Highlights
Expanded Coverage of Economic Growth
A new Part 2 offers expanded coverage of long-run issues. In Chapters 3, "The Growth Model," Professors Hall and Taylor provide a thorough account of the Solow Growth Model and carefully develop the insights of endogenous growth theory. Chapter 4, "Fiscal and Monetary Policy in the Growth Model," explains the role of fiscal and monetary policy in the long run. And Chapter 5, "Unemployment, Job Creation, and Job Destruction," takes a structural look at unemployment, incorporating a wealth of important contemporary research.
New Treatment of Policy Rules
Chapters 14, "The Monetary System and the Fed’s Policy Rule," and 16, "Inflation and Output Fluctuations," have been recast to feature a new treatment of policy rules and Fed behavior. In Chapter 14 the Fed’s current policy rule is integrated into the general model of the economy. Later, in Chapter 16, Professors Hall and Taylor connect the Fed"s policy rule to their model of price adjustment.
Continued Attention to Pedagogy
From its steady reinforcement of a basic macroeconomic model to its self-contained diagrams, mid-chapter summaries, and end-of-chapter review and practice sections, Macroeconomics makes modern macroeonomics accessible as well as interesting.
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