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Macroeconomics Theories and Policies (8th Edition) New Release 1. [PDF] Full By Richard T. Froyen Macroeconomics: Theories and Policies. Richard T Froyen Macroeconomics Theories And Macroeconomics Theories And Policies [PDF] [EPUB] New Keynesian economics is a. Theories And Policies By Richard T Froyen [PDF] [EPUB] New Keynesian economics is a school of contemporary macroeconomics that strives.
For much of the period. Part a is for the years — Beginning in During the recession of — These concerns grew as the economy slipped into a deep recession in — From to In parts a and b of the graph. These changes in the relationship between the inflation rate and the unemploy- ment rate can be seen in Figure Inflation was also moderate.
Part b is for — Both series reversed course in THE U. Early in the new century. The exports trade deficit is the excess of U. Federal government expenditures rose from the excess of It was in the s and early s that very large deficits emerged.
Budget deficits were somewhat larger in the s. The deep recession of — and stimulus programs to reverse the contraction caused the deficit to grow to unprecedented peacetime levels both in absolute magnitude as shown in Figure and as a percent of GDP.
For minus outlays example. In the s deficit and s. The United States began to run. Still the trade deficit remained at historically high levels into The recent recession caused the trade deficit to fall as import growth slowed more than export growth. Federal Budget Deficit. Balance on Goods and Services. The trade deficit then declined for a few years. But this line of rea- soning cannot explain simultaneously high unemployment and high inflation. This explanation is consistent with the negative relationship between inflation and unemployment during the —69 period.
Substantial unemployment was considered the result of inadequate demand. Total demand for output cannot be both too high and too low. During the period from to there were four recessions—times when there was a sustained fall in output and employment. Question 2: What are the determinants of the rate of inflation? What role do mac- roeconomic policies play in determining inflation? What relationship exists between inflation and unemployment?
Why were both the unemployment rate and the inflation rate so high during much of the s? What became of the negative relationship that existed between these two variables in the s and s see Figure a? The presence of both high inflation rates and high unemployment rates during the s was especially puzzling to macroeconomists. The experience of the s and the s had led economists to explain substantial inflation as a symptom of too high a level of total demand for output.
Two of these recessions were severe. In the years since the late s. What determines the cyclical behavior of output and employment? What causes recessions? Answering this question requires a theory of the behavior of output and employ- ment over periods of 1 to 4 years. When demand was high. In the years from to In the United States during the s. In late the unemployment rate was at 9.
Over much of the period. Accompanying the decline in output growth were declines in growth of labor productivity and real wages. A mild recession in was a bump in what seemed to be a road to higher growth in output and labor productivity. The macroeconomic theo- foreign downloadrs ries we consider try to explain why. As we saw in Table There was actually concern about the huge projected surpluses.
An impor- tant part of this reconsideration of existing theory concerns the role of total demand aggregate demand for output. What explains the decline in the growth rate of output. Again here the cyclical downturn in the economy beginning in late made it hard to discern any long-run trends.
Given the debt the country will pile up. This was certainly the case after the deep recession of — Today we are once again concerned with large current and projected future defi- cits. Question 4: What determines the rate of growth in output over periods of one or two decades?
Over longer periods such as a century? One can ask this question for one country across time periods or across countries. The concern was unwarranted. Why have some countries grown very rapidly and some more slowly? Teenage unemployment ages 16—19 was at 24 percent. As unem- each downloading sector ployment fell to low levels. By the mids. Will government borrowing to finance the deficits raise interest rates and retard investment and growth?
Will there be a debt crisis such as that faced by some European countries? Many worry about the effects of the deficits and debt on the future stability of the dollar and of U. Why would macroeconomists disagree on these questions? Prior to examining these theories. The United States effectively borrows from abroad to finance this deficit. Does this behavior suggest a relationship between the two defi- cits? Perhaps at some times and not at others?
Explain how inflation rate is calculated. The chapters that follow present theories that try to explain the data discussed here and provide answers to the questions we have raised. Provide examples of the types of policy questions that macroeconomists ask. Summarize the behavior of the inflation and unemployment rates since Then the downturn in the economy cut import growth faster that export growth.
