暨南大学宏观经济复习整理docx.docx
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暨南大学宏观经济复习整理docx.docx
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暨南大学宏观经济复习整理docx
OutlineforReviewingMacroeconomics(2012)
Hello,deareveryone,
Thistermiscomingtotheend・ItismyhonortohavesuchagreatopportunitytolearntheMacroeconomicswithyoutogetherthisterm.Ireallyhavehadagoodtimeandlearnedalotfromyouall.HereistheoutlineforyoutoreviewtheMacroeconomics,1hopeitcanalleviatethepainsthatyouhaveprobablygonethroughthissemesterandhelpyougetagoodgrade・Lookforwardtoseeingsomeofyounextterm.
TheStructureofExaminationPaper
1、DefinitionofTerms(5x4,20points)
2、GapFilling(20x1,20points)
3、ShortAnswerQuestions(4x10,40points)
4、CalculationQuestions(2x10,20points)
OutlineforReviewing
1、DefinitionofTerms
Chapter1
Macroeconomics
Thestudyofeconomywidephenomenajncludinginflation,unemploymentandeconomicgrowth.
Chapter2
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・
otherdefinition:
Moneythatisnotintrinsicallyusefulandisvaluedonlybecauseitisusedasmoney・
Commoditymoney
Moneythattakestheformofacommoditywithintrinsicvalue.
otherdefinition:
Moneythatisintrinsicallyusefulandwouldbevaluedevenifitdidnotserveasmoney・
Moneysupply
Thequantityofmoneyavailableintheeconomy.
Quantityequation
Theequationwhichrelatesthequantityofmoney,thevelocityofmoney,andthedollarvalueoftheeconomysoutputofgoodsandservices
otherdefinition:
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
Chapter1
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・
Chapter2
QUESTIONSFORREVIEW:
1
PROBLEMSANDAPPLICATIONS^,4
1.ListthetwothingsthatGDPmeasures.HowcanGDPmeasuretwothingsatonce?
GDPmeasuresboththetotalincomeofeveryoneintheeconomyandthetotalexpenditureontheeconomy'soutputofgoodsandservices・GDPcanmeasuretwotilingsatoncebecausebotharereallythesamething:
foraneconomyasawhole,incomemustequalexpenditure・Asthecircularflowdiag
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