This textbook offers a complete course in applied macroeconomics at the intermediate level that emphasizes the application of economic theory to real-world data and policy. Topics covered include national and international income, financial accounts, business cycles, financial markets, economic growth, labor markets, aggregate supply and demand, inflation, and monetary and fiscal policy. The text is unique in developing a detailed toolkit of elementary statistics and graphical techniques for economic data. A strength is its detailed treatment of national and international financial markets and the institutions of monetary and fiscal policy, which makes it especially helpful in understanding recent economic crises. The website for the text is found at http://www.appliedmacroeconomics.com.
Kevin D. Hoover is Professor of Economics and Philosophy at Duke University. A graduate of the College of William and Mary, he received his doctorate from the University of Oxford. He developed his interest in applied macroeconomics early in his career while working at the Federal Reserve Bank of San Francisco. Before moving to Duke, Hoover taught economics at the University of California, Davis, and at Oxford. He is the author of The New Classical Macroeconomics (1988), Causality in Macroeconomics (Cambridge University Press, 2001) and The Methodology of Empirical Macroeconomics (Cambridge University Press, 2001), as well as nine edited volumes and more than 100 academic articles on macroeconomics, monetary economics, econometrics, the methodology and philosophy of economics, and the history of economic thought. He is past chairman of the International Network for Economic Method, the past president of the History of Economics Society and a former editor of the Journal of Economic Methodology. He is currently the editor of the journal History of Political Economy and a Fellow of the Center for the History of Political Economy at Duke University.
Part I. Introduction: 1. Macroeconomics and the real world; Part II. The National Accounts: 2. The national accounts and the structure of the economy; 3. Understanding gross domestic product; 4. Measuring prices and inflation; Part III. Trends and Cycles: 5. Trends and cycles; Part IV. Financial Markets: 6. The financial system; 7. The behavior of interest rates; 8. The international financial system and the balance of payments; Part V. Aggregate Supply: 9. Aggregate production; 10. Economic growth; 11. The ideal labor market; 12. Unemployment and the labor market process; Part VI. Aggregate Demand: 13. An introduction to aggregate demand; 14. Consumption and investment: a deeper look; Part VII. Macroeconomic Dynamics: 15. The dynamics of output, unemployment, and inflation; Part VIII. Macroeconomic Policy: 16. Monetary policy; 17. Fiscal policy; Part IX. Macroeconomic Data: A Guide to Working with Economic Data.
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