Principles of Macroeconomics in New Zealand, 2nd Edition | AU/NZ

Gregory Mankiw, Debasis Bandyopadhyay, Paul Wooding

Copyright 2010
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Principles of Macroeconomics in New Zealand 2nd Edition by Gregory Mankiw/Debasis Bandyopadhyay/Paul Wooding

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Overview
Meet the Authors
What's New
Features
Table of Contents
Pricing

Overview

Bring the study of macroeconomics to life with acclaimed author Gregory Mankiw and New Zealand experts Debasis Bandyopadhyay and Paul Wooding. Macroeconomics principles are presented in the context of New Zealand’s unique, fascinating small open economy.

Financial sectors worldwide are facing challenging economic circumstances. The authors maintain a broad international perspective, and New Zealand local focus is provided through updated policy material and economic data. Students are encouraged to relate economic theory to their own experiences through case studies, examples and news articles.

This new second edition includes

• Three new chapters examining consumers, producers and the efficiency of markets, the costs of taxation and international trade available online

• Updated chapter structure to help students focus on the core issues

• Analysis of recent global upheavals and New Zealand’s response

• Expanded discussion on unemployment statistics and the problem of ‘brain drain’

• Updated news articles highlighting current economic issues

• Unparalleled online student support including website with material to help learning for each chapter; and Search me! economics – 24-hour access to journal articles, periodicals and news

• And much more

This world-class learning package helps students absorb the theory, concepts and application of macroeconomics – from a New Zealand perspective.

Meet the Authors

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Gregory Mankiw

N. Gregory Mankiw is Robert M. Beren Professor of Economics at Harvard University. As a student, he studied economics at Princeton University and the Massachusetts Institute of Technology. As a teacher, he has taught macroeconomics, microeconomics, statistics and principles of economics. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His work has been published in scholarly journals such as the American Economic Review, Journal of Political Economy and Quarterly Journal of Economics. In addition to his teaching, research and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research, an advisor to the Federal Reserve Banks of Boston and New York, and the Congressional Budget Office. From 2003 to 2005 he served as chairman of the US President’s Council of Economic Advisors.

Debasis Bandyopadhyay

Debasis Bandyopadhyay, PhD (University of Minnesota) has received citation from the Novel Laureate Robert Solow, MIT in the 1992 George Seltzer Distinguished Lecture and later in the Amercian Economics Review in 2002 and in the Review of Economics Studies in 2003. His mentor in macroeconomics was Edward C. Prescott, who was one of the recipients of the 2004 Nobel Prize in economics. In 1996 Debasis received the Marsden Research Grant in Economics from the Royal Society of New Zealand.He has published several articles in internationally acclaimed journals in the area of human capital distribution, economic growth and optimal redistributive taxation. He regularly participates at the annual meetings of the American Economic Associations, the Econometric Society, the Minnesota Macro Workshops and the Summer Institute of the National Bureau of Economic Research in the USA.He won the Walter W. Heller Outstanding Teaching Award for teaching principles of macroeconomics at the University of Minnesota.

Paul Wooding

Paul Wooding, formerly head of the Department of Economics at the University of Otago, spent 40 years teaching at the universities of Sydney and Otago. He has served as editor of the New Zealand Economic Papers and as Chief Examiner for Bursary Economics.Paul has been deeply involved in New Zealand macroeconomics, providing a monthly column on the New Zealand economy in Management magazine for 20 years, producing the software simulation package Minister for Finance and a macroeconomics textbook used widely during the 1990s. His research publications have been in macroeconomic policy and international trade policy.

What's New

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20 chapter structure to further focus the text on macroeconomic principles
Explanation and analysis of the recent upheavals in financial markets both globally and in New Zealand, including the consequences of a rising current account deficit and the effects of government stimulus packages
Exposition on the increasing focus on economic growth under the 2008 Policy Targets Agreement in New Zealand and implications on monetary policy, including fluctuations in the official cash rate
Coverage of the Solow growth model
Expanded discussion on unemployment statistics and the problem of ‘brain drain’
In The News boxes feature recent news articles, showing students how economic ideas shed light on current affairs
FYI boxes explore key macroeconomic concepts in greater depth – giving interest to students at all levels of understanding
Quick Quizzes allow students to test their comprehension after they read each major section
Case Studies provide a practical illustration of important concepts

Features

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Learning Objectives at the beginning of each chapter define and reinforce content
In The News boxes feature recent news articles, showing students how economic ideas shed light on current affairs
FYI boxes explore key macroeconomic concepts in greater depth – giving interest to students at all levels of understanding
Quick Quizzes allow students to test their comprehension after they read each major section
Case Studies provide a practical illustration of important concepts

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PART 1. INTRODUCTION
1. Ten lessons from economics
2. Thinking like an economist
3. Interdependence and the gains from trade
PART 2. SUPPLY AND DEMAND I: HOW MARKETS WORK
4. The market forces of supply and demand
5. Elasticity and its application
6. Supply, demand and government policies
PART 3. THE DATA OF MACROECONOMICS
7. Measuring a nation’s income
8. Measuring the cost of living
PART 4. THE REAL ECONOMY IN THE LONG RUN
9. Production and growth
10. Saving, investment and the financial system
11. The basic tools of finance
12. Unemployment and its natural rate
PART 5. MONEY AND PRICES IN THE LONG RUN
13. The monetary system
14. Money growth and inflation
PART 6. THE MACROECONOMICS OF OPEN ECONOMIES
15. Open-economy macroeconomics: Basic concepts
16. A macroeconomic theory of the open economy
PART 7. SHORT-RUN ECONOMIC FLUCTUATIONS
17. Aggregate demand and aggregate supply
18. The influence of monetary and fiscal policy on aggregate demand
19. The short-run trade-off between inflation and unemployment
PART 8. FINAL THOUGHTS
20. Five debates over macroeconomic policy

Appendix - Annual data 1955-2008 for the New Zealand economy
Glossary
Suggestions for reading
Index