Chapter 31: Financial Crises, Panics, and Unconventional Monetary PolicyChapter Goals Explain why financial crises are dangerous and why most economists see a role for the central bank as a lender of last resort Explain the role of leverage and herding in financial bubbles and how central bank policy can contribute to a financial bubble Explain why regulating the financial sector and preventing financial crises is s...
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Chapter 30: Monetary PolicyChapter Goals Explain how monetary policy works in the AS/AD model in both the traditional and structural stagnation models Discuss how monetary policy works in practice Discuss the tools of conventional monetary policy Discuss the complex nature of monetary policy and the importance of central bank credibility
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Chapter29: The Financial Sector and the EconomyChapter Goals Discuss the functions and measures of money Define banks and explain how they create money Explain why the financial sector is so important to macroeconomic debates Explain the role of interest rates in an economy
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Chapter 28: The Structural Stagnation Policy DilemmaChapter Goals Differentiate a structural stagnation from a standard recession Demonstrate in the AS/AD model how globalization can mask inflationary pressures caused by expansionary policies Explain the role of globalization and the financial bubble in creating a structural stagnation problem Outline the policy choices that policy makers have t...
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Chapter 27: The Classical Long-Run Policy Model: Growth and Supply-Side PoliciesChapter Goals Define growth, list its benefits and costs, and relate it to living standards Discuss the relationship among markets, specialization, and growth List five important sources of growth Explain how the sources of growth can be turned into growth
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Chapter 26: The Short-Run Keynesian Policy Model: Demand-Side PoliciesChapter Goals Discuss the key insight of the AS/AD model and list both its assumptions and its components Describe the shape of the aggregate demand curve and what factors shift the curve Explain the shape of the short-run and long-run aggregate supply curves and what factors shift the curves Show the effects of shifts of the aggregate demand a...
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Chapter 25: Measuring the Aggregate EconomyChapter Goals Calculate GDP using the expenditures and value added approaches Calculate aggregate income and explain how it relates to aggregate production Distinguish real from nominal concepts Describe the limitations of using GDP and national income accounting
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Chapter 24: Economic Growth, Business Cycles, and Structural StagnationChapter Goals Discuss the history of macro, distinguishing Classical and Keynesian macroeconomists Define growth and discuss its recent history Distinguish a business cycle from structural stagnation Relate unemployment to business cycles and distinguish cyclical unemployment from structural unemployment
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Chapter 23: Microeconomic Policy, Economic Reasoning, and BeyondChapter Goals List three reasons why economists sometimes differ and sometimes agree in their views on social policy Explain the cost/benefit approach the typical economist takes to analyze regulations Describe three types of failure of market outcomes Explain why most economists are doubtful government can correct failure of market outcomes
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Chapter 22: Behavioral Economics and Modern Economic PolicyChapter Goals Explain the relationship between behavioral economic policy and mechanism design Define nudge and choice architecture and explain how they are related to behavioral economic policy Discuss the problems of implementing nudges and how the behavioral economic frame changes how policy is viewed Discuss the concerns many traditional ec...
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