Glenn Hubbard, Professor, Researcher, and Policymaker
R. Glenn Hubbard is the dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Closed-End Funds, KKR Financial Corporation, and MetLife. He received
his Ph.D. in economics from Harvard University in 1983. From 2001 to 2003, he served as chairman of the White House Council of Economic Advisers and chairman of the OECD Economy Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the U.S. Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation and the Corporate Boards Study Group.
Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review, Brookings Papers on Economic Activity, Journal of Finance, Journal of Financial Economics, Journal ofMoney, Credit, and Banking, Journal of Political Economy,
Journal of Public Economics, Quarterly Journal of Economics, RAND Journal of Economics, and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.
Tony O’Brien, Award-Winning Professor and Researcher
Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received a Ph.D. from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 15 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. O’Brien’s research has dealt with such issues as the evolution of the U.S. automobile industry, sources of U.S. economic competitiveness, the development of U.S. trade policy, the causes of the Great Depression, and the causes of black-white income differences. His research has been published in leading journals, including American Economic Review, Quarterly Journal of Economics, Journal ofMoney, Credit, and Banking, Industrial Relations, Journal of Economic History, Explorations in Economic History, and the Journal of Policy History. His research has been supported by grants from government agencies and private foundations. In addition to teaching and writing, O’Brien also serves on the editorial board of the Journal of Socio-Economics.
Matt Rafferty, Professor and Researcher
Matt Rafferty is a professor of economics at Quinnipiac University. He received a Ph.D. from University of California, Davis in 1992. He has taught Macroeconomics; Economic Growth; Money and Banking; Econometrics, and Corporate Finance. Rafferty's research interests include Macroeconomics, Corporate Governance, Executive Compensation, and R&D Activity. His research has been published in leading journals, including Journal of Corporate Finance, Research Policy, Journal of Economics and Finance, Pennsylvania Economic Review , Economics of Innovation and New Technology , Southern Economic Journal, Applied Economics, International Advances in Economic Research, and Eastern Economic Journal.
R. Glenn Hubbard, Columbia University
Tony O'Brien, Lehigh University
Matt Rafferty, Quinnipiac University
Table of Contents
Part I: Introduction
Chapter 1: The Long and Short of Macroeconomics
Chapter 2: Measuring Total Production and Income
Chapter3: The Financial System
Part II: Macroeconomics in the Long Run: Economic Growth
Chapter 4: Aggregate Production and Potential GDP
Chapter 5: Long-Run Economic Growth
Chapter 6: Money and Inflation
Chapter 7: The Labor Market
Part III: Macroeconomics in the Short Run: Theory and Policy
Chapter 8: Business Cycles
Chapter 9: IS-MP: A Short-Run Macroeconomic Model
Chapter 9 Appendix: IS-LM: An Alternative Short-Run Macroeconomic Model
Chapter 10: Monetary Policy
Chapter 11: Fiscal Policy
Chapter 12: Aggregate Demand, Aggregate Supply, and Monetary Policy
Part IV: Extensions
Chapter 13: Long-Run Implications of Fiscal Policy
Chapter 14: Consumption and Investment
Chapter 15: Balance of Payments, Exchange Rates, and Macroeconomic Policy