SolutionManual Macroeconomics 4th Australian Edition Glenn Hubbard



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SolutionManual Macroeconomics 4th Australian Edition Glenn Hubbard

SolutionManual Macroeconomics 4th Australian Edition Glenn Hubbard

The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you’ll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed. Economics with real world business examples and applications. With changing economic realities students need to see economic principles in action combined with diverse real-world business and policy examples to help illustrate the concepts. This edition of Macroeconomics continues to present economics in the context of local and international real-world businesses and real-world policy debates that have proved effective for teaching and learning. When combined with MyLab Economics the package promotes the practical application of learning, development of analytical skills and shows how economic concepts are applied to the real world.

  1. Front Matter
  2. Half title
  3. Dedication
  4. Full title
  5. Imprint
  6. About the authors
  7. Preface
  8. The foundation
  9. Special features
  10. Educator resources
  11. Reviewers
  12. Brief contents
  13. Detailed contents
  14. Flexibility chart
  15. Copyright acknowledgement
  16. Part 1 Introduction
  17. Chapter 1 Economics: Foundations and models
  18. Three key economic ideas
  19. People are rational
  20. People respond to economic incentives
  21. Optimal decisions are made at the margin
  22. Solved problem 1.1 Apple makes a decision at the margin
  23. Scarcity, trade-offs and the economic problem that every society must solve
  24. What goods and services will be produced?
  25. How will the goods and services be produced?
  26. Who will receive the goods and services produced?
  27. Centrally planned economies versus market economies
  28. The modern ‘mixed’ economy
  29. Efficiency and equity
  30. Economic models
  31. The role of assumptions in economic models
  32. Forming and testing hypotheses in economic models
  33. Normative and positive analysis
  34. Don’t let this happen to you
  35. Don’t confuse positive analysis with normative analysis
  36. Economics as a social science
  37. Making the connection 1.1
  38. Good economics doesn’t always mean good politics
  39. Microeconomics and macroeconomics
  40. Conclusion
  41. An inside look
  42. Robotics will hit finance jobs harder than offshoring
  43. Chapter summary and problems
  44. Chapter 1 Appendix
  45. Using graphs and formulas
  46. Graphs of one variable
  47. Graphs of two variables
  48. Formulas
  49. Appendix Questions and problems
  50. Chapter 2 Choices and trade-offs in the market
  51. Production possibility frontiers and real-world trade-offs
  52. Graphing the production possibility frontier
  53. Increasing marginal opportunity costs
  54. Making the connection 2.1
  55. Trade-offs and emergency aid relief
  56. Economic growth
  57. Comparative advantage and trade
  58. Specialisation and gains from trade
  59. Absolute advantage versus comparative advantage
  60. Don’t let this happen to you
  61. Don’t confuse absolute advantage with comparative advantage
  62. Comparative advantage and the gains from trade
  63. Solved problem 2.1 Comparative advantage and the gains from trade
  64. The market system
  65. The gains from free markets
  66. The market mechanism
  67. Making the connection 2.2
  68. Story of the market system in action: I, pencil
  69. The role of the entrepreneur
  70. The legal basis of a successful market system
  71. Protection of private property
  72. Making the connection 2.3
  73. Illegal downloads from cyberspace
  74. Enforcement of contracts and property rights
  75. Conclusion
  76. An inside look
  77. Expansion and production mix at BMW
  78. Chapter summary and problems
  79. Part 2 How the market works
  80. Chapter 3 Where prices come from: The interaction of demand and supply
  81. The demand side of the market
  82. Demand schedules and demand curves
  83. The law of demand
  84. Holding everything else constant: The ceteris paribus condition
  85. What explains the law of demand?
  86. Variables that shift market demand
  87. Making the connection 3.1
  88. The ageing of the Baby Boom generation
  89. A change in demand versus a change in quantity demanded
