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Online Instructor’s Manual By Frederic S. Mishkin Columbia University Martin Pereyra University of Missouri For Macroeconomics: Policy and Practice Second Edition Frederic S. Mishkin Columbia University Copyright © 2015 Pearson Education, Inc. This work is protected by United States copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. Dissemination or sale of any part of this work (including on the World Wide Web) will destroy the integrity of the work and is not permitted. The work and materials from it should never be made available to students except by instructors using the accompanying text in their classes. All recipients of this work are expected to abide by these restrictions and to honor the intended pedagogical purposes and the needs of other instructors who rely on these materials. Editor-in-Chief: Donna Battista Executive Acquisitions Editor: Adrienne D’Ambrosio Program Manager: Carolyn Philips Project Manager: Alison Kalil Copyright © 2015, 2012, Pearson Education, Inc., One Lake Street, Upper Saddle River, New Jersey 07458. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and seller to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. 10 9 8 7 6 5 4 3 2 1 ISBN-13: 978-0-13-342444-7 ISBN-10: 0-13-342444-8 Contents Chapter 1 The Policy and Practice of Macroeconomics .............................................................. 1 Chapter 2 Measuring Macroeconomic Data ................................................................................ 13 Chapter 3 Aggregate Production and Productivity ...................................................................... 23 Chapter 4 Saving and Investment in Close and Open Economies ............................................... 32 Chapter 5 Money and Inflation .................................................................................................... 44 Chapter 6 The Sources of Growth and the Solow Model ............................................................ 57 Chapter 7 Drivers of Growth: Technology, Policy, and Institutions ........................................... 71 Chapter 8 Business Cycles: An Introduction ............................................................................... 81 Chapter 9 The IS Curve ............................................................................................................... 89 Chapter 10 Monetary Policy and Aggregate Demand ................................................................... 97 Chapter 11 Aggregate Supply and the Phillips Curve ................................................................... 109 Chapter 12 The Aggregate Demand and Supply Model ................................................................ 120 Chapter 13 Macroeconomic Policy and Aggregate Demand and Supply Analysis ....................... 136 Chapter 14 The Financial System and Economic Growth ............................................................. 152 Chapter 15 Financial Crises and the Economy .............................................................................. 162 Chapter 16 Fiscal Policy and the Government Budget .................................................................. 174 Chapter 17 Exchange Rates and International Economic Policy ................................................... 190 Chapter 18 Consumption and Saving ............................................................................................ 205 Chapter 19 Investment ................................................................................................................... 220 Chapter 20 The Labor Market, Employment, and Unemployment ............................................... 230 Chapter 21 The Role of Expectations in Macroeconomic Policy .................................................. 240 Chapter 22 Modern Business Cycle Theory .................................................................................. 251 Epilogue Policy and Practice: Where Do Macroeconomists Agree and Disagree?.................... 259 Web Chapter Financial Crises in Emerging Market Economies ....................................................... 261 © 2015 Pearson Education, Inc.