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（2）UnemploymentRate=NumberofUnemployment/LabourForce×
100%
PartIIClassicalTheory:
TheEconomyintheLongRun----FlexiblePrice
Chapter3NationalIncome:
WhereItComesFromandWhereItGoes
1.TotalProduction
（1）ProductionFunction:
Y=F（L,K）
（2）constantreturnstoscale:
zY=zF（L,K）
2.NationalIncomeDistribution
（1）FactorPrices----Labour:
MPL=F（L+1,K）-F（L,K）
ΔProfit=ΔRevenue-ΔCost=MPL×
P-W
Inordertomaximizeprofit,makeΔProfit=0.SoMPL=W/P,RealWage
LabourIncome=MPL×
L
（2）FactorPrices----Capital
MPK=F（L,K+1）-F（L,K）
ΔProfit=ΔRevenue-ΔCost=MPK×
P-R
Inordettomaximizeprofit,makeΔProfit=0.SoMPK=R/P,RealRentalPriceofCapital
CapitalIncome=MPK×
K
3）TheCobb-DouglasProductionFunction
L=（1-α）Y
K=αY
→F（K,L）=AKαL（1-α）,Ameasurestheproductivityoftheavailabletechnology
3.
TotalDemand
1）Consumption:
Determinedbydisposableincome
C=C（Y-T）
MarginalPropensitytoConsume
MPC=C（Y-T+1）-C（Y-T）
2）Investment:
Determinedbyinterestrate
I=I（r）
Whenrishigh,investorswillgiveup
investmentbecausecostofloanishigher
thanrateofreturn.
3）GovernmentPurchases
GvsT,measuresgovernmentbudget
5.Equilibrium（inaclosedeconomy）
（1）MarketofGoodsandServices
Y=C（Y-T）+I（r）+G
（2）MarketofLoanableFunds
S
=Y-C（Y-T）-G=I（r）
investmentiscrowdedout
Chapter4MoneyandInflation
1.ConceptofMoney
（1）FuntionsofMoney:
1）StoreofValue.Example:
Youcanholdyourmoneyandtradeit
forgoodsandservicesatsometimeinthefuture.
2）UnitofAccount.Example:
Instorepeopleusemoneytoshow
price.
3）MediumofExchage.Example:
Peopleusemoneyastoolto
exchangegoods.
（2）TypesofMoney:
1）FiatMoney.Novalue,example:
PaperMoney.
2）CommodityMoney.Withvalue,example:
GoldandSilver.
（3）ControlofMoney:
1）Institution:
CentralBank.Example:
DeutscheBundesbank
2）Method:
Open-MarktOperation.Example:
Buygovernment
bondstoincreasemoneysupply.
2.TheQuantityTheoryofMoney
（1）QuantityEquation:
MV=PT→MV=PY
QuantityTheoryofMoney:
MV=PY
（2）RealMoneyBalances:
M/P,measuredinquantityofgoodsandservices.
TheMoneyDemandFunction:
（M/P）d=L（Y,i）=M/P←MoneySupply.Y↑,d↑;
i↑,d↓
（3）MoneyandInflation:
ΔM%+ΔV%=ΔP%+ΔY%SoM↑,P↑
3.InflationandInterestRate
（1）FisherEquation:
i=r+π
Chapter5TheOpenEconomy
1.InternationalTradeinaSamllOpenEconomy
（1）Viewofgoodsandcapitalflow:
NX=Y-（C+G+I）
（2）Viewofcapitalflow:
NX=Y-C-G-I=S-I
=S-I（r*）
r*isWorldInteresRate
（3）TradePolicies:
1）DomesticFiscalPolicy,influence
G↑,T↓→S↓→NX↓
2）FiscalPolicyAbroad,influence
Ge↑,Te↓→Se↓→r*↑→NX↑
3）Shiftininvestmentdemand.Example:
Governmentprovidesan
investmenttaxcredit
2.ExchangeRates
（1）NominalExchangeRates（e）andRealExchangeRates（ε）
Nominalexchangeratesaremeasuredincurrency.Example:
100yen/1dollar
Realexchageratesaremeasuredingoodsandservices.Example:
2JapanCar/1USAcar
ε=e×
（P/P*）,P*meanspricelevelofforeigncountries.
（2）TheRealExchangeRatesandTradeBalance:
NX=NX（ε）
ε↓,P/P*↓,meansdomesticgoodsandservices
arecheaperthanabroad.NX↑
WhenNX（ε）=S-I,εisequilibriumrealex.rate.
1）DomesticFiscalPolicy:
G↑,T↓→S↓
（ExpansionaryFiscalPolicy）
2）FiscalPolicyAbroad:
Ge↑,Te↓→Se↓→r*↑→I↓
3）Shiftininvestmentdemand.
4）ShiftinNX（ε）Example:
ProtectionistTradePolicies
（4）Inflationandnominalexchangerates:
e=ε×
（P*/P）→Δe%=Δε%+（π*-π）
（5）PPP（Purchasing-PowerParity）:
1Dollarcanbuythesamequantityofwheatinany
country.
Chapter6Unemployment
1.NatualRateofUnemployment
（1）Concept:
Therateofunemploymentwhichtheeconomygetclosedtointhelongrun.
（2）Calculation:
L-LabourFroce,E-NumberofEmployed,U-NumberofUnemployed,f-rateofjobfiding,s-rateofjobseperating.
L=E+U,fU=sE→U/L=1/（1+f/s）
2.CausesforUnemployment
（1）FrictionalUnemployment:
Unemployedpeopleneedtimetofindjobs.
e.g.sectoralshift,unemploymetninsurance.
