Macroeconomics Plus NEW MyLab Economics with Pearson eText — Access Card Package

Description

1. The Long and Short of Macroeconomics

2. Measuring the Macroeconomy

3. The U.S. Financial System

4. The Global Financial System

5. The Standard of Living over Time and Across Countries

6. Long-Run Economic Growth

7. Money and Inflation

8. The Labor Market

9. Business Cycles

10. Explaining Aggregate Demand: The IS—MP Model

11. The IS—MP Model: Adding Inflation and the Open Economy

12. Monetary Policy in the Short Run

13. Fiscal Policy in the Short Run

14. Aggregate Demand, Aggregate Supply, and Monetary Policy

15. Fiscal Policy and the Government Budget in the Long Run

16. Consumption and Investment

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Make the link between theory and real-world easier for students with the most up-to-date Intermediate Macroeconomics text on the market today!

 

Hubbard, O’Brien, and Rafferty realize that most students enrolled in today’s intermediate macroeconomics courses are either undergraduate or masters students who are likely to become entrepreneurs, managers, bankers, stock brokers, accountants, lawyers, or government officials.  Very few students will pursue a Ph.D. in economics.  Given this student profile, Hubbard, O’Brien, and Rafferty’s text presents Intermediate Macroeconomics in the context of contemporary events, policy, and business with an integrated explanation of today’s financial crisis.  Student and instructor feedback tells us that Hubbard, O’Brien, and Rafferty helps make the link between theory and real-world easier for students!

 

Available with the award-winning MyEconLab and grouped by Learning Objectives!

MyEconLab is a powerful assessment and tutorial system that works hand-in-hand with Intermediate Macroeconomics. MyEconLab includes comprehensive homework, quiz, test, and tutorial options, where instructors can manage all assessment needs in one program! 

 

¿ “The book places welcome emphasis on financial markets (both domestic and international).” – Mark Tandall, Stanford University

“Accessible, current, and relevant… students will enjoy the balance between model development and real-world applications. I really enjoyed the integration of the financial crisis, housing crash, oil shock and exchange rates. Wonderful!” – Carlos F. Liard-Muriente, Central Connecticut State University

“It is the best textbook to use in an Intermediate Macro course that emphasizes the ongoing financial crisis and its impact on the real economy. The discussion of the sovereign debt crisis in Europe in the second edition is valuable.” – Ted Burczak, Denison University  Do you want an intermediate macroeconomics text that is brief with a core presentation of material?  Do your students find detailed discussions of disagreements among economists dull and irrelevant to today’s policy issues?

 

Hubbard, O’Brien, and Rafferty’s text Intermediate Macroeconomics, consists of 12 core chapters and 3 “extension” chapters.  Fewer topics covered well is better than many topics covered superficially.  Hubbard, O’Brien, and Rafferty achieve brevity in two ways:  1.  “Dueling schools of thought” approach no longer represents well the actual views of the profession so it is almost entirely ignored.  Plus, students find detailed discussions of disagreements among economists to be dull and irrelevant to today’s policy issues.  2.  All nonessential topics will be found in Part 4, “Extensions,” at the end of the text.  While many of the topics covered in the three chapters in Part 4 are important, they are not essential to the basic macroeconomic story.  Don’t you think it is better to present students with the key ideas in a relatively brief way with minimum distractions and consider additional material during the last few weeks of the course when students have mastered the key ideas!

 

Would you like to shift the emphasis in teaching intermediate macroeconomics and use a more appropriate model for this course?

 

Hubbard, O’Brien, and Rafferty use a modern short-run model (IS-MP) that is appropriate for the intermediate course (Chapters 9-11). The authors believe the IS curve story provides a good account of the sources of fluctuations in real GDP in the short run when prices are fixed.  But because the Fed targets interest rates rather than the money stock, they substitute a monetary policy, MP, curve for the LM curve.  The result is similar to the IS-MP model.  Hubbard, O’Brien, and Rafferty cover the IS-MP model in Chapters 10-11 and a full appendix on the IS-LM model at the end of the chapter for those who wish to cover that model.  The IS-MP model is used to analyze monetary policy and fiscal policy. In the first edition, the IS—MP model was covered in a single rather long chapter. To aid student understanding, this edition features a slower development of the model across two briefer chapters.