  90. The supply side of the market
  91. Supply schedules and supply curves
  92. The law of supply
  93. Variables that shift supply
  94. A change in supply versus a change in quantity supplied
  95. Market equilibrium: Putting demand and supply together
  96. How markets eliminate surpluses and shortages
  97. Demand and supply both count
  98. Shifts in a curve versus movements along a curve
  99. The effect of demand and supply shifts on equilibrium
  100. Don’t let this happen to you
  101. Remember: A change in a good’s price does not cause the demand or supply curve to shift
  102. The effect of shifts in supply on equilibrium
  103. The effect of shifts in demand on equilibrium
  104. The effect of shifts in demand and supply over time
  105. Solved problem 3.1 Demand and supply both count: Pharmacists and accountants
  106. Making the connection 3.2
  107. The rise and rise of fitness trackers
  108. Solved problem 3.2 Demand and supply both count: The Australian housing market
  109. Conclusion
  110. An inside look
  111. PC shipments fall record 10.6% in 4Q: IDC
  112. Chapter summary and problems
  113. Part 3 Macroeconomic foundations and economic growth
  114. Chapter 4 GDP: Measuring total production, income and economic growth
  115. Gross domestic product measures total production
  116. Measuring total production: Gross domestic product
  117. Measuring GDP using the value-added method
  118. Other measures of total production and total income
  119. Solved problem 4.1 Calculating GDP
  120. Methods of measuring gross domestic product
  121. Production, expenditure and income and the circular-flow diagram
  122. Components of GDP
  123. Don’t let this happen to you
  124. Remember what economists mean by investment
  125. An equation for GDP and some actual values
  126. Does GDP measure what we want it to measure?
  127. Shortcomings in GDP as a measure of total production
  128. Making the connection 4.1
  129. Why do many developing countries have such large underground economies?
  130. Shortcomings of GDP as a measure of wellbeing
  131. Making the connection 4.2
  132. How else can we measure economic wellbeing?
  133. Real GDP versus nominal GDP
  134. Calculating real GDP
  135. Calculating the economic growth rate
  136. Making the connection 4.3
  137. How did the standard of living in Nigeria almost double overnight?
  138. The GDP deflator
  139. Conclusion
  140. An inside look
  141. The four factors that drag Australia down
  142. Chapter summary and problems
  143. Chapter 5 Economic growth, the financial system and business cycles
  144. Long-run economic growth is the key to rising living standards
  145. Making the connection 5.1
  146. The connection between economic prosperity and health
  147. Calculating growth rates and the rule of 70
  148. What determines the rate of long-run economic growth?
  149. Solved problem 5.1 Where does long-run growth come from?
  150. Making the connection 5.2
  151. Can India sustain its rapid growth?
  152. Potential GDP
  153. Saving, investment and the financial system
  154. An overview of the financial system
  155. The macroeconomics of saving and investment
  156. The market for loanable funds
  157. Making the connection 5.3
  158. Ebenezer Scrooge: Accidental promoter of economic growth?
  159. Solved problem 5.2 Are future budget deficits a threat to the economy?
  160. The business cycle
  161. Some basic business cycle definitions
  162. What happens during the business cycle
  163. Don’t let this happen to you
  164. Don’t confuse short-run fluctuations with long-run trends
  165. Making the connection 5.4
  166. Why did the Global Financial Crisis occur?
  167. Why are business cycle fluctuations less severe?
  168. Conclusion
  169. An inside look
  170. Are vehicle sales warning of a US slowdown?
  171. Chapter summary and problems
  172. Chapter 6 Long-run economic growth: Sources and policies
  173. Economic growth over time and around the world
  174. Economic growth over time
  175. Small differences in growth rates are important
  176. Making the connection 6.1
  177. Why did the Industrial Revolution begin in Britain?
  178. Don’t let this happen to you
  179. Don’t confuse average annual percentage change with total percentage change
  180. Why do growth rates matter?
  181. ‘The rich get richer and . . .’
