MODERN MACOECONOMICSPDF电子书下载

PART Ⅰ INTRODUCTION 3

1.Macroeconomic Questions 3

A.Macroeconomic Questions 3

B.Macroeconomic Policy Issues 6

C.Leading ‘Schools of Thought’ 8

Summary 10

Review Questions 11

2.Britain’s Macroeconomic History since 1900 13

A.Evolution of the Macroeconomic Variables 14

B.Decade Summaries 24

Summary 28

Appendix：Britain’s Macroeconomic Variables 1900-1980 30

Review Questions 33

PART Ⅱ MEASURING MACROECONOMIC ACTIVITY 36

3.Aggregate Income Accounting 36

A.Flows and Stocks 37

B.Some Frequently Used Terms 38

C.Aggregate Income，Output（Product），and Expenditure 40

D.Measuring Aggregate Income 50

E.Measuring Aggregate Income in Constant Pounds（Real） 51

F.Reading National Income and Expenditure Accounts 52

Summary 54

Review Questions 56

4.Aggregate Balance Sheet Accounting 58

A.Asset，Liability，and Balance Sheet 59

B.Definition and the Nature of Money 61

C.Main Balance Sheet Items 61

D.Measuring Aggregate Balance Sheets 68

Summary 70

Review Questions 71

5.Measuring Inflation and Unemployment 73

A.Definition of Inflation 73

B.Price Index and Percentage Rate of Change 75

C.Measuring Inflation in the United Kingdom 75

D.Definition of Unemployment 79

E.Measuring Unemployment in the United Kingdom 79

Summary 81

Review Questions 82

6.Economic Transactions with the Rest of the World 83

A.Balance of Payments 84

B.Measuring the United Kingdom’s Balance of Payments Accounts 87

C.Exchange Rate Definitions 88

D.Measuring Exchange Rates 90

Summary 92

Review Questions 94

7.The Business Cycle 95

A.Definition of the Business Cycle 97

B.Autocorrelation 99

C.Co-Movement 104

D.Properties of the Business Cycle 106

E.The United Kingdom’s Business Cycle 107

Summary 116

Review Questions 117

PART Ⅲ THE BASIC THEORY OF INCOME，EMPLOYMENT，AND THE PRICE LEVEL 120

8.Introduction to the Basic Model 120

A.Why Study the Basic Model？ 120

B.Weaknesses of the Basic Model 121

Summary 122

Review Questions 122

9.Aggregate Supply and the Labour Market 123

A.Short-Run Aggregate Production Function 123

B.Competitive Aggregate Labour Market 126

C.Aggregate Supply Curve 131

Summary 133

Note on Elasticity 134

Review Questions 135

10.Aggregate Demand and the Money Market 136

A.Aggregate Demand 136

B.The Monetary Theory of Aggregate Demand 137

Summary 145

Review Questions 146

11.Equilibrium in the Basic Model 147

Summary 151

Review Questions 151

12.Unemployment 152

A.Minimum Wage Laws and Unemployment 153

B.Trade Unions and Unemployment 155

C.Unemployment Benefits and Unemployment 159

D.Taxes and Unemployment 162

Summary 167

Review Questions 168

13.Inflation 170

A.Once-for-All Price Level Rises and Inflation 170

B.Labour Market Shocks and the Price Level 171

C.Money Supply Growth and Inflation 173

Summary 181

Appendix：The Algebra of Inflation 181

Review Questions 183

14.Inflation，the Balance of Payments and the Exchange Rate 184

A.Money Supply and Foreign Exchange Reserves 185

B.‘The Law of One Price’ 189

C.Determination of Inflation and the Balance of Payments under Fixed Exchange Rates 191

D.Determination of Inflation and the Exchange Rate under a Flexible Exchange Rate Regime 196

E.Determination of the Balance of Payments and the Exchange Rate in a Managed Floating Regime 201

Summary 202

Review Questions 204

15.Post-War United Kingdom Macroeconomic History：How Well is it Explained by the Basic Model？ 205

