Podcast
Questions and Answers
Who used early versions of the manuscript in their classes?
Who used early versions of the manuscript in their classes?
- Ken Beauchemin (correct)
- Scott Baier
- Ping Wang
- Dave Andolfatto
Which individual provided critical input and helped improve the manuscript?
Which individual provided critical input and helped improve the manuscript?
- Marco Cagetti
- Gabriele Camera (correct)
- William Blankenau
- Troy Davig
Who was at the University of Western Ontario among the reviewers mentioned?
Who was at the University of Western Ontario among the reviewers mentioned?
- Irasema Alonso
- David Aschauer
- Alaa AlShawa (correct)
- John Graham
Which reviewer was associated with Simon Fraser University?
Which reviewer was associated with Simon Fraser University?
Who provided help and encouragement at Pearson according to the text?
Who provided help and encouragement at Pearson according to the text?
Who was associated with College of William and Mary among the reviewers mentioned?
Who was associated with College of William and Mary among the reviewers mentioned?
What does the blue line in Figure 1.5 represent?
What does the blue line in Figure 1.5 represent?
In which periods was productivity growth high according to the text?
In which periods was productivity growth high according to the text?
What do the models introduced in Chapter 6 aim to explain?
What do the models introduced in Chapter 6 aim to explain?
Who were the Nobel Prize winners whose work the second model in Chapter 6 is based on?
Who were the Nobel Prize winners whose work the second model in Chapter 6 is based on?
What does the vacancy rate represent?
What does the vacancy rate represent?
What is the purpose of understanding fluctuations in unemployment over time according to the text?
What is the purpose of understanding fluctuations in unemployment over time according to the text?
What does gross domestic product (GDP) measure?
What does gross domestic product (GDP) measure?
How is real GDP per capita different from GDP?
How is real GDP per capita different from GDP?
What was the average income for an American in 1900 in 2009 dollars?
What was the average income for an American in 1900 in 2009 dollars?
What was the average income for an American in 2014 in 2009 dollars?
What was the average income for an American in 2014 in 2009 dollars?
What does sustained growth in per capita real GDP mean in this context?
What does sustained growth in per capita real GDP mean in this context?
What are fluctuations in economic growth referred to as in the text?
What are fluctuations in economic growth referred to as in the text?
What was the approximate total tax revenue as a percentage of GDP in 2015?
What was the approximate total tax revenue as a percentage of GDP in 2015?
In what year did total spending reach about 33% of GDP in the United States?
In what year did total spending reach about 33% of GDP in the United States?
How has the trend in government spending compared to the trend in taxes since 2000?
How has the trend in government spending compared to the trend in taxes since 2000?
What effect does increased government activity have on private economic activity?
What effect does increased government activity have on private economic activity?
What does an increase in the size of government, relative to the aggregate economy, reflect?
What does an increase in the size of government, relative to the aggregate economy, reflect?
What is the main impact of government competing for resources with the rest of the economy?
What is the main impact of government competing for resources with the rest of the economy?
In macroeconomics, why have economists introduced newer, alternative theories of inflation?
In macroeconomics, why have economists introduced newer, alternative theories of inflation?
What is the trend of inflation from the 1970s to the 1980s?
What is the trend of inflation from the 1970s to the 1980s?
How do interest rates impact consumers and firms?
How do interest rates impact consumers and firms?
What is represented by the short-term nominal interest rate in the United States?
What is represented by the short-term nominal interest rate in the United States?
When did the short-term nominal interest rate reach a high of more than 15%?
When did the short-term nominal interest rate reach a high of more than 15%?
What have movements in interest rates been identified as in the text?
What have movements in interest rates been identified as in the text?
During which decade did the United States experience peaks of about 12% and 14% inflation rates?
During which decade did the United States experience peaks of about 12% and 14% inflation rates?
What factor did monetary policymakers attribute to driving the high rate of inflation in the 1970s?
What factor did monetary policymakers attribute to driving the high rate of inflation in the 1970s?
In what year did the inflation rate fall into the negative range according to the text?
In what year did the inflation rate fall into the negative range according to the text?
What problem are monetary policymakers facing currently in the United States and other countries according to the text?
What problem are monetary policymakers facing currently in the United States and other countries according to the text?
What has been the trend of inflation since the Great Recession based on the text?
What has been the trend of inflation since the Great Recession based on the text?
