暨南大学宏观经济复习整理docx文档格式.docx

暨南大学宏观经济复习整理docx文档格式.docx

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Grossdomesticproduct（GDP）:

Thetotalincomeearneddomestically,includingtheincomeearnedbyforeign・ownedfactorsofproduction;

thetotalexpenditureondomesticallyproducedgoodsandservices.

GDPdeflator

ameasureoftheoveralllevelofpricesthatshowsthecostofthecurrentlyproducedbasketofgoodsrelativetothecostofthatbasketinabaseyear.

Consumerpriceindex（CPI）

Ameasureoftheoveralllevelofpricesthatshowsthecostofafixedbasketofconsumergoodsrelativetothecostofthesamebasketinabaseyear.

Unemploymentrate

Thepercentageofthoseinthelaborforcewhodonothavejobs・

Labor-forceparticipationrate:

Thepercentageoftheadultpopulationinthelaborforce・

Chapter3

Disposableincome

Incomeremainingafterthepaymentoftaxes.

Marginalpropensitytoconsume（MPC）:

Theincreaseinconsumptionresultingfromaone-dollarincreaseindisposableincome.

Realinterestrate

Thereturntosavingandthecostofborrowingafteradjustmentforinflation.

Chapter4

Inflation

Anincreaseintheoveralllevelofpricesintheeconomy.

Hyperinflation

Extremelyhighinflation.

Money

Thesetofassetsinaneconomythatpeopleregukirlyusetobuygoodsandservicesfromotherpeople.

otherdefinition:

Thestockofassetsusedfortransactions

Fiatmoney

Moneywithoutintrinsicvaluethatisusedasmoneybecauseofgovernmentdecree・

Moneythatisnotintrinsicallyusefulandisvaluedonlybecauseitisusedasmoney・

Commoditymoney

Moneythattakestheformofacommoditywithintrinsicvalue.

Moneythatisintrinsicallyusefulandwouldbevaluedevenifitdidnotserveasmoney・

Moneysupply

Thequantityofmoneyavailableintheeconomy.

Quantityequation

Theequationwhichrelatesthequantityofmoney,thevelocityofmoney,andthedollarvalueoftheeconomysoutputofgoodsandservices

Theidentitystatingthattheproductofthemoneysupplyandthevelocityofmoneyequalsnominalexpenditure（MV=PY）;

coupledwiththeassumptionofstablevelocity,an

explanationofnominalexpenditurecalledthequantitytheoryofmoney・

Incomevelocityofmoney

Therateatwhichmoneychangeshands.

Realmoneybalances

Thequantityofmoneyexpressedintermsofthequantityofgoodsandservicesitcanbuy;

thequantityofmoneydividedbythepricelevel（M/P）.

Seigniorage

Therevenueraisedbythegovernmentthroughthecreationofmoney;

alsocalledtheinflationtax.

FisherequationandFishereffect

Fishereffect:

Theone-for-oneinfluenceofexpectedinflationonthenoininalinterestrate.

Fisherequation:

Theequationstatingthatthenominalinterestrateisthesumoftherealinterestrateandexpectedinflation

Shoeleathercosts

Theresourceswastedwheninflationencouragespeopletoreducetheirmoneyholdings,otherdefinition:

Thecostofinflationfromreducingrealmoneybalances,suchastheinconvenienceofneedingtomakemorefrequenttripstothebank.

Menucosts

Thecostofchangingprices.

Classicaldichotomy

Thetheoreticalseparationofnominalandrealvariablesintheclassicalmodel,whichimpliesthatnominalvariablesdonotinfluencerealvariables・

Monetaryneutrality

Thepropertythatachangeinthemoneysupplydoesnotinfluencerealvariables.

Chapter6

Naturalrateofunemployment

Thesteady-staterateofunemployment;

therateofunemploymenttowardwhichtheeconomygravitatesinthelongrun.

Frictionalunemployment

Theunemploymentthatresultsbecauseittakestimeforworkerstosearchforthejobsthatbestsuittheirskillsandtastes.

Wagerigidity

Thefailureofwagestoadjusttoequilibratelaborsupplyandlabordemand・

Structuralunemployment

Theunemploymentresultingfromwagerigidityandjobrationing.

Efficiency-wagetheories

Theoriesofreal-wagerigidityandunemploymentaccordingtowhichfirmsraiselaborproductivityandprofitsbykeepingrealwagesabovetheequilibriumlevel.

Chapter7

Steadystate:

Aconditioninwhichkeyvariablesarenotchanging・

GoldenRulelevelofcapital:

Thesteady-statevalueofkthatmaximizesconsumptioniscalledthe

GoldenRulelevelofcapitalandisdenotedk*gold.2

Chapter8

Endogenousgrowththeory:

Modelsofeconomicgrowththattrytoexplaintherateoftechnologicalchange・

Chapter9

Okun'

slaw

ThenegativerelationshipbetweenunemploymentandrealGDP,accordingtowhichadecreaseinunemploymentofIpercentagepointisassociatedwithadditionalgrowthinrealGDPofapproximately2percent.

