Macroeconomics, 9th edition
Published by Pearson (February 16, 2016) © 2017
- Andrew B. Abel Wharton School of the University of Pennsylvania
- Ben S. Bernanke Woodrow Wilson School, Princeton University , Brookings Institution
- Dean Croushore University of Richmond
- Hardcover, paperback or looseleaf edition
- Affordable rental option for select titles
- Free shipping on looseleafs and traditional textbooks
A Focused Approach
- A unified framework uses a single model, built from a set of core economic ideas, to introduce macroeconomic theories and concepts.
- A balanced presentation of both classical and Keynesian economics allows students to see the complete picture of economic theory, and allows flexibility for professors to teach the course their way.
- Coverage of inflation and monetary policy reflects the latest work by researchers and the Federal Reserve.
- NEW! Graph illustrates the uses-of-saving identity (Chapter 2).
- NEW! Early coverage of long-¿run topics in chapters 3-¿7 reflects a commitment to modern macro theory, followed by an equally in-¿depth analysis of short-¿run issues in chapters 8¿-11.
- NEW! Chapter 3 covers alternative measures of the unemployment rate.
- NEW! Extended discussion of the global savings glut is included in Chapter 5.
- NEW! Introduction of the concept of the break-even inflation rate is discussed in Chapter 7.
- NEW! Chapter 8 discusses the idea that the Great Moderation may not have ended with the Great Recession.
- NEW! Discussion of the 2008 oil price shock in Chapter 9.
- NEW! Discussion of the problems that arise if inflation is too low in Chapter 12.
- NEW! Discussion of the concept of an optimum currency area and whether either the United States or Europe fit the criteria in chapter 13.
- NEW! Expanded discussion of central banks performing a function as the lender of last resort in Chapter 14.
- NEW! Expanded discussion of quantitative easing and forward guidance in Chapter 14.
- NEW! Introduction of the Laffer curve in discussing supply-side economics in Chapter 15.
- Learning tools for students aid comprehension and application. Key diagrams in each chapter help students identify the most critical ideas. Summary tables and extensive end¿-of¿-chapter problem sets help to reinforce learning.
- Real¿-world applications connect theory to practice, helping students make active use of the economic ideas in the text.
- Applications show students how theory is used to understand real¿-world macroeconomic issues.
- Boxes draw from current research, highlighting interesting new developments and topics in the field.
- In Touch with Data and Research boxes ask students to find and interpret macroeconomic data, like economists would in their careers.
- UPDATED! A fully updated series of graphs illustrate the historical movements of key economic variables.
Also available with MyEconLab®MyEconLab is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.
- Question Help. MyEconLab's homework and practice questions are correlated to the textbook, they generate algorithmically to give students unlimited opportunity for practice and mastery, and they offer helpful feedback when students enter incorrect answers. Questions include guided solutions and other multimedia assets for extra help at point-of-use.
- Current News Exercises. Every week, current microeconomic and macroeconomic news stories, with accompanying exercises, are posted to MyEconLab. Assignable and auto-graded, these multi-part exercises ask students to recognize and apply economic concepts to real-world events.
- Experiments. Flexible, easy-to-assign, auto-graded, and available in Single and Multiplayer versions, Experiments in MyEconLab make learning fun and engaging.
- Digital Interactives in MyEconLab are poised to change how students learn core economic concepts. Organized in progressive levels, each focusing on a core learning outcome, Digital Interactives immerse students in a fundamental economic principle, helping them to learn actively. Use as a lecture tool or assigned with assessment questions for grading. Digital Interactives are designed for use in traditional, online, and hybrid courses, and many incorporate real-time data, as well as data display and analysis tools.
- Learning Catalytics™. Generate class discussion, guide your lecture, and promote peer-to-peer learning with real-time analytics. MyEconLab with eText now provides Learning Catalytics–an interactive student response tool that uses students’ smartphones, tablets, or laptops to engage them in more sophisticated tasks and thinking. Instructors, you can:
- Pose a variety of questions that help your students develop critical thinking skills
- Monitor responses to find out where students are struggling
- Use real-time data to adjust your instructional strategy and try other ways of engaging your students during class
- Manage student interactions by automatically grouping students for discussion, teamwork, and peer-to-peer learning
- Real-time Data Analysis Exercises. Using current macro data to help students understand the impact of changes in economic variables, Real-Time Data Analysis Exercises communicate directly with the Federal Reserve Bank of St. Louis’s FRED® site and update as new data are available.
