Solution Manual Macroeconomics 6th Canadian Edition by N. Gregory Mankiw
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Solution Manual Macroeconomics 6th Canadian Edition by N. Gregory Mankiw
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Solution Manual Macroeconomics 6th Canadian Edition by N. Gregory Mankiw
N. Gregory Mankiw; William M. Scarth
This special edition of Greg Mankiw’s intermediate macroeconomics text takes the same approach that made the parent text a bestseller, with coverage shaped to address fiscal policy, monetary and exchange-rate policy, deficit reduction, and other critical economic issues from the uniquely Canadian perspective.
ISBN-10: 1319115594
ISBN-13: 9781319115593
Table of contents
Preface
Part I Introduction
Chapter 1 The Science of Macroeconomics
1-1 What Macroeconomists Study
1-2 How Economists Think
Theory as Model Building
The Use of Multiple Models
Prices: Flexible Versus Sticky
Microeconomic Thinking and Macroeconomic Models
1-3 How This Book Proceeds
Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Answers to Quick Quiz
Chapter 2 The Data of Macroeconomics
2-1 Measuring the Value of Economic Activity: Gross Domestic Product
Income, Expenditure, and the Circular Flow
Rules for Computing GDP
Real GDP Versus Nominal GDP
The GDP Deflator
Chain-Weighted Measures of Real GDP
The Components of Expenditure
Other Measures of Income
Seasonal Adjustment
2-2 Measuring the Cost of Living: The Consumer Price Index
The Price of a Basket of Goods
How the CPI Compares to the GDP Deflator
Difficulties in Measuring Inflation
2-3 Measuring Joblessness: The Unemployment Rate
The Labour Force Survey
Survey of Employment, Payrolls, and Hours
2-4 Conclusion: From Economic Statistics to Economic Models
Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Answers to Quick Quiz
Part II Classical Theory: The Economy in the Long Run
Chapter 3 National Income: Where It Comes From and Where It Goes
3-1 What Determines the Total Production of Goods and Services?
The Factors of Production
The Production Function
The Supply of Goods and Services
3-2 How Is National Income Distributed to the Factors of Production?
Factor Prices
The Decisions Facing a Competitive Firm
The Firm’s Demand for Factors
The Division of National Income
The Cobb–Douglas Production Function
3-3 What Determines the Demand for Goods and Services?
Consumption
Investment
Government Purchases
3-4 What Brings the Supply and Demand for Goods and Services into Equilibrium?
Equilibrium in the Market for Goods and Services: The Supply and Demand for the Economy’s Output
Equilibrium in the Financial Markets: The Supply and Demand for Loanable Funds
Changes in Saving: The Effects of Fiscal Policy
Changes in Investment Demand
3-5 Conclusion
Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Answers to Quick Quiz
Chapter 4 The Monetary System: What It Is and How It Works
4-1 What Is Money?
