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Macroeconomics 7th Edition PDF

666 Pages·2016·24.34 MB·English
by  Abel
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SEVENETDHI TION AndreBw.A bel ThWeh arStcohnoo fo lt he UnivoePfre snintys ylvania S. Ben Bernanke DeaCnr oushore Robinso BfSu cshionoels s UnivoeRfri scihtmyo nd Addsion-Wesley BostCoonl umbIunsd ianaNpeowYl oirsSk a Fnr ancUipspceoSr a ddRliev er AmsterdCaampT eo wnD ubaLio ndoMna driMdi laMnu nicPha rMiosn trTeoraoln to DelhMie xiCciot Sya Poa ulSoy dneHyo nKgo ngS eouSli ngapToairpeeT iok yo TheP earsSoenr iienEs c onomics Abel/Bernanke/CroushoreC ooter!Ulen Heyne/Boettke/Prychitko Macroeconomics* Law Economics TheE conomiWca y & ofT hinking Downs Bade/Parkin An EconomiTch eoryo f FoundatioofEn cso nomics* HoffmaAnv/e rett Democracy Womena ndt heE conomy: Bierman/Fernandez FamilWyo,r ka,n dP ay Ehrenberg/Smith GameT heoryw ith ModerLna boErc onomics EconomAipcp lications Holt MarketGsa,m esa,n dS trategic Ekelund/Ressler/Tollison Blanchard Behavior Economics* Macroeconomics Hubbard Farnham Blau/Ferber/Winkler Moneyt,h eF inancSiyaslt em, EconomifcosMr a nagers TheE conomiocfsW omenM,e n, andt heE conomy andW ork Folland/Goodman!Stano The EconomiHcesa lotfh Hubbard/'0B rien Boardman/rGe enbergNinnigl and HeaClatrhe Economics* Weimer Cost-BenAenfiatl ysis Fort Hughes/Cain SporEtcso nomics AmericEacno nomHiics tory Boyer PrincipolfTe rsna sportation Froy en Husted/Melvin Economics Macroeconomics InternatEicoonnaolm ics Branson Fusfeld Jehle/Reny MacroeconoTmhieco rya nd TheA geo ft heE conomist AdvancMeidc roeconomic Policy Gerber Theory InternatEicoonnaolm ics BrocAkd/a ms Johnson-Laos TheS tructoufAr mee rican Gordon A HealtEhc onomics Industry Macroeconomics Primer Bruce Greene Keat/Young PubliFci nanacned t he EconometArniacls yis ManageriEaclo nomics AmericEacno nomy Gregory Klein Carlton/Perloff Essentioafl sE conomics MathematiMceatlh ods ModerInn dustOrrigaaln ization foErc onomics Gregory/Stuart Case/Fair/Oster Russiaannd S oviEecto nomic Krugman/b0s tfeld PrincipolfEe cso nomics* PerformanceS trauncdt ure InternatEicoonnaolm ics: Caves/Frankel/Jones Hartwcik/0l ewilre Theory Policy* & WorlTdr adaen dP ayments: TheE conomiocfNs a tural AnI ntroduction Laidler ResourUcsee TheD emandf oMro ney Chapman HeilbronMeirl/b erg EnviornmentEaclo nomics: TheM akinogf t he Economic Leeds/vAolnl men TheoryA,p plicatainodPn o,l icy Society TheE conomiocfsS ports Leeds/vAolnl men/Schiming Parkin Scherer Economics* Economics* IndustSryt ructSutrrea,t egy, andP ubliPcol icy Lipsey/Ragan/Storer Perolf f Economics* Microeconomics* Schiller TheE conomiocfsP overatnyd Lynn MicroeconomTihceso:ry Discrimination EconomDiecv elopmeTnhte:o ry andA pplicatwiiotnhs andP ractifcoera DividWeodr ld Calculus Sherman MarkeRte gulation Melvin PermanC/o mmon/ InterinoantaMlo ney McGilvray/Ma Silberberg andF inance NaturRaels ourcaensd Principolfe s EnvironmeEnctoanlo mics Microeconomics Miller EconomiTcodsa y* Phelps Stock/Watson HealtEhc onomics UnderstanMdoidnegr n IntroducttoEi coonn ometrics Economics