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Managing in a Global Economy: Demystifying International Macroeconomics

Managing in a Global Economy: Demystifying International Macroeconomics 2nd Edition

By: John E. Marthinsen
ISBN-10: 1305354540
/ ISBN-13: 9781305176157
Edition: 2nd Edition
Language: English
				
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Ch 1: Introduction to International Macroeconomics

    • Introduction
    • Business Uses of Macroeconomic Analyses
    • Macroeconomic Analysis for Economists and Policymakers
    • Three-Sector Model
    • When Reality Differs from Expectations
    • Reading the Economic Tea Leaves
    • Let’s Begin!
    • Conclusion
    • Review Questions
    • Discussion Questions

Part 1: Understanding a Nation’s Economic Conditions

    • Ch 2: Taking an Economic Pulse: Measuring National Output and Income
    • Introduction
    • Gross Domestic Product and Gross National Product
    • Circular Flow Diagram
    • Focus on Macroeconomic Expenditures
    • Macroeconomic Equilibrium I: Desired Quantity Supplied = Desired Quantity Demanded
    • Shortcomings of GDP and GNP as Measures of Economic Health
    • Leakages and Injections Approach to Macroeconomic Equilibrium
    • Another Way to Differentiate GDP and GNP
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Appendix 2-1: Shouldn’t a Nation’s Demand Include Only Exports? Why Do We Net Out Imports?
    • Ch 3: Understanding and Monitoring Labor Market Conditions
    • Introduction
    • Who Uses Unemployment Rate Information?
    • Measuring Employment and Unemployment
    • Four Types of Unemployment
    • Employment Rate or Unemployment Rate: Which Is a More Accurate Measure of Economic Health?
    • Full Employment and the Natural Rate of Unemployment
    • Other Labor Market Measures
    • Global Labor Conditions
    • The Underground Economy and Unemployment
    • Offshoring and Its Effect on GDP, Unemployment, and Income Distribution
    • U.S. Labor Market Issues
    • Conclusion
    • Review Questions
    • Discussion Question
    • Appendix 3-1: A Quick Historic Look at U.S. Unemployment
    • Ch 4: Inflation, Real GDP, and Business Cycles
    • Introduction
    • What Is Inflation?
    • Inflation Measures
    • What Is Price Stability?
    • Real versus Nominal GDP
    • Calculating the GDP Price Index
    • Business Cycles
    • What Causes Business Cycles?
    • Inflation-Related Topics
    • Topics Related to U.S. Business Cycles
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Ch 5: Inflation: Who Wins, and Who Loses?
    • Introduction
    • Inflation Diminishes Purchasing Power
    • Framing the Inflation Issue
    • In Times of Inflation, Is It Better to Be a Debtor or Creditor?
    • Does Inflation Benefit Businesses at the Expense of Workers?
    • Does Inflation Benefit Governments at the Expense of Taxpayers?
    • Does Inflation Hurt Retirees?
    • Does Inflation Hurt the Nation as a Whole?
    • Nominal Interest Rate and Expected Inflation: The Precise Formula
    • How to Discover “The Market’s” Expectation About Future Inflation
    • What Determines Inflationary Expectations?
    • Indexation
    • The Gibson Paradox
    • Inflation and the Cost of Higher Education
    • Conclusion
    • Review Questions
    • Discussion Questions