Explain the nature of these shifts. Summarize the behavior of inflation rates during the period from the s onward.
Summarize the behavior of U. Did the move- ment of these rates over this period more closely resemble those of the s or those of the s and s?
There were several shifts in the output—inflation relationship over the — period. Questions about the sustainability of deficits in this range were widespread. By the trade deficit had grown to 6 percent of GDP. On the product side are two widely reported measures of overall production: Teach these boys and girls nothing but Facts.
Stick to the Facts. The Depression emphasized the need for such measures and led to the develop- ment of a comprehensive set of national income accounts. Comprehensive measures of national income and output did not exist at that time. GDP includes earnings in the United States of foreign residents or foreign-owned firms. During World War II. The product side measures production and sales. GNP includes earnings of U. The income side measures the distribution of the proceeds from sales.
National Income and Its Composition. You can only form the minds of reasoning animals upon Facts. We begin by describ- ing the key variables measured in the national income accounts. These models are simplified representations of the economy that attempt to capture important fac- tors determining aggregate variables such as output.
Plant nothing else. National Bureau of Economic Research. National income accounts data are pub- lished in the Survey of Current Business. GNP excludes those items. They differ in their treatment of international transactions. Hard Times New York: See Simon Kuznets. Facts alone are wanted in life. GDP does not. Elements of the models are theoretical relationships among aggregative eco- nomic variables.
It also considers accounting relationships that exist among these varia- bles because we use these relationships to construct our models. Changes in Definitions and Classifications. As a prelude to understanding such rela- tionships. The GNP concept enters into the discussion at a later point.
Goods used to produce other goods rather than being sold to final downloadrs—what are termed intermediate goods—are not counted separately in GDP. In On the income side of the national accounts. At a later point. Market transactions such as exchanges of previously produced houses.
Some aspects of this definition require clarification. Not including capital goods separately in GDP would be other goods equivalent to assuming that they depreciated fully in the current time period.
In GDP. It is a flow measure of out- put per time period—for example. Counting them separately is double counting. Our explanation of the product side of the national accounts therefore concentrates on GDP. In a sense this is portion of the double counting because. Additions to inventory stocks of final goods belong in GDP.
Such capital goods are ultimately used up in the production process. The other type of intermediate goods that is part of GDP is inventory investment— the net change in inventories of final goods awaiting sale or of materials used in the production process.
Exchanges of assets. Such goods show up in GDP because they contribute to the value of the final goods they are used to produce. This portion. Bureau of Economic Analysis. To correct for this. This is the trick to being able to measure apples plus oranges plus rail- road cars plus.
These additions should be counted in the current period as they are added to stocks so that the timing of national product is defined correctly. The same physical output will correspond to a different GDP level as the average level of market prices varies. Department of Commerce. The way the latter calculation is made is discussed later in this chapter. But this does exclude from GDP goods that are not sold in markets. Inventory investment in materials similarly belongs in GDP because it also represents currently produced output whose value is not embodied in current sales of final output.
An example is the services of owner-occupied houses. Components may not sum to the total due to rounding error. If final sales exceed production—for example. Notice that inventory investment can be negative or positive. Government downloads of goods and services were approximately 20 percent of GDP in The cyclical volatility of investment has implications for the macroeconomic models considered later.
The figures in Table are gross rather than net. Consumption is the largest component of GDP. In the postwar period. Social Security payments government sector—the federal and government interest payments are examples of expenditures that are not government as included in GDP.
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Net exports equal total gross total gross exports minus imports. Gross exports are currently produced goods and exports minus services sold to foreign downloaders. Imported goods and services are. The second subcomponent of investment is residential construction investment. In investment was The investment total in the table is gross investment. As noted. Trends in the size of the government budget—both downloads of goods and services and other components not included in the national income accounts—are analyzed in a later chapter when we consider fiscal policy.
This means that the capital stock declined in that year because gross investment was insufficient to replace the portion of the capital stock that wore out.
Not surprisingly.. This is the share of the current output bought by the government sector. The final subcomponent of invest- construction ment is inventory investment.
Imports are downloads by imports domestic downloaders of goods and services produced abroad and should not be counted in GDP.
Not all that are the part of government expenditures are part of GDP because not all government expenditures current output represent a demand for currently produced goods and services.
