Krugman's Macroeconomics for the AP® Course
Fourth Edition
Publication Date: March 15, 2023
Hardcover ISBN: 9781319409333
Pages: 512
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ISBN: 9781319576455
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ISBN: 9781319514839
Krugman's Macroeconomics for the AP® Course
ISBN: 9781319409333
Krugman's Macroeconomics for the AP® Course
ISBN: 9781319475871
Strive for a 5: Preparing for the AP® Macroeconomics Exam
UNIT 1 Basic Economic Concepts
1.1 Scarcity and Choice
- Scarcity and Choice: The Core of Economics
- Microeconomics Versus Macroeconomics
- Positive Versus Normative Economics
1.2 Opportunity Cost and the Production Possibilities Curve Model
- The Use of Models in Economics
- Trade-offs: The Production Possibilities Curve
1.3 Comparative Advantage and Gains from Trade
- Gains from Trade
- Comparative Advantage and Gains from Trade
1.4 Demand
- The Demand Curve
1.5 Supply
- The Supply Curve
1.6 Market Equilibrium, Disequilibrium, and Changes in Equilibrium
- Supply, Demand, and Equilibrium
- Changes in Supply and Demand
Unit 2 Economic Indicators and the Business Cycle
2.1 The Circular Flow and Gross Domestic Product
- The National Accounts
- Gross Domestic Product
2.2 Limitations of Gross Domestic Product
- Creating the National Accounts
2.3 Unemployment
- The Unemployment Rate
- Types of Unemployment
- Changes in the Natural Rate of Unemployment
2.4 Price Indices and Inflation
- Inflation, Deflation, and Price Stability
- Inflation and Deflation
- Price Indices and the Aggregate Price Level
2.5 Costs of Inflation
- The Expected Costs of Inflation
- Winners and Losers from Unexpected Inflation
- Inflation Is Easy; Disinflation Is Hard
2.6 Real Versus Nominal Gross Domestic Product
- Real GDP: A Measure of Aggregate Output
- Calculating Real GDP
- What Real GDP Doesn’t Measure
2.7 Business Cycles
- Macroeconomics and the Business Cycle
- The Business Cycle
- Employment, Unemployment, and the Business Cycle
UNIT 3 National Income and Price Determination
3.1 Aggregate Demand
- The Components of Aggregate Demand
- Investment Spending
- The Aggregate Demand Curve
3.2 Multipliers
- The Multiplier Process
3.3 Short-Run Aggregate Supply
- Aggregate Supply
3.4 The Long-Run Aggregate Supply
- The Short Versus the Long Run
- The Long-Run Aggregate Supply Curve
3.5 Equilibrium in the Aggregate Demand–Aggregate Supply Model
- The AD-AS Model
3.6 Short-Run Changes in the Aggregate Demand–Aggregate Supply Model
- Demand Shocks
- Supply Shocks
3.7 Long-Run Self-Adjustment in the Aggregate Demand–Aggregate Supply Model
- From the Short Run to the Long Run
- Shifts in the Long-Run Aggregate Supply Curve
3.8 Fiscal Policy
- The Rationale for Stabilization
- Multiplier Effects and Fiscal Policy
- A Cautionary Note: Lags in Fiscal Policy
3.9 Automatic Stabilizers
- A Brief History of Stabilization Policy
- Discretionary Versus Non-Discretionary Fiscal Policy
- Alternative Responses to Supply and Demand Shocks
Unit 4 The Financial Sector
4.1 Financial Assets
- The Opportunity Cost of Cash
- The Financial System
- Three Tasks of a Financial System
- Types of Financial Assets
Financial Intermediaries
4.2 Nominal Versus Real Interest Rates
- Calculating Nominal and Real Interest Rates
4.3A Definition, Measurement, and Functions of Money
- The Meaning of Money
- Functions of Money
- Types of Money
4.3B Managing Money and Credit: Central Banks and the Federal Reserve
- Central Banks
- The Federal Reserve System
4.4 Banking and the Expansion of the Money Supply
- The Monetary Role of Banks
- Determining the Money Supply
4.5 The Money Market
- What Is the Money Market?
- The Money Demand Curve
- The Supply of Money
4.6 Monetary Policy
- Conducting Monetary Policy
- Implementing Monetary Policy
- Monetary Policy Versus Fiscal Policy
4.7 The Loanable Funds Market
- Matching Up Savings and Investment Spending
- The Equilibrium Interest Rate
Unit 5 Long-Run Consequences of Stabilization Policies
5.1 Fiscal and Monetary Policy Actions in the Short Run
- The Independence of Fiscal and Monetary Policy
5.2 The Phillips Curve
- The Output Gap and Unemployment
- The Short-Run Phillips Curve
- Inflation and Unemployment in the Long Run
5.3 Money Growth and Inflation
- Short-Run and Long-Run Effects of an Increase in the Money Supply
- Monetary Neutrality
- The Quantity Theory of Money
5.4 Government Deficits and the National Debt
- The Government Budget Balance
- Long-Run Implications of Fiscal Policy
- Deficits, Surpluses, and Debt
- Deficits and Debt in Practice
5.5 Crowding Out
- Financing Government Debt
5.6 Economic Growth
- Real GDP per Capita
- The Sources of Long-Run Growth
- Economic Growth and the Aggregate Production Function
- Long-Run Economic Growth and the Aggregate Demand–Aggregate Supply Model
5.7 Public Policy and Economic Growth
- Explaining Differences in Growth Rates
- The Role of Government in Promoting Economic Growth
- Supply-Side Fiscal Policies and Economic Growth
Unit 6 International Trade and Finance
6.1 Balance of Payments Accounts
- Capital Flows and the Balance of Payments
- Modeling the Financial Account
6.2 Exchange Rates
- Understanding Exchange Rates
6.3 The Foreign Exchange Market
- Demand and Supply in the Foreign Exchange Market
6.4 Changes in Policies, Economic Conditions, and the Foreign Exchange Market
- Exchange Rate Regimes
- Exchange Rates and Macroeconomic Policy
- International Business Cycles
6.5 The Foreign Exchange Market and Net Exports
- Why Trade?
- The Effect of the Exchange Rate on Net Exports
6.6 Real Interest Rate s and International Capital Flows
- International Capital Flows and the Loanable Funds Model
- Underlying Determinants of International Capital Flows
Appendix
Putting it All Together
- A Structure for Macroeconomic Analysis
Enrichment
- A: Recession and Recovery During the Pandemic
- B: Federal Reserve Monetary Policy in an Ample Reserve Regime
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