A.Review of Facts 206

B.Predictions of the Basic Model 206

C.Labour Market Shocks 208

D.Money Supply and World Inflation 215

E.What the Basic Model Fails to Explain 218

Summary 220

Note on the Tax Wedge 221

Review Questions 222

PART Ⅳ THE KEYNESIAN THEORY OF INCOME，EMPLOYMENT，AND THE PRICE LEVEL 226

16.Introduction to the Keynesian Model 226

A.Why Study the Keynesian Model？ 226

B.Strengths and Weaknesses of the Keynesian Model 228

Summary 228

Review Questions 229

17.The Keynesian Theory of Aggregate Supply 230

A.Keynes’s Modification to the Basic Model 230

B.The Keynesian Aggregate Supply Curve 232

C.How to Derive the Keynesian Aggregate Supply Curve 233

D.The Approximate Keynesian Aggregate Supply Curve-The Inverse ‘L’ 236

Summary 238

Review Questions 239

18.Aggregate Demand in the Keynesian Model：Consumption and the 45° Cross Model 240

A.Components of Aggregate Demand 241

B.Theories of the Consumption Function Proposed by Keynes，Friedman and Modigliani 244

C.Connection Between Wealth and Income and Why Current Income is a Major Determinant of Consumption 245

D.Consumption and Savings Functions in Simple Equations and Diagrams 248

E.The 45° Cross Model 251

Summary 255

Review Questions 257

19.Investment Demand 258

A.Distinction Between Investment and the Capital Stock 258

B.The Demand for Capital 259

C.Rental Rate of Capital 260

D.Investment and the Demand for Capital 263

E.Investment Demand Function 264

Summary 266

Review Questions 267

20.The IS Curve 268

A.Definition of the IS Curve 269

B.Derivation of the IS Curve 269

C.Determination of the IS Curve Slope 274

D.Shifts in the IS Curve 277

Summary 282

Appendix：The Algebra of the IS Curve 283

Review Questions 284

21.The Demand for Money，the Supply of Money and the LM Curve 285

A.Definition of the LM Curve 286

B.Derivation of the LM Curve 286

C.Determination of the LM Curve Slope 290

D.Shifts in the LM Curve 292

Summary 294

Review Questions 295

22.Equilibrium in the Keynesian Model 296

A.Equilibrium at IS-LM Intersection 296

B.Properties of the IS-LM Equilibrium 297

C.Changes in Government Expenditure and Taxes 302

D.Change in the Money Supply 306

E.The Keynesian Model as a General Theory of Aggregate Demand 308

Summary 311

Appendix：The Algebra of the Keynesian Model 313

Review Questions 316

23.The Keynesian Model of the Open Economy 317

A.Derivation of the IS Curve for an Open Economy 318

B.Definition of the BP Curve 321

C.Derivation of the BP Curve 321

D.Shifts in the IS，LM，and BP Curves 324

E.Determination of Output，Interest Rate，and the Balance of Payments in a Fixed Exchange Rate Regime 326

F.Determination of Output，Interest Rate，and the Exchange Rate in a Flexible Exchange Rate Regime 331

Summary 336

Review Questions 338

24.The Neoclassical Synthesis 339

A.Definition of the ‘Neoclassical Synthesis’ 340

B.Keynesian Theory at Full Employment 340

C.The Neoclassical Theory of Price Adjustment 346

D.Price Level Expectations and the ‘Natural Rate’ Hypothesis 348

E.The Neoclassical Explanation of the Business Cycle 351

F.Policy Implications of the Neoclassical Synthesis 355

Summary 355

Review Questions 357

25.The United Kingdom’s Recent Economic History：How Well is it Explained by the Neoclassical Synthesis？ 358

A.Main Predictions of the Neoclassical Model 359

B.The Facts Explained by the Neoclassical Model 367

C.The Facts Not Explained by the Neoclassical Model 370

D.Strengths and Shortcomings of the Neoclassical Model 371

Summary 372

Review Questions 373

PART Ⅴ RATIONAL EXPECTATIONS THEORY OF INCOME，EMPLOYMENT，AND THE PRICE LEVEL 376

26.Introduction to the Rational Expectations Theories of Income，Employment，and the Price Level 376

Summary 380

27.Information，Expectations，and the New Classical Theory of Aggregate Supply 381

A.Incomplete Information and the Labour Market 382

B.Wrong Expectations and the Labour Market 383

C.Definition of the Expectations-Augmented Aggregate Supply Curve 388

D.Derivation of the Expectations-Augmented Aggregate Supply Curve 388

Summary 391

Review Questions 392

28.The New Keynesian Theory of Aggregate Supply 393

A.Assumptions of the New Keynesian Analysis 394

B.Determination of Money Wages 395

C.The New Keynesian Expectations-Augmented Aggregate Supply Curve 396

D.Overlapping Wage Contracts 398

Summary 400

Review Questions 401

29.Equilibrium Income，Employment，and the Price Level with Fixed Expectations 402

A.Full-Employment Equilibrium 403

B.Simple Diagrams to Characterise Full-Employment Equilibrium 404

C.Effects of a Change in Aggregate Demand with a Fixed Expected Price Level 406

Summary 412

Review Questions 412

30.Price Level Expectations 414

A.Subjective Expectation and Conditional Mathematical Expectation 415

B.Rational Expectation 417

C.Rational Expectation of the Price Level 418

D.How to Work Out the Rational Expectation of the Price Level 420

Summary 424

Review Questions 425

31.Equilibrium Income，Employment，and the Price Level with Rational Expectations 426