Pindyck/Rubinfeld IntroducttoEi coonn ometrics, Microeconomics* Miller/Benjamin BrieEfd ition TheE conomiocfs MacIrsos ues Riddell/Shackelford/Stamos/ Studenmund Schneider Miller/Benjamin/North UsinEgc onometrics: EconomiAc sT:oo lf orC ritically TheE conomiocfsP ubliIcs sues A PracticGauli de UnderstanSdoicnige ty Mills/Hamilton Tieetnberg/Lewis Ritter/Silber/Udell UrbaEnc onomics EnvironmentaNla tuarnadl PrincipolfMe osn eyB,a nking ResourEcceo nomics FinancMiaarlk ets* Mishkin & TheE conomicMso noefy , EnvironmeEnctoanlo mics Roberts Bankinagn,d F inancial andP olicy TheC hoicAe :F able Markets* ofF reTer adaen d Todaro/Smith The EconoomfiM cosn ey, Protection EconomDiecv elopment Bankinagn,d F inancMiaarlk ets, Rohlf BusineSscsh ooEld ition* Waldman IntroducttoEi coonn omic Microeconomics Murray Reasoning EconometrAi Mcosd:e rn Waldman! Jensen Ruffin/Gregory Introduction IndustOrrigaaln ization: PrincipolfEe cso nomics Theory aPnradc tice Nafziger Sargent TheE conomiocfsD evelionpg RationEaxlp ectatainodn s Weil Countries EconomiGcr owth Inflation 0 S'ullivan/Sheffrin/Perez EconomiPcsri:n ciples, Sawyer/Sprinkle Williamson ApplicatainodnT soo ls* InternatEicoonnaolm ics Macroeconomics *denotes titles Logo ntwow w.myeconlalbe.acmrnoo mr et o EditoDriiraelc tSoarl:Yl ayg an EditionCr h iefD:o nnBaat tista AVPE xecuEtditivoePr r,i ntD:a viAdl exander I SeniMoarr ketMiannga geErl:i zaAb.Ae vtehr beck MarketAisnsgi staInaGtno: l d ManagEidngi toNra:n cHy.F enton SeniPorro ducPtrioojMnea cnta geKra:t hrDyinn ovo SeniMoarn ufactBuuryienrCg:a rMoell ville SeniMoerd iBau yerG:i nnMyi chaud TextD esigneErl:mS trPeuebtl isSheirnvgi ces CoveDre signeErl:eS niad orova CoveArr t:B ryaP.nR ippeon TextP ermisPsrioojnSesuc pte rviMsiocrh:Ja oeylc e DirecotfMo erd iaS:u saScnh oenberg ConteLneta dMsy,E conLaDbo:u glAa.Rs u bayn dN oeLlo tz SeniMoerd ia ProdMuecleirHs:os nai g MediPar ojMeacnta geLri:s Rai naldi SupplemPernotdsu cCtoioornd inaAtloirsE:ou ns den Full-SPerrovjiMecacent a gemCeonmtp ositEilomnS :t rPeuebtl isSheirnvgi ces/SIonfttewgarrea I ServiPcvetLs.t d. 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LibraorfCy o ngreCsast aloging-in-DPautbal ication AbeAln,d reBw.1 ,9 52- MacroeconAonmdircesBw .A b eBle,nS .Be rnaDnekaeC,nr ousho7rteeh.d . I p.e m. (ThPee arsseornii nee sc onomics) Inclubdiebsl iogrraepfheirceaannlcdi e nsd ex. ISB9N7 8-0-13-(6a1lp1ka4.p5 e2r-)9 1M.a croecono2m.Uin cistS.et da tEecso nocmoincd itiIoB.en rsn.a nke1,9 5B3e-n, IIC.r oushDoeraeDn,a rr1e59l6l-,I ITIti.l e. HB1722.45 2.0A11 339d c22 2009046996 109 86 5 743 2 Addison-Wesley isa ni mprint of ISB1N3 9:7 8-0-41532--691 1 ISB1N0 : 0-13-5621-104 www.pearsonhighered.com AndrewB . BenS . Dean Abel Bernanke Crousheo r The Wharton RobiSncsh ooofl Schoooftl h e BusineUsnsi,v ersity ofR ichmond Univerosfi ty P r e v iy otuhsel Pennsylvania DeaCnr ousihso re HowaHradr rison profesescoor­ of RonaAl.Rd o sen­ a n d G ab rlilee nomiacnRsdi gsby felPdre osfsoofr SnydBeercP kr o­ Fellaottw hU en i­ F i n a natcT eh e fesosfEo cro nom­ versoifRt iyc hmaonncddh aitrh eo f WharStcohnoa onpldr