What have central banks failed to do in recent times based on the text?
What have central banks failed to do in recent times based on the text?
What is the estimated real interest rate in neoFisherian theory?
What is the estimated real interest rate in neoFisherian theory?
In the context of inflation control, why might a central bank choose to increase its nominal interest rate target?
In the context of inflation control, why might a central bank choose to increase its nominal interest rate target?
What is the relationship between the real interest rate and actual inflation?
What is the relationship between the real interest rate and actual inflation?
When consumers and firms correctly anticipate inflation, what does the real interest rate represent?
When consumers and firms correctly anticipate inflation, what does the real interest rate represent?
In the short run, what affects the real interest rate according to the text?
In the short run, what affects the real interest rate according to the text?
What can be said about the real interest rate over time based on the text?
What can be said about the real interest rate over time based on the text?
In the long run, what causes inflation according to the text?
In the long run, what causes inflation according to the text?
What is the main determinant of the inflation rate according to the text?
What is the main determinant of the inflation rate according to the text?
What economic relationship is mentioned that appears to be quite unstable empirically?
What economic relationship is mentioned that appears to be quite unstable empirically?
Which of the following factors can cause short-run variation in inflation rate?
Which of the following factors can cause short-run variation in inflation rate?
What is the relationship between the nominal interest rate and inflation when there is a short-run trade-off with output?
What is the relationship between the nominal interest rate and inflation when there is a short-run trade-off with output?
What determines the inflation rate according to economists in relation to the central bank?
What determines the inflation rate according to economists in relation to the central bank?
Why is it useful to take the natural logarithm of economic time series data that exhibit growth?
Why is it useful to take the natural logarithm of economic time series data that exhibit growth?
What fundamental macroeconomic question is raised by the events depicted in Figure 1.1?
What fundamental macroeconomic question is raised by the events depicted in Figure 1.1?
What motivates much of the material in the book mentioned in the text?
What motivates much of the material in the book mentioned in the text?
In what way do dramatic decreases and increases in economic growth during the Great Depression and World War II pose a question?
In what way do dramatic decreases and increases in economic growth during the Great Depression and World War II pose a question?
Should governments act to smooth business cycles according to the text?
Should governments act to smooth business cycles according to the text?
Why do macroeconomists focus on economic growth and business cycles?
Why do macroeconomists focus on economic growth and business cycles?
What is the primary reason for building macroeconomic models with microeconomic principles as a foundation?
What is the primary reason for building macroeconomic models with microeconomic principles as a foundation?
Why is there disagreement among macroeconomists according to the text?
Why is there disagreement among macroeconomists according to the text?
What is the significance of understanding the key features of trend growth and deviations from trend in per capita gross domestic product?
What is the significance of understanding the key features of trend growth and deviations from trend in per capita gross domestic product?
What key role do models play in macroeconomics according to the text?
What key role do models play in macroeconomics according to the text?
What is the main purpose of an economic model, according to the text?
What is the main purpose of an economic model, according to the text?
What is a key similarity between how meteorologists, astronomers, and macroeconomists approach their respective fields?
What is a key similarity between how meteorologists, astronomers, and macroeconomists approach their respective fields?
Why are most experiments unlikely to be performed in macroeconomics, according to the text?
Why are most experiments unlikely to be performed in macroeconomics, according to the text?
How are economic models like an electronic roadmap, based on the text?
How are economic models like an electronic roadmap, based on the text?
What is the main reason why economic models need to be simple, according to the text?
What is the main reason why economic models need to be simple, according to the text?
What does a roadmap lack in terms of depicting the earth's surface?
What does a roadmap lack in terms of depicting the earth's surface?
What is the main purpose of a roadmap?
What is the main purpose of a roadmap?
In a macroeconomic model, what is NOT one of the five features described in mathematical and graphical terms?
In a macroeconomic model, what is NOT one of the five features described in mathematical and graphical terms?
After describing economic actors, goods, and technology in a model economy, what additional feature needs to be specified to make predictions?
After describing economic actors, goods, and technology in a model economy, what additional feature needs to be specified to make predictions?
Why is it necessary to know the goals of consumers and firms in a model economy?
Why is it necessary to know the goals of consumers and firms in a model economy?
Which economic concept is highlighted in the text as a crucial factor affecting private economic decisions regarding borrowing and lending?