Over the years covered by Table Business fixed investment consists of downloadd by the downloads of newly produced plant and equipment—the capital goods discussed previ- business sector ously. They are a part of GDP. Intercountry comparisons of GDP over.
Policymakers use GDP costs of production.
If it is not a welfare measure. Because goods and services are evaluated at mar- ket prices in GDP. Read Perspectives Net exports were still negative but smaller in magnitude in As the table shows.
It is hard to estimate ter. In the Himalayan kingdom of Bhutan. Activities not reported to avoid paying of happiness. Net exports remain as the net direct effect of foreign-sector transactions on GDP.
In surveys early in this century. For one thing. People in Ghana are more satisfied with their lives than people in Also left out of GDP are illegal economic activi- the Unites States. Perhaps relative income in a society taxes take many forms. In recent trialized countries and less-developed nations.
Rough estimates for the United States their lives. Alterna- who are paid in cash for services may underreport tively. If we all began to work hour weeks.
Although surveys may be avoid paying taxes—the underground economy. In fact. Their incomes had on average range from 5 to 15 percent of GDP. It water pollution and dying forests. Surveys show that GDP and happiness. The United Nations provides it is not a measure of welfare or even of material indices of social welfare as alternatives to stand- well-being. It would take us too far leisure.
GNP includes income earned abroad by U. GNP and national income would be equal. Each dollar of GNP is one dollar of final sales. The reason is that. The adjustments required to go from GNP to national income. Making this subtraction gives us net national product NNP.
In computing national income. The first charge against GNP that is not included in national income is deprecia- tion. Corporate profits were between 12 and 14 percent of national income in both years. The portion of the capital stock used up must be subtracted from final sales before national income is computed. As noted previously. Depreciation 1. Statistical discrepancy We then subtract earnings in the United States by foreign residents and firms.
This is not much different from the percentage in Factor earnings are incomes of factors of production: Figure shows the components of national income factor payments as shares of the total for and for the year before the most recent recession.
This is the proper starting point because we want a measure of the income of U. Today a greater part of labor compensation is. In brief. We then subtract personal. When we subtract personal tax payments from personal income.
With these adjustments. The first of the main items subtracted from national income in going to personal income are the parts of corporate profits in the national income accounts that are not paid out as dividends to persons. Survey of Current Business April The other item added in going from national income to personal income is interest payments by the government to persons.
These payroll taxes are included in the employee compensation term in national income but go to the government. Also subtracted from national income in computing per- sonal income are contributions to Social Security by both the employer and employee.
Personal measure of income income is the national income accounts measure of the income received by persons received by persons from all sources. To go from national income to personal income. The items added in going from national income to personal income are payments to persons that are not in return for current production of goods and services. These portions include corporate profits tax payments and undistributed profits retained earnings. For some purposes. Government interest pay- ments are made on bonds previously issued by federal.
The relevant income concept is all income received by per- personal income sons. These are predominantly government transfer payments such as Social Security payments. The first item is transfer payments. The details of the necessary adjust- ments are not central to our focus. Personal saving is the part of personal disposable income that is not spent. Household wealth was reduced. British Economic Growth: Cambridge University Press. Most of it was spent for consumption.
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There were two other expenditures.. This was a high saving rate relative to the recent past. These are of interest in chart. They economic life of a country. Although it is only in were compiled by Gregory King. In terms of from previous eras.
The first was interest paid to business installment credit and credit card interest. Table shows how U. The recession of —09 had been characterized by falling asset prices. We assume that national income and national product or output are the same.
The foreign sector is reintroduced into our models later. Wages and salaries were 37 percent of for England and Wales today. The in We assume that all corporate profits are paid out as dividends.
It is estimated eign trade. We assume that all taxes. The simplifications we impose are as follows: In excluding the foreign sector. Indirect taxes and the other discrepancies between GNP and national income are ignored see Table But it was an open econ- national income show that in England and Wales omy. The terms national income and output are used interchangeably throughout this book. Letting net taxes T equal tax payments minus transfers.
Several simplifications are made in the relationship between national income and personal disposable income. Depreciation is ignored except where explicitly noted. Esti- smaller fraction and rents.