Aggregatedemand

ADistherelationshipbetweenthequantityofoutputdemandedandtheaggregatepricelevel.Aggregatesupply

ASistherelationshipbetweenthequantityofgoodsandservicessuppliedandthepricelevel.

Demandshocks

Exogenouseventsthatshifttheaggregatedemandcurve・

Supplyshocks

Exogenouseventsthatshifttheaggregatesupplycurve・

Stabilizationpolicy:

Publicpolicyaimedatreducingtheseverityofshort-runeconomicfluctuations・

Chapter10

IScurve

Thenegativerelationshipbetweentheinterestrateandthelevelofincomethatarisesinthemarketforgoodsandservices.

LMcurve

Thepositiverelationshipbetweentheinterestrateandthelevelofincome（whileholdingthepricelevelfixed）thatarisesinthemarketforrealmoneybalances.

Keynesiancross

simplemodelofincomedetermination,basedontheideasinKeynes9sGeneralTheory,whichshowshowchangesinspendingcanhaveamultipliedeffectonaggregateincome・

Chapter13

Phillipscurve

Anegativerelationshipbetweeninflationandunemployment;

initsmodemform,arelationshipamonginflation,cyclicalunemployment,expectedinflation,andsupplyshocks,derivedfromtheshort-runaggregatesupplycurve・

Adaptiveexpectations

Anapproachthatassumesthatpeopleformtheirexpectationofavariablebasedonrecentlyobservedvaluesofthevariable・

Demand-pullinflation

Inflationresultingfromshockstoaggregatedemand.

Cost-pushinflation

Inflationresultingfromshockstoaggregatesupply.

Sacrificeratio

Thenumberofpercentagepointsofayear'

srealGDPthatmustbeforgonetoreduceinflationby1percentagepoint.

Rationalexpectations

Anapproachthatassumesthatpeopleoptimallyuseallavailableinformation一includinginfoimationaboutcurrentandprospectivepolicies一toforecastthefuture・

Natural-ratehypothesis

Thepremisethatfluctuationsinaggregatedemandinfluenceoutput,employment,andunemploymentonlyintheshortrun,andthatinthelongrunthesevariablesreturntothelevelsimpliedbytheclassicalmodel.

Hysteresis

Thelong-lastinginfluenceofhistory,suchasonthenaturalrateofunemployment.

2、GapFilling

Summaryinallchaptersthatwealreadystudied

NOTE:

Iwillgiveyouawordlist,youchoosethewordfromthelistandfillout

3.ShortAnswerQuestions

QUESTIONSFORREVIEW:

1,3

LExplainthedifferencebetweenmacroeconomicsandmicroeconomics.Howarethesetwofieldsrelated?

Microeconomicsisthestudyofhowindividualfirmsandhouseholdsmakedecisions,andhowtheyinteractwithoneanother.Microeconomicmodelsoffirmsandhouseholdsarebasedonprinciplesofoptimization一firmsandhouseholdsdothebesttheycangiventheconstraintstheyface.Forexample,householdschoosewhichgoodstopurchaseinordertomaximizetheirutility,whereasfirmsdecidehowmuchtoproduceinordertomaximizeprofits・Incontrast,macroeconomicsisthestudyoftheeconomyasawhole;

itfocusesonissuessuchashowtotaloutput,totalemployment,andtheoverallpricelevelaredetermined.Theseeconomy-widevariablesarebasedontheinteractionofmanyhouseholdsandmanyfinns;

therefore,microeconomicsformsthebasisformacroeconomics.

3.Whatisamarket-clearingmodel?

Whenisitappropriatetoassumethatmarketsclear?

Amarket-clearingmodelisoneinwhichpricesadjusttoequilibratesupplyanddemand・Market-clearingmodelsareusefulinsituationswherepricesareflexible.Yetinmanysituations,flexiblepricesmaynotbearealisticassumption.Forexample,laborcontractsoftensetwagesforuptothreeyears.Or,firmssuchasmagazinepublisherschangetheirpricesonlyeverythreetofouryears・Mostmacroeconomistsbelievethatpriceflexibilityisareasonableassumptionforstudyinglong-runissues・Overthelongrun,pricesrespondtochangesindemandorsupply,eventhoughintheshortruntheymaybeslowtoadjust・

1

PROBLEMSANDAPPLICATIONS^,4

1.ListthetwothingsthatGDPmeasures.HowcanGDPmeasuretwothingsatonce?

GDPmeasuresboththetotalincomeofeveryoneintheeconomyandthetotalexpenditureontheeconomy'

soutputofgoodsandservices・GDPcanmeasuretwotilingsatoncebecausebotharereallythesamething:

foraneconomyasawhole,incomemustequalexpenditure・Asthecircularflowdiag