Macroeconomics

Jones writes clearly and simply, with an engaging, conversational style that puts students at ease. When introducing math, he presents it in a careful, patient manner.

Macroeconomics is the only undergraduate textbook to present substantial coverage of the Romer model. Jones draws on his experience as a teacher and textbook author to convey modern growth theory in a way that is accessible to undergraduates.

Each chapter of Macroeconomics includes two complete worked exercises that walk students step-by-step through the process. These worked exercises prepare students for the extensive end-of-chapter problems.

Easy-to-use and customizable, SmartWork combines a robust homework-management system with extensive answer feedback that coaches students through solving problems.

Short-run chapters emphasize central banks that set interest rates in forming monetary policy. A simple open economy model is considered from the start, and globalization (international trade and international finance) is a key theme of the applications chapters.

 A new chapter gives an overview of the events of the crisis, discussing at length the collapse of the U.S. housing market, the world savings glut, subprime lending, the packaging of mortgage-backed securities by the major investment banks, and the beginning of the current recession. The final section of this chapter presents important discussions on bank balance sheets and the role that leverage has played in the crisis and closes by describing the bank runs that beset the financial system in the first months of the crisis.

A second new chapter analyzes the economic crisis using the short-run models presented in the text—IS/MP and Aggregate Supply/Aggregate Demand. The key innovation is the addition of a “risk premium” to the IS/MP and Aggregate Supply/Aggregate Demand models that explains the devastating separation that has occurred between the interest rate set by the Fed and the interest rate being charged in the economy itself. The chapter also discusses the dangers of deflation, policy responses to the crisis, monetary policy, money supply, the Fed’s balance sheet, how to repair the financial system, and the fiscal stimulus program.

Macroeconomics is the only undergraduate textbook to present substantial coverage of the Romer model. Jones draws on his experience as a teacher and textbook author to convey modern growth theory in a way that is accessible to undergraduates. Jones writes clearly and simply, with an engaging, conversational style that puts students at ease. When introducing math, he presents it in a careful, patient manner.

Most chapters of Macroeconomics include worked exercises that walk students step-by-step through the process. These worked exercises prepare students for the extensive end-of-chapter problems.

Fully editable and customizable, SmartWork Online Homework guides students through problems for each chapter with Smart feedback. Students will benefit from clear, answer-specific feedback within the structured framework and clean presentation of SmartWork, while instructors will save valuable time by using the efficient and elegant gradebook features of the program to manage the homework assignments in their class.

SmartWork is fully integrated with the Norton ebook. Students who purchase the version that includes an integrated ebook have one-click access to the text from within any SmartWork question.

Short-run chapters emphasize central banks that set interest rates in forming monetary policy. A simple open-economy model is considered from the start, and globalization (international trade and international finance) is a key theme of the applications chapters. The extreme nature of the crisis has caused the Fed to take actions never previously imagined, and those are described and analyzed in the new Chapter 14, “The Global Financial Crisis and the Short-Run Model.”

The media package for Macroeconomics: Economic Crisis Update provides students with the perfect balance of problem-solving practice, conceptual help, and content review. SmartWork online homework gives students extensive feedback and hints as they work through end-of-chapter exercises, while the Concept Tutorial Animations and Data Plotters illustrate and clearly explain the more challenging concepts in the course. These resources, integrated with a review-based Student StudySpace and the ebook, provide students and instructors with the most comprehensive set of media tools on the market.