 

NEW: In light of feedback, the authors reorganized their discussion of the short-run model as follows:

• Chapter 9, “Business Cycles,” remains largely the same as in the first edition, but the authors added a new section that discusses the basic aggregate demand—aggregate supply (AD—AS) model. They added this section in response to feedback that we had not made sufficiently clear that IS—MP is a model of aggregate demand. With a review of aggregate demand in Chapter 9, students are now better equipped to understand the discussion of the IS—MP model in Chapter 10.
• Chapter 10, “Explaining Aggregate Demand: The IS—MP Model,” is devoted to building the basic model with increased discussion of the determinants of the IS curve.
• Chapter 11, “The IS—MP Model: Adding Inflation and the Open Economy,” as the title indicates, adds the Phillips curve and open-economy analysis to complete the discussion of the short-run model.

Wouldn’t you like to include significant coverage of financial markets in this course?

 

Hubbard, O’Brien, and Rafferty include significant coverage of financial markets beginning with Chapter 3, “The Financial System. ”  To understand the link between nominal short-term rates and real long-term rates, students need to be introduced to the role of expectations and the term structure of interest rates.  The authors provide a careful, but concise discussion of the term structure and follow-up by analyzing why the Fed’s interest rate targeting may sometimes fail to attain its goals.  They also include an overview of commercial banks and an overview of securitization along with a discussion of the increased importance of investment banks.  The events of 2008 have made it clear that an exclusive focus on commercial banks provides too narrow an overview of the financial system. 

 

Do your students know the economic explanation of how we got to where we are today?

 

Early discussion of long-run growth.  Students need to be able to distinguish the macroeconomic forest – long run growth – from the macroeconomic trees – short run fluctuations in real GDP, employment, and the rate of inflation.  Because many macroeconomic principles texts put a heavy emphasis on the short run, many students enter the intermediate macro course thinking that macroeconomics is exclusively concerned with short-run fluctions.  Students also need to first understand both a basic model of long-run growth and the determination of GDP in a flexible-price model before moving on to the discussion of short-run fluctuations and short-run policy. 

 

Do your students understand the broader reach of Fed policy, in particular the increased importance of investment banking and role of securitization in modern financial markets?

 

Hubbard, O’Brien, and Rafferty discuss modern Fed policy and its broadened emphasis beyond interest rate targeting.  The developments of 2007-2009 have demonstrated that the Fed has moved beyond the focus on interest rate targeting that dominated policy since the early 1980s.  To understand the broader reach of Fed policy, students need to be introduced to material, in particular the increased importance of investment banking and role of securitization in modern financial markets, that is largely missing from competing texts.  In addition, recent Fed policy initiatives require extended discussion of issues of moral hazard.  While these discussions are common in money and banking texts, they have been largely ignored in intermediate macro texts.

 

Special Features that Student and Professor Reviewers indicate as the most successful pedagogical features available in any economics text on the market today!

 

Do your students, even at the intermediate level, think economics is too dry and abstract?

 

A Real-World Approach!  At the intermediate level, students will inevitably have to endure a greater amount of model building and algebra than they encountered in their principles course.  Nevertheless, a real world approach can keep students interested.  Each chapter opens with a real world example drawn from either policy issues in the news or the business world to help students enter the chapter with a greater understanding that the material will be of direct relevance.  The example is revisited within the chapter to reinforce the link between macroeconomics and the real world. 

 

Do your students need help with being able to apply macroeconomic concepts to a news article?

 

An Inside Look, a two-page feature located at the close of each chapter, shows students how to apply the concepts from the chapter to the analysis of a news article.  This feature presents an excerpt from an article, an analysis of the article, graph(s), and critical thinking questions. 

 

Do your students struggle to apply the learned material when solving problems? 

 

Solved problems within the chapter.  Including solved problems in the text of the chapter may have been the most popular pedagogical innovation in the Hubbard and O’Brien principles of economics text, now in its third edition, and the money and banking book, now in its first edition.  Students have only fully learned the material when they are capable of applying it when solving problems.  Certainly, instructors expect students to solve problems on examinations.  The Hubbard, O’Brien, and Rafferty solved problems highlight important concepts in each chapter and provide students with step-by-step guidance in solving them.  Each solved problem is reinforced by a related problem at the end of the chapter.  Students can complete related Solved problems on MyEconLab too.  