（2）StructuralUnemployment:
WageRigidity.Wageisabovetheequlibriumlevel.
e.g.Minimum-WageLaws,Unions,EfficiencyWages.
PartIIIGrowthTheory:
TheEconomyintheVeryLongRun----SolowGrowthModel
Chapter7EconomicGrowthI:
CapitalAccumulationandPopulationGrowth
Assumption:
ConstantReturntoScale
1.CapitalAccumulation
（1）ProductionFunctionperworker:
zY=F（zK,zL）→Y/L=F（K/L,1）→y=f（k）,
MPK=f（k+1）-f（k）
（2）Outputandconsumptionperworker:
y=c+i→c=（1-s）y→i=sy→i=sf（k）
（3）TheSteadyState:
CapitalstockgrowthΔk=0
Δk=i-δk,δisdepreciationrate→Δk=sf（k）-δk=0→sf（k*）=δk*
（4）GoldenRulelevelofcapital:
k*goldwhichmaximizesc
c=y-i→c=f（k）-sf（k）→c*=f（k*）-δk*→cmax:
MPK=δ
2.PopulationGrowth（atrateofn）
（1）TheSteadyState:
Δk=i-k（δ+n）→Δk=sf（k）-k（δ+n）=0→sf（k*）=（δ+n）k*
（2）GoldenRulelevelofcapital:
k*gold,c=y-i→cmax:
MPK=δ+n
Chapter8EconomicGrowthI:
Technology,Empirics,andPolicy
1.TechnologicalProgressintheSolowModel
Technologygrowthisagivenexogenousvariableg
（1）EfficiencyofLabour:
Y=F（K,EL）
（2）TheSteadyState:
Δk=sf（k）-（g+n+δ）k=0→sf（k*）=（g+n+δ）k*
（3）GoldenRulelevelofcapital:
k*gold,c=y-i→MPK=g+n+δ
2.EndogenousGrowthTheory
Assupmtion:
Technolgygrowthisaendogenousfunctiong（μ）,capitalincludesknowledge
（1）2SectorModel:
Y=F[K,（1-μ）EL],ΔE=g（μ）E,ΔK=sY-δK
PartIVBusinessCycleTheory:
TheEconomyintheShortRun----StickyPrice
Chapter9IntroductiontoEconomicFluctuations
【KeyConcepts】
Recession:
Aperiodoffallingoutputandrisingunemployment.
BusinessCycle:
Short-runfluctuationsinoutputandemployment.
1.GDPandunemployment
（1）Okun'
sLaw:
ΔRealGDP%=3%-2×
ΔUnemploymentRate
（2）LeadingEconomicIndicators:
Forecasts.Example:
Averageworktime,Indexofstockprices,MoneySupply....
2.AggregateDemandandAggregateSupply（P=P（Y））
（1）TheQuantityTheoryofMoney→AD:
MV=PY→M/P=（M/P）d=kY
（2）AS:
SRAS---P=P,LRAS---Y=Y
（3）FromShortRuntoLongRun:
MchangesAD,Yisunchangedin
thelongrun,butPinthelongrunchanges.（A→B→C）
（4）ShockstoADandAP:
1）ShockstoAD.Example:
CreditCardmakesVrise.
Policy:
ReducetheMoneySupply.
2）ShockstoAP.Example:
Adroughtthatdestroyscrops.Cartel.Union.etc.P↑
Wait!
Thenpricereturnsoriginalleveleventually（Butittakeslong
time）.OrexpandAD（Butpricelevelwillbehighinlongperiodoftime）
.
Chapter10AggregateDemandI:
BuildingtheIS-LMModel（Y-r）
1.ISCurve
（1）GoodandServiceMarket→TheKeynesianCross:
Y=C+I+G,PE=AE
（2）IScurve:
Y=C（Y-T）+I（r）+G1）r↑→I↓→Y↓2）FiscalPolicy:
G↑→Y↑→IS→,Governmetn-
purchasesmultiplier,taxmultiplier.
2.LMCurve
（1）MoneyMarket→TheTheoryofLiquidityPeference:
M/P=L（r）,Ms=Md
（2）LMCurve:
M/P=L（r,Y）.1）Y↑,Md↑,r↑2）Ms↑,r↓,LM←
3.TheShort-RunEquilibrium
Chapter11AggregateDemandII:
ApplyingtheIS-LMModel（Y-P）
1.IS-LMModelasaTheroyofAggregateDemand
（1）Derivation:
P↑,（M/P）s↓,r↑,LM↑→Y↓
（2）ShiftinAD:
G,T,M→IS/LM→Y
（3）Inlongrunandshortrun:
InlongrunY<
Y
Chapter12TheOpenEconomyRevisited:
TheMundell-FlemingModelandtheExchange
RateRegime
1.Mundell-FlemingModel
（1）IS*Curve:
Y=C（Y-T）+I（r*）+G+NX（ε）
（2）LM*Curve:
M/P=L（r*,Y）
2.UnderFloatingExchangeRates
（1）FiscalPolicy:
ShiftIS*,ineffectual;
MonetaryPolicy:
ShiftLM*;
TradePolicy:
ShiftNX（ε）→IS*
3.UnderFixedExchangeRates
（1）Theory:
ArbitrageurarbitragesothatMchanges.
（2）
FiscalPolicyshiftsIS*→LM*;
ShiftLM*,ineffectual;
ShiftNX（ε）→IS*→LM*
4.PolicyChoice:
ImpossibleTri
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