Macroeconomics 2nd Edition Acemoglu Solutions Manual
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This is completed downloadable of Macroeconomics 2nd Edition Acemoglu Solutions Manual
Product Details:
- ISBN-10 : 0134492056
- ISBN-13 : 978-0134492056
- Author:
ThroughoutMacroeconomics, 2nd Edition, authors Daron Acemoglu, David Laibson, and John List use real economic questions and data to help readers learn about the world around them. Taking a fresh approach, they use the themes of optimization, equilibrium, and empiricism to not only illustrate the power of simple economic ideas, but also to explain and predict what’s happening in today’s society. Each chapter begins with an empirical question that is relevant to the life of the reader, and is later answered using data in the Evidence-Based Economics feature. As a result of the text’s practical emphasis, readers will learn to apply economic principles to guide the decisions they make in their own lives.
Table of Content:
- Part I Introduction to Economics
- 1 The Principles and Practice of Economics
- Chapter Outline
- Key Ideas
- 1.1 The Scope of Economics
- Economic Agents and Economic Resources
- Definition of Economics
- Positive Economics and Normative Economics
- Positive Economics Describes What People Actually Do
- Normative Economics Recommends What People Ought to Do
- Normative Analysis and Public Policy
- Microeconomics and Macroeconomics
- 1.2 Three Principles of Economics
- 1.3 The First Principle of Economics: Optimization
- Trade-offs and Budget Constraints
- Opportunity Cost
- Assigning a Monetary Value to an Opportunity Cost
- Cost-Benefit Analysis
- 1.4 The Second Principle of Economics: Equilibrium
- The Free-Rider Problem
- 1.5 The Third Principle of Economics: Empiricism
- 1.6 Is Economics Good for You?
- Summary
- Key Terms
- Questions
- Problems
- 2 Economic Methods and Economic Questions
- Chapter Outline
- Key Ideas
- 2.1 The Scientific Method
- Models and Data
- An Economic Model
- Means and Medians
- Argument by Anecdote
- 2.2 Causation and Correlation
- The Red Ad Blues
- Causation versus Correlation
- When Correlation Does not Imply Causality
- Experimental Economics and Natural Experiments
- 2.3 Economic Questions and Answers
- Summary
- Key Terms
- Questions
- Problems
- Appendix Constructing and Interpreting Charts and Graphs
- A Study about Incentives
- Experimental Design
- Describing Variables
- Pie Charts
- Bar Charts
- Time Series Graphs
- Cause and Effect
- Correlation Does not Necessarily Imply Causality
- Appendix Key Terms
- Appendix Problems
- 3 Optimization: Doing the Best You Can
- Chapter Outline
- Key Ideas
- 3.1 Optimization: Choosing the Best Feasible Option
- 3.2 Optimization Application: Renting the Optimal Apartment
- Before and After Comparisons
- 3.3 Optimization Using Marginal Analysis
- Marginal Cost
- Summary
- Key Terms
- Questions
- Problems
- 4 Demand, Supply, and Equilibrium
- Chapter Outline
- Key Ideas
- 4.1 Markets
- Competitive Markets
- 4.2 How Do Buyers Behave?
- Demand Curves
- Willingness to Pay
- From Individual Demand Curves to Aggregated Demand Curves
- Building the Market Demand Curve
- Shifting the Demand Curve
- Changes in Tastes and Preferences
- Changes in Income and Wealth
- Changes in Availability and Prices of Related Goods
- Changes in Number and Scale of Buyers
- Changes in Buyers’ Beliefs about the Future
- 4.3 How Do Sellers Behave?
- Supply Curves
- Willingness to Accept
- From the Individual Supply Curve to the Market Supply Curve
- Shifting the Supply Curve
- Changes in Prices of Inputs Used to Produce the Good
- Changes in Technology Used to Produce the Good
- Changes in the Number and Scale of Sellers
- Changes in Sellers’ Beliefs about the Future
- 4.4 Supply and Demand in Equilibrium
- Curve Shifting in Competitive Equilibrium
- 4.5 What Would Happen If the Government Tried to Dictate the Price of Gasoline?
- Summary
- Key Terms
- Questions
- Problems
- Part II Introduction to Macroeconomics
- 5 The Wealth of Nations: Defining and Measuring Macroeconomic Aggregates
- Chapter Outline
- Key Ideas
- 5.1 Macroeconomic Questions
- 5.2 National Income Accounts: Production = Expenditure = Income
- Production
- Expenditure
- Income
- Circular Flows
- National Income Accounts: Production
- National Income Accounts: Expenditure
- National Income Accounting: Income
- 5.3 What Isn’t Measured by GDP?