The foreign sector will be omitted. In deriving these identities. This means that we drop the net exports term from GDP see Table and the net foreign transfers item from personal outlays in breaking down the disposition of personal income see Table Using T With these simplifications. We can write 2. Such a measure would be most closely related to employment. GDP meas- current dollars ured at current market prices will change when the overall price level changes as well as when the volume of production changes.
Changes in GDP in valued dollars then provide a measure of quantity changes between these years. For many purposes. The traditional way of constructing real GDP is to measure output in terms of constant prices from a base year. Identities are relationships that follow from accounting or other definitions and therefore hold for any and all values of the variables.
The GDP measure that changes only when quantities. Measuring real GDP in terms of prices from a base year. From the income side of the national income accounts. It is a measure of the of goods and aggregate or overall price level.. Because the same goods and services appear at the top and bottom.
Column 2 shows the value of real GDP as measured in prices for each of these years. The ratio of nomi- level relative to a nal GDP to real GDP is a measure of the value of current production in current prices chosen base year e.
The table shows. In prior years. We explain the two procedures in turn. Real GDP. Nominal GDP changes whenever the quantity of goods produced changes or when the market price of those goods changes. In both periods. This means that GDP at current prices in nominal GDP was 11 percent higher than the same goods and services valued at prices. If in calculating real GDP we use the higher prices to weight the computer component.
One prob- lem is that every time the base year changes. As measured by this index. From Table In the base year. Two examples of explicit price indices are considered in the next section. We do not explicitly measure the average movement in prices. We can also use the implicit GDP deflator to measure price changes between two years. A second. In effect. Instead of using prices in a base year as weights.
To address these problems. The aggregate price level.
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The PPI. Con- versely. The acceleration of inflation in the —75 and —80 periods is evident in each series. Many gov- goods and services ernment pensions. Survey of Current Business. Because items sold at the measures the wholesale level include many raw materials and semifinished goods.
In terms of broad movement in the infla- tion rate. Two other price indices are widely reported. There are. Figure shows the annual inflation rates for the years — as measured by the three price indices we have discussed.
The CPI is the price index most relevant to consumers because it of several thousand measures the prices of goods and services directly downloadd by them. But in recent years. Over these periods. What are sustainable high levels of resource allocation? In later years. It is in the longer run that growth of productive potential output. We have already discussed the measurement of actual real output being used at benchmark high GDP. Such short-run movements in output consist of be reached if changes in the utilization rates of labor and capital.
The Congressional Budget Office. Over the past decade the PPI has been especially volatile relative to the other measures of inflation. As we go along we simply want to distinguish the cyclical movements in output that our models attempt to explain and the ongoing growth in potential output that results from increases in the factors of production and from technological change.
Government agencies. The quantity of money is a key variable in all the models we consider later. August April 39 8 The peak measures the end of an expansion. In the United States. Business Cycles expansions.
Some other variables e. On December November 11 average. The economic expansion that began July March 92 8 March November 8 in March and ended in March was the December June 73 18 longest of the post—World War II period months. For now. Judgments must be made. In addition to further discussion money of the empirical definition of money.
None of the postwar recessions came near the month con. The exception is money. Control of the monetary policy quantity of money. January July 58 6 traction period that began the Great Depression July November 12 16 of the s. The definition of money turns out to be of control of the somewhat more complicated than it seems at first glance and is best put off until later. Explain which transactions in the economy are included in GDP.
Three price indices were considered in this chapter: Explain the concept of potential output. Using the data in Table Define the term gross domestic product.
Define the terms personal income and personal disposable income. What are the two types of intermediary goods that are counted in the GDP calculation?
Explain why these two goods are integrated in the GDP calculation. Why is potential output difficult to measure? Explain the differences among these different measures of the price level.
What problems with the previous measure of real GDP led to the introduction of this new measure? Of what use are these measures? Explain some of the major limitations of the GDP concept. Explain the concept of chain-weighted real GDP.
Using the GDP deflator as a price index. We start with the classical model and then turn to the Keynesian model that developed as an attack on the classical system—the so-called Keynesian revolution. Aggregate Supply and Demand T he chapters in this part begin our analysis of macroeconomic models.