  182. Making the connection 6.2
  183. Is income all that matters?
  184. What determines how fast economies grow?
  185. The per-worker production function
  186. Which is more important for economic growth: More capital or technological change?
  187. Technological change: The key to sustaining economic growth
  188. Making the connection 6.3
  189. What explains the economic failure of the Soviet Union?
  190. Solved problem 6.1 Using the economic growth model to analyse the failure of the Soviet Union’s ec
  191. New growth theory
  192. Joseph Schumpeter and creative destruction
  193. Economic growth in Australia
  194. Economic growth and labour productivity in Australia since 1940
  195. What caused the productivity slowdown of the 1970s and 1980s?
  196. Can Australia maintain high rates of productivity growth?
  197. Why isn’t the whole world rich?
  198. Catch-up: Sometimes but not always
  199. Solved problem 6.2 The economic growth model’s prediction of catch-up
  200. Why don’t more low-income countries experience rapid growth?
  201. Making the connection 6.4
  202. What explains rapid economic growth in Botswana?
  203. The benefits of globalisation
  204. Is economic growth good or bad?
  205. Conclusion
  206. An inside look
  207. The FDI big bang
  208. Chapter summary and problems
  209. Part 4 Unemployment and inflation
  210. Chapter 7 Unemployment
  211. Measuring the unemployment rate and the labour force participation rate
  212. The labour force survey
  213. Problems with measuring the unemployment rate
  214. Solved problem 7.1 What would happen if the ABS labour force survey included the military?
  215. Trends in labour force participation
  216. How long are people usually unemployed?
  217. Job creation and job destruction
  218. Making the connection 7.1
  219. What explains the increase in welfare recipients?
  220. Solved problem 7.2 Correctly interpreting labour force data
  221. The costs of unemployment
  222. Costs to the economy
  223. Costs to the individual
  224. The distribution of unemployment
  225. Types of unemployment
  226. Cyclical unemployment
  227. Frictional unemployment and job search
  228. Structural unemployment
  229. Full employment
  230. Making the connection 7.2
  231. How should we categorise unemployment in Australia?
  232. Don’t let this happen to you
  233. Don’t confuse full employment with a zero unemployment rate
  234. Explaining frictional and structural unemployment
  235. Government policies and the unemployment rate
  236. Social security and other payments to the unemployed
  237. Labour market regulation and deregulation
  238. Minimum wages
  239. Trade unions
  240. Efficiency wages
  241. Making the connection 7.3
  242. Why did Henry Ford pay his workers twice as much as other car manufacturers?
  243. Conclusion
  244. An inside look
  245. Youth unemployment: The Sydney hotspots
  246. Chapter summary and problems
  247. Chapter 8 Inflation
  248. Measuring inflation
  249. The consumer price index
  250. Is the CPI accurate?
  251. Don’t let this happen to you
  252. Don’t confuse the price level with the inflation rate
  253. The producer price index
  254. Using price indexes to adjust for the effects of inflation
  255. Solved problem 8.1 What has been happening with real wages in Australia?
  256. Nominal interest rates versus real interest rates
  257. Making the connection 8.1
  258. Why a lower inflation rate is like a tax cut for Wesfarmers’ bond holders
  259. Does inflation impose costs on the economy?
  260. Inflation affects the distribution of income
  261. The problem with anticipated inflation
  262. The problem with unanticipated inflation
  263. Hyperinflation
  264. Deflation
  265. Making the connection 8.2
  266. What’s so bad about falling prices?
  267. What causes inflation?
  268. Conclusion
  269. An inside look
  270. All eyes on inflation next week, but not everything is as it seems . . .
  271. Chapter summary and problems
  272. Part 5 Short-run fluctuations
  273. Chapter 9 Aggregate expenditure and output in the short run
  274. The aggregate expenditure model
  275. Aggregate expenditure
  276. The difference between planned investment and actual investment
  277. Macroeconomic equilibrium
  278. Adjustments to macroeconomic equilibrium
  279. Determining the level of aggregate expenditure in the economy
  280. Consumption
  281. The relationship between consumption and national income
  282. Income, consumption and saving
  283. Solved problem 9.1 Calculating the marginal propensity to consume and the marginal propensity to sav
  284. Planned investment
  285. Government purchases
  286. Net exports
  287. Making the connection 9.1
  288. The iPhone is made in China . . . or is it?
  289. Graphing macroeconomic equilibrium
  290. Showing a contraction or recession on the 45° line diagram
  291. The important role of inventories
  292. Making the connection 9.2
  293. Business attempts to control inventories, then . . . and now
  294. A numerical example of macroeconomic equilibrium
  295. Don’t let this happen to you
  296. Don’t confuse aggregate expenditure with consumption spending
  297. Solved problem 9.2 Determining macroeconomic equilibrium
  298. The multiplier effect
  299. A simple formula for the multiplier
  300. Making the connection 9.3
  301. The multiplier in reverse: The Great Depression of the 1930s
