Applying Macroeconomics to the Real World

Applications

The Federal Reserve's Preferred Inflation Measures 83

The Production Function and Changes in Productivity in the European Union 95

The Gig Economy in the ASEAN Nations 114

Output, Employment, and the Real Wage During Oil Price Shocks 119

Unemployment During the European Debt Crisis 125 Recent Trends in Labor Supply 129

The Impact of the Pandemic Recession of 2020 on Consumption 147

How Investors Respond to Tax Incentives 156 Measuring the Effects of Taxes on Investment 164 Macroeconomic Consequences of the Boom and Bust in StockPrices 176

The United States as International Debtor 213

The Impact of Globalization on the U.S.

Recent Trends in the U.S. Current Account Deficit 225

The Twin Deficits 229

Waves of Productivity Growth over Time 245

The Rebound in U.S. Productivity Growth 246

The Growth of China 263

Trends in Income Distribution in South Africa 269

Bitcoin and Cryptocurrencies 297

Money Growth and Inflation in European Countries in Transition 305

Measuring Inflation Expectations 308

Do Economic Expansions Die of Old Age? 325

The Job Finding Rate and the Job Loss Rate 331

The Oil Price Shock of 2008 370

Calibrating the Business Cycle 407

The Value of the Dollar and U.S. Net Exports 530

Is Either the United States or Europe an Optimum Currency Area? 557

European Monetary Unification 558

The Lender of Last Resort 582

Is There Really a Zero Lower Bound? 584

The Financial Crisis of 2008: Some Implications for the Global Economy 588

Inflation Targeting 607

Supply-Side Economics 627

Social Security in the United Kingdom: How Can It Be Fixed? 631

In Touch with Data and Research

Developing and Testing an Economic Theory 43

The National Income and Product Accounts in Malaysia 54 Natural Resources, the Environment, and the National

Income Accounts 59

The Computer Revolution and Chain-Weighted

GDP 78

Does CPI Inflation Overstate Increases in the Cost of Living? 81

Labor Market Data in Kazakhstan 122

Alternative Measures of the Unemployment Rate 128

Interest Rates 152

Investment and the Stock Market 169

The Balance of Payments Accounts in Malaysia 208

Money in a Prisoner-of-War Camp 278

The Monetary Aggregates 281

Where Have All the Dollars Gone? 282

The Housing Crisis of 2007 to 2011 289

Coincident and Leading Indexes 338

The Seasonal Cycle and the Business Cycle 343

Econometric Models and Macroeconomic Forecasts for

Monetary Policy Analysis 370

Are Price Forecasts Rational? 432

Henry Ford's Efficiency Wage 451

DSGE Models and the Classical-Keynesian Debate 472

The Lucas Critique 499

Indexed Contracts 507

The Sacrifice Ratio 511

Exchange Rates 522

McParity 526

Measuring the Impact of Government Purchases on the Economy 638