Macroeconomics: Canadian Edition

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  • Edition: 2nd
  • Format: Paperback
  • Copyright: 2013-12-12
  • Publisher: Worth Publishers
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Iris Au and Jack Parkinson of the University of Toronto, Scarborough have "Canadianized" the Macroeconomics section of Krugman/Wells, Economics, Third Edition, maintaining the structure and spirit of the U.S. version but adapting it to reflect Canadian macroeconomic policies and to appeal more directly to Canadian instructors and students. In almost every instance, U.S. data sets, cases, research, and policy discussions have been supplanted by Canadian material.

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Author Biography

Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economics, is Professor of Economics at Princeton University, where he regularly teaches the principles course.  He received his BA from Yale and his PhD from MIT.  Prior to his current position, he taught at Yale, Stanford, and MIT.  He also spent a year on staff of the Council of Economics Advisors in 1982-1983.  His research is mainly in the area of international trade, where he is one of the founders of the “new trade theory,” which focuses on increasing returns and imperfect competition.  He also works in international finance, with a concentration in currency crises.  In 1991, Krugman received the American Economic Association’s John Bates Clark medal.  In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences.  Krugman is a regular op-ed columnist for the New York Times.  His latest trade book, The Conscience of a Liberal, is a best-selling study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present.  His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics. 

Robin Wells was a lecturer and researcher in Economics at Princeton University, where she has taught undergraduate courses.  She received her BA from the University of Chicago and her PhD from the University of California, Berkeley; she then did her postdoctoral work at MIT.  She has taught at the University of Michigan, the University of Southhampton (United Kingdom), Stanford, and MIT.  Her teaching and research focus on the theory of organizations and incentives.

Iris Au is a Senior Lecturer in Economics at the University of Toronto Scarborough (UTSC). She received her BA, MA, and PhD from Simon Fraser University, British Columbia. She taught at Simon Fraser University and Kwantlen University College (now known as Kwantlen Polytechnic University) before joining UTSC. Currently, she teaches introductory and intermediate macroeconomics, international finance, economics of public policy, and topics on financial crises on a regular basis.
Jack Parkinson is a Senior Lecturer in Economics at the University of Toronto Scarborough (UTSC). He received his Hons. BA from Western University and his MA and PhD from the University of Toronto. He has worked as a corporate tax policy analyst for the Ontario Ministry of Finance while teaching during his lunchtime or evenings. Over the past twenty years he has taught on all three campuses of the University of Toronto. Currently, he teaches introductory microeconomics, intermediate and advanced macroeconomics, money and banking, economics of organization, and applied economic statistics.


Table of Contents

PART 1 What Is Economics?
Introduction The Ordinary Business of Lif
Chapter 1 First Principles
Chapter 2 Economic Models: Trade-offs and Trade
Appendix 2A Graphs in Economics

PART 2 Supply and Demand
Chapter 3 Supply and Demand
Appendix 3A The Algebra of Demand, Supply, and Equilibrium
Appendix 3B Consumer and Producer Surplus
Chapter 4 Price Controls and Quotas: Meddling with Markets
Chapter 5 International Trade

PART 3 Introduction to Macroeconomics
Chapter 6 Macroeconomics: The Big Picture
Chapter 7 GDP and the CPI: Tracking the Macroeconomy
Chapter 8 Unemployment and Inflation

PART 4 Long-Run Economic Growth
Chapter 9 Long-Run Economic Growth
Chapter 10 Savings, Investment Spending, and the Financial System

PART 5 Short-Run Economic Fluctuations
Chapter 11 Income and Expenditure
Appendix 11A Deriving the Multiplier Algebraically
Chapter 12 Aggregate Demand and Aggregate Supply

PART 6 Stabilization Policy
Chapter 13 Fiscal Policy
Appendix 13A Taxes and the Multiplier
Chapter 14 Money, Banking, and the Central Banking System
Chapter 15 Monetary Policy
Appendix 15A Reconciling the Two Models of the Interest Rate
Chapter 16 Inflation, Disinflation, and Deflation
Chapter 17 Crises and Consequences

PART 7 Events and Ideas
Chapter 18 Macroeconomics: Events and Ideas

PART 8 The Open Economy
Chapter 19 Open-Economy Macroeconomics

Macroeconomic Data Tables
Solutions to “Check Your Understanding” Questions


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