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Macroeconomics

Twelfth Edition

Publication Date: November 15, 2024

Paperback ISBN: 9781319128326

There is no one better than Mankiw when it comes to explaining macroeconomics theory, research, and policy.

The number one product for the Intermediate Macro course, this text explains complex concepts with exceptional clarity. The new edition has updated coverage on income inequality, full coverage of the monetary system across two chapters, and an improved model of labor-force dynamics to explain the...

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Preface

Part I Introduction

Chapter 1 The Science of Macroeconomics

Chapter 2 The Data of Macroeconomics

Part II Classical Theory: The Economy in the Long Run

Chapter 3 National Income: How It Is Earned

Chapter 4 National Income: How It Is Spent

Chapter 5 A First Look at the Monetary System

Chapter 6 Inflation: Its Causes, Effects, and Social Costs

Chapter 7 The Open Economy

Chapter 8 Unemployment and the Labor Market

Part III Growth Theory: The Economy in the Very Long Run

Chapter 9 Capital Accumulation as a Source of Growth

Chapter 10 Population Growth and Technological Progress

Chapter 11 Growth Empirics and Policy

Part IV Business Cycle Theory: The Economy in the Short Run

Chapter 12 Introduction to Economic Fluctuations

Chapter 13 Aggregate Demand I: Building the IS–LM Model

Chapter 14 Aggregate Demand II: Applying the IS–LM Model

Chapter 15 The Open Economy Revisited: The Mundell–Fleming Model and the Exchange-Rate Regime

Chapter 16 Aggregate Supply and the Short-Run Tradeoff Between Inflation and Unemployment

Part V Topics in Macroeconomic Theory and Policy

Chapter 17 A Dynamic Model of Economic Fluctuations

Chapter 18 Alternative Perspectives on Stabilization Policy

Chapter 19 Government Debt and Budget Deficits

Chapter 20 Banking and Monetary Policy

Chapter 21 The Financial System: Opportunities and Dangers

Chapter 22 The Microfoundations of Consumption and Investment

Epilogue What We Know, What We Don’t

‘Work It Out Tutorials’ guide students through the process of applying economic analysis to solve a problem similar to the end-of- chapter problems found in the text. Choice-specific feedback and video explanations provide students with interactive assistance for each step of the problem.
‘Macro Models’ modules provide simulations of the models presented in the book. Students can change the exogenous variables and see the outcomes in terms of shifting curves and recalculated numerical values of the endogenous variables. Each module contains exercises that instructors can assign as homework.
‘Step-by-Step graphs’ are integrated into the e-book mirror how an instructor constructs graphs in the classroom.
‘Online-Only Problems’ written by Professor Mankiw includes dozens of new end-of-chapter problems that are available only in the digital version of Macroeconomics.
‘EconoFact Memos with Unique Exercises’ are included in this edition. Since 2017, a number of prominent economists have collaborated to produce EconoFact, described as “a non-partisan publication designed to bring key facts and incisive analysis to the national debate on economic and social policies.”

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The classical model of national income is now developed over Chapters 3 and 4, rather than in a single chapter. This reorganisation allows the material on income inequality, previously in an appendix, to be moved into the body of the text.
Material on the monetary system has been divided into two chapters. Chapter 5 presents a first look at the monetary system. The more detailed discussion of banking and the process of money creation is now presented in Chapter 20 as an advanced topic. This reorganisation streamlines the presentation for instructors who want to skip the details.
Chapter 8 includes an improved model of labor-force dynamics to explain the natural rate of unemployment. The essence of the model is a matching function, which relates new hires to unemployment and job vacancies.

“It is a well structured textbook. The discussion on the aggregate demand and supply system is especially clean and interesting.” Shaowen Luo, Virginia Tech “Very nicely done. Can’t go wrong with it.” Paul Gaggl, University of North Carolina at Charlotte “The text is engaging, well-written, up-to-date, and provides the most important recent developments in macroeconomics. It emphasizes real world examples and covers new and expanding economic development. It provides new material and examples that are rigorous enough to meet the challenge yet approachable enough to foster the excitement.” Lian An, University of North Florida

N. Gregory Mankiw

N. Gregory Mankiw is the Robert M. Beren Professor of Economics at Harvard University. He began his study of economics at Princeton University, where he received an A.B. in 1980. After earning a Ph.D. in economics from MIT, he began teaching at Harvard in 1985 and was promoted to full professor in 1987. At Harvard, he has taught both undergraduate and graduate courses in macroeconomics. He is also author of the best-selling introductory textbook Principles of Economics (Cengage Learning).

Professor Mankiw is a regular participant in academic and policy debates. His research ranges across macroeconomics and includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. In addition to his duties at Harvard, he has been a research associate of the National Bureau of Economic Research, a member of the Brookings Panel on Economic Activity, a trustee of the Urban Institute, and an adviser to the Congressional Budget Office and the Federal Reserve Banks of Boston and New York. From 2003 to 2005 he was chairman of the President’s Council of Economic Advisers.

Professor Mankiw lives in Wellesley, Massachusetts, with his wife, Deborah; children, Catherine, Nicholas, and Peter; and their border terrier, Tobin.

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Macroeconomics

Twelfth Edition

Publication Date: November 15, 2024

Paperback ISBN: 9781319128326

There is no one better than Mankiw when it comes to explaining macroeconomics theory, research, and policy.

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Macroeconomics

Author(s): N. Gregory Mankiw Twelfth Edition ©2025 Publication Date: November 15, 2024 Paperback ISBN: 9781319128326

There is no one better than Mankiw when it comes to explaining macroeconomics theory, research, and policy.

There is no one better than Mankiw when it comes to explaining macroeconomics theory, research, and policy.

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About Achieve

Twelfth Edition

Publication Date: November 15, 2024

Paperback ISBN: 9781319128326