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Index
Cover Page
Title Page
Copyright Page
Dedication Page
Contents Page
Acknowledgments
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
Finding the Right Monetary Rule under a Floating Exchange Rate
The Transformation of American Monetary Policy
5 The Fundamentals of GDP Accounting
Three Measurement Approaches
The Nuts and Bolts of the Expenditure Method
Depreciation
GDP versus GNP
Historical and Cross-Country Comparisons
Investment, Savings, and Foreign Borrowing
6 Reading a Balance of Payments Statement
A Typical Balance of Payments Statement
Understanding Credits and Debits
The Power and Pitfalls of BOP Accounting
7 Understanding Exchange Rates
The Current Account Balance
Inflation and Purchasing Power Parity
Interest Rates
Making Sense of Exchange Rates
Conclusion
Output
Money
Expectations
Uses and Misuses of Macroeconomics
Epilogue
Glossary
Notes
About the Author
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