  302. Summarising the multiplier effect
  303. Solved problem 9.3 Using the multiplier formula
  304. The paradox of thrift?
  305. The aggregate demand curve
  306. Conclusion
  307. An inside look
  308. No recession but Singapore may see some quarters of negative growth: MTI
  309. Chapter summary and problems
  310. Chapter 9 Appendix
  311. The algebra of macroeconomic equilibrium
  312. Appendix problems
  313. Chapter 10 Aggregate demand and aggregate supply analysis
  314. Aggregate demand
  315. Why is the aggregate demand curve downward sloping?
  316. Shifts of the aggregate demand curve versus movements along it
  317. The variables that shift the aggregate demand curve
  318. Don’t let this happen to you
  319. Be clear why the aggregate demand curve is downward sloping
  320. Making the connection 10.1
  321. Should Germany reduce its reliance on exports?
  322. Solved problem 10.1 Movements along the aggregate demand curve versus shifts of the aggregate demand
  323. Aggregate supply
  324. The long-run aggregate supply curve
  325. Shifts in the long-run aggregate supply curve
  326. The short-run aggregate supply curve
  327. Shifts of the short-run aggregate supply curve versus movements along it
  328. Variables that shift the short-run aggregate supply curve
  329. Variables that shift the short-run and long-run aggregate supply curves
  330. Macroeconomic equilibrium in the long run and the short run
  331. Recessions, expansions and supply shocks
  332. A dynamic aggregate demand and aggregate supply model
  333. What is the usual cause of inflation?
  334. Making the connection 10.2
  335. Does technological change create unemployment?
  336. Solved problem 10.2 Showing the oil shock of 1974 on a dynamic aggregate demand and aggregate supply
  337. Conclusion
  338. An inside look
  339. Housing boom lifts Harvey Norman’s profit
  340. Chapter summary and problems
  341. Chapter 10 Appendix
  342. Macroeconomic schools of thought
  343. The monetarist model
  344. The new classical model
  345. The real business cycle model
  346. The Austrian model
  347. Making the connection 10A.1
  348. Karl Marx: Capitalism’s severest critic
  349. Part 6 Monetary and fiscal policy
  350. Chapter 11 Money, banks and the Reserve Bank of Australia
  351. What is money and why do we need it?
  352. Barter and the invention of money
  353. Making the connection 11.1
  354. Money in a World War II prisoner-of-war camp
  355. The functions of money
  356. What can serve as money?
  357. Making the connection 11.2
  358. Coca-Cola dries up as the Zimbabwe currency no longer serves as money
  359. How do we measure money today?
  360. M1: The narrowest definition of the money supply
  361. Broader definitions of money
  362. Don’t let this happen to you
  363. Don’t confuse money with income or wealth
  364. Making the connection 11.3
  365. Are bitcoins money?
  366. How do financial institutions create money?
  367. Bank balance sheets
  368. Using T-accounts to show how a bank can create money
  369. The simple deposit multiplier
  370. Solved problem 11.1 Showing how banks create money
  371. The simple deposit multiplier versus the real-world deposit multiplier
  372. The Reserve Bank of Australia
  373. How the RBA manages financial liquidity and interest rates
  374. Exchange rate management
  375. The quantity theory of money
  376. Connecting money and prices: The equation of exchange
  377. The quantity theory explanation of inflation
  378. High rates of inflation
  379. Making the connection 11.4
  380. The German hyperinflation of the early 1920s
  381. Conclusion
  382. An inside look
  383. Innovation in electronic payments to accelerate demise of cheques
  384. Chapter summary and problems
  385. Chapter 12 Monetary policy
  386. What is monetary policy?
  387. The goals of monetary policy
  388. The demand for and supply of money
  389. The demand for money
  390. Shifts in the money demand curve
  391. How the RBA manages the supply of cash
  392. Equilibrium in the money market
  393. A tale of two interest rates
  394. Monetary policy and economic activity
  395. How interest rates affect aggregate demand
  396. The effects of monetary policy on real GDP and the price level
  397. Can the RBA eliminate contractions and recessions?
  398. Using monetary policy to fight inflation
  399. Making the connection 12.1
  400. Central banks, quantitative easing and negative interest rates
  401. Solved problem 12.1 The effects of monetary policy
  402. Is monetary policy always effective and fair?
  403. Making the connection 12.2
  404. Why does the share market care about monetary policy?
  405. Don’t let this happen to you
  406. Remember that with monetary policy, it’s the interest rate—not the money—that counts
  407. Should the Reserve Bank of Australia target inflation?
  408. Making the connection 12.3
  409. How does the RBA measure inflation?
  410. Is the independence of the Reserve Bank of Australia a good idea?
  411. The case for RBA independence
  412. The case against RBA independence
  413. Conclusion
  414. An inside look
  415. RBA independence on interest rates: A tick for a resilient economy
  416. Chapter summary and problems
  417. Chapter 13 Fiscal policy
  418. What is fiscal policy?
  419. What fiscal policy is and what it isn’t
  420. Automatic stabilisers versus discretionary fiscal policy
