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Principles of Macroeconomics
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Table of Contents

PART 1: Issues in Macroeconomics
Chapter 1. Measuring Macroeconomic Performance: Output and Prices
Chapter 2. Measuring Macroeconomic Performance: Saving and Wealth
Chapter 3. Measuring Macroeconomic Performance: Wages, Employment and the Labour Market

PART 2: Short-Run Macroeconomics: The Analysis of the Business Cycle
Chapter 4. Short-Term Economic Fluctuations
Chapter 5. Spending and Output in the Short Run
Chapter 6. Fiscal Policy
Chapter 7. Money, Prices and the Reserve Bank
Chapter 8. The Reserve Bank and the Economy
Chapter 9. The Aggregate Demand - Aggregate Supply Model
Chapter 10. Macroeconomic Policy

PART 3: Long-run Macroeconomics: The Analysis of Economic Growth
Chapter 11. The Economy in the Long Run: An Introduction to Economic Growth
Chapter 12. The Production Function Approach to Understanding Growth
Chapter 13. Savings, Capital Formation and Comparative Economic Growth

PART 4: Open Economy Macroeconomics
Chapter 14. International Trade
Chapter 15. Exchange Rates and the Open Economy
Chapter 16. The Balance of Payments: Net Exports and International Capital Flows

PART 5: Concluding Thoughts
Chapter 17. Macroeconomics: What Have we Learnt?

About the Author

Professor Bernanke received his B.A. in Economics from Harvard University in 1975 and his Ph.D. in economics from MIT in 1979. He taught at the Stanford Graduate School of Business from 1979 to 1985 and moved to Princeton University in 1985, where he was named the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, where he served as Chairman of the Economics Department. He is a fellow of the American Academy of Arts and Sciences and the Econometrics Society. He was named a member of the Board of Governors of the Federal Reserve in 2002 and became the chairman of the President's council of Economic Advisers in 2005. In 2006 Ben Bernanke was selected to be the Chairman of the Federal Reserve Board. Professor Bernanke's intermediate textbook, with Andrew Abel, Macroeconomics, Fifth Edition (Addison-Wesley, 2004) is a best seller in its field. He has authored more than 50 scholarly publications in macroeconomics, macroeconomic history, and finance. He has done significant research on the causes of the Great Depression, the role of financial markets and institutions in the business cycle, and measuring the effects of monetary policy on the economy. His two most recent books, both published by Princeton University Press, include Inflation Targeting: Lessons from the International Experience (with coauthors) and Essays on the Great Depression. He has served as editor of the American Economic Review and was the founding editor of the International Journal of Central Banking. Professor Bernanke has taught principles of economics at both Stanford and Princeton. Associate Professor Olekalns received his B.Ec. with Honours in economics from the University of Adelaide in 1982 and completed an M.Ec. at the Australian National University in 1984. He was awarded his Ph.D. in economics in 1993 from LaTrobe University. He began teaching in the Department of Economics at the University of Melbourne in 1994 where, for the last six years, he has lectured to first year students in Macroeconomics. He has been a visiting scholar at the International Monetary Fund, a guest lecturer at the Monetary Authority of Singapore and an invited lecturer for the Australian and New Zealand School of Government. Associate Professor Olekalns has published on a variety of macroeconomic topics including fiscal and monetary policies, exchange rates, output and inflation volatility, and interest rates. He has also written articles on applied microeconomics including an analysis of the impact of anti-smoking policies in Australia that was awarded the Economic Society of Australia's prize for the best paper published in the Economic Record in 2000. His papers have appeared in The Journal of Political Economy, The Review of Economics and Statistics, The Journal of Macroeconomics, The Journal of International Money and Finance, the Southern Economic Journal, The Economic Record, as well as many other international journals. He has also received numerous awards for his teaching including the inaugural Edward Wood Prize for Teaching Excellence. He is also currently the Director of the Centre for Macroeconomics at the University of Melbourne. Robert H. Frank received his M.A. in statistics from the University of California at Berkeley in 1971, and his Ph.D. in economics in 1972, also from U.C. Berkeley. He is the Goldwin Smith Professor of Economics at Cornell University, where he has taught since 1972 and where he currently holds a joint appointment in the department of economics and the Johnson Graduate School of Management. He has published on a variety of subjects, including price and wage discrimination, public utility pricing, the measurement of unemployment spell lengths, and the distributional consequences of direct foreign investment. For the past several years, his research has focused on rivalry and cooperation in economic and social behaviour.

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