Part 2: Real Loanable Funds Market

    • Ch 6: Monetary Aggregates: Measuring Money
    • Introduction
    • Commodity Money versus Fiat Money
    • Functions of Money
    • Why Do Nations Measure Their Money Supplies?
    • Why Do Nations Have More Than One Money Supply Measure?
    • U.S. Monetary Aggregates
    • Financial Assets Included in the U.S. M1 and M2 Money Supply Measures
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Ch 7: Financial Intermediation, Markets, and Intermediaries
    • Introduction
    • Financial Intermediaries
    • Financial Markets
    • Overview of a Typical Bank’s Balance Sheet
    • Check Clearing
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Ch 8: The Power of Financial Institutions to Create Money
    • Introduction
    • Creation of Money by a Single Bank
    • Money Creation in the Banking System and the Money Multiplier
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Ch 9: Who Controls the Money Supply and How?
    • Introduction
    • Regulation versus Monetary Policy
    • Rule of Thumb: “Above the Line/Below the Line”
    • Monetary Tools of Central Banks
    • Monetary Tools in Action
    • Lags in Monetary Policy
    • Summary of “The Basics”
    • Central Banking: A Balance Sheet View
    • Monetary Effects of Open Market Operations
    • Monetary Effects of Discount Rate and Discount Loan Changes
    • Margin Requirements: A Selective Monetary Control
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Appendix 9-1: Who Regulates U.S. Banks?
    • Appendix 9-2: Structure of the Federal Reserve System
    • Appendix 9-3: Who Controls the Fed?
    • Appendix 9-4: A Brief History of the Federal Reserve System
    • Appendix 9-5: Central Banks Around the World
    • Appendix 9-6: U.S. Dollar Facts and Figures
    • Ch 10: The Economics of Virtual Currencies
    • Introduction
    • Virtual Currency Systems
    • Are Virtual Currencies “Money”?
    • Taxing and Regulating Virtual Currency Transactions
    • Virtual Money and Common Currencies
    • Bitcoins
    • Comparing Virtual and U.S. Currency Evolution
    • Currency Evolution: Facebook versus Zynga
    • T-Account Approach to Virtual Currency Systems and Their Effect on National Money Supplies
    • Virtual Currencies and Social Media Intelligence
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Ch 11: Interest Rates and Why They Change
    • Introduction
    • Why Do Interest Rates Vary?
    • Real Loanable Funds Market
    • Movements Along the Supply and Demand Curves for Real Loanable Funds
    • Equilibrium Real Risk-Free Interest Rate
    • What Forces Change the Equilibrium Real Risk-Free Rate and Quantity of Real Loanable Funds?
    • Applications: Effects of Economic Shocks on the Real Risk-Free Interest Rate
    • Can Central Banks Set Interest Rates?
    • Understanding the Yield Curve
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Appendix 11-1: Perfectly Mobile and Perfectly Immobile International Capital Markets

Part 3: The Real Goods Sector

    • Ch 12: Price and Output Fluctuations
    • Introduction
    • What Is the Aggregate Supply Curve?
    • Movements Along the Aggregate Supply Curve
    • Shifts of the Aggregate Supply Curve
    • What Is the Aggregate Demand Curve?
    • Movements Along the Aggregate Demand Curve
    • Shifts of the Aggregate Demand Curve
    • Combining Aggregate Supply and Aggregate Demand
    • Demand-Pull and Cost-Push Inflation
    • The Spending Multiplier
    • Applications of Aggregate Supply and Aggregate Demand Analysis
    • Tying Up Loose Ends
    • Classical Theory, the Forces of Supply and Demand, and Full Employment
    • Why Does a Nation’s Aggregate Demand Slope Downward?
    • Actual Quantity Supplied Always Equals Actual Quantity Demanded
    • The Short-Run Phillips Curve
    • Spiral Inflation
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Ch 13: Fiscal Policy and Automatic Stabilizers: What Managers Need to Know
    • Introduction
    • Fiscal versus Monetary Policy
    • Taxes and Other Sources of Government Revenues
    • Government Spending
    • Budget Deficits
    • The Fiscal Multiplier, Crowding-Out, and Crowding-In
    • Government Surpluses
    • Active versus Passive Deficits and Surpluses
    • Fiscal Policy in Action
    • Lags in Fiscal Policy
    • Monetary Effects of Fiscal Policy
    • When Are Government Debts and Deficits Problems?
    • Crowding-Out: When Is It Complete, Nonexistent, or Partial?
    • Separating Active and Passive Deficits and Surpluses
    • A Closer Look at the Monetary Effects of Fiscal Policy
    • Conclusion
    • Review Questions
    • Discussion Questions