ofeosfes cooir­c asn Pdu bAlfiifcra astP rinceton EconoDmeipcasr tHmere encteh.ii vse d nomiacttsh U en iveorfPs eintnys yUlnviavt­eyBr,es Bnie rnankeh irse ceived A.fBr.o m UOnhiivoea rnshdii Ptshy . D. niaA,n d r eAwb erle ceihviesBd . iAn.e conofmrioHcmas r vUanrid­ froOmh iSot aUtnei vteyr.s i A.B. froPmr incveetrosn ity catpuring summac uml aude summa cluamu de Crousbheogrhaeinc s a raetPe ern n­ Univearnshdii Ptshy .f Dr.ot mhM ea ssb­otthhAe l lYyonu Pnrgi fzobere Hsatr ­ sylvania Stian1t 9e8A 4fU.tn eirv ersity achuIsnestttoisfTt ec uhtneo logyv.a rudn dergreacdounaottmheie cssi s teacfhofirin yvgee a hrems o,v teotd h e Heb eghaints e acchairnaegtte hre a ntdh Jeo hHn.W illpiraimfzsooe ru t­ FedeRreasleB ravnoekfP hiladelphia, UniveorCfsh iitcayan gHdoa rvUanrids­ tnad isnegn iionr Etchoen o m i c s whehree vwiacse parneedsc iodneon­t versainhtday hs e lvdi siatpipnogiD netpr­atmeLnitkc.eo auAtbheohlre, misHti.ds u tdiuersih nifgso urteen menattbs o tTheA lvi vU nivearnsdih toyla dP sh .fDr.ot mhM ea ssachusetts yeaarttsh Peh iladFeelidpn hcilau ded ThHee brUenwi veorfJs eirtuys alIenms.to iTftec uhtneo logy. headtihnmega croecosneocmtiicosn , Ap rolrieafsriecchA ebreh,lap su b­B earnnkbee ghaincs a raetet hre brietfhbiean ngpk r'ess aindbdeo natr d lisehxetde nosni vfepiloisylcc cyaa,lp Sit­anGfroarddSu cahtooeBfo u ls iinne ss ofd ireocnt ostrthsaoe tft e he ec onomy taflo rmamtoinoentp,ao crlyyai, s se1t9 7I9n1. 9 8h5em ovetdoP rinceton anadd vitshienamgb ofuotr mulating pricainnSdgo ,cS ieaclu raiswt eyal slU nivie,twr yhsehrees eravsce hda oifr monetpaoirlc,ywy ritairntgia cbloeust servointn hgee d i tboorraidaoslf t hEec onoDmeiptcamsre fnrto1 m9 t9o5 theec oomnya,d minitswtnoea rtiinogn ­ numerjoouusr Hneah labsse. e hno n2­0 0H2e. htawsi bceene v i s i t i n g als urvoeffy osr ecaansrdte esresa,r ch­ oreadsa nA lfrP.eS dl oFaenl ,l oapw rofeastMs ..oITra. n odn caetN ew incgu rriesnsitumn eo sn eptoalrIiync y. 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TimDea tSaef toM ra croeconomists. memboefrt hPea noefEl oc n o m iBce rnnkahea sse rvaesadv i siting Crousrheoturnretedoa cadaettmh iea Adviastet rhCseo ngresBsuidogsnecatl h oalnaadrd v itsoto hrFe e d e r a l UniveorRfsi icthymi o2nn0 .d0T 3hfeo cus Offaincadesa ,m emboetfrh T eec hniRceasle SryvsetH eeim sa.G uggenheim ofh irse seina rrecchye enathr asbse en AdvisPoarnoyen Al s sumpatnidoF nesl alnoadwF elolftoh wEe c onometric onf orecaanshdto iwdn agtr ae visions MethfoodtrshS eo cSieacluA rdivtiysS oo­cyiH.ee t ahlabsseo ev na rihoouns­ly affmeocnte tpaoirlc,fyy o recaansdt ing, ryB oaHredi as.l asR oe seAasrscohc oiraeted Aalsf rPa.eSn dl n oR aeasrech macroecroensoemCairrcoc uhs.h ore's oft hNea tiBounraeloa fEu c onomFielc,l oHawo ovIenrs tiNtauttiioonna l publiciantcilaourndtseii cnml aensy Reseaanradcm he mboetfrh A ed visFoerlyla oN wa,t iSocniaelFno cuen dation leadeicnogn ojmoiucrasnn aadlt se xt­ B o a rodft hCea nre g i e - R oGcrhaedsFuteaeltrlea o nawdR , e seAasrscoh­ boooknm onaenyb da nkHieni agss. s o­ CoenrfeSnecrei es. ciaottfhe Ne a tiBounraeolafE uc onom­ cieadtieot sfoe rv jeoruarnlaa nvldis s iting iRce seaHrehc ahss.e ravsee dd iotfo r schoaltta hFree deRreasleB ravnoekf the In 2h0e 05 AmericEacno nomRiecv iew. Phila.d elphia bemceaC hairomfta hnPe r esident's CounocfEi clo noAmdivci sHeeir ss . curreCnhtaliyra mnaadmn e mboefr thBeo aorfGd o veronfto hrFese deral ReseSryvset em. v • xv Preface PART 1 Introduction 1 IntrodtuoMc atcioronon eocmics 1 22 2 ThMee arseumeanntSd t rucotftu hrNeea tioEncnaoolm y PART 2 Long-RuEnc onomiPce rformance 3 ProdtuitcvyOi,u tputE,m paylnmode n5t8 103 4 ConsuimopSnta,v ianngId,n vestment 5 SavianngId n vestimnte hnOetp eEnc noomy1 56 203 6 Longu-nER conoGmriochw t 237 ThAes sMeatr kMeotn,,e yaPnrdi ces 7 PART 3 Business CayncdMl aecsr oeconoPmoilci cy 27 4 8 BusinCeyscsl es ThIe-S LMA/D-AMSo deAlG :e neFrraalm ewfooMrrak c roneocmoic 9 310 Analysis 360 10 ClassBiucsailnC eyscAsln ea lyMsairsk:e ti-nCMgla ecarrooneocmics 399 1 1K eynesiTahnMei ascmr:oo neocmoifcW asg ea nPdr iRcieg idity PART 4 MacroeconoPmoilci cIytE:sn vironment andI nstitutions 441 12 UnemployamneIdnn tfl ation 13 ExchaRnagtee s, CByucsliaennesMds,a s c rooneocmPiocl iinct yhO ep en 473 Economy 525 14 MonetPaorlyai nctdyh Fee deRreasle Sryvset em 571 15 GovrenmeSnpte ndainnIdgt F si nancing 608 AppendAi:x S omUes efAunla lytTiooclasl 615 Glossary 627 Namen dex I SubjIencdte x6 29 • VI • 2.2 GroDsosm esPtriocd u2c6t Preface xv TheP rodAupcptr otaocM he asurGiDnPg 2 6 InT oucwhi tDha ta Raensde arch: PAR1T Introduction N autraRle s o u rtcheEesn ,v ironntma,en dt he NatioInnaclo Amcec oun2t9s CHAP1TE R IntroducttoiM oanc roeconomi1c s TheE xpendiAtpuprreo taoc h MeasurGiDnPg 3 0 1.W1h aMta croecoInsAo bmoiuc1ts TheI ncoAmpep rotaocM he asurGiDnPg 3 3 Long-REucno noGmriocw t2h 2.3 SavianngWd e alt3h6 BusinCeyscsl e4s MeasuorfAe gsg regSaatvei n3g6 Unemploym5e nt TheU seosfP rivSaatvei n3g8 Inflati6o n RelatSianvgia nngdW e alt3h9 7 TheI nternaEtcioonnoamly 2.4R eaGlD P,P riIcned exaneIdsn ,fl at4i1o n MacroecoPnoolmii8cc y ReaGlD P 42 Aggrega9t ion PriIcned ex4e3s 1.W2h aMta croeconDoom 1i0s ts InT oucwhi tDha ta Raensde arch: MacroecoFnoormeicca s1t0i ng TheC omputReerv oluatnidCo hna in-Weighted MacroecoAnnoamliycs1 i1s GDP 44 MacroecoRneosmeiacr 1c2h InT oucwhi tDha ta Raensde arch: InT oucwhi tDha ta Raensde arch: DoeCsP IIn flaOtvieorns Itnactree iants heCeso sotf DeveloapnidTne sgt ingE caonn oTmhieco r1y3 Livin4g6? DatDae velopm1e4n t APPLICATIONT heF ederRaels ervPer'esf erred InflatMieoans ures4 8 1.W3h yM acroeconDoimsgiarset1es4 2.5I nteRraetset5s 0 ClassViercsaulKsse ynesi1a5n s A UnifAipepdr otaocM ha croecono1m8i cs PAR2T Long-RuEnc onomic CHAP2T ER Performance TheM easuremeanntd S tructure 22 oft heN ationEaclo nomy CHAP3T ER ProduicvtiOtyu,t puatn,d 2.N1a tioInnacloA mcec ounting: TheM easureomfPe rnotd ucItnicoonm,e ,E mploymen5t8 anEdx penudrei2 t2 3.H1o wM ucDho etsh Eec onoPmryo duTchee? InT oucwhi tDha ta Raensde arch: ProducFtuinocnt 5i9o n TheN atioInnaclo amnedP rodAuccctuo nts2 4 APPLICATIONT heP roductiFounn ctioofnt heU .S. 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