- Physical Capital Depreciation
- Home Production
- The Underground Economy
- Negative Externalities
- Gross Domestic Product versus Gross National Product
- The Increase in Income Inequality
- Leisure
- Does GDP Buy Happiness?
- 5.4 Real versus Nominal
- The GDP Deflator
- The Consumer Price Index
- Inflation
- Adjusting Nominal Variables
- Summary
- Key Terms
- Questions
- Problems
- 6 Aggregate Incomes
- Chapter Outline
- Key Ideas
- 6.1 Inequality Around the World
- Measuring Differences in GDP per Capita
- Inequality in GDP per capita
- GDP per Worker
- Productivity
- Incomes and the Standard of Living
- 6.2 Productivity and the Aggregate Production Function
- Productivity Differences
- The Aggregate Production Function
- Labor
- Physical Capital and Land
- Technology
- Representing the Aggregate Production Function
- 6.3 The Role and Determinants of Technology
- Technology
- Dimensions of Technology
- Entrepreneurship
- Summary
- Key Terms
- Questions
- Problems
- Appendix The Mathematics of Aggregate Production Functions
- Part III Long-Run Growth and Development
- 7 Economic Growth
- Chapter Outline
- Key Ideas
- 7.1 The Power of Economic Growth
- A First Look at U.S. Growth
- Exponential Growth
- Patterns of Growth
- 7.2 How Does a Nation’s Economy Grow?
- Optimization: The Choice Between Saving and Consumption
- What Brings Sustained Growth?
- Knowledge, Technological Change, and Growth
- 7.3 The History of Growth and Technology
- Growth Before Modern Times
- Malthusian Limits to Growth
- The Industrial Revolution
- Growth and Technology Since the Industrial Revolution
- 7.4 Growth, Inequality, and Poverty
- Growth and Inequality
- Growth and Poverty
- How Can We Reduce Poverty?
- Summary
- Key Terms
- Questions
- Problems
- Appendix The Solow Growth Model
- The Three Building Blocks of the Solow Model
- Steady-State Equilibrium in the Solow Model
- Determinants of GDP
- Dynamic Equilibrium in the Solow Model
- Sources of Growth in the Solow Model
- Calculating Average (Compound) Growth Rates
- Appendix Key Terms
- Appendix Problems
- 8 Why Isn’t the Whole World Developed?
- Chapter Outline
- Key Ideas
- 8.1 Proximate Versus Fundamental Causes of Prosperity
- Geography
- Culture
- Institutions
- A Natural Experiment of History
- 8.2 Institutions and Economic Development
- Inclusive and Extractive Economic Institutions
- How Economic Institutions Affect Economic Outcomes
- The Logic of Extractive Economic Institutions
- Inclusive Economic Institutions and the Industrial Revolution
- 8.3 Is Foreign Aid the Solution to World Poverty?
- Summary
- Key Terms
- Questions
- Problems
- Part IV Equilibrium in the Macroeconomy
- 9 Employment and Unemployment
- Chapter Outline
- Key Ideas
- 9.1 Measuring Employment and Unemployment
- Classifying Potential Workers
- Calculating the Unemployment Rate
- Trends in the Unemployment Rate
- 9.2 Equilibrium in the Labor Market
- The Demand for Labor
- Shifts in the Labor Demand Curve
- The Supply of Labor
- Shifts in the Labor Supply Curve
- Equilibrium in a Competitive Labor Market
- 9.3 Why Is There Unemployment?
- Voluntary Unemployment
- Job Search and Frictional Unemployment
- 9.4 Wage Rigidity and Structural Unemployment
- Minimum Wage Laws
- Labor Unions and Collective Bargaining
- Efficiency Wages
- Downward Wage Rigidity
- 9.5 Cyclical Unemployment and the Natural Rate of Unemployment
- Summary
- Key Terms
- Questions
- Problems
- 10 Credit Markets
- Chapter Outline
- Key Ideas
- 10.1 What Is the Credit Market?
- Borrowers and the Demand for Loans
- Real and Nominal Interest Rates
- The Credit Demand Curve
- Saving Decisions
- The Credit Supply Curve
- Equilibrium in the Credit Market
- Credit Markets and the Efficient Allocation of Resources
- 10.2 Banks and Financial Intermediation: Putting Supply and Demand Together
- Assets and Liabilities on the Balance Sheet of a Bank
- Assets
- Liabilities and Stockholders’ Equity
- 10.3 What Banks Do
- Identifying Profitable Lending Opportunities
- Maturity Transformation
- Management of Risk
- Bank Runs
- Bank Regulation and Bank Solvency
- Summary
- Key Terms
- Questions
- Problems
- 11 The Monetary System
- Chapter Outline
- Key Ideas
- 11.1 Money
- The Functions of Money
- Types of Money
- The Money Supply
- 11.2 Money, Prices, and GDP
- Nominal GDP, Real GDP, and Inflation
- The Quantity Theory of Money
- 11.3 Inflation
- What Causes Inflation?
