Macroeconomics: A Modern Approach by Robert J. Barro

By Robert J. Barro

Providing a uniquely glossy presentation of macroeconomics, this brand-new textual content makes it effortless for teachers to stress a superb microfoundations, real-business cycle process. within the all-new MACROECONOMICS: a latest method, top economist and confirmed writer Robert J. Barro his notable command of progress, equilibrium, and company cycles with a spotlight on microfoundations to create a groundbreaking new macroeconomics textbook steeped in real-world software. Accessibly written and intensely scholar pleasant, the booklet is jam-packed with present coverage and knowledge examples, reflecting the author's wide study within the box. The booklet additionally comprises alluring boxed good points, tough routines, and cutting edge on-line assets like CengageNOW, which allows scholars to create customized studying paths and equips teachers with instruments to simply assign, grade, and list homework and quizzes. overlaying development idea extra thoroughly than the other textual content, MACROECONOMICS supplies a unified version of macroeconomics that serves good for economics majors and nonmajors alike.

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0% per year over the 21 years since mid 1983. 0% per year. 4% per year. 6% per year—probably reflects an upward bias created by the fixed weights in the CPI market basket. The PPI is computed in a manner conceptually similar to that for the CPI. However, the PPI does not cover services and primarily includes goods that are raw materials and semi-finished products. Each month the PPI survey collects about 100,000 prices from about 30,000 businesses. One shortcoming of the PPI is that it is too narrow a concept to reflect the general level of prices in an economy.

The flour is used up in the production of bread—that is, the $600 in bread sales already implicitly takes into account of the $350 cost of the intermediate good, flour. If we added the $350 in sales of flour to the $600 in sales of bread, we would double-count the contribution of the intermediate good, flour. To put it another way, the value added by the bakery is only $250—sales of $600 less payments for flour of $350. The value added by the mill is the full $350, because we assumed that the mill uses no intermediate goods.

The usual name for these price indexes is the implicit GDP deflator (on a 2005 base). That is, these values are the ones implicitly used to convert from nominal GDP to real GDP (on a 2005 base). 7 Although real GDP reveals a lot about an economy’s overall performance, it is not a perfect measure of welfare. Some of the shortcomings of real GDP from a welfare standpoint are the following: • The aggregate real GDP does not consider changes in the distribution of income. • The calculated real GDP excludes most non-market goods.

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