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Macroeconomics 4e 4th Edition Charles I. Jones Digital
Instant Download
Author(s): Charles I. Jones
ISBN(s): 9780393603767, 0393603768
Edition: 4th
File Details: PDF, 21.29 MB
Year: 2017
Language: english
MACROECONOMICS
Fourth Edition

Charles I. Jones
Stanford University, Graduate School of Business

B
W. W. NORTON & COMPANY
NE W YORK LONDON
 To Te r r y ; fo r Au d r e y a n d C h a rli e

W. W. Norton & Company has been independent since its founding in 1923, when William Warder
Norton and Mary D. Herter Norton first published lectures delivered at the People’s Institute, the adult
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BRIEF CONTENTS

PART 1 PRELIMINARIES
1 Introduction to Macroeconomics 4
2 Measuring the Macroeconomy 18

PART 2 THE LONG RUN

3 An Overview of Long-Run Economic Growth 44
4 A Model of Production 70
5 The Solow Growth Model 102
6 Growth and Ideas 137
7 The Labor Market, Wages, and Unemployment 175
8 Inflation 205

PART 3 THE SHORT RUN

9 An Introduction to the Short Run 234
10 The Great Recession: A First Look 255
11 The IS Curve 278
12 Monetary Policy and the Phillips Curve 309
13 Stabilization Policy and the AS/AD Framework 347
14 The Great Recession and the Short-Run Model 385
15 DSGE Models: The Frontier of Business Cycle Research 415

PART 4 APPLICATIONS AND MICROFOUNDATIONS

16 Consumption 448
17 Investment 470
18 The Government and the Macroeconomy 496
19 International Trade 520
20 Exchange Rates and International Finance 547
21 Parting Thoughts 583

iii
CONTENTS

Preface xiii 2.3 Measuring Changes over Time 29

Acknowledgments xix A Simple Example: Where Real GDP
Doesn’t Change 30
About the Author xxiii A Second Example: Where Real GDP
Changes 31
Quantity Indexes: Laspeyres, Paasche,
and Chain Weighting 32
PART 1 PRELIMINARIES Price Indexes and Inflation 33
Using Chain-Weighted Data 33
Introduction to 2.4 Comparing Economic Performance
1 Macroeconomics 4
across Countries 36

1.1 What Is Macroeconomics? 5 Summary 38

1.2 How Macroeconomics Studies Key Concepts 38
Key Questions 9 Review Questions 39
Exercises 39
1.3 An Overview of the Book 11
Worked Exercise 41
The Long Run 11
The Short Run 12
Issues for the Future 13

Summary 14 PART 2 THE LONG RUN

Key Concepts 14
An Overview of Long-Run
Review Questions 15
Exercises 15
3 Economic Growth 44
Worked Exercise 17
3.1 Introduction 45
3.2 Growth over the Very Long Run 45
3.3 Modern Economic Growth 47
Measuring the
2 Macroeconomy 18
The Definition of Economic Growth 47
A Population Growth Example 49
2.1 Introduction 19 The Rule of 70 and the Ratio Scale 50
2.2 Measuring the State of the Economy 19 U.S. GDP on a Ratio Scale 52
Production ! Expenditure ! Income 20 Calculating Growth Rates 53
The Expenditure Approach to GDP 21 3.4 Modern Growth around the World 54
The Income Approach to GDP 24 A Broad Sample of Countries 55
The Production Approach to GDP 26 3.5 Some Useful Properties of
What Is Included in GDP and What’s Not? 26 Growth Rates 58

v
vi | Contents

3.6 The Costs of Economic Growth 61 5.3 Prices and the Real Interest Rate 108
3.7 A Long-Run Roadmap 61 5.4 Solving the Solow Model 109
3.8 Additional Resources 62 Using the Solow Diagram 110
Output and Consumption in the
Summary 63 Solow Diagram 111
Growth Rules 64 Solving Mathematically for the Steady State 112
Key Concepts 64 5.5 Looking at Data through the Lens
Review Questions 64 of the Solow Model 113
Exercises 64 The Capital-Output Ratio 113
Worked Exercises 68 Differences in Y/L 114
5.6 Understanding the Steady State 115
5.7 Economic Growth in the Solow Model 116
4 A Model of Production 70
Meanwhile, Back on the Family Farm 117
4.1 Introduction 71 5.8 Some Economic Experiments 118
4.2 A Model of Production 72 An Increase in the Investment Rate 118
Setting Up the Model 72 A Rise in the Depreciation Rate 120
Allocating Resources 73 Experiments on Your Own 121
Solving the Model: General Equilibrium 76 5.9 The Principle of Transition Dynamics 123
Interpreting the Solution 78 Understanding Differences in Growth Rates 124
4.3 Analyzing the Production Model 81 5.10 Strengths and Weaknesses of the
Comparing Models with Data 81 Solow Model 127
The Empirical Fit of the Production Model 82
Productivity Differences: Improving the Summary 128
Fit of the Model 86 Key Concepts 129
4.4 Understanding TFP Differences 90 Review Questions 129
Human Capital 90 Exercises 129
Technology 91 Worked Exercises 133
Institutions 91
Misallocation 93
4.5 Evaluating the Production Model 95
6 Growth and Ideas 137

Summary 96 6.1 Introduction 138

Key Concepts 97 6.2 The Economics of Ideas 139
Review Questions 97 Ideas 139
Exercises 98 Nonrivalry 140
Worked Exercises 100 Increasing Returns 141
Problems with Pure Competition 143

5 The Solow Growth Model 102

6.3 The Romer Model 146
Solving the Romer Model 148
5.1 Introduction 103 Why Is There Growth in the Romer Model? 150
5.2 Setting Up the Model 104 Balanced Growth 151
Production 104 Experiments in the Romer Model 152
Capital Accumulation 104 Growth Effects versus Level Effects 154
Labor 106 Recapping Romer 155
Investment 106 6.4 Combining Solow and Romer:
The Model Summarized 107 Overview 156
 Contents | vii

6.5 Growth Accounting 157

6.6 Concluding Our Study of
8 Inflation 205

Long-Run Growth 159 8.1 Introduction 206

6.7 A Postscript on Solow and Romer 161 8.2 The Quantity Theory of Money 209
6.8 Additional Resources 162 Measures of the Money Supply 209
The Quantity Equation 211
Summary 162 The Classical Dichotomy, Constant Velocity,
Key Concepts 163 and the Central Bank 211
Review Questions 163 The Quantity Theory for the Price Level 212
Exercises 164 The Quantity Theory for Inflation 213
Worked Exercises 166 Revisiting the Classical Dichotomy 215

6.9 APPENDIX : Combining Solow and Romer 8.3 Real and Nominal Interest Rates 216
(Algebraically) 168 8.4 Costs of Inflation 218
Setting Up the Combined Model 168 8.5 The Fiscal Causes of High Inflation 221
Solving the Combined Model 168 The Inflation Tax 221
Long-Run Growth 169 Central Bank Independence 222
Output per Person 170
8.6 The Great Inflation of the 1970s 225
Transition Dynamics 171
More Exercises 173
Summary 225
Key Concepts 226
Review Questions 226
Exercises 227
The Labor Market, Wages,
7 and Unemployment 175
Worked Exercises 230