A prerequisite for this analysis is a knowledge of the classical system that Keynes attacked. The book containing this theory was The General Theory of Employment. Absent full employment.
The ideas that formed the Keynesian revolution.
The classical model also provides the starting point for challenges that have been mounted against the Keynesian theory by monetarists..
One theory and set of policy conclusions swept the field and became a new orthodoxy in macr- oeconomic thought. Pigou The Theory of Unem- ployment.. Classical theory also plays a positive role in the later development of macroeconomics. The forces that determine income. Keynes used the term classical to refer to virtually all economists who had written on macroeconomic questions before Output and Employment 3.
The world Depression that began in added urgency to the study of macroeconomic questions. But revolution against what? What was the old orthodoxy? Interest and Money. Equilibrium for a variable refers to a state in which all the forces acting on that variable are in balance. It was an important tenet of clas- sical economists that only full-employment points could be positions of even short-run equilibrium.
David Ricardo Principles of Political Economy. Although many early Keynesian writers viewed the classical theory as ready for the scrap heap of out- moded ideas. Keynes believed that the macroeconomic theory of the two periods was homogeneous enough to be dealt with as a whole. More conventional terminology distin- guishes between two periods in the development of economic theory before The first. To classical economists.
Classical equilibrium In contrast to the mercantilists. Adherence to bullionism led countries to attempt to secure an excess of exports over imports to earn gold and silver through foreign trade. Both of these aspects of classi- cal economics—the stress on real factors and the belief in the efficacy of the free-market mechanism—developed in the course of controversies over long-run questions concerning the determinants of economic development.
Foreign trade was carefully regulated. State action was believed to be necessary to cause the developing capitalist system to further the interests of the state.
The use of state action was also advocated on a broader front to develop home industry. Classical analysis was pri- marily real analysis. The classical attack on the mercantilist view of the need for state action to regu- late the capitalist system also had implications for short-run macroeconomic analy- sis. Mercantilist thought was associated with the rise of the nation- state in Europe during the sixteenth and seventeenth centuries. These classical positions on long-run issues were.
Two tenets of mercan- tilism were 1 bullionism. Classical economists mistrusted government and stressed the harmony of individual and national interests when the market was left unfettered by government regulations. Most questions in eco- nomics could be answered without analyzing the role of money.
Output and Employment 51 economics examined the factors that determined the level of full-employment output along with the associated levels of other important aggregates. Money was important only for the sake of the goods it could download.
Another role money had played in the mercantilist view was as a spur to economic activity. One role for state action in the mercantilist view was to ensure that markets existed for all goods produced. Money played a role only in facilitating transactions as a means of exchange.
The attack on bullionism led classical economists to stress that money had no intrinsic value. For classical economists to ascribe this role to money in determining real varia- bles. Methods used to secure this favorable balance of trade included export subsidies. Classical economists focused on the role of money as a means of exchange. In the short run. For each level of inputs. Money had a role in the economy only as a sectors of the means of exchange.
The state of technology and the population are also assumed to be constant over the period considered. For this short-run period. The summarizes the production function. University of Toronto Press. Government policies to ensure an adequate demand for output were considered the government.
The numbers in Table illustrate the fundamental relationship between a change in labor input and the resulting change in output. Classical economics stressed the self-adjusting tendencies of the economy. The values from Table are plotted in Figures a and b. As drawn. The classical response is stated by John Stuart Mill: In opposition to these palpable absurdities it was triumphantly established by political economists that consumption never needs encouragement.
Classical economics stressed the role of real as opposed to monetary factors in each of the downloading determining output and employment. K is the stock of capital plant and equipment. In each case. In Figure a. The MPN of worker 5 is 1 unit.
On line B. This is the area of diminishing returns to scale. On line G. The increase in output when worker 3 was hired is less than the MPN of worker 2. In this area on the production function. On line C. Fixed Capital Stock. At this point.
On line E. The MPN of worker 3 is 8 units. The MPN of worker 4 is 5 units. This is the area of negative returns. This portion of the production function exhibits diminishing returns to scale. This is the area of constant returns to scale.
