Principles of Macroeconomics

Karl E Case (Chip):  is Professor of Economics at Wellesley College where he has taught for 30 years. For two decades he has been a Visiting Scholar at the Federal Reserve Bank of Boston where he serves as a member of the Bank’s Academic Advisory Board.  Before coming to Wellesley, he served as Head Tutor in Economics (director of undergraduate studies) at Harvard, where he won the Allyn Young Teaching Prize. He was Associate Editor of the Journal of Economic Perspectives and of theJournal of Economic Education and was a member of the AEA’s Committee on Economic Education.   He teaches at least one section of the principles course every year. o        Case is also a founding partner in the real estate research firm of Fiserv Case Shiller Weiss, Inc. and serves as a member of the Board of Directors of the Mortgage Guaranty Insurance Corporation and of the American Real Estate and Urban Economics Association. o        He received his B.A. from Miami University in 1968, spent three years on active duty in the Army, and received his Ph. D. in economics from Harvard University in 1976.  o        Professor Case’s research has been in the areas of real estate, housing and public finance. He is author or co-author of five books including Principles of Economics, Economics and Tax Policy and Property Taxation:  The Need for Reform and has published numerous articles in professional journals.  The book he has co-authored with Ray Fair for more than eight editions now has been adopted at more than 450 colleges and universities across the country.  o        For the last 25 years, his research has focused on real estate markets and prices.  He has authored a number of studies that attempt to isolate the causes and consequences of boom and bust real estate cycles and their relationship to economic performance.     Ray Fair:  is Professor of Economics at Yale University. He is a member of the Cowles Foundation at Yale and a Fellow of the Econometric Society. o        He received a B.A. in economics from Fresno State College in 1964 and a Ph.D. in economics from M.I.T. in 1968. He taught at Princeton University from 1968 to 1974 and has been at Yale since 1974. o        Professor Fair’s research has primarily been in the areas of macroeconomics and econometrics, with particular emphasis on macroeconometric model building. He has also done work in the areas of finance, voting behavior, and aging in sports. His publications include Specification, Estimation, and Analysis of Macroeconometric Models (Harvard Press, 1984), Testing Macroeconometric Models (Harvard Press, 1994), and Estimating How the Macroeconomy Works (Harvard Press, 2004). o        Professor Fair has taught introductory and intermediate economics at Yale. He has also taught graduate courses in macroeconomic theory and macroeconometics.  o        Professor Fair’s United States and multi-country models are available for use on the Internet free of charge. The address is http://fairmodel.econ.yale.edu. Many teachers have found that having students work with the United States model on the Internet is a useful complement to even an introductory macroeconomics course.    Sharon Oster:  is Dean of the Yale School of Management at Yale University.  She joins the ninth edition of the Case/Fair text. o        Sharon Oster has a B.A. in Economics from Hofstra University and a Ph.D. in Economics from Harvard University.  o        Professor Oster’s research is in the area of industrial organization.  She has worked on problems on diffusion of innovation in a number of different industries, the effect of regulations on business, and on competitive strategy.  She has published a number of articles in these areas and is the author of several books, including Modern Competitive Analysis and The Strategic Management of Nonprofits.  o        Prior to joining the School of Management at Yale, Professor Oster taught for a number of years in the Yale Economics department.  In the department, Professor Oster taught both introductory and intermediate microeconomics to the undergraduates as well as several graduate courses in industrial organization.  Since 1982, Professor Oster has taught primarily in the Management School, where she teaches both the core microeconomics class for the MBA students and courses in the area of Competitive Strategy.  Professor Oster also consults widely for both businesses and nonprofit organizations and has served on the boards of several publicly traded companies and nonprofit organizations.

Part 1: Introduction to Economics Ch. 1: The Scope and Method of Economics Ch. 2: The Economic Problem: Scarcity and Choice Ch. 3: Demand, Supply, and Market Equilibrium Ch. 4: Demand and Supply Applications Part 2: Concepts and Problems in Macroeconomics Ch. 5: Introduction to Macroeconomics Ch. 6: Measuring National Output and National Income Ch. 7:  Unemployment, Inflation, and Long-Run Growth  Part 3: The Core of Macroeconomic Theory  Ch. 8: Aggregate Expenditure and Equilibrium Output Ch. 9: The Government and Fiscal Policy Ch. 10: The Money Supply and the Federal Reserve System  Ch. 11: Money Demand and the Equilibrium Interest Rate Ch. 12: Aggregate Demand in the Goods and Money Markets Ch. 13: Aggregate Supply and the Equilibrium Price Level  Ch. 14: The Labor Market in the Macroeconomy  Part 4:  Further Macroeconomic Issues Ch. 15: Policy Timing, Deficit Targeting, and Stock Market Effects Ch. 16: Household and Firm Behavior in the Macroeconomy: A Further Look Ch. 17: Long-Run Growth Ch. 18: Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply-Side Economics Part 5: The World Economy Ch. 19: International Trade, Comparative Advantage, and Protectionism Ch. 20: Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates Ch. 21:  Economic Growth in Developing and Transitional Economies