Macroeconomics

William J. Baumol received his B.S.S. at the College of the City of New York and his Ph.D. at the University of London. He was professor of economics at New York University and senior research economist and professor emeritus at Princeton University. He was a frequent management consultant to major firms in a wide variety of industries in the United States and other countries as well as to a number of governmental agencies. He was former president of the American Economic Association and three other professional societies. Dr. Baumol served as an elected member of the National Academy of Sciences, created by the U.S. Congress, as well as a member of the American Philosophical Society, founded by Benjamin Franklin. Dr. Baumol authored more than 35 books as well as hundreds of journal and newspaper articles that have been translated into more than a dozen languages. Alan S. Blinder earned his B.A. at Princeton University, his M.A. at the London School of Economics and his Ph.D. at MIT. He teaches at Princeton University and most recently authored ADVICE AND DISSENT (Basic Books, 2018), which is about the very different worldviews of economists and politicians—and the consequences of that clash. Dr. Blinder served on President Clinton's first Council of Economic Advisers and then as vice chairman of the Federal Reserve Board, thereby playing a role in formulating both the fiscal and monetary policies of the 1990s. Dr. Blinder, now a regular columnist for The Wall Street Journal, has written newspaper and magazine columns on economic policy for more than thirty years. He is a past vice president and a Distinguished Fellow of the American Economic Association.

• PART I: GETTING ACQUAINTED WITH ECONOMICS.1. What Is Economics? 2. The Economy: Myth and Reality.3. The Fundamental Economic Problem: Scarcity and Choice.4. Supply and Demand: An Initial Look.PART II: THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND.5. An Introduction to Macroeconomics.6. The Goals of Macroeconomic Policy.7. Economic Growth: Theory and Policy.8. Aggregate Demand and the Powerful Consumer.9. Demand-Side Equilibrium: Unemployment or Inflation?10. Bringing in the Supply Side: Unemployment and Inflation?PART III: FISCAL AND MONETARY POLICY.11. Managing Aggregate Demand: Fiscal Policy.12. Money and the Banking System.13. Monetary Policy: Conventional and Unconventional.14. The Financial Crisis and the Great Recession.15. The Debate over Monetary and Fiscal Policy.16. Budget Deficits in the Short and Long Run.17. The Trade-Off Between Inflation and Unemployment.PART IV: THE UNITED STATES IN THE WORLD ECONOMY.18. International Trade and Comparative Advantage.19. The International Monetary System: Order or Disorder?20. Exchange Rates and the Macroeconomy.Appendix: Answers to Odd-Numbered Test Yourself Questions.Glossary.Index.