 

Do your students know how to interpret policy issues they read on the Web and in newspapers?

 

Making the Connection features present real-world reinforcement of key concepts and help students learn how to interpret what they read on the Web and in newspapers. Most Making the Connection features use relevant, stimulating, and provocative news stories, many focused on pressing policy issues.

 

NEW: The second edition includes 10 new Making the Connection features at the end of each chapter. Making the Connections retained from the first edition have been updated with the most recent data. Some topics include:

• “Does the CPI Provide a Good Measure of Inflation for a Family with College Students?” (Chapter 2, “Measuring the Macroeconomy”)
• “Greece Experiences a ‘Bank Jog’” (Chapter 4, “The Global Financial System”)
• “Making a Financial Killing by Buying Brazilian Bonds?” (Chapter 4, “The Global Financial System”)
• “Did the 2007—2009 Recession Break Okun’s Law?” (Chapter 9, “Business Cycles”)
• “Lots of Money but Not Much Inflation Following the Recession of 2007—2009” (Chapter 11, “The IS—MP Model: Adding Inflation and the Open Economy”)

 

Do your students struggle to understand the policy debates they hear about on the news? 

 

Key Issue-And-Question Approach.  Hubbard, O’Brien, and Rafferty present 14 key issues and questions that provide students with a roadmap for the rest of the book and help them to understand that learning macroeconomics will allow them to analyze intelligently the policy debates they hear about on the news.  Hubbard, O’Brien, and Rafferty start each chapter with a key issue and key question and end the chapter by using the concepts introduced in the chapter to answer the question.

 

Would you like to be able to assign problems easier?  Would you like to be able to assign problems based on learning objectives, and help students efficiently review material that they find difficult?

 

End-of-Chapter problems written around the award-winning MyEconLab and grouped by learning objective. Using MyEconLab, students can complete the end-of-chapter problems online, get tutorial help, and receive instant feedback and assistance on those exercises they answer incorrectly.  Instructors can access sample tests, study plan exercises, tutorial resources, and an online Gradebook to keep track of student performance and time spent on the exercises. MyEconLab has been a successful component of the Hubbard and O’Brien principles of economics text and Money and Banking text because it helps students improve their grade and helps instructors manage class time.  The end-of-chapter material is grouped under learning objectives. The goals of this organization are to make it easier for instructors to assign problems based on learning objectives, both in the book and in MyEconLab, and to help students efficiently review material that they find difficult. 

 

NEW: Key innovations in the MyEconLab course for Macroeconomics, second edition, include:

• Added 46 new real-time data exercises that students can complete in MyEconLab. Real-time Data Exercises allow students and instructors to use the absolute latest data from FRED^®, the online macroeconomic data bank from the Federal Reserve Bank of St. Louis. By completing the exercises, students become familiar with key data sources, learn how to locate data, and develop skills to interpret data
• In the eText available in MyEconLab, select figures labeled MyEconLab Real-time Data can, upon student direction, display a popup graph updated with real-time data from FRED^®
• Current News articles and exercises are included in MyEconLab, and new ones are added weekly, to help bring the latest macroeconomic news and policy discussions into the course

• Increased emphasis on the open economy, with a new early international chapter—Chapter 4, “The Global Financial System”—and increased integration of international examples in several chapters
• Streamlined and reorganized presentation of economic growth in two chapters:
• Chapter 5, “The Standard of Living over Time and Across Countries”
• Chapter 6, “Long-Run Economic Growth”
• Reorganized presentation of the IS–MP model, now in two briefer chapters to aid student understanding:
• Chapter 10, “Explaining Aggregate Demand: The IS–MP Model”
• Chapter 11, “The IS–MP Model: Adding Inflation and the Open Economy”