7.1 Introduction 176

7.2 The U.S. Labor Market 176
The Dynamics of the Labor Market 179
7.3 Supply and Demand 180 PART 3 THE SHORT RUN
A Change in Labor Supply 181
A Change in Labor Demand 182
An Introduction to the
Wage Rigidity 183 9 Short Run 234
Different Kinds of Unemployment 185
7.4 The Bathtub Model of Unemployment 185 9.1 Introduction 235
7.5 Labor Markets around the World 187 9.2 The Long Run, the Short Run,
Hours of Work 190 and Shocks 236
Trends and Fluctuations 236
7.6 How Much Is Your Human Capital
Worth? 191 Short-Run Output in the United States 238
Present Discounted Value 191 Measuring Potential Output 241
Your Human Capital 192 The Inflation Rate 243

7.7 The Rising Return to Education 193 9.3 The Short-Run Model 243
A Graph of the Short-Run Model 244
Summary 199 How the Short-Run Model Works 245
Key Concepts 199 The Empirical Fit of the Phillips Curve 246
Review Questions 199 Summary 247
Exercises 200 9.4 Okun’s Law: Output and
Worked Exercises 202 Unemployment 247
viii | Contents

9.5 Filling in the Details 250 11.4 Using the IS Curve 285
The Basic IS Curve 285
Summary 250 The Effect of a Change in the Interest Rate 286
Key Concepts 251 An Aggregate Demand Shock 287
Review Questions 251 A Shock to Potential Output 289
Exercises 252 Other Experiments 290
Worked Exercise 254
11.5 Microfoundations of the IS Curve 290
Consumption 290
Multiplier Effects 293
Investment 294
The Great Recession:
10 A First Look 255
Government Purchases 295
Net Exports 301
10.1 Introduction 256 11.6 Conclusion 301
10.2 Recent Shocks to the
Macroeconomy 257 Summary 302
Key Concepts 302
Housing Prices 257
Review Questions 303
The Global Saving Glut 258
Exercises 303
Subprime Lending and the Rise in
Interest Rates 259 Worked Exercises 306
The Financial Turmoil of 2007–2009 260
Oil Prices 263 Monetary Policy and the
10.3 Macroeconomic Outcomes 264
12 Phillips Curve 309
A Comparison to Previous Recessions 264 12.1 Introduction 310
Inflation 267
12.2 The MP Curve: Monetary Policy
The Rest of the World 269
and Interest Rates 311
10.4 Some Fundamentals of Financial From Nominal to Real Interest Rates 313
Economics 270 The IS-MP Diagram 314
Balance Sheets 271 Example: The End of a Housing Bubble 315
Leverage 272
12.3 The Phillips Curve 318
Bank Runs and Liquidity Crises 273
Price Shocks and the Phillips Curve 321
Financial Wrap-Up 274
Cost-Push and Demand-Pull Inflation 323
10.5 Going Forward 274
12.4 Using the Short-Run Model 324
The Volcker Disinflation 325
Summary 275
The Great Inflation of the 1970s 327
Key Concepts 275
The Short-Run Model in a Nutshell 329
Review Questions 276
Exercises 276 12.5 Microfoundations: Understanding
Sticky Inflation 330
The Classical Dichotomy in the Short Run 330
12.6 Microfoundations: How Central Banks
11 The IS Curve 278 Control Nominal Interest Rates 333
Changing the Interest Rate 335
11.1 Introduction 279 Why it instead of Mt? 335
11.2 Setting Up the Economy 280 12.7 Inside the Federal Reserve 338
Consumption and Friends 281 Conventional Monetary Policy 338
The Investment Equation 281 Open-Market Operations: How the Fed
11.3 Deriving the IS Curve 283 Controls the Money Supply 339
 Contents | ix

12.8 Conclusion 340

The Great Recession and
Summary 340
14 the Short-Run Model 385
Key Concepts 341 14.1 Introduction 386
Review Questions 341
14.2 Financial Considerations in the
Exercises 342
Short-Run Model 387
Worked Exercises 344
Financial Frictions 387
Financial Frictions in the
IS/MP Framework 388
Stabilization Policy and the
13 AS/AD Framework 347
Financial Frictions in the
AS/AD Framework 390
13.1 Introduction 348 The Dangers of Deflation 392

13.2 Monetary Policy Rules and 14.3 Policy Responses to the

Aggregate Demand 349 Financial Crisis 395
The AD Curve 350 The Taylor Rule and Monetary
Policy 395
Moving along the AD Curve 351
The Money Supply 397
Shifts of the AD Curve 352
The Fed’s Balance Sheet 398
13.3 The Aggregate Supply Curve 352 The Troubled Asset Relief Program 402
13.4 The AS/AD Framework 353 Fiscal Stimulus 403
The Steady State 354 The European Debt Crisis 403
The AS/AD Graph 354 Financial Reform 403
13.5 Macroeconomic Events in the 14.4 The Aftermath of the
AS/AD Framework 355 Great Recession 406
Event #1: An Inflation Shock 355 Secular Stagnation 406
Event #2: Disinflation 359 A Productivity Slowdown? 406
Event #3: A Positive AD Shock 361 14.5 Conclusion 408
Further Thoughts on Aggregate
Demand Shocks 364 Summary 409
13.6 Empirical Evidence 365 Key Concepts 410
Predicting the Fed Funds Rate 365 Review Questions 410
Inflation-Output Loops 366 Exercises 411
13.7 Modern Monetary Policy 369 Worked Exercise 413
More Sophisticated Monetary
Policy Rules 371
Rules versus Discretion 371
The Paradox of Policy and DSGE Models: The
Rational Expectations 372 15 Frontier of Business
Managing Expectations in the
AS/AD Model 373
Cycle Research 415
Inflation Targeting 375 15.1 Introduction 416
13.8 Conclusion 376 15.2 A Brief History of DSGE Models 417
From Real Business Cycles
Summary 377 to DSGE 418
Key Concepts 378 Endogenous Variables 419
Review Questions 378 Shocks 419
Exercises 379 Features 419
Worked Exercises 382 Mathematics and DSGE Models 420
x | Contents

15.3 A Stylized Approach to DSGE 421 Borrowing Constraints 457

Labor Demand 421 Consumption as a Random Walk 458
Labor Supply 422 Precautionary Saving 459
Equilibrium in the Labor Market 423 16.4 Empirical Evidence on Consumption 460
15.4 Using the Stylized DSGE Model 424 Evidence from Individual Households 460
A Negative TFP Shock 424 Aggregate Evidence 462
A Rise in Taxes Paid by Firms 425
A Rise in Government Purchases 426 Summary 465
Introducing Monetary Policy and Key Concepts 466
Unemployment: Sticky Wages 428 Review Questions 466
Monetary Policy and Sticky Prices 430 Exercises 466
Lessons from the Labor Market in Worked Exercise 469
DSGE Models 431
15.5 Quantitative DSGE Models 431
Impulse Response Functions 432 17 Investment 470
A Total Factor Productivity Shock 434 17.1 Introduction 471
A Shock to Government Purchases 436
17.2 How Do Firms Make Investment
A Financial Friction Shock 437 Decisions? 472
15.6 Conclusion 438 Reasoning with an Arbitrage Equation 472
The User Cost of Capital 473
Summary 438 Example: Investment and the
Key Concepts 439 Corporate Income Tax 474
Review Questions 439 From Desired Capital to Investment 478
Exercises 440 17.3 The Stock Market and Financial
Worked Exercise 442 Investment 479
15.7 APPENDIX : Deriving the Labor Supply Curve 444 The Arbitrage Equation and the
Price of a Stock 480
P/E Ratios and Bubbles? 482
Efficient Markets 483
PART 4 APPLICATIONS AND 17.4 Components of Private Investment 486
MICROFOUNDATIONS Residential Investment 487
Inventory Investment 488
16 Consumption 448
Summary 490
16.1 Introduction 449 Key Concepts 491
16.2 The Neoclassical Consumption Review Questions 491
Model 449 Exercises 491
The Intertemporal Budget Constraint 449 Worked Exercises 494
Utility 450
Choosing Consumption to Maximize
Utility 451 The Government and the
Solving the Euler Equation: Log Utility 453 18 Macroeconomy 496
Solving for c today and c future: Log Utility
and ! ! 1 454 18.1 Introduction 497
The Effect of a Rise in R on Consumption 455 18.2 U.S. Government Spending
16.3 Lessons from the Neoclassical Model 455 and Revenue 497
The Permanent-Income Hypothesis 455 Spending and Revenue over Time 498
Ricardian Equivalence 457 The Debt-GDP Ratio 499
 Contents | xi

