Description

Macroeconomics studies an economy as a whole. It is a bird’s eye view of the economy, looking at the whole picture instead of the parts. Macroeconomics studies aggregates like unemployment rate, price index and the GDP, to understand how the economy of an entity like a country or organization, functions as a whole. Macroeconomics provides a thorough introduction to the concepts involved in this field of study. It involves developing models that studies the relationship between the various aspects of an economy like national income, unemployment, consumption, inflation, savings and international finance and trade. This book is divided into five parts. The first section is Introduction and National Income Accounting. The second part covers Growth, Aggregate Supply and Demand, and Policy. The third section focuses on First Models, and the next on Behavioral Foundations. The final part covers Big Events, International Adjustments and Advanced Topics. There are many revisions in this edition. This book focuses on the US economy in its coverage. In chapter 8, the authors present a middle level view of the Federal Reserve's stabilization policy. This is done to help students relate the theory they are learning, to the financial news they watch in the media. The book uses relevant scenarios to illustrate vital concepts. For instance, the economy of Zimbabwe is used to explain hyper-inflation. Big economic events and times of turbulence like the Great Depression, hyper-inflation, and huge budget deficits are focused on, to clearly illustrate concepts that will not be so obvious when studying a smoothly functioning economy. The authors cover the limitations and potentials of economic policies, and discuss the controversies in this field of study. But, they take a neutral stand in the presentation of the material. They also provide information on current research studies than is usually found in textbooks for undergraduate courses. Macroeconomics also integrates the economagic

More Details about Macroeconomics

General Information  
Author(s)Dornbusch
PublisherMcGraw Hill
ISBN9781259027604
Pages656
LanguageEnglish
Publish YearJanuary 2012