Contents

Chapter 1 Introduction to Macroeconomics ................................................................................ 1

Chapter 2 The Measurement and Structure of the National Economy ........................................ 14

Chapter 3 Productivity, Output, and Employment ...................................................................... 34

Chapter 4 Consumption, Saving, and Investment ....................................................................... 63

Chapter 5 Saving and Investment in the Open Economy ............................................................ 100

Chapter 6 Long-Run Economic Growth ..................................................................................... 121

Chapter 7 The Asset Market, Money, and Prices ........................................................................ 142

Chapter 8 Business Cycles .......................................................................................................... 160

Chapter 9 The IS-LM/AD-AS Model: A General

Framework for Macroeconomic Analysis .................................................................. 178

Chapter 10 Classical Business Cycle Analysis:

Market-Clearing Macroeconomics ............................................................................. 208

Chapter 11 Keynesianism: The Macroeconomics

of Wage and Price Rigidity ........................................................................................ 237

Chapter 12 Unemployment and Inflation ...................................................................................... 271

Chapter 13 Exchange Rates, Business Cycles, and

Macroeconomic Policy in the Open Economy ........................................................... 297

Chapter 14 Monetary Policy and the Federal Reserve System ..................................................... 340

Chapter 15 Government Spending and Its Financing ................................................................... 365

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