Macroeconomics

Macroeconomics

Measuring National Economic Performance
1. Gross Domeestic Product (GDP)
  1. GDP per capita
  2. measuring methods
    1. Expenditure method
    2. Income method
    3. output method
2. Gross National Product(GNP)
3. Gross National Income
Aggregate demand
1. AD=C+I+S+Xm
2. Determinants (shitts) of AD
3. Keynesian Spending Multiplier
Aggregare supply
1. equilibrium national output
  1. short-run equlibrium-Keynesian, sticky wage model
    1. perfectly elastic below full employment level
    2. perfectly inelastic beyond FE level
  2. long-run equilibrium- Neo-classical, flexible wage model
2. shifts (determinants) in AS
3. SRAS/ LRAS
Macro objectives
1. Unemployment
  1. definition
  2. consequences
  3. types of unemployment and causes
    1. cyclical
      1. business cycle
        expansion
        peak
        recession
        depression
    2. Natural Unemployment rate
      1. seasonal and fractional
      2. structional
2. low inflation (price stability)
  1. deflation
    1. consequences
    2. deflationary spiral
  2. inflation
    1. types of inflation + causes
      1. demand-pull (increase in AD)
      2. supply-push (decrease in AS)
    2. inflationary spiral
    3. consequences of inflation
    4. disinflation
  3. Phillips curve
    1. relationship between unemployment and inflation
    2. short-run
    3. long-run
3. economic growth
  1. meaning
  2. causes
  3. calculation
  4. consequences
4. income distribution equity
  1. equality vs equity
  2. Lorenz curve
  3. Gini Coefficient
demand side policies
1. fiscal policy
  1. contractionary
    1. decrease spending + increase taxation
  2. expansionary
    1. increase spending + decrease taxation
      1. Keynesian spending multiplier (K = 1/(1-MPC)
        spending is more effective than taxation
  3. automatic stabilizer
    1. government spending
    2. taxation
  4. government
2. monetary policy
  1. money supply (vertical); interest rate
  2. central bank
supply side policy
1. market-based
  1. labour market reforms
    1. union power
    2. minimum wage
    3. unemployment benefits
  2. policies to encourage competition
    1. deregulation
    2. anti-monopoly
    3. privatization
    4. trade liberalization (free trade)
  3. incentive-related policies
    1. income tax
    2. business and capital gains tax
2. interventionist
  1. investment in human capital
    1. education/ training
    2. health service
  2. investment in new technology
  3. investment in infrastructure
  4. industrial policies
    1. financial incentives
    2. protection for infant industries

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