18.3 International Evidence on Spending Exercises 543

and Debt 501 Worked Exercise 545
18.4 The Government Budget Constraint 502
The Intertemporal Budget Constraint 503
Exchange Rates and
18.5 How Much Can the Government
Borrow? 505
20 International Finance 547
Economic Growth and the
Debt-GDP Ratio 505 20.1 Introduction 548
High Inflation and Default 506 20.2 Exchange Rates in the Long Run 548
Generational Accounting 507 The Nominal Exchange Rate 548
Deficits and Investment 507 The Law of One Price 549
18.6 The Fiscal Problem of the The Real Exchange Rate 552
Twenty-First Century 509 Summary 553
The Problem 510 20.3 Exchange Rates in the Short Run 555
Possible Solutions 513 The Nominal Exchange Rate 555
18.7 Conclusion 515 The Real Exchange Rate 556
20.4 Fixed Exchange Rates 557
Summary 516
20.5 The Open Economy in the
Key Concepts 516 Short-Run Model 558
Review Questions 516 The New IS Curve 559
Exercises 517 Event #1: Tightening Domestic Monetary
Worked Exercise 518 Policy and the IS Curve 560
Event #2: A Change in Foreign
Interest Rates 561
19 International Trade 520 20.6 Exchange Rate Regimes 562
19.1 Introduction 521 20.7 The Policy Trilemma 564
Which Side of the Triangle to Choose? 567
19.2 Some Basic Facts about Trade 522
The Future of Exchange Rate Regimes 570
19.3 A Basic Reason for Trade 524
20.8 The Euro Crisis 572
19.4 Trade across Time 525
The Crisis of 2011–2013 575
19.5 Trade with Production 527 Long-Term Competitiveness 576
Autarky 528
Free Trade 530 Summary 577
Lessons from the Apple: Computer Key Concepts 578
Example 531 Review Questions 579
19.6 Trade in Inputs 532 Exercises 579
Moving Capital versus Moving Labor 533 Worked Exercises 581
19.7 The Costs of Trade 534
19.8 The Trade Deficit and Foreign Debt 537
Trade and Growth around the World 537 21 Parting Thoughts 583
The Twin Deficits 538 21.1 What We’ve Learned 584
Net Foreign Assets and Foreign Debt 540
21.2 Significant Remaining Questions 586
19.9 Conclusion 541 21.3 Conclusion 589

Summary 542
Key Concepts 543 Glossary 590
Review Questions 543 Index 605
 Contents | xiii

PREFACE TO THE FOURTH EDITION

T Innovations
he macroeconomic events of the last decade
are truly breathtaking—a once-in-a-lifetime
(This section will make the most sense to students
(we hope) occurrence. While the basics of
with some familiarity with macroeconomics and
how economists understand the macroeconomy
instructors. Students new to the subject may skip
remain solid, the global financial crisis and the
to the Guided Tour.)
Great Recession take us into waters that, if not un-
Most other books for teaching intermediate mac-
charted, at least have not been visited in more than
roeconomics were first written more than twenty
half a century. The recovery of the U.S., European,
years ago. Our understanding of the macroeconomy
and world economies from these shocks has been
has improved substantially since then. This book
remarkably subdued. And, perhaps most troubling
provides an accessible and yet modern treatment. Its
of all, the productivity growth that underlies long-
order and structure will feel familiar to instructors,
run economic performance has been surprisingly
but the execution, examples, and pedagogy have
slow for more than a decade.
been updated to incorporate the best that macro-
This new edition continues the tradition estab-
economics instruction has to offer.
lished in previous versions: providing up-to-date,
What’s special about this book? Innovations
modern analysis of both current events and classic
occur throughout, but the key ones are described
issues in macroeconomics. For example, new mea-
below.
sures of standards of living (Chapter 2), China’s
impact on U.S. jobs and wage inequality (Chapter 7),
the latest research on the Great Recession (Chap- Two Chapters on the Great Recession
ters 10 and 14), and the Euro-area financial crisis The global financial crisis and the Great Recession
(Chapter 20) are all incorporated. A new primer in that followed are obviously the most important
Chapter 12 helps students to bridge the gap be- macroeconomic events in decades. While these
tween the old IS-LM model and the new IS-MP events are discussed throughout in sections de-
model, which is rapidly displacing the IS-LM voted to the short run, two chapters explicitly focus
framework as a guide to the short run. A new ex- on recent events. Chapter 10 (The Great Recession:
ercise in virtually every chapter asks students to A First Look) immediately follows the first intro-
obtain and analyze up-to-date data from the Fed- ductory chapter on the short run, exposing stu-
eral Reserve’s FRED database. This fourth edition dents to the facts of the last several years and to
also incorporates many new case studies and exer- critical concepts like leverage, balance sheets, and
cises, extensive updates to tables and figures to securitization. Chapter 14 (The Great Recession
reflect the most current data, and improvements on and the Short-Run Model), the last chapter of the
nearly every page in the text. short-run section, provides a detailed application
It is a fascinating time to study macroeconomics, of the short-run model to recent events, explaining
and I look forward to sharing astounding facts about in the process the unconventional aspects of mon-
the macroeconomy with you and to discussing the etary and fiscal policy that featured prominently
Nobel-caliber ideas that help us understand them. in the government’s response to the crisis.