• Added 10 new Making the Connection features at the end of each chapter to provide real-world reinforcement of key concepts
• MyEconLab is a powerful assessment and tutorial system that works hand-in-hand with Macroeconomics. Key innovations in the MyEconLab course for Macroeconomics, second edition, include:
• Added 46 new real-time data exercises that students can complete in MyEconLab. Real-time Data Exercises allow students and instructors to use the absolute latest data from FRED^®, the online macroeconomic data bank from the Federal Reserve Bank of St. Louis. By completing the exercises, students become familiar with key data sources, learn how to locate data, and develop skills to interpret data
• In the eText available in MyEconLab, select figures labeled MyEconLab Real-time Data can, upon student direction, display a popup graph updated with real-time data from FRED^®
• Current News articles and exercises are included in MyEconLab, and new ones are added weekly, to help bring the latest macroeconomic news and policy discussions into the course
• Replaced or updated approximately one-half of the questions and problems at the end of each chapter
• Updated graphs and tables with the latest available data; added 8 new figures; and added 3 new tables

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Glenn Hubbard, Professor, Researcher, and Policymaker

R. Glenn Hubbard is the dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End Funds, KKR Financial Corporation, and MetLife. Professor Hubbard received his Ph.D. in economics from Harvard University in 1983. From 2001 to 2003, he served as chairman of the White House Council of Economic Advisers and chairman of the OECD Economy Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the U.S. Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation and the Corporate Boards Study Group. Professor Hubbard is the author of more than 100 articles in leading journals, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; Quarterly Journal of Economics; RAND Journal of Economics; and Review of Economics and Statistics.

 

Tony O’Brien, Award-Winning Professor and Researcher

Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received a Ph.D. from the University of California, Berkeley, in 1987. He has taught principles of economics, money and banking, and intermediate macroeconomics for more than 20 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and at Carnegie Mellon University. Professor O’Brien’s research has dealt with such issues as the evolution of the U.S. automobile industry, sources of U.S. economic competitiveness, the development of U.S. trade policy, the causes of the Great Depression, and the causes of black—white income differences. His research has been published in leading journals, including American Economic Review; Quarterly Journal of Economics; Journal of Money, Credit, and Banking; Industrial Relations; Journal of Economic History; Explorations in Economic History; and Journal of Policy History.

 

Matthew Rafferty, Professor and Researcher

Matthew Christopher Rafferty is a professor of economics and department chairperson at Quinnipiac University. He has also been a visiting professor at Union College. He received a Ph.D. from the University of California, Davis, in 1997 and has taught intermediate macroeconomics for 15 years, in both large and small sections. Professor Rafferty’s research has focused on university and firm-financed research and development activities. In particular, he is interested in understanding how corporate governance and equity compensation influence firm research and development. His research has been published in leading journals, including the Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Research Policy, and the Southern Economic Journal. He has worked as a consultant for the Connecticut Petroleum Council on issues before the Connecticut state legislature. He has also written op-ed pieces that have appeared in several newspapers, including the New York Times.

ALERT: Before you purchase, check with your instructor or review your course syllabus to ensure that you select the correct ISBN. Several versions of Pearson’s MyLab & Mastering products exist for each title, including customized versions for individual schools, and registrations are not transferable. In addition, you may need a CourseID, provided by your instructor, to register for and use Pearson’s MyLab & Mastering products.

 

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Make the link between theory and real-world easier with the most up-to-date Intermediate Macroeconomics text on the market today!

 

Hubbard, O’Brien, and Rafferty realize that most students enrolled in today’s intermediate macroeconomics courses are either undergraduate or masters students who are likely to become entrepreneurs, managers, bankers, stock brokers, accountants, lawyers, or government officials.  Very few students will pursue a Ph.D. in economics.  Given this student profile, Hubbard, O’Brien, and Rafferty’s text presents Intermediate Macroeconomics in the context of contemporary events, policy, and business with an integrated explanation of today’s financial crisis.  Student and instructor feedback tells us that Hubbard, O’Brien, and Rafferty helps make the link between theory and real-world easier for students!

 

0133407918 / 9780133407914 Macroeconomics Plus NEW MyEconLab with Pearson eText — Access Card Package

Package consists of

0132992795 / 9780132992794 Macroeconomics

0132993333 / 9780132993333 NEW MyEconLab with Pearson etext — Access Card — for Macroeconomics

 

Note: MyEconLab is not a self-paced technology and should only be purchased when required by an instructor.