The Functions of Money
The Types of Money
The Development of Fiat Money
How the Quantity of Money Is Controlled
How the Quantity of Money Is Measured
4-2 The Role of Banks in the Monetary System
100-Percent-Reserve Banking
Fractional-Reserve Banking
Bank Capital, Leverage, and Capital Requirements
4-3 How Central Banks Influence the Money Supply
A Model of the Money Supply
The Instruments of Monetary Policy
4-4 Conclusion
Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Answers to Quick Quiz
Chapter 5 Inflation: Its Causes, Effects, and Social Costs
5-1 The Quantity Theory of Money
Transactions and the Quantity Equation
From Transactions to Income
The Money Demand Function and the Quantity Equation
The Assumption of Constant Velocity
Money, Prices, and Inflation
5-2 Seigniorage: The Revenue from Printing Money
5-3 Inflation and Interest Rates
Two Interest Rates: Real and Nominal
The Fisher Effect
Two Real Interest Rates: Ex Ante and Ex Post
5-4 The Nominal Interest Rate and the Demand for Money
The Cost of Holding Money
Future Money and Current Prices
5-5 The Social Costs of Inflation
The Layman’s View and the Classical Response
The Costs of Expected Inflation
The Costs of Unexpected Inflation
One Benefit of Inflation
5-6 Hyperinflation
The Costs of Hyperinflation
The Causes of Hyperinflation
5-7 Conclusion: The Classical Dichotomy
Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Answers to Quick Quiz
Chapter 6 The Open Economy
6-1 The International Flows of Capital and Goods
The Role of Net Exports
International Capital Flows and the Trade Balance
International Flows of Goods and Capital: An Example
The Irrelevance of Bilateral Trade Balances
6-2 Saving and Investment in a Small Open Economy
Capital Mobility and the World Interest Rate
The Model
How Policies Influence the Trade Balance
Evaluating Economic Policy
6-3 Exchange Rates
Nominal and Real Exchange Rates
The Real Exchange Rate and the Trade Balance
The Determinants of the Real Exchange Rate
How Policies Influence the Real Exchange Rate
The Effects of Trade Policies
The Determinants of the Nominal Exchange Rate
The Special Case of Purchasing-Power Parity
6-4 Conclusion: The United States as a Large Open Economy
Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Answers to Quick Quiz
Appendix: The Open Economy in the Very Long Run
Foreign Debt
Fiscal Policy
Trickle-Down Economics
Trump’s Tax Changes and Canadian Incomes
Chapter 7 Unemployment and the Labour Market
7-1 Job Loss, Job Finding, and the Natural Rate of Unemployment
7-2 Job Search and Frictional Unemployment
Causes of Frictional Unemployment
Public Policy and Frictional Unemployment
7-3 Real-Wage Rigidity and Structural Unemployment
Minimum-Wage Laws
Unions and Collective Bargaining
Efficiency Wages
7-4 Labour Market Experience: Canada
The Duration of Unemployment
Variation in the Unemployment Rate Across Age Groups and Regions
Trends in Unemployment
Transitions into and out of the Labour Force
7-5 Labour-Market Experience: Europe
The Rise in European Unemployment
Unemployment Variation Within Europe
The Rise of European Leisure
7-6 Conclusion
Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Answers to Quick Quiz
Appendix: Unemployment, Inequality, and Government Policy
More Generous EI
Canada Worker Benefit (CWB)
An Employer Subsidy for Hiring Low-Skilled Individuals
Summing Up
More Problems and Applications
Part III Growth Theory: The Economy in the Very Long Run
Chapter 8 Economic Growth I: Capital Accumulation and Population Growth
8-1 The Accumulation of Capital
The Supply and Demand for Goods
Growth in the Capital Stock and the Steady State
Approaching the Steady State: A Numerical Example
How Saving Affects Growth
8-2 The Golden Rule Level of Capital
Comparing Steady States
Finding the Golden Rule Steady State: A Numerical Example
The Transition to the Golden Rule Steady State
8-3 Population Growth
The Steady State with Population Growth
The Effects of Population Growth
Alternative Perspectives on Population Growth
8-4 Conclusion
Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Answers to Quick Quiz
Chapter 9 Economic Growth II: Technology, Empirics, and Policy
9-1 Technological Progress in the Solow Model
The Efficiency of Labour
The Steady State with Technological Progress
The Effects of Technological Progress
9-2 From Growth Theory to Growth Empirics
Balanced Growth
Convergence
Factor Accumulation versus Production Efficiency
9-3 Policies to Promote Growth
Evaluating the Rate of Saving
Changing the Rate of Saving
Allocating the Economy’s Investment
Establishing the Right Institutions
Supporting a Pro-growth Culture
Encouraging Technological Progress
9-4 Beyond the Solow Model: Endogenous Growth Theory
The Basic Model
A Two-Sector Model
The Microeconomics of Research and Development
The Process of Creative Destruction
Limits to Growth
9-5 Conclusion
Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Answers to Quick Quiz
Appendix: Accounting for the Sources of Economic Growth
Increases in the Factors of Production
Increases in Capi
Answers To End Of Chapters Questions
PDF Answers Questions