xiii
xiv | Preface to the Fourth Edition

Rich Treatment of Economic Growth of shocks to the home economy. To keep things
Economic growth is the first major topic explored simple, however, the initial short-run model does
in the book. After an overview chapter that de- not include exchange rates.
scribes the facts and some tools, Chapter 4 pre-
sents a (static) model based on a Cobb-Douglas DSGE Models: The Frontier of
production function. Students learn what a model Business Cycle Research
is with this simple structure and see it applied to A well-known tension exists between macro-
understanding the 50-fold differences in the per economics that is taught in most intermediate
capita GDP observed across countries. Chapter 5 courses and one that is practiced by policymakers,
presents the Solow model but with no technologi- central bankers, and researchers. Traditionally, it
cal change or population growth, which simplifies has been thought that the more difficult mathemat-
the presentation. Students learn Robert Solow’s in- ics used by practitioners necessitated this divide.
sight that capital accumulation cannot serve as the However, in Chapter 15, I’ve found a way to bridge
engine for long-run economic growth. some of this gap by giving students insights into
Chapter 6 offers something absent in most other the much richer DSGE models typically used to
intermediate macro books: a thorough exposition study macroeconomic fluctuations. Two innova-
of the economics of ideas and Paul Romer’s insight tions make this possible. First, I present the “im-
that the discovery of new ideas can drive long-run pact effect” of shocks in a DSGE framework by
growth. studying the labor market. Second, I introduce
The approach taken in this book is to explain impulse response functions graphically and then
the macroeconomics of the long run before turning show estimates of these dynamic effects using
to the short run. It is much easier to understand state-of-the-art methods, in particular, the esti-
fluctuations in macroeconomic aggregates when mates of the famous Smets-Wouters model.
one understands how those aggregates behave in
normal times. Interplay between Models and Data
A tight connection between models and data is a
Familiar Yet Updated Short-Run Model feature of modern macroeconomics, and this con-
The modern version of the short-run AS/AD nection pervades the book. Many exercises ask
model is the crowning achievement of the short- students to work with real data, some of which
run section. By modern, I mean several things. are available in the book, some by using the on-
First and foremost, the AS/AD graph is drawn line resources, and some from a data tool I’ve put
with inflation on the vertical axis rather than the together called Country Snapshots, a pdf file avail-
price level — perfect for teaching students about able at www.stanford.edu/~chadj/snapshots.html
the threat of deflation that has reared its head fol- that contains a page of graphs for each country in
lowing the Great Recession, the Volcker disinfla- the world. The data underlying the graphs can be
tion, and the Great Inflation of the 1970s. All the obtained as a spreadsheet simply by clicking on a
short-run analysis, including explicit dynamics, link at the top of each page. Finally, a new exercise
can be performed in this single graph. in almost every chapter asks students to obtain and
Another innovation in getting to the AS/AD analyze up-to-date data from the Federal Reserve’s
framework is a focus on interest rates and the ab- FRED database.
sence of an LM curve. Chapter 12 explains how
the central bank sets the interest rate. Chapter 13 Worked Exercises at the End of
introduces a simple version of John Taylor’s mon- Each Chapter
etary policy rule to get the AD curve. One of the most effective ways to learn is by
A final innovation in the short-run model is that working through problems. So a carefully chosen
it features an open economy from the start: busi- collection of exercises is included at the end of
ness cycles in the rest of the world are one source each chapter; from among these, one or two are
 Preface to the Fourth Edition | xv

selected and worked out in detail. Students are en- introductory section (Part 1: Preliminaries) and a
couraged to attempt these exercises on their own concluding chapter (Chapter 21: Parting Thoughts).
before turning to the full solution. This organization reflects an increasing ap-
preciation of the importance of long-run macro-
More Emphasis on the World Economy economics in the profession. In addition, it makes
Relative to many intermediate macro books, this sense from a pedagogical standpoint to put the
text features more emphasis on the world economy long run first. This way students understand what
in three ways. First, the long-run growth chapters it is that the economy fluctuates around when they
are a main emphasis in the book, and these inher- get to the short-run chapters.
ently involve international comparisons. Second, A brief overview of each part follows.
the short-run model features an open economy (al-
beit without exchange rates) from the very begin- Part 1: Preliminaries
ning. Finally, the book includes two international We begin with an overview of macroeconomics:
chapters in Part 4: Chapter 20 is the standard inter- what kind of questions macroeconomics addresses
national finance chapter and Chapter 19 is entirely and how it goes about its business. A second
devoted to international trade. chapter discusses the data of macroeconomics
in more detail, with a focus on national income
Better Applications and Microfoundations accounting.
Part 4 includes five chapters of applications and
microfoundations. The basic structure of this part Part 2: The Long Run
is traditional. There is a chapter for each compo- The second part of the book (Chapters 3 through
nent of the national income identity: consumption, 8) considers the macroeconomy in the long run.
investment, the government, and the international Chapter 3 presents an overview of the facts and
economy. However, the material inside is modern tools economists use to study long-run macro-
and novel. For example, the consumption chap- economics, with special attention to economic
ter (Chapter 16) centers around the famous Euler growth. Chapter 4 introduces the Cobb-Douglas
equation that lies at the heart of today’s macro- production function as a way to understand the
economics. The investment chapter (Chapter 17) enormous differences in standards of living seen
highlights the strong parallels between investment across countries. The interplay between theory and
in physical capital and financial investments in data that is central to macroeconomics makes a
the stock market using the “arbitrage equation” starring appearance in this chapter.
approach. The chapter on the government and Chapter 5 considers the Solow model of eco-
the macroeconomy (Chapter 18) includes an ap- nomic growth, one of the workhorse models of
plication to what I call “The Fiscal Problem of macroeconomics. Students study the extent to
the Twenty-First Century” — how to finance the which the Solow model can help them understand
growing expenditures on health care. And, as men- (a) why some countries are rich while others are
tioned above, the international section features two poor, and (b) why people in the advanced coun-
chapters, one on international trade and one on tries of the world are so much richer today than
international finance. These chapters are not es- they were a hundred years ago. Surprisingly, they
sential and instructors may wish to skip one or will see that the model does not do a good job of
both of them depending on time constraints. explaining long-run economic growth.
For this explanation, Chapter 6 turns to the
Romer model, which emphasizes the role played
A Guided Tour by the discovery of new ideas. Thinking about the
The book consists of three main parts: the Long economics of ideas may lead to profound changes
Run, the Short Run, and the Applications and in the way students understand many areas of
Microfoundations. Surrounding these parts are an economics.
xvi | Preface to the Fourth Edition

Chapter 7 studies the most important market Great Recession and discusses the macroecono-
in modern economies: the labor market. Students mic prospects going forward. Chapter 15 presents
learn about the determination of the unemploy- the DSGE models of macroeconomic fluctuations
ment rate in the long run and discover that they to take students closer to the frontier of advanced
are already, in some sense, millionaires. macroeconomics, as discussed earlier in the pref-
Chapter 8 concludes the long-run portion of the ace.
book by considering inflation. The quantity theory
of money provides a long-run theory of inflation, Part 4: Applications and Microfoundations
which, according to Milton Friedman, occurs be- Part 4 includes five chapters of applications and
cause of “too much money chasing too few goods.” microfoundations. While it may be unapparent to
students new to macroeconomics, the organiza-
Part 3: The Short Run tion of these chapters follows the “national income
Part 3 is devoted to the branch of macroeconomics identity,” a concept discussed early in the book.
that students are probably most familiar with: the These chapters include a number of important top-
study of booms, recessions, and the rise and fall of ics. Chapter 16 studies how individuals make their
inflation in the short run. The five chapters in this lifetime consumption plans. Chapter 17 consid-
part form a tight unit that develops the short-run ers the pricing of financial assets, such as stocks
model and applies it to current events. and houses, in the context of a broader chapter
Chapter 9 provides an overview of the macro- on investment.
economy in the short run, summarizing the key Chapter 18 studies the role played by the gov-
facts and providing an introduction to the short- ernment in the macroeconomy, including the role
run model that explains these facts. Chapter 10 of budget deficits and the government’s budget
provides a “first look” at the financial crisis and the constraint. The chapter also considers a key prob-
Great Recession, carefully laying out the facts of lem that governments around the world will face
how the crisis evolved and introducing the impor- in coming decades: how to finance the enormous
tant concepts of “leverage” and “balance sheets.” increases in health spending that have occurred for
The next three chapters then develop the short- the last fifty years and that seem likely to continue.
run model. Chapter 11 introduces the IS curve, a Both the long-run and the short-run parts of the
key building block of the short-run model. The book place the study of macroeconomics in an in-
IS curve reveals that a fundamental determinant ternational context. The short-run model includes
of output in the short run is the real interest rate. open economy forces from the very beginning, and
Chapter 12 shows how the central bank in an the final two applications of the book go even far-
economy can move the interest rate to keep the ther in this direction.
economy close to full employment. The chapter Chapter 19 focuses on international trade. Why
also provides the link between the real economy do countries trade? Are trade deficits good or bad?
and inflation, called the Phillips curve. How have globalization and outsourcing affected
Chapter 13 looks at the short-run model in the macroeconomy? Chapter 20 studies interna-
an aggregate supply/aggregate demand (AS/AD) tional finance, including the determination of the
framework. This framework allows the complete exchange rate and the Euro-area financial crisis.
dynamics of the economy in the short run to be
studied in a single graph. Using this framework, Parting Thoughts
the chapter emphasizes the key roles played by Chapter 21 concludes our study of macroeconom-
expectations, credibility, and time consistency in ics. The chapter summarizes the important lessons
modern macroeconomic policymaking. learned in the book, and we offer a brief guide
Chapter 14 uses the short-run model to help to the key questions that remain less than well
students understand the financial crisis and the understood.
 Preface to the Fourth Edition | xvii