A.Anticipated and Unanticipated Changes in Aggregate Demand 427

B.Effects of an Anticipated Change in Aggregate Demand 429

C.Effects of an Unanticipated Change in Aggregate Demand 432

Summary 434

Appendix：The Algebra of Rational Expectations Equilibrium 435

Review Questions 437

32.Rational Expectations Theory of the Open Economy：A Selective Sketch 438

A.Need for a Rational Expectations Theory of the Open Economy 439

B.Aggregate Demand when Capital is Perfectly Mobile 440

C.Determination of Output and the Price Level with a Fixed Exchange Rate 446

D.Determination of Output，the Price Level，and the Exchange Rate under Flexible Exchange Rates 448

Summary 461

Review Questions 463

33.Explaining the Facts 464

A.Procyclical Co-Movements in Prices 466

B.Independent Movements of Output and Prices 468

C.Autocorrelation of Output and Employment 470

D.Interest Rate Behaviour 471

E.The Business Cycle 473

F.The Hypothesis Testing Problem Posed by the Rational Expectations Theories 474

Summary 476

Appendix：A Methodological Postscript 478

Review Questions 481

PART Ⅵ MACROECONOMIC POLICY 484

34.Introduction to Macroeconomic Policy Problems 484

A.What Macroeconomic Policies Seek to Achieve 484

B.Highlights in the Evolution of the Policy Debate 485

C.Policy——A Process，Not an Event 486

Summary 488

Review Questions 488

35.The Constraints on Macroeconomic Policy 489

A.Government Budget Constraint 490

B.Government Budget Constraint and the Conduct of Monetary and Fiscal Policy 493

C.Balance of Payments Constraint 498

D.Government Budget and Balance of Payments Constraints and Rational Expectations 501

Summary 502

Review Questions 504

36.Control of the Money Supply 505

A.Links Between the Monetary Base and the Money Supply 506

B.How the Bank of England Operates to Achieve its Target Growth Path for the Money Supply 509

Summary 513

Review Questions 514

37.Monetary Policy Ⅰ：Aggregate Demand Shocks 515

A.Monetarist and Keynesian Monetary Policy Advice 516

B.Aggregate Demand Shocks and the Aggregate Demand Curve 517

C.Consequences of Monetarist Policy 519

D.Consequences of Keynesian Policy 520

E.Why Monetarists and Keynesians Offer Conflicting Advice 521

Summary 526

Review Questions 527

38.Monetary Policy Ⅱ：Aggregate Supply Shocks 528

A.Effects of Supply Shocks 529

B.Expectations-Augmented Aggregate Supply Curve and the Expectation of the Aggregate Supply Curve 533

C.Consequences of Monetarist Policy 534

D.Consequences of Keynesian Policy 535

E.Consequences of Keynesian Policy with an Information Lag 537

F.The Monetarist-Keynesian Dispute：A Presumption in Favour of Monetarism 538

Summary 539

Review Questions 540

39.Fiscal Policy 542

A.Keynesian and Monetarist Fiscal Policy Advice 542

B.Anticipated and Unanticipated Fiscal Policy 544

C.Effects of Anticipated Change in Government Expenditures 545

D.Effects of Unanticipated Change in Government Expenditures 547

Summary 551

Review Questions 552

40.Prices and Incomes Policies 553

A.Content of a Prices and Incomes Policy 554

B.Posted Price and Actual Price 555

C.Wage and Price Controls and the Expected Price Level 556

D.Wage and Price Controls and the Actual Price Level 559

E.Wage and Price Controls Make Matters Worse 560

Summary 564

Review Questions 565

41.United Kingdom Macroeconomic Policy 566

A.Fiscal Policy 567

B.Monetary Policy 569

C.Policy Patterns and Effects 571

D.Is the Thatcher Government Pursuing Monetarist Policies？ 577

Summary 578

Appendix 580

Review Questions 586

Index 587