Macroeconomics (6th Edition) by Olivier Blanchard, David R. Johnson
By Olivier Blanchard, David R. Johnson
Blanchard provides a unified and worldwide view of macroeconomics, permitting scholars to determine the connections among the short-run, medium-run, and long-run.
From the foremost monetary quandary to the finances deficits of the us, the certain bins during this textual content were up to date to show the lifetime of macroeconomics this day and make stronger the teachings from the versions, making them extra concrete and more uncomplicated to know.
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Extra info for Macroeconomics (6th Edition)
Thus, this was not Second, and more importantly, China has been growing rapidly for more than a major issue when comparthree decades. This is shown in Table 1-4, which gives output growth, unemployment, ing standards of living in the United States and the euro and inflation for the periods 1980–1999, 2000–2007, and each of the years 2008 to 2012. area earlier. The numbers for 2011 and 2012 are forecasts as of the fall of 2011. Look at the first two columns of Table 1-4. The most impressive numbers are those for output growth.
Year Quantity of Cars Price of Cars Nominal GDP Real GDP (in 2005 dollars) 2004 10 $20,000 $200,000 $240,000 2005 12 $24,000 $288,000 $288,000 2006 13 $26,000 $338,000 $312,000 To construct real GDP, we need to multiply the number of cars in each year by a common price. Suppose we use the price of a car in 2005 as the common price. This approach gives us in effect real GDP in 2005 dollars. Using this approach, real GDP in 2004 (in 2005 dollars) equals 10 cars * $24,000 per car = $240,000. Real GDP in 2005 (in 2005 dollars) equals 12 cars * $24,000 per car = $288,000, the same as nominal GDP in 2005.
Economy Numbers for Other Countries ■ A convenient database, with numbers often going back to The Organization for Economic Cooperation and Development, OECD for short, located in Paris, France (www. the 1960s, for both the United States and other countries, is the Federal Reserve Economic Database (called FRED), maintained by the Federal Reserve Bank of Saint Louis. Access is free, and much of the data used in this book comes from that database. org), is an organization that includes most of the rich countries in the world (Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Israel, Italy, Japan, Korea, Chapter 1 A Tour of the World 17 Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States).