A Concise Guide to Macroeconomics, Second Edition

Contents

Acknowledgements

Introduction

Part I    Understanding the Macro Economy

1    Output

Measuring National Output

Exchange of Output across Countries

What Makes Output Go Up and Down?

Isn't Wealth More Important Than Output?

2    Money

Money and Its Effect on Interest Rates, Exchange Rates, and Inflation

Nominal versus Real

Money and Banking

The Art and Science of Central Banking

3    Expectations

Expectations and Inflation

Expectations and Output

Expectations and Other Macro Variables

Part II    Selected Topics—Background and Mechanics

4    A Short History of Money and Monetary Policy in the United States

Defining the Unit of Account and the Price of Money

The Gold Standard: A Self-Regulating Mechanism?

The Creation of the Federal Reserve ...