Learning Aids Country Snapshots

www.stanford.edu/~chadj/snapshots.html
• Overview: The opening page of each chapter
provides an overview of the main points that To accompany the book, I have put together a
will be covered. resource containing data from more than 200
• Boxes around key equations: Key equations countries. Each page of the file snapshots.pdf cor-
are boxed to highlight their importance. responds to a country and provides graphs of that
• Graphs and tables: The main point of each country’s key macroeconomics statistics. More-
figure is summarized in an accompanying over, the data underlying the graphs can be ob-
marginal text box. Tables are used to tained as a spreadsheet simply by selecting a link
summarize the key equations of a model. at the top of each page. Whenever students read
• Guide to notation: The inside back cover about a particular country in the newspaper or in
contains a list of symbols, their meaning, and this book, detailed macroeconomics statistics are
the chapter in which they first appear. only a click away.
• Case studies: Case studies highlight items of
interest in each chapter.
• Chapter summaries: The main points of each Available Formats for Students
chapter are presented in list form for easy The text is available in a number of student for-
reference and review. mats, including paperback and loose leaf, three-
• Key concepts: Important economic concepts hole-punch versions at reduced costs. In addition,
are set in boldface type where they first appear, the Norton ebook reader provides students and
and listed at the end of each chapter for review. instructors with an enhanced reading experience
• Review questions: Review questions allow at a fraction of the cost of a print textbook. In-
students to test their understanding of what structors can guide student reading through notes
they have learned. they can share with the class; notes can include
• Exercises: Carefully chosen exercises embedded images and videos. Reports on access
reinforce the material from the chapter and and time on task, at both the individual and class
are intended to be used for homework levels, allow instructors to monitor student read-
assignments. These exercises include many ing and engagement. The Norton ebook reader can
different kinds of problems. Some require be integrated into the instructor’s campus learning
graphical solutions while others use management system, which allows students to link
numbers. Some ask to look for economic directly to the ebook from their LMS without hav-
data online and interpret it in a particular ing to sign in.
way. Others ask to write a position paper for
a presidential candidate or to pretend to be Norton Coursepacks
advising the chair of the Federal Reserve. Maria Apostolova-Mihaylova, Centre College
• Worked exercises: From the exercises, one Available free to adopters and their students, the
or two are selected and worked out in detail. Norton Coursepack for the Fourth Edition can be
These exercises are indicated by an asterisk downloaded from the Norton instructor resource
*
( ) in the margin. Students will find these
answers most helpful if they consult them
site, and it works directly in Blackboard, D2L,
Moodle, and Canvas LMS systems. The course-
only after having tried to work through each pack includes easy to use materials, including:
exercise on their own. • Flashcards
• Glossary: An extensive glossary at the end • Chapter Summaries
of the book defines terms and provides page • Review Quizzes
numbers where more information can be • Review Discussion Questions
found. • Country Studies Snapshot Documents
xviii | Preface to the Fourth Edition

Lecture PowerPoints Instructor’s Manual

Emily C. Marshall, Dickinson College Anthony Laramie, Boston College, with
The revised PowerPoint slides for this edition contributions from Pavel Kapinos, Carleton
provide a lecture-ready resource for the instruc- College, and Kenneth Kuttner, Williams College
tor. Concise and visually rich, these slides help This valuable instructor’s resource includes an
guide students through concepts in each chapter, overview, a suggested approach to the chapter lec-
especially those most misunderstood. Integrated ture, expanded case studies, additional case stud-
teaching tips are designed to provide additional ies, and complete answers to the end-of-chapter
instructor support. problems for each chapter.

Instructor’s Resource Site Test Bank

Downloadable resources will include the test bank Robert Sonora, Fort Lewis College, with
in rich-text and ExamView® formats, the course- contributions from Todd Knoop, Cornell College,
pack, graphs in jpeg format and as PowerPoints, and Dietrich Vollrath, University of Houston
the Instructor’s Manual, and lecture PowerPoints. Available for download in rich-text and Exam-
View® formats, the updated test bank includes
carefully constructed true/false, multiple-choice,
and short answer/numerical questions.
ACKNOWLEDGMENTS

This book could not have been written without the tremendous support, encour-
agement, and assistance that I have received from many people. I am especially
grateful to my colleagues in the economics profession for many insights, com-
ments, and suggestions for improving the manuscript.

David Aadland Amelie Carlton

University of Wyoming Rice University
Yamin S. Ahmad Tiago Cavalcanti
University of Wisconsin, Purdue University
Whitewater Betty C. Daniel
Ehsan Ahmed University of Albany, SUNY
James Madison University Steven Davis
Francisco Alvarez-Cuadrado University of Chicago, Booth
McGill University School of Business
William Bennett A. Edward Day
Loyola University University of Texas, Dallas
Jules van Binsbergen Firat Demir
Stanford University University of Oklahoma,
Peter Bondarenko Norman Campus
University of Chicago Robert J. Derrell
Jaroslav Borovicka Manhattanville College
New York University Alissa Dubnicki
Ronald Britto Syracuse University
Binghamton, SUNY Robert A. Driskill
Robin Burgess Vanderbilt University
London School of Economics Ryan Edwards
Miki Brunyer Queens College, CUNY
West Virginia University J. Peter Ferderer
Colleen M. Callahan Macalester College
American University John Fernald
Gabriele Camera Federal Reserve Bank of
Purdue University San Francisco

xix
Another Random Scribd Document
with Unrelated Content
The text on this page is estimated to be only 28.05%
accurate