Part 4: Foreign Exchange Market

    • Ch 14: Basics of Foreign Exchange Markets
    • Introduction
    • Exchange Rates
    • The Foreign Exchange Market
    • Participants in the Foreign Exchange Market
    • The Effect of Foreign Exchange Transactions on a Nation’s Monetary Base
    • Checking Accounts Never Leave the Country
    • Spot Foreign Exchange Market
    • Buying and Selling Foreign Exchange: Bid and Ask Rates
    • The Forward Exchange Market
    • Conclusion
    • Review Questions
    • Discussion Question
    • Ch 15: Exchange Rates: Why Do They Change?
    • Introduction
    • Bilateral versus Effective Exchange Rates
    • Nominal versus Real Exchange Rates
    • How Are Exchange Rates Determined?
    • What Causes Exchange Rates to Change?
    • International Exchange Rate Systems
    • International Exchange Rate Systems Around the World
    • Should There Be One Global Currency?
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Appendix 15-1: Can the Supply of Foreign Exchange Slope Downward?
    • Ch 16: Balance of Payments Fundamentals
    • Introduction
    • What Is the Balance of Payments?
    • Balance of Payments in a Nutshell
    • Three Major Parts of the Balance of Payments
    • Reserves Account and Current Account Imbalances
    • Balance of Payments: Sources and Uses of Funds Statement
    • Balance of Payments Measures
    • Mexican Peso Crisis, 1994: A Balance of Payments Case Study
    • Conclusion
    • Review Questions
    • Discussion Questions

Part 5: Short-Term Economic Changes: Putting It All Together

    • Ch 17: Putting It All Together
    • Introduction
    • Does the Three-Sector Model Meet the Test of Common Sense?
    • Integrating Macroeconomic Markets in the Three-Sector Model
    • Credit Market Elasticities and the Effectiveness of Fiscal and Monetary Policies
    • Conclusion
    • Review Questions
    • Ch 18: Economic Shocks to Nations with Flexible Exchange Rates
    • Introduction
    • Effects of Expansionary Fiscal Policy
    • Effects of Expansionary Monetary Policy
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Ch 19: Economic Shocks to Nations with Fixed Exchange Rates
    • Introduction
    • Why Do Nations Choose Fixed Exchange Rates?
    • How Do Nations Fix Their Exchange Rates?
    • Effects of Expansionary Fiscal Policy
    • Effects of Expansionary Monetary Policy
    • Rise and Fall of the Asian Tigers: 1985–1997
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Ch 20: Causes, Cures, and Consequences of the Great Recession
    • Introduction
    • Measures of Economic Devastation
    • Causes of the Great Recession
    • Fixing the Financial and Economic Sectors
    • How Effective were U.S. Monetary and Fiscal Policies?
    • Securitization: From Mortgage Origination to Security Sales
    • Conclusion
    • Review Questions
    • Discussion Questions

Part 6: Long-Term Economic Changes

    • Ch 21: Causes of Long-Term Growth and Inflation
    • Introduction
    • Scenario Planning
    • Measuring Growth and Development
    • What Role Should Governments Play in Economic Development?
    • The Role of Natural Resources in Economic Growth
    • Equation of Exchange
    • Monetarism and the Quantity Theory of Money
    • Long-Run Phillips Curve and the Natural-Rate Hypothesis
    • Money “Rules”
    • How Stable Is the Velocity of Money?
    • Monetarism: An Intuitive Reality Check
    • Conclusion
    • Review Questions
    • Discussion Questions
    • Ch 22: Long-Term Exchange Rate Movements and Comparative Advantage
    • Introduction
    • Long-Term Changes in Exchange Rates
    • Linking PPP to the Quantity Theory of Money
    • Comparative Advantage
    • How Well Does PPP Predict Exchange Rates?
    • A Country Is Not a Company
    • Conclusion
    • Review Questions
    • Discussion Questions

Index

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