Principles of Macroeconomics has grown out of the author’s experiences teaching economics over the course of more than 30 years. The text is policy oriented and provides an easy-to-understand structure with intuitive models to explain macroeconomic issues. From the beginning it emphasizes three major macroeconomic goals: high economic growth, low unemployment rate, and low and stable inflation rate. The text uses the most recent U.S. macroeconomic data to demonstrate the validity of the theories discussed. Additionally, contemporary and relevant macroeconomic concepts and models, such as inflation targeting and the federal funds market, are used to explain the workings of macroeconomic policies. Finally, the text uses the simple aggregate demand-aggregate supply model to analyze post-1970 recessions as well as the reasons for inflation.
Table of Contents
Chapter 01 What Economists Do
Chapter 02 Gross Domestic Product
Chapter 03 The Labor Market
Chapter 04 Unemployment
Chapter 05 Economic Growth
Chapter 06 Assets and Rates of Return
Chapter 07 Multi-Period Interest Rates
Chapter 08 Inflation
Chapter 09 The Financial System
Chapter 10 Loanable Funds Market
Chapter 11 Money and Banking
Chapter 12 The Federal Funds Market
Chapter 13 The Goods Market and Equilibrium GDP
Chapter 14 Aggregate Demand Function
Chapter 15 Business Cycles
Chapter 16 Fiscal Policy
Chapter 17 Open Economy Macroeconomics
Chapter 18 Money, Inflation, and Unemployment
Chapter 19 Post-1970 Recessions
Bagher Modjtahedi
Bagher Modjtahedi has more than thirty years of experience teaching economics at both undergraduate and graduate levels at University of California, Davis and other universities. His research interests include international macroeconomics and financial markets. His work has been published in the peer review literature including in The Journal of Econometrics, Journal of International Economics, Journal of Futures Markets, Energy Economics, European Economic Review, and Canadian Journal of Economics. He has also acted as a referee for the Canadian Journal of Economics, European Economic Review, and Energy Economics. The author has a master’s degree in quantitative economics from the University of East Anglia, U.K., and a Ph.D. in economics from the University of California, Davis. He is the recipient of Regents Fellowship Based on Distinguished Scholarship, University of California, Davis, 1981-1982.
