Principles of Macroeconomics

Betsey Stevenson is a professor of public policy and economics at the University of Michigan. Her research focuses on the impact of public policies on the labor market, and explores women’s labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy. She serves on the Executive Committee of the American Economic Association, and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and a research Fellow in the Public Economics Program of the Centre for Economic Policy Research. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is also an occasional editorialist for Bloomberg, and a trusted presence in the public debate. Betsey earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University. Justin Wolfers is a professor of economics and public policy at the University of Michigan. His research interests include labor economics, macroeconomics, political economy, social policy, law and economics, and behavioral economics. Previously, Wolfers was an associate professor of business and public policy at the University of Pennsylvania and a visiting professor at Princeton University. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a research affiliate with the Centre for Economic Policy Research in London, and an international research fellow at the Kiel Institute for the World Economy in Germany. Justin earned a BA in economics from the University of Sydney and his AM and PhD in economics from Harvard University.  

Preface.- A Quick Review of Math and Graphing.- PART I - Foundations of Economics.- 1 The Core Principles of Economics.- 2 Demand: Thinking Like a Buyer.- 3 Supply: Thinking Like a Seller.- 4 Where Supply Meets Demand.- PART II - Analyzing Markets.- 5 Elasticity: Measuring Responsiveness.- 6 When Governments Intervene In Markets.- 7 Welfare and Efficiency.- 8 The Gains From Trade.- PART III - Applications and Policy Issues.- 9 International Trade.- 10 Externalities.- 11 The Labor Market.- 12 Wages, Workers, and Management.- 13 Inequality, Social Insurance and Redistribution.- PART IV - Market Structure and Business Strategy.- 14 Market Structure and Market Power.- 15 Entry, Exit, and Long Run Profits.- 16 Business Strategy.- 17 Sophisticated Pricing Strategies.- 18 Game Theory & Strategic Choices.- PART V - Advanced Decisions.- 19 Decisions under Uncertainty.- 20 Decisions with Private Information.- PART VI - Economic Growth in the Long Run.- 21 Sizing Up the Economy.- 22 Economic Growth.- 23 Unemployment.- 24 Inflation.- PART VII - Micro Foundations of Macroeconomics.- 25 Consumption and Saving.- 26 Investment.- 27 The Financial Sector.- 28 International Finance and the Exchange Rate.- PART VIII - The Business Cycle.- 29 Business Cycles.- 30 IS-MP Analysis: Interest Rates and Output.- 30A Aggregate Expenditure and the Multiplier.- 31 The Phillips Curve.- 32 The Fed Model: Linking Interest Rates, Output, and Inflation.- 33 Aggregate Demand and Aggregate Supply.- PART IX - Macroeconomic Policy.- 34 Monetary Policy.- 35 Government Spending, Taxes, and Fiscal Policy.