Solution Manual Macroeconomics 8e Mankiw
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Solution Manual for Macroeconomics 8th Edition by Mankiw
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Solution Manual Macroeconomics 8th Edition by Mankiw
Table of Contents
Contents
Prelude: Celebrating the 10th Edition
Preface
Media and Resources
Part I Introduction
Chapter 1 The Science of Macroeconomics
What Macroeconomist Study
Case Study The Historical Performance of the U.S. Economy
How Economist Think
Theory as Model Building
FYI Using Functions to Express Relationships Among Variables
The Use of Multiple Models
Prices: Flexible Versus Sticky
Microeconomic Thinking and Macroeconomic Models
FYI The Early Lives of Macroeconomists
How this Book Proceeds
Chapter 2
The Data of Macroeconomics
2-1 Measuring the Value of Economic Activity: Gross Domestic Product
Income, Expenditure, and the Circular Flow
FYI Stocks and Flows
Rules for Computing GDP
Real GDP Versus Nominal GDP
The GDP Deflator
Chain-Weighted Measures of Real GDP
FYI Two Helpful Hints for Working with Percentage Changes
The Components of Expenditure
FYI What is Investment?
Case Study GDP and Its Components
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 and PCE Deflators
Does the CPI Overstate Inflation?
2-3 Measuring Joblessness: The Unemployment Rate
The Household Survey
Case Study Men, Women, and Labor-Force Participation
The Establishment Survey
2-4 Conclusion: From Economic Statistics to Economic Models
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
Case Study The Black Death and Factor Prices
The Cobb–Douglas Production Function
Case Study Labor Productivity as the Key Determinant of Real Wages
FYI The Growing Gap Between Rich and Poor
3-3 What Determines the Demand for Goods and Services?
Consumption
Investment
FYI The Many Different Interest Rates
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
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
Case Study Money in a POW Camp
The Development of Fiat Money
Case Study Money and Social Conventions on the Island of Yap
FYI Bitcoin: The Strange Case of Digital Money
How the Quantity of Money Is Controlled
How the Quantity of Money Is Measured
FYI How Do Credit Cards and Debit Cards Fit into the Monetary System?
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
Case Study Quantitative Easing and the Exploding Monetary Base
Problems in Monetary Control
Case Study Bank Failures and the Money Supply in the 1930s
4-4 Conclusion
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
Case Study Inflation and Money Growth
5-2 Seigniorage: The Revenue from Printing Money
Case Study Paying for the American Revolution
5-3 Inflation and Interest Rates
Two Interest Rates: Real and Nominal
The Fisher Effect
Case Study Inflation and Nominal Interest Rates
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
Case Study What Economists and the Public Say About Inflation
The Costs of Expected Inflation
The Costs of Unexpected Inflation
Case Study The Free Silver Movement, the Election of 1896, and The Wizard of Oz
One Benefit of Inflation
5-6 Hyperinflation
The Costs of Hyperinflation
The Causes of Hyperinflation
Case Study Hyperinflation in Interwar Germany
Case Study Hyperinflation in Zimbabwe
5-7 Conclusion: The Classical Dichotomy
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
Why Assume a Small Open Economy?
The Model
How Policies Influence the Trade Balance
Evaluating Economic Policy
Case Study The U.S. Trade Deficit
Case Study Why Doesn’t Capital Flow to Poor Countries?
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
Case Study Inflation and Nominal Exchange Rates
The Special Case of Purchasing-Power Parity
Case Study The Big Mac Around the World
6-4 Conclusion: The United States as a Large Open Economy
Appendix: The Large Open Economy
Chapter 7 Unemployment and the Labor 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
Case Study Unemployment Insurance and the Rate of Job Finding
7-3 Real-Wage Rigidity and Structural Unemployment
Minimum-Wage Laws
Unions and Collective Bargaining
Efficiency Wages
Case Study Henry Ford’s $5 Workday
7-4 Labor-Market Experience: The United States
The Duration of Unemployment
Case Study The Increase in U.S. Long-Term Unemployment and the Debate Over Unemployment Insurance
Variation in the Unemployment Rate Across Demographic Groups
Transitions Into and Out of the Labor Force
Case Study The Decline in Labor-Force Participation: 2007 to 2017
7-5 Labor-Market Experience: Europe
The Rise in European Unemployment
Unemployment Variation Within Europe
The Rise of European Leisure
7-6 Conclusion
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
Case Study The Miracle of Japanese and German Growth
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
Case Study Investment and Population Growth Around the World
Alternative Perspectives on Population Growth
8-4 Conclusion
Chapter 9 Economic Growth II: Technology, Empirics, and Policy
9-1 Technological Progress in the Solow Model
The Efficiency of Labor
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
Case Study Good Management as a Source of Productivity
9-3 Policies to Promote Growth
Evaluating the Rate of Saving
Changing the Rate of Saving
Allocating the Economy’s Investment
Case Study Industrial Policy in Practice
Establishing the Right Institutions
Case Study The Colonial Origins of Modern Institutions
Supporting a Pro-growth Culture
Encouraging Technological Progress
Case