Macroeconomics and the Financial System by N. Gregory Mankiw

By N. Gregory Mankiw

Watch this video interview with Greg Mankiw and Larry Ball discussing the way forward for the intermediate macroeconomics direction and their new text.

The monetary trouble and next financial downturn of 2008 and 2009 used to be a dramatic reminder of what economists have lengthy understood: advancements within the total economic climate and advancements within the economy are inextricably intertwined. Derived and up to date from extensively acclaimed textbooks (Greg Mankiw’s Macroeconomics, 7th Edition and Larry Ball’s Money, Banking, and the monetary System), this groundbreaking textual content is the 1st and purely intermediate macroeconomics textual content that offers monstrous assurance of the economic climate.

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Extra resources for Macroeconomics and the Financial System

Example text

Each week, an Economist writer from a different country details experiences and offers opinions. ➤ Blogs. S. and European politics. economistacademic. com/worth. PA R T I Introduction This page intentionally left blank CHAPTER 1 The Science of Macroeconomics The whole of science is nothing more than the refinement of everyday thinking. —Albert Einstein 1-1 What Macroeconomists Study W hy have some countries experienced rapid growth in incomes over the past century while others stay mired in poverty?

To compute the total value of different goods and services, the national income accounts use market prices because these prices reflect how much people are willing to pay for a good or service. 00. 00. Used Goods When the Topps Company makes a package of baseball cards and sells it for 50 cents, that 50 cents is added to the nation’s GDP. But what about when a collector sells a rare Mickey Mantle card to another collector for $500? That $500 is not part of GDP. GDP measures the value of currently produced goods and services.

A bathtub, shown in Figure 2-2, is the classic example used to illustrate stocks and flows. The amount of water in the tub is a stock: it is the quantity of water in the tub at a given point in time. The amount of water coming out of the faucet is a flow: it is the quantity of water being added to the tub per unit of time. Note that we measure stocks and flows in different units. We say that the bathtub contains 50 gallons of water Flow Stock but that water is coming out of the faucet at 5 gallons per minute.

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