245. Credit Markets and the Efficient Allocation of Resources
246. 10.2 Banks and Financial Intermediation: Putting Supply and Demand Together
247. Assets and Liabilities on the Balance Sheet of a Bank
248. Assets
249. Liabilities and Stockholders’ Equity
250. 10.3 What Banks Do
251. Identifying Profitable Lending Opportunities
252. Maturity Transformation
253. Management of Risk
254. Bank Runs
255. Bank Regulation and Bank Solvency
256. Summary
257. Key Terms
258. Questions
259. Problems
260. 11 The Monetary System
261. Chapter Outline
262. Key Ideas
263. 11.1 Money
264. The Functions of Money
265. Types of Money
266. The Money Supply
267. 11.2 Money, Prices, and GDP
268. Nominal GDP, Real GDP, and Inflation
269. The Quantity Theory of Money
270. 11.3 Inflation
271. What Causes Inflation?
272. The Consequences of Inflation
273. The Social Costs of Inflation
274. The Social Benefits of Inflation
275. 11.4 The Federal Reserve
276. The Central Bank and the Objectives of Monetary Policy
277. What Does the Central Bank Do?
278. Regulation
279. Interbank Transfers
280. Management of Macroeconomic Fluctuations by Manipulating the Quantity of Bank Reserves
281. 11.5 Bank Reserves and the Plumbing of the Monetary System
282. Bank Reserves and Liquidity
283. The Demand Side of the Federal Funds Market
284. The Supply Side of the Federal Funds Market and Equilibrium in the Federal Funds Market
285. Summary of the Fed’s Control of the Federal Funds Rate
286. The Fed’s Influence on the Money Supply and the Inflation Rate
287. Summary of the Fed’s Influence on the Money Supply and the Inflation Rate
288. The Relationship Between the Federal Funds Rate and the Long-Term Real Interest Rate
289. Summary of the Fed’s Influence on Long-Term Expected Real Interest Rates
290. Summary
291. Key Terms
292. Questions
293. Problems
294. Part V Short-Run Fluctuations and Macroeconomic Policy
295. 12 Short-Run Fluctuations
296. Chapter Outline
297. Key Ideas
298. 12.1 Economic Fluctuations and Business Cycles
299. Patterns of Economic Fluctuations
300. Co-Movement
301. Limited Predictability of Turning Points
302. Persistence in the Rate of Economic Growth
303. The Great Depression
304. 12.2 Macroeconomic Equilibrium and Economic Fluctuations
305. Labor Demand and Fluctuations
306. Sources of Fluctuations
307. 1. Technology Shocks: Explanations from Real Business Cycle Theory
308. 2. Sentiments and Multipliers: Explanations from John Maynard Keynes
309. 3. Monetary and Financial Factors: Explanations from Milton Friedman
310. Multipliers and Economic Fluctuations
311. Equilibrium in the Medium Run: Partial Recovery and Full Recovery
312. 12.3 Modeling Expansions
313. Summary
314. Key Terms
315. Questions
316. Problems
317. 13 Countercyclical Macroeconomic Policy
318. Chapter Outline
319. Key Ideas
320. 13.1 The Role of Countercyclical Policies in Economic Fluctuations
321. 13.2 Countercyclical Monetary Policy
322. Controlling the Federal Funds Rate
323. Other Tools of the Fed
324. Expectations, Inflation, and Monetary Policy
325. Contractionary Monetary Policy: Control of Inflation
326. Zero Lower Bound
327. Policy Trade-offs
328. 13.3 Countercyclical Fiscal Policy
329. Fiscal Policy Over the Business Cycle: Automatic and Discretionary Components
330. Analysis of Expenditure-Based Fiscal Policy
331. Crowding Out
332. Analysis of Taxation-Based Fiscal Policy
333. Fiscal Policies That Directly Target the Labor Market
334. Policy Waste and Policy Lags
335. Summary
336. Key Terms
337. Questions
338. Problems
339. Part VI Macroeconomics in a Global Economy
340. 14 Macroeconomics and International Trade
341. Chapter Outline
342. Key Ideas
343. 14.1 Why and How We Trade
344. Absolute Advantage and Comparative Advantage
345. Comparative Advantage and International Trade
346. Efficiency and Winners and Losers from Trade
347. How We Trade
348. Trade Barriers: Tariffs
349. 14.2 The Current Account and the Financial Account
350. Trade Surpluses and Trade Deficits
351. International Financial Flows
352. Income-Based Payments from Foreigners
353. Income-Based Payments to Foreigners
354. The Workings of the Current Account and the Financial Account
355. 14.3 International Trade, Technology Transfer, and Economic Growth
356. Summary
357. Key Terms
358. Questions
359. Problems
360. 15 Open Economy Macroeconomics
361. Chapter Outline
362. Key Ideas
363. 15.1 Exchange Rates
364. Nominal Exchange Rates
365. Flexible, Managed, and Fixed Exchange Rates
366. 15.2 The Foreign Exchange Market
367. How Do Governments Intervene in the Foreign Exchange Market?
368. Defending an Overvalued Exchange Rate
369. 15.3 The Real Exchange Rate and Exports
370. From the Nominal to the Real Exchange Rate
371. Co-Movement Between the Nominal and the Real Exchange Rates
372. The Real Exchange Rate and Net Exports
373. 15.4 GDP in the Open Economy
374. Revisiting Black Wednesday
375. Interest Rates, Exchange Rates, and Net Exports
376. Summary
377. Key Terms
378. Questions
379. Problems
380. Endnotes
381. Glossary
382. Credits
383. Index

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