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The work is protected by local and international copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. You have successfully signed out and will be required to sign back in should you need to download more resources. Macroeconomics, 6th Edition. Stephen D. Williamson, Western University. Description For courses in undergraduate Macroeconomics courses.
A modern approach has students build macroeconomic models from microeconomic principles, and is consistent with the way macroeconomic research is conducted today. Advantages for students: Allows deeper insights into economic growth processes and business cycles, which are the key topics in macroeconomics. Better integrates the study of macroeconomics with what will be covered in economics and microeconomics courses.
Helps students better prepare for advanced study in economics. A comprehensive art program shows concepts in action. Graphs and charts are plentiful in this text, helping students to see the concepts in action.
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The visual representations of macroeconomic models in this text can also be manipulated to derive important results and show key features of important macro data in applications. The terms are also highlighted in bold where they appear within the chapter so that students can revisit the definitions in context. This model determines the reservation wage for an unemployed worker, and shows how unemployment benefits, job offer rates, and separations determine the unemployment rate.
The Money, Banking, Prices, and Monetary Policy chapter includes a new section about unconventional monetary policy and the zero lower bound. Unconventional policies include quantitative easing and negative nominal interest rates. Section on business cycle theories as they relate to the recession in particular, has been added.
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Material on how New Keynesian models fit the data and on the liquidity trap features in chapter Chapter on inflation within a New Keynesian framework , and its causes. A basic New Keynesian model shows how monetary policy is conducted, in conventional circumstances, and when the zero lower bound on the nominal interest rate is a problem.
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The Economist as Policy Adviser A. Positive versus Normative Analysis 1. Possible examples include the minimum wage, budget deficits, tobacco taxes, legalization of marijuana, and seat- belt laws. Have students bring in newspaper articles and in groups, identify each statement in an editorial paragraph as being a positive or normative statement.
Discuss the difference between straight news stories and editorials and the analogy to economists as scientists and as policy advisers. Definition of positive statements: claims that attempt to describe the world as it is. Definition of normative statements: claims that attempt to prescribe how the world should be. Positive statements can be evaluated using data, while normative statements involve personal viewpoints. Economists in Ottawa 1. Economists are aware that tradeoffs are involved in most policy decisions.
The World Wide Web addresses, at the end of this chapter, the organizations that hire economists and influence economic policy. The research and writings of economists can also indirectly affect public policy. Why Economists Disagree A.
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Differences in Scientific Judgments 1. Economists often disagree about the validity of alternative theories or about the size of the effects of changes in the economy on the behaviour of households and firms. Example: some economists feel that a change in the tax system that would eliminate a tax on income and create a tax on consumption would increase saving in this country.
However, other economists feel that the change in the tax system would have little effect on saving behaviour and therefore do not support the change.
Differences in Values 1. Economists give advice based on different values rather than being based on scientific grounds only. Instead, he or she should be simply recording what the other students say. Students are often uneasy about graphing at first and need to see that they are not alone. Emphasize that there is more agreement among economists than most people think. The reason for this is probably that the things that are generally agreed upon are boring to most non-economists. Many instructors may be unaware of how much trouble beginning students have grasping the most basic graphs.
It is important for instructors to make sure that students are comfortable with these techniques. Perception versus Reality 1. While it seems as if economists do not agree on much, this is in fact not true. Table 2. Almost all economists believe that rent control adversely affects the availability and quality of housing. While most economists oppose barriers to trade, Parliament has chosen to restrict the importation of certain goods.
In The News: Environmental Economists a. More and more economists devote their careers to preserving the environment instead of searching for well-paying jobs in finance. The introduction of pollution permits has demonstrated that market-like solutions can be more efficient in reducing pollution than straight regulations. Graphs of a Single Variable 1. Pie Chart 2. Bar Graph 3.
Time-Series Graph Economists are often concerned with relationships between two or more variables. Ordered pairs of numbers can be graphed on a two-dimensional grid. The first number in the ordered pair is the x-coordinate and tells us the horizontal location of the point.
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The second number in the ordered pair is the y-coordinate and tells us the vertical location of the point. The point with both an x-coordinate and y-coordinate of zero is called the origin. Two variables that increase or decrease together have a positive correlation. Two variables that move in opposite directions one increases when the other decreases have a negative correlation.
Curves in the Coordinate System 1. Often, economists want to show how one variable affects another, holding all other variables constant. An example of this is a demand curve.
The demand curve shows how the quantity of a good a consumer wants to purchase varies as its price varies, holding everything else such as income constant. If income does change, this will alter the amount of a good that the consumer wants to purchase at any given price.
Thus, the relationship between price and quantity desired has changed and must be represented as a new demand curve. A simple way to tell if it is necessary to shift the curve is to look at the axes. When a variable that is not named on either axis changes, the curve shifts. Slope 1. We may want to ask how strongly a consumer reacts if the price of a product changes.
If the demand curve is very steep, quantity desired does not change much in response to a change in price. If the demand curve is very flat, quantity desired changes a great deal when the price changes. A small slope means that the demand curve is relatively flat; a large slope means that the demand curve is relatively steep. Cause and Effect 1. Economists often make statements suggesting that a change in Variable A causes a change in Variable B. Ideally, we would like to see how changes in Variable A affect Variable B, holding all other variables constant.
This is not always possible and could lead to a problem caused by omitted variables. But, if Variable C has also changed, it is entirely possible that Variable C is responsible for the change in Variable B. Another problem is reverse causality. However, it is entirely possible that the change in Variable B led to the change in Variable A. It is not always as simple as determining which variable changed first because individuals often change their behaviour in response to a change in their expectations about the future. Economics is like a science because economists devise theories, collect data, and analyze the data in an attempt to verify or refute their theories.
In other words, economics is based on the scientific method. Figure 1 shows the production possibilities frontier for a society that produces food and clothing.
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