21 CHAPTERS. A NEW WAY TO LISTEN.
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From rising living standards to recessions and inflation, explore the ideas behind the whole economy. Listen at your own pace, jump to a section, or follow the conversation word by word.
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Income. Jobs. Prices.
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THE LISTENING COLLECTION
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LISTEN · PAUSE · REFLECTChapter 01 / Introduction to Macroeconomics
Explore the mind map Start with income, jobs, and prices. Discover how economists move from facts to models, then use those models to ask new questions.
Chapter 02 / Measuring the Macroeconomy
Explore the mind map Follow production, spending, and income through the national accounts. Learn what GDP measures, how prices change, and what the headline numbers leave out.
Chapter 03 / An Overview of Long-Run Economic Growth
Explore the mind map Trace living standards across countries and centuries. Explore the power of compounding and the striking differences in when sustained growth began.
Chapter 04 / A Model of Production
Explore the mind map 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.
Chapter 05 / The Solow Growth Model
Explore the mind map Operate the Solow model and watch capital accumulate. Explore steady states, transition dynamics, and the limits of growth driven by investment alone.
Chapter 06 / Growth and Ideas
Explore the mind map 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.
Chapter 07 / The Labor Market, Wages, and Unemployment
Explore the mind map Connect wages and employment to labor supply and demand. Then follow workers into and out of jobs to understand persistent unemployment.
Chapter 08 / Inflation
Explore the mind map Measure inflation in the data and connect prices to money and output. Explore the quantity theory, real interest rates, and the costs of inflation.
Chapter 09 / An Introduction to the Short Run
Explore the mind map 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.
Chapter 10 / The Great Recession and the Covid-19 Pandemic: A First Look
Explore the mind map Compare two very different downturns. Trace housing, financial markets, output, and employment to see how each shock spread through the economy.
Chapter 11 / The IS Curve
Explore the mind map Build the IS curve from the national income identity. Change demand and borrowing costs to see why short-run output moves.
Chapter 12 / Monetary Policy and the Phillips Curve
Explore the mind map Connect monetary policy to the IS and Phillips curves. Follow the path of output and inflation when the central bank changes the interest rate.
Chapter 13 / Stabilization Policy and the AS/AD Framework
Explore the mind map Bring the short-run model together in the AS/AD diagram. Explore how policy rules, expectations, and different shocks shape the adjustment.
Chapter 14 / Financial Crises and the Short-Run Model
Explore the mind map Add risk premiums and financial frictions to the short-run model. Examine how a credit crisis, deflation, and policy constraints can deepen a recession.
Chapter 15 / DSGE Models: The Frontier of Business Cycle Research
Explore the mind map Meet the agents, shocks, and frictions inside DSGE models. Explore how productivity, labor markets, and sticky prices shape the economy’s response.
Chapter 16 / Consumption
Explore the mind map Spread income and wealth across a lifetime. Use a two-period model to explore consumption smoothing, patience, and the role of interest rates.
Chapter 17 / Investment
Explore the mind map Compare the return on capital with its cost. Connect firms’ investment choices to interest rates, taxes, stock prices, and housing.
Chapter 18 / The Government and the Macroeconomy
Explore the mind map Follow government spending, taxes, and borrowing through the budget constraint. Explore debt dynamics and the choices involved in financing public spending.
Chapter 19 / International Trade
Explore the mind map Work through comparative advantage and the gains from exchange. Connect trade balances to saving, investment, and borrowing from the rest of the world.
Chapter 20 / Exchange Rates and International Finance
Explore the mind map Compare purchasing power across countries and returns across currencies. Explore exchange rates, international finance, and policy in an open economy.
Chapter 21 / Parting Thoughts
Explore the mind map 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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