Solution Manual for Macroeconomics 8th Edition by Mankiw

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Solution Manual for Macroeconomics 8th Edition by Mankiw

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Table of Contents


Prelude: Celebrating the 10th Edition


Media and Resources

Part I Introduction

Chapter 1 The Science of Macroeconomics

What Macroeconomist Study
Case Study The Historical Performance of the U.S. Economy

How Economist Think
Theory as Model Building

FYI Using Functions to Express Relationships Among Variables

The Use of Multiple Models

Prices: Flexible Versus Sticky

Microeconomic Thinking and Macroeconomic Models

FYI The Early Lives of Macroeconomists

How this Book Proceeds
Chapter 2

The Data of Macroeconomics

2-1 Measuring the Value of Economic Activity: Gross Domestic Product

Income, Expenditure, and the Circular Flow

FYI Stocks and Flows

Rules for Computing GDP

Real GDP Versus Nominal GDP

The GDP Deflator

Chain-Weighted Measures of Real GDP

FYI Two Helpful Hints for Working with Percentage Changes

The Components of Expenditure

FYI What is Investment?

Case Study GDP and Its Components

Other Measures of Income

Seasonal Adjustment

2-2 Measuring the Cost of Living: The Consumer Price Index

The Price of a Basket of Goods

How the CPI Compares to the GDP and PCE Deflators

Does the CPI Overstate Inflation?

2-3 Measuring Joblessness: The Unemployment Rate

The Household Survey

Case Study Men, Women, and Labor-Force Participation

The Establishment Survey

2-4 Conclusion: From Economic Statistics to Economic Models

Part II Classical Theory: The Economy in the Long Run

Chapter 3 National Income: Where it Comes From and Where It Goes

3-1 What Determines the Total Production of Goods and Services?

The Factors of Production

The Production Function

The Supply of Goods and Services

3-2 How Is National Income Distributed to the Factors of Production?

Factor Prices

The Decisions Facing a Competitive Firm

The Firm’s Demand for Factors

The Division of National Income

Case Study The Black Death and Factor Prices

The Cobb–Douglas Production Function

Case Study Labor Productivity as the Key Determinant of Real Wages

FYI The Growing Gap Between Rich and Poor

3-3 What Determines the Demand for Goods and Services?



FYI The Many Different Interest Rates

Government Purchases

3-4 What Brings the Supply and Demand for Goods and Services into Equilibrium?

Equilibrium in the Market for Goods and Services: The Supply and Demand for the Economy’s Output

Equilibrium in the Financial Markets: The Supply and Demand for Loanable Funds

Changes in Saving: The Effects of Fiscal Policy

Changes in Investment Demand

3-5 Conclusion

Chapter 4 The Monetary System: What It Is and How It Works

4-1 What Is Money?

The Functions of Money

The Types of Money

Case Study Money in a POW Camp

The Development of Fiat Money

Case Study Money and Social Conventions on the Island of Yap

FYI Bitcoin: The Strange Case of Digital Money

How the Quantity of Money Is Controlled

How the Quantity of Money Is Measured

FYI How Do Credit Cards and Debit Cards Fit into the Monetary System?

