Macroeconomics - Rudiger Dornbusch,Stanley Fischer,Richard Startz

About the book

Dornbusch, Fischer, and Startz has been a long-standing, leading intermediate macroeconomic theory text since its introduction in 1978. This revision retains most of the text's traditional features, including a middle-of-the-road approach and very current research, while updating and simplifying the exposition. This revision focuses on making the text even easier to teach from. The only pre-requisite continues to be principles of economics.

Key features

The story of the Great Recession: New sections include a discussion of the bubbles and bust that led up to the Great Recession, unorthodox monetary policy during the Great Recession as well as the enormous fiscal stimulus, and the reasons we see ¿jobless recoveries.¿

Numerous up-to-date examples keep the text current. New boxes include ¿Who Calls Recessions?,¿ ¿The Chinese Growth Miracle,¿ ¿The Multiplier in Practice¿ (a discussion of estimates of empirical multipliers), ¿What Did Happen When the Interest Rate Hit Zero?,¿ ¿The Fed as Market Maker of Last Resort,¿ and ¿Hyperinflation Ends with a Bang or a Whimper?¿ (a review of the end of Zimbabwe¿s runaway hyperinflation).

Thoroughly updated data: Graphs, data tables, and empirical homework questions use the latest data available.

A chapter on ¿big events¿ in macroeconomics: Chapter 19 pulls together material on the Great Depression, budget deficits, hyperinflation, and social security. Students will get a background on these important economic events and will learn principles which are harder to identify in smoothly running economies.

Internet sources: Students are encouraged to access data and other material online, giving them additional sources for research and experience using the Web in economics.

Middle-of-the-road approach: Discussions emphasize both the potential and limitations of economic policy. While the lively macroeconomic controversies are explained, the authors remain neutral in their approach.

More state-of-the-art research: The authors continue to include more state-of-the-art research than is usually found in undergraduate texts. They make this material accessible by stressing concepts over technique.

Strong international coverage: Maintaining traditionally strong international coverage, this text offers extensive international orientation for an increasingly globalized world. The book continues to be used and respected overseas.

About the authors

RUDI DORNBUSCH (1942'2002) was Ford Professor of Economics and International Management at MIT. He did his undergraduate work in Switzerland and held a PhD from the University of Chicago. He taught at Chicago, at Rochester, and from 1975 to 2002 at MIT.

STANLEY FISCHER is governor of the Bank of Israel. Previously he was vice chairman of Citigroup and president of Citigroup International, and from 1994 to 2002 he was first deputy managing director of the International Monetary Fund.

RICHARD STARTZ is Castor Professor of Economics at the University of Washington. He was an undergraduate at Yale University and received his PhD from MIT, where he studied under Stanley Fischer and Rudi Dornbusch.

Table of contents

Part 1 ' Introduction and National Income Accounting
1 ' Introduction
2 ' National Income Accounting

Part 2 ' Growth, Aggregate Supply and Demand, and Policy
3 ' Growth and Accumulation
4 ' Growth and Policy
5 ' Aggregate Supply and Demand
6 ' Aggregate Supply: Wages, Prices, and Unemployment
7 ' The Anatomy of Inflation and Unemployment
8 ' Policy Preview

Part 3 ' First Models
9 ' Income and Spending
10 ' Money, Interest, and Income
11 ' Monetary and Fiscal Policy
12 ' International Linkages

Part 4 ' Behavioral Foundations
13 ' Consumption and Saving
14 ' Investment Spending
15 ' The Demand for Money
16 ' The Fed, Money, and Credit
17 ' Policy
18 ' Financial Markets and Asset Prices

Part 5 ' Big Events, International Adjustments, and Advanced Topics
19 ' Big Events: The Economics of Depression, Hyperinflation, and Deficits
20 ' International Adjustment and Interdependence
21 ' Advanced Topics

Appendix
Glossary
Index