- The Consequences of Inflation
- The Social Costs of Inflation
- The Social Benefits of Inflation
- 11.4 The Federal Reserve
- The Central Bank and the Objectives of Monetary Policy
- What Does the Central Bank Do?
- Regulation
- Interbank Transfers
- Management of Macroeconomic Fluctuations by Manipulating the Quantity of Bank Reserves
- 11.5 Bank Reserves and the Plumbing of the Monetary System
- Bank Reserves and Liquidity
- The Demand Side of the Federal Funds Market
- The Supply Side of the Federal Funds Market and Equilibrium in the Federal Funds Market
- Summary of the Fed’s Control of the Federal Funds Rate
- The Fed’s Influence on the Money Supply and the Inflation Rate
- Summary of the Fed’s Influence on the Money Supply and the Inflation Rate
- The Relationship Between the Federal Funds Rate and the Long-Term Real Interest Rate
- Summary of the Fed’s Influence on Long-Term Expected Real Interest Rates
- Summary
- Key Terms
- Questions
- Problems
- Part V Short-Run Fluctuations and Macroeconomic Policy
- 12 Short-Run Fluctuations
- Chapter Outline
- Key Ideas
- 12.1 Economic Fluctuations and Business Cycles
- Patterns of Economic Fluctuations
- Co-Movement
- Limited Predictability of Turning Points
- Persistence in the Rate of Economic Growth
- The Great Depression
- 12.2 Macroeconomic Equilibrium and Economic Fluctuations
- Labor Demand and Fluctuations
- Sources of Fluctuations
- 1. Technology Shocks: Explanations from Real Business Cycle Theory
- 2. Sentiments and Multipliers: Explanations from John Maynard Keynes
- 3. Monetary and Financial Factors: Explanations from Milton Friedman
- Multipliers and Economic Fluctuations
- Equilibrium in the Medium Run: Partial Recovery and Full Recovery
- 12.3 Modeling Expansions
- Summary
- Key Terms
- Questions
- Problems
- 13 Countercyclical Macroeconomic Policy
- Chapter Outline
- Key Ideas
- 13.1 The Role of Countercyclical Policies in Economic Fluctuations
- 13.2 Countercyclical Monetary Policy
- Controlling the Federal Funds Rate
- Other Tools of the Fed
- Expectations, Inflation, and Monetary Policy
- Contractionary Monetary Policy: Control of Inflation
- Zero Lower Bound
- Policy Trade-offs
- 13.3 Countercyclical Fiscal Policy
- Fiscal Policy Over the Business Cycle: Automatic and Discretionary Components
- Analysis of Expenditure-Based Fiscal Policy
- Crowding Out
- Analysis of Taxation-Based Fiscal Policy
- Fiscal Policies That Directly Target the Labor Market
- Policy Waste and Policy Lags
- Summary
- Key Terms
- Questions
- Problems
- Part VI Macroeconomics in a Global Economy
- 14 Macroeconomics and International Trade
- Chapter Outline
- Key Ideas
- 14.1 Why and How We Trade
- Absolute Advantage and Comparative Advantage
- Comparative Advantage and International Trade
- Efficiency and Winners and Losers from Trade
- How We Trade
- Trade Barriers: Tariffs
- 14.2 The Current Account and the Financial Account
- Trade Surpluses and Trade Deficits
- International Financial Flows
- Income-Based Payments from Foreigners
- Income-Based Payments to Foreigners
- The Workings of the Current Account and the Financial Account
- 14.3 International Trade, Technology Transfer, and Economic Growth
- Summary
- Key Terms
- Questions
- Problems
- 15 Open Economy Macroeconomics
- Chapter Outline
- Key Ideas
- 15.1 Exchange Rates
- Nominal Exchange Rates
- Flexible, Managed, and Fixed Exchange Rates
- 15.2 The Foreign Exchange Market
- How Do Governments Intervene in the Foreign Exchange Market?
- Defending an Overvalued Exchange Rate
- 15.3 The Real Exchange Rate and Exports
- From the Nominal to the Real Exchange Rate
- Co-Movement Between the Nominal and the Real Exchange Rates
- The Real Exchange Rate and Net Exports
- 15.4 GDP in the Open Economy
- Revisiting Black Wednesday
- Interest Rates, Exchange Rates, and Net Exports
- Summary
- Key Terms
- Questions
- Problems
- Endnotes
- Glossary
- Credits
- Index
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