Macroeconomics: Policy and Practice by Frederic S. Mishkin

By Frederic S. Mishkin

For classes in Intermediate Macroeconomics

Help scholars comprehend macroeconomics in thought in addition to practice

Macroeconomics: coverage and Practice, moment variation attracts at the wealthy tapestry of modern monetary occasions to aid scholars comprehend the coverage concerns debated by way of the media and the general public at huge in the course of those attempting occasions. construction on his services in macroeconomic coverage making on the Federal Reserve, writer Frederic S. Mishkin presents precise, step by step motives of all types and highlights the thoughts utilized by coverage makers in perform. the second one version contains a wealth of latest and up-to-date content material, in addition to new instruments and assets in MyEconLab that convey direction fabric to life.

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Macroeconomics: Policy and Practice

For classes in Intermediate Macroeconomics aid scholars comprehend macroeconomics in thought in addition to perform Macroeconomics: coverage and perform, moment variation attracts at the wealthy tapestry of modern monetary occasions to assist scholars comprehend the coverage matters debated through the media and the general public at huge in the course of those making an attempt instances.

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624 624 625 626 626 627 The Future of Business Cycle Theory . . . . . . . . 628 Summary . . . . . . . . . . . . . . . . . . . . 629 Key Terms . . . . . . . . . . . . . . . . . . . com/mishkin Preview Dynamics of Financial Crises in Emerging Market Economies Stage One: Initiation of Financial Crisis Stage Two: Currency Crisis Stage Three: Full-Fledged Financial Crisis APPLICATION: Crisis in South Korea, 1997–1998 Financial Liberalization/Globalization Mismanagement Perversion of the Financial Liberalization/Globalization Process: Chaebols and the South Korean Crisis Stock Market Decline and Failure of Firms Increase Uncertainty Aggregate Selection and Moral Hazard Problems Worsen, and Aggregate Demand Falls Currency Crisis Ensues Final Stage: Currency Crisis Triggers Full-Fledged Financial Crisis Recovery Commences APPLICATION: The Argentine Financial Crisis, 2001–2002 Severe Fiscal Imbalances Adverse Selection and Moral Hazard Problems Worsen Bank Panic Begins Currency Crisis Ensues Currency Crisis Triggers Full-Fledged Financial Crisis Recovery Begins When an Advanced Economy Is Like an Emerging Market Economy: The Icelandic Financial Crisis of 2008 POLICY AND PRACTICE: Preventing Emerging Market Financial Crises Beef Up Prudential Regulation and Supervision of Banks Encourage Disclosure and Market-Based Discipline Limit Currency Mismatch Sequence Financial Liberalization Summary Key Terms Review Questions and Problems Glossary G-1 Index I-1 This page intentionally left blank Preface There has never been a more exciting time to teach macroeconomics.

624 Where Macroeconomists Disagree . . . . . . . . . 624 Flexibility of Wages and Prices . . . . . . . How Much Time It Takes to Get to the Long Run . Sources of Business Cycle Fluctuations . . . . Effectiveness of Stabilization Policy . . . . . Cost of Reducing Inflation . . . . . . . . The Dangers of Budget Deficits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The central modeling element in Macroeconomics: Policy and Practice, Second Edition, is a powerful, dynamic aggregate demand and supply (AD/AS) model that highlights the interaction of inflation and economic activity. In this model, inflation (as opposed to the price level) is plotted on the vertical axis. Given the vital importance of this model, I build it step-by-step across Chapters 9–13:  • Chapter 9 develops the first building block of the aggregate demand and supply model, the IS curve.

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