Which economic concept is highlighted in the text as a crucial factor affecting private economic decisions regarding borrowing and lending?
What was the trend of inflation from the 1970s to the 1980s as described in the text?
What was the trend of inflation from the 1970s to the 1980s as described in the text?
What is the specific measure of interest rate discussed as having risen in the 1950s, 1960s, and reaching a high of more than 15% early in 1980?
What is the specific measure of interest rate discussed as having risen in the 1950s, 1960s, and reaching a high of more than 15% early in 1980?
How did inflation behave from 2013 to 2015 according to the text?
How did inflation behave from 2013 to 2015 according to the text?
In economic policy, why are newer, alternative theories of inflation being introduced by macroeconomists?
In economic policy, why are newer, alternative theories of inflation being introduced by macroeconomists?
Why do macroeconomists focus on economic growth and business cycles?
Why do macroeconomists focus on economic growth and business cycles?
What is the primary motivation for building macroeconomic models with microeconomic principles as a foundation?
What is the primary motivation for building macroeconomic models with microeconomic principles as a foundation?
Why is there disagreement among macroeconomists, according to the text?
Why is there disagreement among macroeconomists, according to the text?
What is one key aspect of trend growth in per capita gross domestic product discussed in Chapter 1?
What is one key aspect of trend growth in per capita gross domestic product discussed in Chapter 1?
How does the text frame the approach to macroeconomics taken in this book?
How does the text frame the approach to macroeconomics taken in this book?
What is the main reason for constructing macroeconomic models based on sound microeconomic principles?
What is the main reason for constructing macroeconomic models based on sound microeconomic principles?
How does macroeconomic research differ from physics in terms of micro-level behavior?
How does macroeconomic research differ from physics in terms of micro-level behavior?
Why is it not always necessary to include features like international trade or macroeconomic growth in economic models?
Why is it not always necessary to include features like international trade or macroeconomic growth in economic models?
In what way does the text suggest that economic models evolve over time?
In what way does the text suggest that economic models evolve over time?
What is emphasized as crucial for constructing useful macroeconomic models?
What is emphasized as crucial for constructing useful macroeconomic models?
In two-period models discussed in the text, what dynamic decisions do consumers make?
In two-period models discussed in the text, what dynamic decisions do consumers make?
How do consumers' expectations about their future incomes impact their current saving behavior?
How do consumers' expectations about their future incomes impact their current saving behavior?
What makes firms more inclined to invest in new plant and equipment according to the text?
What makes firms more inclined to invest in new plant and equipment according to the text?
How does consumers' forward-looking behavior impact aggregate production?
How does consumers' forward-looking behavior impact aggregate production?
What role do consumers and firms play in affecting current macroeconomic events according to the text?
What role do consumers and firms play in affecting current macroeconomic events according to the text?
What key business cycle facts are developed in Chapter 3 that will be used throughout the book?
What key business cycle facts are developed in Chapter 3 that will be used throughout the book?
In the one-period model discussed in Chapter 5, how is the behavior of consumers and firms captured?
In the one-period model discussed in Chapter 5, how is the behavior of consumers and firms captured?
What does Chapter 6 focus on regarding labor market behavior in a macroeconomic context?
What does Chapter 6 focus on regarding labor market behavior in a macroeconomic context?
What is the primary purpose of developing a set of key business cycle facts in Chapter 3?
What is the primary purpose of developing a set of key business cycle facts in Chapter 3?
Why is it important to study the impacts of changes in government spending and total factor productivity on aggregate output, employment, and consumption?
Why is it important to study the impacts of changes in government spending and total factor productivity on aggregate output, employment, and consumption?
What is a possible consequence of instructors omitting parts of Chapter 2 according to the text?
What is a possible consequence of instructors omitting parts of Chapter 2 according to the text?
What is a potential challenge if instructors do not emphasize concepts introduced in Chapter 3?
What is a potential challenge if instructors do not emphasize concepts introduced in Chapter 3?
What makes Chapter 6 unique in its treatment of labor market issues according to the text?
What makes Chapter 6 unique in its treatment of labor market issues according to the text?
Why is economic growth introduced early in Chapters 7 and 8 according to the text?
Why is economic growth introduced early in Chapters 7 and 8 according to the text?
What does the explicit treatment of determinants of unemployment in Chapter 6 allow according to the text?
What does the explicit treatment of determinants of unemployment in Chapter 6 allow according to the text?