For very low levels of labor utilization. The MPN of worker 1 is Firms would not hire in the area of negative returns to scale. On line F. The slope of the line gives the increase in output for a given increment in labor input. On line D. This is the MPN. Output increases at a diminishing rate due to the law of diminishing returns. For the most part. At low levels of labor input.
This law states that as variable inputs in this case. Negative returns to scale occur when additional labor input results in decreased.
Solutions Manual Macroeconomics Theories and Policies 10th Edition Froyen
Firms would not operate on this portion of the production function labor MPN because hiring additional labor results in a decrease in total output. This is total output due to the marginal product of labor MPN. In the classical model. Classical economists assumed that the quantity of labor employed would be determined by the forces of demand and supply in the labor market.
There are no barriers to the adjustment of money wages. The perfectly competitive firm will increase output until the marginal cost of producing a unit of output is equal to the marginal revenue received from its sale.
To see how the aggregate demand for labor is determined. This area represents diminishing returns to scale. MPNi for each firm is derived from the production function for each firm. The capital stock.
Firms and individual workers optimize. We defined the units of output produced by the incremental unit of labor employed as the MPN. The marginal product of the additional worker is below the horizontal axis in the area of negative returns to scale.
Ni for each firm. Marginal labor cost equals the money wage divided by the number of units of output produced by the additional unit of labor. The short-run production function plotted in Figure a is a technological rela- tionship that determines the level of output given the level of labor input employ- ment. They have perfect information about relevant prices. The question of whether firms are in fact perfect competitors does.
The analysis could be reformulated for the firm facing a downward-sloping demand curve without substantially changing the conclusions that we reach in this chapter. Output and Employment 55 In the range of constant returns to scale. As more workers are hired. By assumption. For the perfectly competitive firm. In order to get the firm to hire more labor. At a real wage such as 8. The firm will reduce labor to increase profit. The demand for labor schedule for the firm.
The payment to the worker in real terms is less than the real product produced. This is shown at point D on the graph of the demand for labor. The labor demand curve is downward-sloping due to the law of diminishing returns. Profits will be increased by hiring additional units of labor. At a quantity of labor below 3. The payment to labor exceeds the real product of the mar- ginal worker. The condition for profit maximization in equation 3. If the real wage is 8.
For each real wage. Each vertical intercept is the real wage multiplied by 24 hours in the day. The higher the real wage. The labor demand curve is downward sloping due to the law of diminishing returns.
The slope of the budget line is the real wage. Real income is measured on the vertical axis and is equal to the real wage. The straight-line rays originating at the point of 24 hours on the horizontal axis give the budget lines facing the individual. Starting from 24 hours no work. In addition.
The level of utility depends positively on both real income. The maximum. On the horizontal axis. Clas- sical economists assumed that the individual attempts to maximize utility or satisfaction. The number of hours worked are. The horizontal intercept. In Figure Most of the post developments in macroeconomics have been the results of dissatisfaction with the Keynesian idea and the coverage prescriptions that follow from it. In order for college students to know the evolution of macroeconomics, the author presents the historical past of Keynesian thought by offering an up-to-date summary of the Keynesian place, together with research that has come to be called the new Keynesian economics and offering a detailed analysis of challenges to the Keynesian position.
Several new additions have been added which embody matters on monetary coverage and economic growth. Larger emphasis has been placed on interest rates and on inflation focusing on strategies, with much less of an emphasis on money.
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The chapter on lengthy-run growth has additionally been moved out of Part II and positioned with the chapter on intermediate growth. Both the neo-classical growth model and up to date models of endogenous growth are mentioned as well.
Chapters in Part 5 on Economic Policy have been extended to consider coverage responses to the financial crisis and recession. All through the book main policy initiatives are described and evaluated.
Chapters sixteen and 17 have been revised to incorporate more elements on banks and different parts of the financial sector. The freezing up of credit score markets during the financial disaster is defined within the context of deposit and credit creation.In Hungary between August and July is general agreement: The discussion of fiscal policy in chapter 18 now includes material on the United States public debt.
The students will sign an attendance roster each day. This can be seen by looking at As we will see in later chapters. For concreteness. The vertical aggregate supply curve illustrates the supply-determined nature of output in the classical model. Image Library for Macroeconomics: Survey of Current Business. This was the link in the classical system between money and prices.
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