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An Introduction to Macroeconomics

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1. An Introduction to Macroeconomics
2. Performance and PolicyReal GDPCorrects for price changesNominal
3. Performance and PolicyCan governments:Promote economic growth?Reduce severity
4. Performance and PolicyOutput growth2.7% per year 1995-2007Unemployment rate4.6% in 2007Inflation rate2.7% in 2007LO223-
5. Modern Economic GrowthStandard of living measured by
6. Global PerspectiveLO323-
7. Savings and InvestmentSavingTrade-off current for future consumption InvestmentFinancial investmentEconomic investment Banks and financial institutionsLO423-
8. Uncertainty, Expectations, and ShocksThe future is uncertainExpectations
9. Uncertainty, Expectations, and ShocksDemand shocks and flexible
10. Demand ShocksCars Per WeekPriceDMDLDH900$40,000$37,000$35,000Flexible PricesLO523-
11. Demand ShocksCars Per WeekDMDLDHPriceLO523-
12. Sticky PricesMany prices are sticky in the
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Performance and PolicyReal GDPCorrects for price changesNominal GDPUses current prices UnemploymentInflation Increase in overall level of pricesLO123-

Слайды и текст этой презентации

Слайд 1An Introduction to Macroeconomics
.
McGraw-Hill/Irwin
Copyright © 2012

by The McGraw-Hill Companies, Inc. All rights reserved.

An Introduction to Macroeconomics.McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights

Слайд 2Performance and Policy
Real GDP
Corrects for price changes
Nominal GDP
Uses current prices

Unemployment
Inflation
Increase in overall level of prices
LO1
23-

Performance and PolicyReal GDPCorrects for price changesNominal GDPUses current prices UnemploymentInflation Increase in overall level of pricesLO123-

Слайд 3Performance and Policy
Can governments:
Promote economic growth?
Reduce severity of recession?
Is monetary

or fiscal policy more effective at mitigating recession?
Is there a

tradeoff between inflation and unemployment?
Is anticipated or unanticipated government policy more effective?

LO2

23-

Performance and PolicyCan governments:Promote economic growth?Reduce severity of recession?Is monetary or fiscal policy more effective at mitigating

Слайд 4Performance and Policy
Output growth
2.7% per year 1995-2007
Unemployment rate
4.6% in 2007
Inflation

rate
2.7% in 2007
LO2
23-

Performance and PolicyOutput growth2.7% per year 1995-2007Unemployment rate4.6% in 2007Inflation rate2.7% in 2007LO223-

Слайд 5Modern Economic Growth
Standard of living measured by output per person
No

growth in living standards prior to Industrial Revolution
Modern economic growth
Output

per person rises
Not experienced by all countries

LO3

23-

Modern Economic GrowthStandard of living measured by output per personNo growth in living standards prior to Industrial

Слайд 6Global Perspective
LO3
23-

Global PerspectiveLO323-

Слайд 7Savings and Investment
Saving
Trade-off current for future consumption
Investment
Financial investment
Economic investment

Banks and financial institutions

LO4
23-

Savings and InvestmentSavingTrade-off current for future consumption InvestmentFinancial investmentEconomic investment Banks and financial institutionsLO423-

Слайд 8Uncertainty, Expectations, and Shocks
The future is uncertain
Expectations affect investment
Shocks
What

happens is not what you expected
Demand shocks
Supply shocks
LO5
23-

Uncertainty, Expectations, and ShocksThe future is uncertainExpectations affect investmentShocks What happens is not what you expectedDemand shocksSupply

Слайд 9Uncertainty, Expectations, and Shocks
Demand shocks and flexible prices
Price falls if

demand is low
Sales unchanged
Demand shocks and sticky prices
Maintain inventory
Sales change
Business

cycles

LO5

23-

Uncertainty, Expectations, and ShocksDemand shocks and flexible pricesPrice falls if demand is lowSales unchangedDemand shocks and sticky

Слайд 10Demand Shocks
Cars Per Week
Price
DM
DL
DH
900
$40,000
$37,000
$35,000
Flexible Prices
LO5
23-

Demand ShocksCars Per WeekPriceDMDLDH900$40,000$37,000$35,000Flexible PricesLO523-

Слайд 11Demand Shocks
Cars Per Week
DM
DL
DH
Price
LO5
23-

Demand ShocksCars Per WeekDMDLDHPriceLO523-

Слайд 12Sticky Prices
Many prices are sticky in the short run
Consumers prefer

stable prices
Firms want to avoid price wars
All prices are flexible

in the long run
Firms adjust to unexpected, but permanent changes in demand

LO5

23-

Sticky PricesMany prices are sticky in the short runConsumers prefer stable pricesFirms want to avoid price warsAll

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