- Enhanced eText. Engagement in lecture is essential to student success, and continuing that engagement outside of class is just as critical. MyEconLab with Enhanced eText keeps students engaged in learning on their own time, while helping them achieve greater conceptual understanding of course material. The Enhanced eText’s animations bring learning to life, and its interactive tutorials and exercises allow students to apply the very concepts they’re reading about. The results of all exercises feed into the MyEconLab Study Plan, powered by Knewton, which provides an exceptional adaptive learning experience for each individual student. Combining resources that illuminate content with accessible self-assessment, MyEconLab with Enhanced eText provides students with a complete digital learning experience–all in one place.
- Figure Animations. Every textbook figure can be worked through using a step-by-step animation, with audio, to help students learn the intuition behind reading and interpreting graphs. These animations may be used for review, or as an instructional aid in the classroom.
- For each major figure, a graph drawing exercise accompanies the step-by-step animation. The student builds and interprets the key diagrams and develops understanding by working a multiple choice question about the figure. Each graph drawing exercise is auto-graded and feeds into MyEconLab’s Adaptive Study Plan.
- Each chapter concludes with a Worked Problem that consists of questions, solutions, and a key figure. These problems can be worked in the enhanced eText directly from the Worked Problem page. As the student works through each problem, feedback and just-in-time learning aids help the student develop proficiency with the concept.
- Automatic Real-Time Updating. Figures labeled MyEconLab Real-Time Data are updated using the most recent data available from the FRED database maintained by the Federal Reserve Bank of St. Louis.
- Key Terms Quiz links provide opportunities for students to check their knowledge of the definitions and uses of the key terms.
- Reporting Dashboard. View, analyze, and report learning outcomes clearly and easily. Available via the Gradebook and fully mobile-ready, the Reporting Dashboard presents student performance data at the class, section, and program levels in an accessible, visual manner.
- MyEconLab icon Videos. Key figures and diagrams from the textbook are presented in step-by-step animations with audio explanations of the action.
- LMS Integration. Link from any LMS platform to access assignments, rosters, and resources, and synchronize MyLab grades with your LMS gradebook. For students, new direct, single sign-on provides access to all the personalized learning MyLab resources that make studying more efficient and effective.
- Mobile Ready. Students and instructors can access multimedia resources and complete assessments right at their fingertips, on any mobile device.
- HTML5 Player Enhancements. In addition to matching the Flash player’s support of Accessibility requirements, the HTML5 player has a new “Show Work” feature to allow students to enter text either from a keyboard or stylus and to draw freehand on different backgrounds, such as a coordinate graph, with multiple fonts and colors. Students can also continue to upload images such as phone-photos of handwritten work. Printing enhancements include:
- a more pen-and-paper-friendly layout of exercises
- the ability for instructors to choose whether to print the header; to include an honor statement; and to print with answers inline, after each question, or on a separate sheet
About the Book
Comprehensive Economics Coverage
- Graph illustrates the uses-of-saving identity (Chapter 2).
- Early coverage of long-run topics in chapters 3-7 reflects a commitment to modern macro theory, followed by an equally in-depth analysis of short-run issues in chapters 8-11.
- Chapter 3 covers alternative measures of the unemployment rate.
- Extended discussion of the global savings glut is included in Chapter 5.
- Introduction of the concept of the break-even inflation rate is discussed in Chapter 7.
- Chapter 8 discusses the idea that the Great Moderation may not have ended with the Great Recession.
- Discussion of the 2008 oil price shock in Chapter 9.
- Discussion of the problems that arise if inflation is too low in Chapter 12.
- Discussion of the concept of an optimum currency area and whether either the United States or Europe fit the criteria in chapter 13.
- Expanded discussion of central banks performing a function as the lender of last resort in Chapter 14.
- Expanded discussion of quantitative easing and forward guidance in Chapter 14.
- Introduction of the Laffer curve in discussing supply-side economics in Chapter 15.
Learning Aids
- UPDATED! A fully updated series of graphs illustrate the historical movements of key economic variables.
Part 1: Introduction
1. Introduction to Macroeconomics
2. The Measurement and Structure of the National Economy
Part 2: Long-Run Economic Performance
3. Productivity, Output, and Employment
4. Consumption, Saving, and Investment
5. Saving and Investment in the Open Economy
6. Long-Run Economic Growth
7. The Asset Market, Money, and Prices
Part 3: Business Cycles and Macroeconomic Policy
8. Business Cycles
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
Part 4: Macroeconomic Policy: Its Environment and Institutions
12. Unemployment and Inflation
13. Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy
14. Monetary Policy and the Federal Reserve System
15. Government Spending and Its Financing
Appendix A: Some Useful Analytical Tools
Andrew B. Abel
The Wharton School of the University of Pennsylvania
Ronald A. Rosenfeld Professor of Finance at The Wharton School and professor of economics at the University of Pennsylvania, Andrew Abel received his A.B. summa cum laude from Princeton University and his Ph.D. from the Massachusetts Institute of Technology.
