By Frederic S. Mishkin
Construction on his services in macroeconomic policymaking on the Federal Reserve, Mishkin’s Macroeconomics: coverage and perform presents a theoretical framework that illustrates the most up-tp-date and appropriate coverage debates within the box.
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Additional resources for Macroeconomics: Policy and Practice (Pearson Series in Economics)
566 REAL BUSINESS CYCLE MODEL . . . . . . . . . . . . . . . . . . . . . 567 Productivity Shocks and Business Cycle Fluctuations . . . . . . . . . . . . 568 Solow Residuals and Business Cycle Fluctuations . . . . . . . . . . . . . 568 Employment and Unemployment in the Real Business Cycle Model . . . . . 569 Objections to the Real Business Cycle Model . . . .
I would also like to thank the accuracy reviewers, Jim Eaton and David Beckworth, for their extraordinary efforts and attention to detail. In addition, I have received thoughtful comments from outside reviewers, editorial board members, focus group participants, community call participants, and class testers, who are listed below. Reviewers: Gilad Aharonovitz, Washington State University S. Nuray Akin, University of Miami Lian An, University of North Florida S. Boragan Aruoba, University of Maryland Elizabeth Asiedu, University of Kansas Nursel Aydiner-Avsar, University of Utah Lance Bachmeier, Kansas State University David Beckworth, Texas State University Cihan Bilginsoy, University of Utah Nicola Borri, Boston University Michael Carew, Baruch College of CUNY Joel D.
I-1 PREFACE There has never been a more exciting time to teach macroeconomics. The recent worldwide financial crisis cast a spotlight on macroeconomics and has prompted instructors worldwide to rethink their teaching of the course. Students today enter the intermediate macroeconomic course knowing the relevance of the business cycle—what is happening in their world right now in the wake of the most severe recession since World War II. The silver lining of these trying economic times is the ability to draw on this familiarity and the rich tapestry of recent economic events to enliven macroeconomic theory.