SHINGLED ROOFS. 79 It commonly shelters from the sun

and rain an open portion of the house or a verandah. It is either
supported by uprights from the ground, or by slender brackets which
are framed at right angles to the main uprights of the building
proper. Weak and even flimsy as this structure often appears to be,
FIG. 00. — HISASHI. it manages to support itself, in violation of all
known laws of structure and gravitation. After a heavy fall of damp
snow one may see thick accumulations covering these slight roofs,
and yet a ride through the city reveals no evidences of their breaking
down. One recalls similar structures at home yielding under like
pressure, and wonders whether gravitation behaves differently in
this land of anomalies. In the ordinary shingled roof a light boarding
is first nailed to the rafters, and upon this the shingles are secured in
close courses. The shingles are always split, and are very thin, being
about the thickness of an ordinary octavo book-cover, and not much
larger in size, and having the same thickness throughout. They come
in square bundles (fig. 61, A), each bunch containing about two
hundred and twenty shingles, and costing about forty cents. Bamboo
pins, resembling attenuated shoe-pegs, arc used as shingle-nails.
The shingler takes a mouthful of these pegs, and with quick motions
works precisely and in the same rapid manner as a similar class of
workmen do at home. The shingler's hammer is a curious implement
(fig. 61, B, C). The iron portion is in the shape of a square block,
with its roughened face nearly on a level with its handle. Near the
end of the
The text on this page is estimated to be only 24.91%
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80 JAPANESE UOMES AND THEIR SURROUNDINGS. handle,

and below, is inserted an indented strip of brass (fig. 61, 6). The
shingler in grasping the handle brings the thumb and forep, ill. lii M ii
i IK iSiiiM,i.i;s. NAILS, AXD HAMMER. hand with \vliidi he holds the
hammer, iiul 1'oreiinger holding the peg against oppo>ite the strip of
brass; ho takes a peg from his with the .sum and with the thumb the
brass strip (fig. G2), he forces it into the shingle by a pushing blow.
By this movement the peg is furred half-way down ; an oblique blow
is then given it with the hammer-head, which bends the protruding
portion of the peg against the shingle, — this brokendown portion
representing the head of our shingle-nail. The bamboo being tough
and fibrous can easily be broken down without separating. In this
way is the shingle held to the roof. The hammer-handle has marked
upon it the smaller divisions FIG. 02. — SHINOLKK'S HAND.
The text on this page is estimated to be only 28.21%
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SHINGLED ROOFS. 81 FIG. ?>A. — BAMBOO STRIPS ON

SHINGLE-ROOF. of a carpenter's measure, so that the courses of
shingles may be properly aligned. The work is done very rapidly, —
for with one hand the shingle is adjusted, while the other hand is
busily driving the pegs. That the shingles are not always held firmly
to the roof by this method of shingling is seen in the fact that
oftentimes long narrow strips of bamboo are nailed obliquely across
the roof, from the ridge-pole to the eaves (fig. (]'•'>). These strips
are placed at the distance of eighteen inches or two feet apart. Yet
even in spite of this added precaution, in violent gales the roof is
often rapidly denuded of its shingles, which fill the air at such times
like autumn leaves. Fig. 64, A, represents a portion of a shingled
roof with courses of shingles partially laid, and a shingler's nail-box
held to the roof. The box has two compartments, -- the larger
compartment holding the bamboo pegs ; and the smaller containing
iron nails, used for nailing down the boards and for other purposes.
There are other methods of shingling, in which the courses of
shingles are laid very closely together, and also in many layers.
Remarkable examples of this method may be seen in some of the
temple roofs, and particularly in the roofs of certain temple gateways
in Kioto, where layers of the thinnest shingles, forming a mass a foot
or more in thickness, are compactly laid, with the many graceful
contours of the roof delicately preserved. The edges of the roof are
beautifully rounded, and the eaves squarely and accurately trimmed.
On seeing one of these roofs
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M' JAPANESE HOMES AND THEIR SURROUNDINGS. one is

reminded of a thatched roof, which this style seems evidently
intended to imitate. The rich brown bark of the hinoke tree is also
used in a similar way ; and a very compact and durable roof it
appears to make. In better shingled houseroofs it is customary to
secure a wedge-shaped piece of wood parallel to the eaves, to which
the iirst three or four rows of shingles are nailed ; other courses of
shingles are then laid I K.. tit. — HOOF WITH SHINGLES PARTLY
LAID on very closely, and thus a thicker layer nf shingles is secured i
fig. Cl. /;>. I>ut little variety of treatment of the ridge is seen in a
shingled roof. Two narrow weather-strips of wood nailed over the
ridge answer the purpose of a joint, as is customary in our shingled
roofs. A more thorough way is to nail thin strips of wood of a
uniform length directly over the ridge and at right angles to it. These
strips are thin enough to bend readily. Five or six layers are fastened
in this way, and then, more firmly to secure them to the roof, two
long narrow strips of wood or bamboo are nailed near the two edges
of this mass, parallel to the ridge (fig. 05).
The text on this page is estimated to be only 27.60%
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SHINGLED HOOFS. 83 The shingled roof is the most

dangerous element of housestructure in the cities. The shingles are
nothing more than thick shavings, and curved and warped by the
sun are ready to spring into a blaze by the contact of the first spark
that falls upon them, and then to be sent flying by a high wind to
scat- j-I0. fis. _KII)OK ,,K SHINGI.K-ROOF IN MCSASIII. ter the fire
for miles. A very stringent law should be passed, prohibiting the use
of such material for roofing in cities and large villages. The usual
form of gutter for conveying water from the roof consists of a large
bamboo split lengthwise, with the natural partitions broken away.
This is held to the eaves by iron hooks, or by long pieces of wood
nailed to the rafters, — their upper edges being notched, in which
the bamboo rests. This leads to a conductor, consisting also of a
bamboo, in which the natural partitions have likewise been broken
through. The upper end of this bamboo is cut away in such a
manner as to leave four long spurs ; between these spurs a square
and tapering tunnel of thin wood is forced, — the elasticity of the
bamboo holding the tunnel in place (fig. 66). FIG. 66. — WATER-
CONDUCTOR.
The text on this page is estimated to be only 27.27%
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84 JAPANESE HOMES AND THEIR SURROUNDINGS.

Attention has so often been drawn, in books of travels, to the infinite
variety of ways in which Eastern nations use the bamboo, that any
reference to the subject here would be sujKTmious. I can only say
that the importance of this wonderful plant in their domestic
economy has never been exaggerated. The more one studies the
ethnographical peculiarities of the Japanese, as displayed in their
houses, utensils, and countless other fabrications, the more fully is
lit! persuaded that they could more easily surrender the many
devices and appliances adopted from European nations, than to
abandon the ubiquitous bamboo. In tiling a roof, the boarded roof is
first roughly and thinly shingled, and upon this surface is then
spread a thick layer of mud. into which the tiles are firmly bedded.
The mud is -'•"»]>far to have no difficulty in shovelling the tiles off a
roof with ease and rapidity.
The text on this page is estimated to be only 28.47%
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TILED ROOFS. 85 The ridge-pole often presents an

imposing combination of tiles and plaster piled up in square ridges
and in many ornamental ways. In a hip-roof the four ridges are also
made thick and ponderous by successive layers of tiles being built
up, and forming great square ribs. In large fire-proof buildings the
ridge may be carried up to a height of three or four feet. In such
ridges white plaster is freely used, not only as a cement, but as a
medium in which the artist works out various designs in high-relief.
One of the most favorite subjects selected is that of dashing and
foaming waves. A great deal of art and Fiu. 67. — RIDGE OF TILED
ROOF. skill is often displayed in the working out of this design, —
which is generally very conventional, though at times great freedom
of expression is shown in the work. It certainly seems an
extraordinary design for the crest of a roof, though giving a very
light and buoyant appearance to what would otherwise appear top-
heavy. Fig. 67 is a very poor sketch of the appearance of this kind of
a ridge. From the common occurrence of this design, it would seem
as if some sentiment or superstition led to using this watery subject
as suggesting a protection from fire ; whether this be so or not, one
may often notice at the end of the ridge in the thatched roofs in the
country
The text on this page is estimated to be only 24.41%
accurate