He began his teaching career at the University of Chicago and Harvard University and has held visiting appointments at both Tel Aviv University and The Hebrew University of Journalism.
A prolific researcher, Abel has published extensively on fiscal policy, capital formation, monetary policy, as-set pricing, and Social Security—as well as serving on the editorial boards of numerous journals. He has been honored as an Alfred P. Sloan Fellow, a Fellow of the Econometric Society, and a recipient of the John Kenneth Galbraith Award for teaching excellence. Abel has served as a visiting scholar at the Federal Reserve Bank of Philadelphia, as a member of the Panel of Economic Advisers at the Congressional Budget Office, and as a member of the Technical Advisory Panel on Assumptions and Methods for the Social Security Advisory Board. He is also a Research Associate of the National Bureau of Economic Research and a member of the Advisory Board of the Carnegie-Rochester–NYU Conference Series.
Ben S. Bernanke
Brookings Institution
Ben Bernanke is currently Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution. From February 2006 to January 2014, he was Chairman of the Board of Governors of the Federal Reserve System. Before that, he served as Chair of the President’s Council of Economic Advisors from June 2005 to January 2006 and was a Governor of the Federal Reserve System from August 2002 to June 2005. Prior to his work in public service, he was the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs at Princeton University. He received his B.A. in economics from Harvard University summa cum laude—capturing both the Allyn Young Prize for best Harvard undergraduate economics thesis and the John H. Williams prize for outstanding senior in the Economics Department. Like coauthor Abel, he holds a Ph.D. from the Massachusetts Institute of Technology.
Bernanke began his career at the Stanford Graduate School of Business in 1979. In 1985 he moved to Princeton University, where he served as chair of the Economics Department from 1995 to 2002. He has twice been visiting professor at MIT and once at New York University, and has taught in undergraduate, M.B.A., M.P.A., and Ph.D. programs. He has authored more than 60 publications in macroeconomics, macroeconomic history, and finance.
Bernanke has served as a visiting scholar and advisor to the Federal Reserve System. He is a Guggenheim Fellow and a Fellow of the Econometric Society. He has also been variously honored as an Alfred P. Sloan Research Fellow, a Hoover Institution National Fellow, a National Science Foundation Graduate Fellow, and a Research Associate of the National Bureau of Economic Research. He has served as editor of the American Economic Review.
Dean Croushore
Robins School of Business, University of Richmond
Dean Croushore is professor of economics and Rigsby Fellow at the University of Richmond. He received his A.B. from Ohio University and his Ph.D. from Ohio State University.
Croushore began his career at Pennsylvania State University in 1984. After teaching for 5 years, he moved to the Federal Reserve Bank of Philadelphia, where he was vice president and economist. His duties during his 14 years at the Philadelphia Fed included heading the macroeconomics section, briefing the bank’s president and board of directors on the state of the economy and advising them about formulating monetary policy, writing articles about the economy, administering two national surveys of forecasters, and researching current issues in monetary policy. In his role at the Fed, he created the Survey of Professional Forecasters (taking over the defunct ASA/NBER survey and revitalizing it) and developed the Real-Time Data Set for Macroeconomists.
Croushore returned to academia at the University of Richmond in 2003. The focus of his research in recent years has been on forecasting and how data revisions affect monetary policy, forecasting, and macroeconomic research. Croushore’s publications include articles in many leading economics journals and a textbook on money and banking. He is associate editor of several journals and visiting scholar at the Federal Reserve Bank of Philadelphia.
Need help? Get in touch
Play
Pearson eTextbook: What’s on the inside just might surprise you
They say you can’t judge a book by its cover. It’s the same with your students. Meet each one right where they are with an engaging, interactive, personalized learning experience that goes beyond the textbook to fit any schedule, any budget, and any lifestyle.
Digital Learning NOW
Extend your professional development and meet your students where they are with free weekly Digital Learning NOW webinars. Attend live, watch on-demand, or listen at your leisure to expand your teaching strategies. Earn digital professional development badges for attending a live session.