By Stephen D. Williamson
For undergraduate Macroeconomics courses.
A smooth method of macroeconomics.
Williamson’s Macroeconomics makes use of a completely glossy method by way of displaying scholars the way to construct macro economic versions from micro economic ideas. This process is helping to make the textual content in line with the way in which macroeconomic study is performed at the present time.
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Extra resources for Macroeconomics (5th Edition)
Under collateralized lending, in the event that the borrower does not repay his or her debt, the lender can seize the collateral. S. 14 Interest Rate Spread The figure shows the gap between interest rates on AAA-rated (safe) and BAA-rated (somewhat risky) corporate debt. Increases are observed during recessions, and the largest increase since the Great Depression occurred during the financial crisis in 2008–2009. 6 Interest Rate Spread in Percent 5 4 3 2 1 0 1900 1920 1940 1960 Year 1980 2000 can matter for how much the consumer can borrow.
S. Federal Reserve System. The inflation rate is explained in the long run by the rate of growth in the supply of money. 10 The Inflation Rate and Money Growth Rate Broadly speaking, the money growth rate and inflation rate move together over long periods of time. However, in the short run, the relationship between the two is very loose. 16 14 Money Growth Rate Percentage Growth Rate 12 10 8 6 4 2 Inflation Rate 0 −2 −4 1940 1950 1960 1970 1980 Year 1990 2000 2010 2020 supply growth, prices cannot continue to increase, and higher money supply growth implies that there is more and more money chasing a given quantity of goods.
Alternatively, New Keynesian models include sticky wages and prices, as in traditional Old Keynesian models, but New Keynesians use the microeconomic tools that all modern macroeconomists use. In Chapters 6 and 11 through 14, we will study a host of modern business cycle models, which show how changes in monetary factors, changes in productivity, or waves of optimism and pessimism can cause business cycles, and we will show what these models tell us about the conduct of macroeconomic policy. In Chapter 13 we study a Keynesian coordination failure model, and in Chapter 14 we examine a New Keynesian sticky price model.
Macroeconomics (5th Edition) by Stephen D. Williamson