86 JAPANESE HOMES AND THEIR SURROUNDINGS. the

Chinese character for water deeply cut in the straw and blackened
(fig. 82), — and this custom, I was told, originated in a superstition
that the character for water afforded a protection against tire. Kn,.
(is. — ORNAMKNTAI. COPING OK TII.ES I'll., li'.l. OllNAMI .NiAl,
(,'uIMNIi OK TlI.KS. Fio. "0 . — ORNAMENTAL COPIX
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TILED ROOFS. 87 mask, the head of a devil, or some such

form. In the heavier ridges much ingenuity and art is shown in the
arrangement of semi-cylindrical or other shaped tile.s in conventional
pattern. Figs. 68, 69, 70 will illustrate some of the designs made in
this way. These figures, however, represent copings of walls in
Yamato. Many of the heavier ridges are deceptive, the main bodv
consisting of a frame of wood plastered over, and having the
appearance externally of being a solid mass of tile and plaster. The
tiles that border the eaves are specially designed for the purpose.
The tile has the form of the ordinary tile, but its free edge is turned
down at right angles and ornamented with some conventional
design. Fig. 71 illustrates this form of tile. In the long panel a design
of flowers or conventional scrolls in relief is often seen. The circular
portion generally contains the crest of some family : the crest of the
Tokugawa family is rarely seen on tiles (see lig. 73). In the better
class of tiled roof it is common to point off with white mortar the
joints between the rows of tiles near the eaves, and also next the
ridge; and oftentimes the entire roof is treated in this manner. In
some photographs of Korean houses taken by Pereival Lowell. Esq.,
the same method of closing the seams of the bordering rows of tiles
with white plaster is shown. The older a tile is, the better it is
considered for roofing purposes. My attention was called to this fact
by a friend stating to me with some pride that the tiles used in his
house, FIG. 71- — KAVES OF TILKD ROOF.
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88 JAPANESE HOMES AND THEIR SURROUNDINGS. just

constructed, were over forty years old. Second-hand tiles therefore
are always in greater demand. A new tile, being very porous and
absorbent, is not considered so good as one in which time has
allowed the dust and dirt to fill the minute interstices, thus rendering
it a better material for shedding water. A tiled roof cannot be very
expensive, as one finds it very common in the cities and larger
villages. The price of good tiles for roofing purposes is live yen for
one hundred (one yen at par ct|u;ils one dollar). Cheap ones can lie
got for from two and out-half i/cn to three //< n for one hundred. In
another measurel'n.. 72. — NU.ASMU 'I'll. K.I) KOOK. FlO. 73. —
HoN-liAWARA, OR TRUK TlLK. ment. a /x?/fto of tiles, which covers
an area of six feet square, can be laid for from two and one-half to
three yen. The form of tile varies in different parts of Japan. The tile
in common use in Nagasaki (fig. 72, A) is similar in form
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TILED ROOFS. 89 1'iG. 1 i. — YKUO-GAWARA, OK V EDO—

TILE EAVES. to those used in China, Korea, Singapore, and Europe.
These tiles are slightly curved, and are laid with their convex surface
downwards. Another form of tile, narrower and semi-cylindrical in
section, is laid with its convex side upwards, covering the seams
between the lower rows of tiles. This is evidently the most ancient
form of tile in the East, and in Japan is known by the name of hon-
gawara, or true tile. Fig. 73 represents the form of the hon-gawara
used in Tokio. The most common form of tile used in Tokio is
represented in fig. 71, called the yedo-gawara, or ijcdo tile. With this
tile tlie upper convex tile is dispensed with, as the tile is constructed
in such a way as to lap over the edge of the one next to it. Fig. 74
illustrates the eaves of a roof in which a yedo tile is used, having the
bordering tiles differing in form from those shown in fig. 71. A
modification of this form is seen farther south in Japan (fig. 72, B),
and also in Java. A new form of tile, called the French tile, has been
introduced into Tokio within a few years J (fig. 75). It is not in
common use, however ; and I can recall only a few buildings roofed
with this tile. These are the warehouses of the FIG. 75. — FRENCH
TILE EAVES FIG. , 0. — IWAMI TILE FOR RIDGE.
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90 JAPANESE HOMES AND THEIR SURROUNDINGS. Mitsu

Bishi Steamship Company near the post-office, a building back of the
Art Museum at Uyeno, and a few private houses. Other forms of tiles
are made for special purposes. In the province of Iwaini, for
example, a roof-shaped tile is made specially for covering the ridge
of thatched roofs (fig. 76, A). The true tile is also used for the same
purpose (fig. 76, B). In this province the tiles are glazed, — the
common tiles being covered with a brown glaze, while the best tiles
are glazed with iron sand. In digging the foundations for a library
building at I'veno Park, a number of large glazed tiles were dug up
which were supposed to have been brought from the province of
Bizen two hundred years ago. These were of the kon-gawarct
pattern. Fid. 77 — S.TOXK HOOK. Iii the province of Shimotsuke,
and doubtless in adjacent provinces, .-tune hura (fire-proof store-
houses) are seen; and these buildings often have roofs of the same
material. The stone appears to he a light-gray volcanic tufa, and is
easily wrought. The slabs of stone covering the roof are wrought
into definite shapes, so that the successive rows overlap and
interlock in a way that gives the appearance of great solidity and
strength. Fig. 77 illustrates a portion of a roof of this description
seen on the road to Nikko. I was told by a Korean friend that stone
roofs were also to be found in the northern part of Korea, though
whether made in this form could not be ascertained.
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THATCHED ROOFS. 91 The thatched roof is by far the most

common form of roof in Japan, outside the cities. The slopes of the
roof vary but little ; but in the design and structure of the ridge the
greatest variety of treatment is seen. South of Tokio each province
seems to have its own peculiar style of ridge; at least, as the
observant traveller passes from one province to another his attention
is attracted by a new form of ridge, which though occasionally seen
in other provinces appears to be characteristic of that particular
province. This is probably due to the partially isolated life of the
provinces in feudal times ; for the same may be said also in regard
to the pottery and many other products of the provinces. For
thatching, various materials are employed. For the commonest
thatching, straw is used ; better kinds of thatch are made of a grass
called Kaya. A kind of reed called yoshi is used for this purpose, and
also certain species of rush. The roof requires no special preparation
to receive the thatch, save that the rafters and frame-work shall be
close enough together properly to secure and support it. If the roof
be small, a bamboo frame-work is sufficient for the purpose. The
thatch is formed in suitable masses, combed with the fingers and
otherwise arranged so that the straws all point in the same direction.
These masses are then secured to the rafters and bound down to
the roof by bamboo poles (fig. 78, A), which are afterwards
removed. While the thatch is bound down in this way it is beaten
into place by a wooden mallet of peculiar shape (fig. 78, B). The
thatch is then trimmed into shape by a pair of long-handled shears
(fig. 78, C) similar to the shears used for trimming grass in our
country. This is only the barest outline of the process of thatching;
there are doubtless many other processes which I did not see.
Suffice it to say, however, that when a roof is finished it presents a
clean, trim, and symmetrical appearance, which seems sur 
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92 JAPANESE HOMES AND THEIR SURROUNDINGS. prising