4-2 The Role of Banks in the Monetary System

100-Percent-Reserve Banking

Fractional-Reserve Banking

Bank Capital, Leverage, and Capital Requirements

4-3 How Central Banks Influence the Money Supply

A Model of the Money Supply

The Instruments of Monetary Policy

Case Study Quantitative Easing and the Exploding Monetary Base

Problems in Monetary Control

Case Study Bank Failures and the Money Supply in the 1930s

4-4 Conclusion

Chapter 5 Inflation: Its Causes, Effects, and Social Costs

5-1 The Quantity Theory of Money

Transactions and the Quantity Equation

From Transactions to Income

The Money Demand Function and the Quantity Equation

The Assumption of Constant Velocity

Money, Prices, and Inflation

Case Study Inflation and Money Growth

5-2 Seigniorage: The Revenue from Printing Money

Case Study Paying for the American Revolution

5-3 Inflation and Interest Rates

Two Interest Rates: Real and Nominal

The Fisher Effect

Case Study Inflation and Nominal Interest Rates

Two Real Interest Rates: Ex Ante and Ex Post

5-4 The Nominal Interest Rate and the Demand for Money

The Cost of Holding Money

Future Money and Current Prices

5-5 The Social Costs of Inflation

The Layman’s View and the Classical Response

Case Study What Economists and the Public Say About Inflation

The Costs of Expected Inflation

The Costs of Unexpected Inflation

Case Study The Free Silver Movement, the Election of 1896, and The Wizard of Oz

One Benefit of Inflation

5-6 Hyperinflation

The Costs of Hyperinflation

The Causes of Hyperinflation

Case Study Hyperinflation in Interwar Germany

Case Study Hyperinflation in Zimbabwe

5-7 Conclusion: The Classical Dichotomy

Chapter 6 The Open Economy

6-1 The International Flows of Capital and Goods

The Role of Net Exports

International Capital Flows and the Trade Balance

International Flows of Goods and Capital: An Example

The Irrelevance of Bilateral Trade Balances

6-2 Saving and Investment in a Small Open Economy

Capital Mobility and the World Interest Rate

Why Assume a Small Open Economy?

The Model

How Policies Influence the Trade Balance

Evaluating Economic Policy

Case Study The U.S. Trade Deficit

Case Study Why Doesn’t Capital Flow to Poor Countries?

6-3 Exchange Rates

Nominal and Real Exchange Rates

The Real Exchange Rate and the Trade Balance

The Determinants of the Real Exchange Rate

How Policies Influence the Real Exchange Rate

The Effects of Trade Policies

The Determinants of the Nominal Exchange Rate

Case Study Inflation and Nominal Exchange Rates

The Special Case of Purchasing-Power Parity

Case Study The Big Mac Around the World

6-4 Conclusion: The United States as a Large Open Economy

Appendix: The Large Open Economy

Chapter 7 Unemployment and the Labor Market

7-1 Job Loss, Job Finding, and the Natural Rate of Unemployment

7-2 Job Search and Frictional Unemployment

Causes of Frictional Unemployment

Public Policy and Frictional Unemployment

Case Study Unemployment Insurance and the Rate of Job Finding

7-3 Real-Wage Rigidity and Structural Unemployment

Minimum-Wage Laws

Unions and Collective Bargaining

Efficiency Wages

Case Study Henry Ford’s $5 Workday

7-4 Labor-Market Experience: The United States

The Duration of Unemployment

Case Study The Increase in U.S. Long-Term Unemployment and the Debate Over Unemployment Insurance

Variation in the Unemployment Rate Across Demographic Groups

Transitions Into and Out of the Labor Force

Case Study The Decline in Labor-Force Participation: 2007 to 2017

7-5 Labor-Market Experience: Europe

The Rise in European Unemployment

Unemployment Variation Within Europe

The Rise of European Leisure

7-6 Conclusion

Part III Growth Theory: The Economy in the Very Long Run

Chapter 8 Economic Growth I: Capital Accumulation and Population Growth

8-1 The Accumulation of Capital

The Supply and Demand for Goods

Growth in the Capital Stock and the Steady State

Approaching the Steady State: A Numerical Example

Case Study The Miracle of Japanese and German Growth

How Saving Affects Growth

8-2 The Golden Rule Level of Capital

Comparing Steady States

Finding the Golden Rule Steady State: A Numerical Example

The Transition to the Golden Rule Steady State

8-3 Population Growth

The Steady State With Population Growth

The Effects of Population Growth

Case Study Investment and Population Growth Around the World

Alternative Perspectives on Population Growth

8-4 Conclusion

Chapter 9 Economic Growth II: Technology, Empirics, and Policy

9-1 Technological Progress in the Solow Model

The Efficiency of Labor

The Steady State With Technological Progress

The Effects of Technological Progress

9-2 From Growth Theory to Growth Empirics

Balanced Growth


Factor Accumulation Versus Production Efficiency

Case Study Good Management as a Source of Productivity

9-3 Policies to Promote Growth

Evaluating the Rate of Saving

Changing the Rate of Saving

Allocating the Economy’s Investment

Case Study Industrial Policy in Practice

Establishing the Right Institutions

Case Study The Colonial Origins of Modern Institutions

Supporting a Pro-growth Culture

Encouraging Technological Progress

Case Study Is Free T

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