By Olivier Blanchard, David R. Johnson
Blanchard provides a unified and worldwide view of macroeconomics, permitting scholars to determine the connections among the short-run, medium-run, and long-run.
From the most important financial hindrance to the funds deficits of the USA, the precise containers during this textual content were up-to-date to show the lifetime of macroeconomics this day and make stronger the teachings from the types, making them extra concrete and more straightforward to know.
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Additional info for Macroeconomics (6th Edition)
Consider an economy that only produces cars—and to avoid issues we shall tackle later, assume the same model is produced every year. Suppose the number and the price of cars in three successive years are given by: Nominal GDP, which is equal to the quantity of cars times their price, goes up from $200,000 in 2004 to $288,000 in 2005—a 44% increase—and from $288,000 in 2005 to $338,000 in 2006—a 16% increase. ■ ■ 22 From the production side: GDP equals the value of the final goods and services produced in the economy during a given period.
Can monetary and fiscal policies be used to avoid recessions? At what rate should the United States reduce its budget deficit? What are the pros and cons of joining a common currency area such as the euro area? What measures could be taken in Europe to reduce persistently high unemployment? Why do growth rates differ so much across countries, even over long periods of time? Can other countries emulate China and grow at the same rate? The purpose of this book is to give you a way of thinking about these questions.
A. Output growth was negative in both advanced as well as emerging and developing countries in 2009. b. Stock prices fell between 2007 and 2010 around the world. c. In the 1960s and early 1970s, the United States had a higher rate of unemployment than Europe, but today it has a much lower rate of unemployment. d. China’s seemingly high growth rate is a myth, a product solely of misleading official statistics. e. The high rate of unemployment in Europe started when a group of major European countries adopted a common currency.