Highlights: Principles of Macroeconomics
A contemporary approach presents the long-run model early.
Principles of Macroeconomics develops the full-employment/long-run model first in the macroeconomics section of the book, followed by a treatment of economic fluctuations. The section on the long-run model also integrates financial markets, goods, and labor, providing a clearer, more complete picture of the modern macroeconomy.
An entire chapter on economic growth and productivity appears within the long-run presentation.
The full-employment model provides students with the basis to understand growth and productivity. Professors Stiglitz and Walsh devote an entire chapter early in the macroeconomics section of the book to these critical issues, with extensive coverage of technological change and innovation.
An inflation targeting/ADI approach to fluctuations allows for a realistic discussion of monetary policy.
Informed by Professor Walsh’s research in monetary policy, Principles of Macroeconomics develops a model of economic fluctuations in terms of inflation and output and integrates a discussion of monetary policy based on the federal funds rate.
A global economy section provides superb coverage of globalization.
An entire section on globalization allows students to apply what they learn in class to many of the policy debates making headlines. The text also features International Perspective boxes on such topics as counting illegal drug money as part of GDP in Colombia, deficits in foreign countries, and growth convergence.
Helpful pedagogy ties the core ideas in economics to the realities of the new economy.
- e-insight boxes, appearing in most chapters, apply economic principles to new developments in information technology, such as labor markets and the Internet, the dot-com bubble, and investing in the new economy.
- Thinking Like an Economist features appear in every chapter and reinforce the core topics of the text: trade-offs, incentives, exchange, information, and distribution. For example, Chapter 10 includes a box on "Exchange, Money, and the Internet."
- Case-in-Point vignettes, illustrate real-world applications in each chapter, examining such questions as "Is Software a Final Good?"
- Internet Connection boxes lead students to such related online sources, including Web sites that allow students to calculate present discounted value, the rate of inflation, and economic growth.
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