  421. An overview of government spending and taxes
  422. Using fiscal policy to influence aggregate demand
  423. Expansionary fiscal policy
  424. Contractionary fiscal policy
  425. Don’t let this happen to you
  426. Don’t confuse fiscal policy and monetary policy
  427. Government purchases and tax multipliers
  428. The effect of changes in tax rates
  429. Taking into account the effects of aggregate supply
  430. The multipliers work in both directions
  431. Solved problem 13.1 Fiscal policy multipliers
  432. The limits to using fiscal policy to stabilise the economy
  433. Making the connection 13.1
  434. Why was the United States’ recession of 2007–2009 so severe?
  435. Does government spending reduce private spending?
  436. Crowding out in the short run
  437. Crowding out in the long run
  438. Deficits, surpluses and federal government debt
  439. How the federal budget can serve as an automatic stabiliser
  440. Should the federal budget always be balanced?
  441. Solved problem 13.2 The effect of economic fluctuations on the budget deficit
  442. Is government debt a problem?
  443. Making the connection 13.2
  444. Government bankruptcy in Europe
  445. The effects of fiscal policy in the long run
  446. The long-run effects of tax policy
  447. Tax simplification
  448. The economic effect of tax reform
  449. How large are supply-side effects?
  450. Conclusion
  451. An inside look
  452. Japan cabinet approves $175b fiscal boost
  453. Chapter summary and problems
  454. Chapter 13 Appendix 1
  455. Is there a short-run trade-off between unemployment and inflation?
  456. The Phillips curve
  457. Explaining the Phillips curve with aggregate demand and aggregate supply curves
  458. Is the Phillips curve a policy menu?
  459. Is the short-run Phillips curve stable?
  460. The long-run Phillips curve
  461. The role of expectations of future inflation
  462. Do workers understand inflation?
  463. Appendix 1 Questions and problems
  464. Chapter 13 Appendix 2
  465. A closer look at the multiplier
  466. An expression for equilibrium real GDP
  467. A formula for the government purchases multiplier
  468. A formula for the tax multiplier
  469. The ‘balanced budget’ multiplier
  470. The effects of changes in tax rates on the multiplier
  471. The multiplier in an open economy
  472. Appendix 2 Problems
  473. Part 7 The international economy
  474. Chapter 14 Macroeconomics in an open economy
  475. The balance of payments: Linking Australia to the international economy
  476. The current account
  477. The capital account
  478. The financial account
  479. Why is the balance of payments always zero?
  480. Don’t let this happen to you
  481. Don’t confuse the balance of trade, the current account balance and the balance of payments
  482. Solved problem 14.1 Understanding the arithmetic of open economies
  483. The foreign exchange market and exchange rates
  484. Equilibrium in the market for foreign exchange
  485. Making the connection 14.1
  486. Exchange rates listings
  487. Don’t let this happen to you
  488. Don’t confuse what happens when a currency appreciates with what happens when it depreciates
  489. How do shifts in demand and supply affect the exchange rate?
  490. Some exchange rates are not determined by the market
  491. Making the connection 14.2
  492. The Chinese yuan: The world’s most controversial currency
  493. How movements in the exchange rate affect exports and imports
  494. Solved problem 14.2 The effect of changing exchange rates on the prices of imports
  495. The real exchange rate
  496. The international sector and national saving and investment
  497. Current account balance equals net foreign investment
  498. Domestic saving, domestic investment and net foreign investment
  499. The effect of a government budget deficit on investment
  500. Is Australia’s current account deficit a problem?
  501. Making the connection 14.3
  502. International debt relief for poor countries
  503. Monetary policy and fiscal policy in an open economy
  504. Monetary policy in an open economy
  505. Fiscal policy in an open economy
  506. Conclusion
  507. An inside look
  508. Brexit tipped to push $A higher, RBA to cut rate
  509. Chapter summary and problems
  510. Chapter 15 The international financial system
  511. Exchange rate systems
  512. Don’t let this happen to you
  513. Remember that modern currencies are fiat money
  514. The current exchange rate system
  515. The floating dollar
  516. What determines exchange rates in the long run?
  517. Making the connection 15.1
  518. The Big Mac theory of exchange rates
  519. The four determinants of exchange rates in the long run
  520. The euro
  521. Making the connection 15.2
  522. Greece and Germany: Diverse economies, common currency
  523. Pegging against the US dollar
  524. Solved problem 15.1 Coping with fluctuations in the value of the Australian dollar
  525. International capital markets
  526. Conclusion
  527. An inside look
  528. How Australia has come out on top in this currency war
  529. Chapter summary and problems
  530. Chapter 15 Appendix
  531. The gold standard and the Bretton Woods System
  532. The gold standard
  533. The Bretton Woods System
  534. Appendix Questions and problems
  535. Glossary
  536. Index
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SolutionManual Macroeconomics 4th Australian Edition Glenn Hubbard