Macroeconomics 2008-2009 Update Edition plus MyEconLab One-semester Student Access Kit, 6th Edition

I. INTRODUCTION

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1. Introduction to Macroeconomics

2. The Measurement and Structure of the National Economy

Update Booklet Topic: The Fed’s Preferred Inflation Measures
Resource: Frederic Mishkin, “Headline versus Core Inflation in the Conduct of Monetary Policy,” speech at the conference on Business Cycles, International Transmission, and Macroeconomic Policies, HEC Montreal, October 20, 2007

II. LONG-RUN ECONOMIC PERFORMANCE

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3. Productivity, Output, and Employment

4. Consumption, Saving, and Investment

Update Booklet Topic: How Consumers Respond to Tax Rebates

5. Saving and Investment in the Open Economy

Update Booklet Topic: Outsourcing and Globalization
Resource: Ben Bernanke, “Embracing the Challenge of Free Trade: Competing and Prospering in a Global Economy,” speech at the Montana Economic Development Summit, Butte, Montana, May 1, 2007

6. Long-Run Economic Growth

7. The Asset Market, Money, and Prices

Update Booklet Topic: The Term Structure Conundrum
Resource: Federal Reserve Chairman Alan Greenspan, in his testimony before Congress on February 16, 2005

Update Booklet Topic: How Consumers Make Noncash Payments
Resource: Federal Reserve Board of Governors, The 2007 Federal Reserve Payments Study and The 2004 Federal Reserve Payments Study

III. BUSINESS CYCLES AND MACROECONOMIC POLICY

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8. Business Cycles

Update Booklet Topic: Hiring and Firing in Recessions
Resource: Shigeru Fujita, “What Do Worker Flows Tell Us About Cyclical Fluctuations in Unemployment?” Federal Reserve Bank of Philadelphia Business Review (Q2 2007), pp. 1–10

Update Booklet Topic: The Housing Bubble
Resource: Ben S. Bernanke, “Fostering Sustainable Homeownership,” speech at the National Community Reinvestment Coalition Annual Meeting, Washington, D.C., March 14, 2008

Update Booklet Topic: Trends in Economic Volatility
Resource: Charles Notzon and Dan Wilson, “Recent Trends in Economic Volatility: Conference Summary,” Federal Reserve Bank of San Francisco Economic Letter 2008-06, February 15, 2008

9. The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis

10. Classical Business Cycle Analysis: Market-Clearing Macroeconomics

11. Keynesianism: The Macroeconomics of Wage and Price Rigidity


IV. MACROECONOMIC POLICY: ITS ENVIRONMENT AND INSTITUTIONS

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12. Unemployment and Inflation

13. Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy

Update Booklet Topic: Recent Changes in Exchange Rates and Net Exports

Update Booklet Topic: The Yuan

14. Monetary Policy and the Federal Reserve System

Update Booklet Topic: The Fed’s Expanded Forecasts
Resource: Ben S. Bernanke, “Federal Reserve Communications,” speech at the Cato Institute Twenty-fifth Anniversary Monetary Policy Conference, Washington D.C., November 14, 2007

Update Booklet Topic: The Fed and Inflation Targeting
Resource: Ben S. Bernanke, “Federal Reserve Communications,” speech at the Cato Institute Twenty-fifth Anniversary Monetary Policy Conference, Washington D.C., November 14, 2007

Update Booklet Topic: Beware of Data Revisions
Resource: Dean Croushore, “Revisions to PCE Inflation Measures: Implications for Monetary Policy,” Federal Reserve Bank of Philadelphia working paper, forthcoming 2008

15. Government Spending and Its Financing

Update Booklet Topic: Marginal Tax Rates on Labor Supply

Update Booklet Topic: Comparing Tax Systems: the U.S. versus Other Countries

Update Booklet Topic: Trends in Tax Rates
Resource: Troy Davig and Alan Garner, “Middle-Income Tax Rates: Trends and Prospects,” Federal Reserve Bank of Kansas City Economic Review (Fourth Quarter 2006), pp. 5–30