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Overview

MACROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, takes a policy-based approach to the teaching of introductory macroeconomics. Written by two of the most respected economists in the world, this text is also one of the most current texts on the market that includes data through the spring of 2011. The text includes significant updates based on the current economic crisis, providing the right level of rigor and detail.

William J. Baumol, New York University

William J. Baumol received his B.S.S. at the College of the City of New York and his Ph.D. at the University of London. He is professor of economics at New York University and senior research economist and professor emeritus at Princeton University. He is a frequent management consultant to major firms in a wide variety of industries in the United States and other countries as well as to a number of governmental agencies. He has been president of the American Economic Association, and three other professional societies. He is an elected member of the National Academy of Sciences, created by the U.S. Congress, and a member of the American Philosophical Society, founded by Benjamin Franklin. Dr. Baumol is the author of more than 35 books as well as hundreds of journal and newspaper articles that have been translated into more than a dozen languages.

Alan S. Blinder, Princeton University

Alan S. Blinder earned his B.A. at Princeton University, his M.A. at the London School of Economics and Ph.D. at MIT. He teaches at Princeton University and is the author of the best seller, After the Music Stopped, about the financial crisis and its aftermath. Dr. Blinder served on President Clinton's first Council of Economic Advisers and then as vice chairman of the Federal Reserve Board, thereby playing a role in formulating both the fiscal and monetary policies of the 1990s. Dr. Blinder, now a regular columnist for THE WALL STREET JOURNAL, has written newspaper and magazine columns on economic policy for more than thirty years. He is a past Vice President and a Distinguished Fellow of the American Economic Association.
  • More material on health care costs and the health care reform bill have been added.
  • The traditional one-interest-rate model is replaced with a more complex model that includes two interest rates. One would be the riskless rate (such as on T-bills); the other would be a risky, private-sector rate. Doing so requires teaching students about the effect of perceived default risk on interest rates (“risk premiums”).
  • The new edition is the only principles book to reflect 2010 year-end data.
  • New boxes are updated to reflect the changes in the economic environment that have occurred since the last edition.
  • The comprehensive online, interactive problem sets, analyses, tutorials, experiments, and critical-thinking exercises give students hands-on application without adding to instructors’ workload. Aplia requires students to take an active role in the learning process, helping them improve their economic understanding and relate to the economic concepts presented. Instructors can assign homework that is automatically graded and recorded.
  • Each chapter opens with a real-life economic puzzle or issue to launch the material covered in the chapter, bringing economics into students’ everyday lives. This chapter-opening economic problem is revisited within the body of the chapter to illustrate how it can be addressed with the theoretical tools and concepts being presented.
  • This text includes special “Policy Debate” boxes to enliven the chapters as well as open the way for classroom discussion.
  • The “Ideas for Beyond the Final Exam” feature is introduced in Chapter 1, and then integrated throughout the text to reinforce important concepts for students.
  • Each chapter ends with a summary; key concepts and terms; and questions and problems for review to help student’s complete homework and prepare for exams.
Part I GETTING ACQUAINTED WITH ECONOMICS.
1 What Is Economics?
2 The Economy: Myth and Reality.
3 The Fundamental Economic Problem: Scarcity and Choice.
4 Supply and Demand: An Initial Look.
Part II THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND.
5 An Introduction to Macroeconomics.
6 The Goals of Macroeconomic Policy.
7 Economic Growth: Theory and Policy.
8 Aggregate Demand and the Powerful Consumer.
9 Demand-Side Equilibrium: Unemployment or Inflation?
10 Bringing in the Supply Side: Unemployment and Inflation?
Part III FISCAL AND MONETARY POLICY.
11 Managing Aggregate Demand: Fiscal Policy.
12 Money and the Banking System.
13 Monetary Policy: Conventional and Unconventional.
14 The Financial Crisis and the Great Recession.
15 The Debate over Monetary and Fiscal Policy.
16 Budget Deficits in the Short and Long Run.
17 The Trade-Off between Inflation and Unemployment.
Part IV THE UNITED STATES IN THE WORLD ECONOMY.
18 International Trade and Comparative Advantage.
19 The International Monetary System: Order or Disorder?
20 Exchange Rates and the Macroeconomy.
CengageNOW
CengageNOWv2 combines the way students use textbooks and online resources to learn, study and complete homework, allowing them to achieve ultimate success in this course in a digital world.

This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

Standalone Digital Access — Ultimate Value

Recommended and most popular

  • ISBN-10: 1133612512
  • ISBN-13: 9781133612513
  • Bookstore Wholesale Price $145.00
  • RETAIL $145.00

Digital Access + Print — Flexible Value

Recommended and most popular

  • ISBN-10: 1285260317
  • ISBN-13: 9781285260310
  • Bookstore Wholesale Price $273.75
  • RETAIL $364.95

Textbook Only Options

Traditional eBook and Print Options

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  • ISBN-10: 1133679900
  • ISBN-13: 9781133679905
  • STARTING AT $22.49

  • STARTING AT $43.49

  • ISBN-10: 0538453656
  • ISBN-13: 9780538453653
  • Bookstore Wholesale Price $206.25
  • RETAIL $274.95

“The text is very strong as is. It addresses topics at just the right level of depth/complexity for my students.”

“I continue to enjoy using the Baumol and Blinder text. My students find it clear, relevant and accessible.”

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

FOR INSTRUCTORS

Instructor's Companion Website

ISBN: 9781305397972
The Instructor Online Resource Website contains key supplements designed to aid instructors, including the Instructor's Manual, Test Bank (powered by Cognero®), and PowerPoint® lecture and exhibit slides. All supplements are updated to match revisions made to the text.

Cengage Learning Testing, powered by Cognero® Instant Access for Baumol's Macroeconomics: Principles and Policy

ISBN: 9781305498495
Cengage Learning Testing, Powered by Cognero®, is a flexible online system that allows you to author, edit, and manage test bank content. You can create multiple test versions in an instant and deliver tests from your LMS in your classroom.