when the nature of the material is considered. The eaves are
trimmed off square or slightly rounding, and are often very thick, —
being sometimes two feet or more in thickness. This does not
indicate, however, that the thatch is of the same thickness
throughout. The thatch trimmed in these various ways is thus seen
in section, and one will often notice at this section successive layers
of light, and dark thatch. Whether FIG 78 — THATCH, AND
THATCHER'S IMPLEMENTS. it is old thatch worked in with the new
for the sake of economy, or different kinds of thatching material, I
did not ascertain. In old roofs the thatch becomes densely filled with
soot and dust, and workmen engaged in repairing such roofs have
the appearance of coal-heavers. While a good deal of skill and
patience is required to thatch a roof evenly and properly, vastly more
skill must be required to finish the ridge, which is often very intricate
in its structure ; and of these peculiar ridges there
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THATCHED ROOFS. 93 are a number of prominent types. In

presenting these types, more reliance will be placed on the sketches
to convey a general idea of their appearance than on descriptions. In
that portion of Japan lying north of Tokio the rklge is much more
simple in its construction than arc; those found in the southern part
of the Empire. The roofs are larger, hut their ridges, with some
exceptions, do not show the artistic features, or that variety in form
and appearance, that one sees in the ridges of the southern
thatched roof. In many cases the ridge is flat, and this area is made
to support a luxuriant growth of iris, or the red lily (fig. 41). A most
striking feature is often seen in the appearance of a brown sombre-
colored village, wherein all the ridges are aflame with the bright-red
blossoms of the lily ; or farther south, near Tokio, where the purer
colors of the blue and white iris form floral crests of exceeding
beauty. In some cases veritable ridge-poles, with their ends freely
projecting beyond the gable and wrought in a gentle upward curve,
are seen (fig. 39). This treatment of the free ends of beams in ridge-
poles, gateways, and other structures, notably in certain forms of
tori-i,1 is a common feature hi Japanese architecture, and is
effective in giving a light and buoyant appearance to what might
otherwise appear heavy and commonplace. At Fujita, in Iwaki, and
other places in that region, a roof is often seen which shows the end
of a round ridge-pole 1 A structure of stone or wood, not unlike the
naked frame-work of a gate, erected in front of shriues and temples.
FIG. 79. — Exn OF ROOF IN FUJITA, IWA.KI.
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94 JAPANESE HOMES AND THEIR SURROUNDINGS.

projecting through the thatch at the gable-peak ; and at this point a
flat spur of wood springs up from the ridge, to which is attached, 'at
right angles, a structure made of plank and painted black, which
projects two feet or more beyond the gable. This appears to be a
survival of an exterior ridge-pole, and is retained from custom. Its
appearance, however, is decidedly flimsy and insecure, and from its
weak mode f^^^w (i- 81. — TII.KD RIDGE OF THATCHED ROOK IN
MUSASHI. place (fig. 81). What other means there are of holding the
tiles I did not learn. They must be fairly secure, however, as it is rare
to see them displaced, even in old roofs. A very neat and durable
ridge (fig. 82) is common in Musashi and neighboring provinces. This
ridge is widely rounded. It
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THATCHED ROOFS. 95 is first covered with a layer of small

bamboos ; then narrow bands of bamboo or bark are bent over the
ridge at short intervals, and these are kept in place by long bamboo-
strips or entire bamboos, which run at intervals parallel to the ridge.
These are firmly bound down to the thatch. In some cases these
outer bamboos form a continuous layer. The ends of the ridge,
showing a mass of projecting thatch in section, is abruptly cut
vertically, and the free border is rounded in a bead-like moulding and
closely bound by bamboo, appearing like the edge of a thick basket.
This finish is done in the FIG. 82. — BAMBOO-RIDGE OF THATCUED
ROOF IN MUSASIII. most thorough and workman-like manner. It is
upon the truncate end of this kind of a ridge that the Chinese
character for water is often seen, allusion to which has already been
made. When there is no window at the end of the roof for the
egress of smoke, the roof comes under the class of hip-roofs. In the
northern province; the opening for the smoke is built in various ways
upon the ridge or side of the roof. By referring to figs. 39, 40, 41,
various methods of providing for this window may be seen. Smoke-
outlets do occur at the ends of the roof in the north, as may be seen
by referring to fig. 44. The triangular opening for the outlet of smoke
is a characteristic feature of the thatched
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% JAPANESE HOMES AND THEIR SURROUNDINGS. t :

roofs south of Tokio; on some of them a great deal of study and skill
is bestowed by the architect and builder. Sometimes an additional
gable is seen, with its triangular window (fig. 83). This sketch
represents the roof of a gentleman's house near Tokio, and is a most
beautiful example of the best form of thatched roof in Musashi.
Another grand old roof of a different type is shown in fig. 81. Where
these triangular windows occur the opening is protected by a lattice
of wood. The roof partakes of the double nature of a gable and hip
roof combined. — the win 
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THATCHED ROOFS. 97 dow being in the gable part, from

the base of which runs the slope of the hip-roof. Great attention is
given to the proper and symmetrical trimming of the thatch at the
eaves and at the edges of the gable. By referring to figs. 83 and 84
some idea may be got of the clever way in which this is managed.
Oftentimes, at the peak of the gable, a cone-like enlargement with a
circular depression is curiously shaped out of the thatch (fig. 84). A
good deal of skill is also shown in bringing the thick edges of the I
Wfv- -it FIG. 84. — THATCHED ROOF, NEAR ToKio.1 eaves, which
are on different levels, together in graceful curves. An example of
this kind may be seen in fig. 30. In Musashi a not uncommon form
of ridge is seen, in which there is an external ridge-pole wrought like
the upper transverse beam of a tori-i. This beam has a vertical
thickness of twice or three times its width ; resting transversely upon
it, and at short intervals, are a number of wooden structures shaped
like the letter X, — the lower ends of these pieces resting on the 1
This sketch was made from a photograph taken for this work, at the
suggestion of Dr. W. S. Bigelow, by Percival Lowell, Esq. 7
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98 JAPANESE HOMES AND THEIR SURROUNDINGS. slopes

of the roof, the upper ends projecting above the ridgepole. The ridge
at this point is matted with bark ; and running parallel with the ridge
a few bamboos are fastened, upon which these cross-beams rest,
and to which they are secured (fig. 45). Modifications of this form of
ridge occur in a number of southern provinces, and ridges very
similar to this I saw in Saigon and Cholon, in Anain. The curious
Shin-to temple, at Kamijiyama, in Ise. said to be modelled after very
ancient types of roof, has the end-rafters of the gable continuing
through the roof and Fu;. 85. — RIDGE OF THATCHED Hoop AT
KABUTOTAMA, MUSASIII. liryoml the peak to a considerable
distance. It was interesting to sec precisely the same features in
some of the Malay houses in the neighborhood of Singapore. In
Musashi, and farther south, a ridge is seen of very complex
structure, — the entire ridge forming a kind of supplementary roof,
its edges thick and squarely trimmed, and presenting the
appearance of a smaller roof having been made independently and
dropped upon the large roof like a saddle. This style of roof, with
many modifications, is very common in Yamashiro, Mikawa, and
neighboring provinces. A very elaborate roof of this description is
shown in
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