Macroeconomics Information Center: What's New


		Table of Contents About the Authors Preface Sample Chapter What's New Feature Summary Supplements



	Student Edition
	Instructor Edition

Macroeconomics, 12/e

Rudiger Dornbusch, Late of MIT
Stanley Fischer, Bank of Israel Governor
Richard Startz, University of California—Santa Barbara

What's New

Boxed material has been reorganized into two elements: History Speaks, which provides real world illustrations, and What More Do We Know?, which provides further commentary on the theory in the text.
Several chapters have been updated with new and relevant coverage, including:

A new section on the difference between popular and technical use of the term "recession" in Chapter 1.
A discussion of the definition of Gross National Income, which is commonly used for international comparisons, in Chapter 2. A box on the omitted-from-GDP cost of environmental damage has also been added.
A short appendix has been added to Chapter 6 giving the math to derive the dynamic aggregate supply curve.
A section on the Beveridge curve, a comparison of unemployment rates across OECD countries and a subsection on long-term unemployment benefits have been added to Chapter 7.
A section called "The Multiplier in Practice," discussing empirical estimates of the multiplier and why the simple consumption multiplier may differ from the total change in GDP in response to fiscal policy has been added to Chapter 10.
Discussion of the zero lower bound on interest rates and unorthodox monetary policy in the form of "quantitative easing" is new to Chapter 12.
An extended discussion on the changes in the behavior of excess reserves as part of the discussion of the money multiplier has been added to Chapter 17.
A new Chapter 20 covers national debt and deficits in the U.S. and Europe and discusses when the national debt reaches a crisis level.
Unemployment and inflation are now covered in two separate chapters (Chapters 7 & 8), allowing for a more detailed presentation of each topic. Additionally, recession and depression and inflation and hyperinflation have been separated into two chapters (Chapters 21 & 22) for a clearer and more comprehensive treatment.

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