21 CHAPTER COLLECTIONS. LEARN BY DOING.
Find the facts.
Ask better questions.
Explore the evidence behind the book. Compare economies, trace changes over time, and discover the patterns that macroeconomic models aim to explain.
Start with a question. Open a chapter. Explore the data.
FEATURED CHAPTER
Chapter 03
Explore the mind map An Overview of Long-Run Economic Growth
Trace living standards across countries and centuries.
EXPLORE BY CHAPTER
Choose a chapter below. Use its mind map to see the big picture, then open the apps to investigate the details.
Chapter 01 · Foundations
Introduction to Macroeconomics
Start with income, jobs, and prices. Discover how economists move from facts to models, then use those models to ask new questions.
Explore the chapter map Chapter 02 · Foundations
Measuring the Macroeconomy
Follow production, spending, and income through the national accounts. Learn what GDP measures, how prices change, and what the headline numbers leave out.
Explore the chapter map Chapter 03 · Long-run growth
An Overview of Long-Run Economic Growth
Trace living standards across countries and centuries. Explore the power of compounding and the striking differences in when sustained growth began.
Explore the chapter map Chapter 04 · Long-run growth
A Model of Production
Build a production model from capital, labor, and productivity. Compare its predictions with the data to see how much of the income gap it can explain.
Explore the chapter map Chapter 05 · Long-run growth
The Solow Growth Model
Operate the Solow model and watch capital accumulate. Explore steady states, transition dynamics, and the limits of growth driven by investment alone.
Explore the chapter map Chapter 06 · Long-run growth
Growth and Ideas
Ideas can be used by many people at once. Explore how this changes the economics of production and why research can sustain rising living standards.
Explore the chapter map Chapter 07 · Labor & inflation
The Labor Market, Wages, and Unemployment
Connect wages and employment to labor supply and demand. Then follow workers into and out of jobs to understand persistent unemployment.
Explore the chapter map Chapter 08 · Labor & inflation
Inflation
Measure inflation in the data and connect prices to money and output. Explore the quantity theory, real interest rates, and the costs of inflation.
Explore the chapter map Chapter 09 · Business cycles & policy
An Introduction to the Short Run
Separate the long-run path of output from short-run fluctuations. Use data on output, jobs, and inflation to describe what happens in a recession.
Explore the chapter map Chapter 10 · Business cycles & policy
The Great Recession and the Covid-19 Pandemic: A First Look
Compare two very different downturns. Trace housing, financial markets, output, and employment to see how each shock spread through the economy.
Explore the chapter map Chapter 11 · Business cycles & policy
The IS Curve
Build the IS curve from the national income identity. Change demand and borrowing costs to see why short-run output moves.
Explore the chapter map Chapter 12 · Business cycles & policy
Monetary Policy and the Phillips Curve
Connect monetary policy to the IS and Phillips curves. Follow the path of output and inflation when the central bank changes the interest rate.
Explore the chapter map Chapter 13 · Business cycles & policy
Stabilization Policy and the AS/AD Framework
Bring the short-run model together in the AS/AD diagram. Explore how policy rules, expectations, and different shocks shape the adjustment.
Explore the chapter map Chapter 14 · Business cycles & policy
Financial Crises and the Short-Run Model
Add risk premiums and financial frictions to the short-run model. Examine how a credit crisis, deflation, and policy constraints can deepen a recession.
Explore the chapter map Chapter 15 · Business cycles & policy
DSGE Models: The Frontier of Business Cycle Research
Meet the agents, shocks, and frictions inside DSGE models. Explore how productivity, labor markets, and sticky prices shape the economy’s response.
Explore the chapter map Chapter 16 · Decisions & the global economy
Consumption
Spread income and wealth across a lifetime. Use a two-period model to explore consumption smoothing, patience, and the role of interest rates.
Explore the chapter map Chapter 17 · Decisions & the global economy
Investment
Compare the return on capital with its cost. Connect firms’ investment choices to interest rates, taxes, stock prices, and housing.
Explore the chapter map Chapter 18 · Decisions & the global economy
The Government and the Macroeconomy
Follow government spending, taxes, and borrowing through the budget constraint. Explore debt dynamics and the choices involved in financing public spending.
Explore the chapter map Chapter 19 · Decisions & the global economy
International Trade
Work through comparative advantage and the gains from exchange. Connect trade balances to saving, investment, and borrowing from the rest of the world.
Explore the chapter map Chapter 20 · Decisions & the global economy
Exchange Rates and International Finance
Compare purchasing power across countries and returns across currencies. Explore exchange rates, international finance, and policy in an open economy.
Explore the chapter map Chapter 21 · Decisions & the global economy
Parting Thoughts
Bring the book’s main lessons together. Revisit living standards, growth, inflation, and stabilization, then consider the questions macroeconomics still needs to answer.
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