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Home arrow Economics arrow Essentials of Macroeconomics

A short course of lectures
«Essentials of Macroeconomics»





Overnight target rates and inflationThe supply of laborThe Phillips curveThe LM curveGross domestic productExchange rate systemsFour different measures of GDPCalculating interest rates on a yearly basisMundell-Fleming modelThe AS-AD-modelCapitalTrade and exchange rateMoneyHow commercial banks "create money"Components of GDPThe classical modelThe neo-classical synthesisExchange rateDetermination of P and YProblems with CPIWhat is money and what is not moneyThe dynamics from the short to the long runThe law of one priceThe circular flow - a more detailed versionDetermination of other variablesThe components of GDPDetermination of all the variables in the classical modelMonetary policy = change in money supplyAggregate supplyCircular flow - circulation of goodsThe Keynesian modelMonetary policyThe Government, Rest of the World and the financial marketsLabor MarketThe Labor MarketDetermination of GDP in the cross model Investment demandThe augmented Phillips curveWagesThe IS-LM model with flexible exchange ratesInterest rate, consumption and investmentOvernight interest ratesThe IS-LM model with inflationGDP is a flow!Aggregate demandGrowthRelation between nominal interest rate, real interest rate and inflationThe money market with inflationDemand for money and GDPPPPDefinitionWages and incomePrivate sector in the circular flowFrom short to long runThe marginal product of labor and capitalAggregate demand and Say’s LawNominal wage levelCurrency inside banks is not moneyNominal wagesThe dynamics from the short to the long runAggregate supplyDetermination of all endogenous variablesDemand for moneyMarket interest ratesThe AD curve over timeHow the AS-AD model solves the problemInflationFactors affecting E*Investment and the exchange rateThe labor in the cross modelThe quantity theory of moneySupply and demandGovernment revenue, government spending and net exportsThe AD curveEquilibrium analysisProduction function and GrowthMoney and banksThe AD-curve at a given point in timeExchange rate systemsPrices and price levelInterest rates between currency areasPrice levelOther interest ratesEconomic functions of moneyThe AS-AD model and inflationDefinitionModeling a firm and the concept value addedThe classical model of exchange rate determinationCapital FlowsMoney market diagramTwo types of moneySeparation of growth and fluctuationThe market for overnight loansThe AD curve is the aggregate demandThe rest of the world in the cross modelMoney illusionThe neo-classical growth modelLabor marketSay’s LawInflationThere is just one interest rateDetermination of all the endogenous variables in the AS-AD modelExpected depreciationEquilibrium in the money marketPrices and inflationInterest rates and inflationSimultaneous determination of Y and R in the IS-LM modelSupply and demand for the foreign currencyExchange rate determinationThe euro against the US dollarThe consumption function in the IS-LM modelCentral bank and monetary policyKeynesian cross modelExpected inflationAS-AD in the Keynesian and the classical modelHow not to justify Say’s LawThe open economyThe goods market and aggregate demandSavingsThe classical model and the long-term Phillips curvePrice InflationThe IS-LM model under fixed exchange ratesThe exchange rateCentral bank overnight interest rateMoney, wealth and incomeThe AS-AD model with inflationOvernight rates and interest rates with longer maturityInterest rates within in the same currency areaIS-LM-modelGDP, and Say’s Law The consumption functionDetermination of other variablesThe complete Keynesian modelInterest rateConsumption and GDPResultsAggregate demandEndogenous growth theoryDetermination of L in the cross modelThe LM curve with inflationNAIRUUnemployment and hours worked are directly relatedThe money marketGrowth TheoriesMacroeconomic modelsAggregate supply and the AS curveDifferences in inflation under flexible exchange ratesFirms in the circular flowRelationship between the interest rate and the bond priceReal wageThe price levelReal interest rates, nominal interest rate and expected inflationNominal wagesThe problem with the Keynesian modelCapital flowsSupply of moneyTotal savingsInterest rate determinationThe basic assumptionThe aggregate production functionPrice indexThe Labor MarketEffective exchange rateHow much money can banks create?The assumptions of the AS-AD modelThe Phillips curveDefinitionThe long-run Phillips curveCircular flow - circulation of moneyThe consumption functionThe AS-AD model with inflationDemand for money and the interest ratePrice level and timeThe macroeconomic variablesConsumptionDevelopments around 1960Monetary base and the supply of moneyHousehold savingsCommon assumptionsIS-LM diagramThe various Phillips curvesThe goods and the money market in the AS-AD modelEquilibrium in the labor marketCentral banks Inflation in SwedenFull employmentThe central bank has complete control over money supplyInvestmentLabor supply and labor demand in the Keynesian modelReal GDPThe Big Mac IndexThe government in the cross modelExchange rateThe IS-curve in the AS-AD modelMoney, definitionUnemployment classificationInflation in GermanyOvernight interest rates targets and money supplyGrowth theoryThe multiplier effectThe rest of the world as one countryThe money market and price changesThe Labor MarketJustificationPurchasing powerConsumer Price Index, CPIThe IS curve with inflationThe price level and the quantity theory of moneyMain resultAggregate demandThe yield curveModeling expected depreciationWage inflationNominal and real interest ratesThe equations of the AS-AD modelAggregate demand with inflationDemand for laborThe real interest rateIS-curveTrade and tourismAggregate demandAggregate demand in the cross modelThe classical growth theoryCommercial banksAdjustments to the Keynesian models when wages are no longer constantThe AS curveThe money marketEquilibrium in both the goods and in the money marketThe investment function in the IS-LM modelAggregate supplyThe circular flow - simple versionChanges in the exchange rateThe LM-curve in the AS-AD modelComponents of GDP in numbers 200xThe Labor MarketReversed Say’s LawDefinitionAbout the various modelsMonetary baseSAS-LAS-AD model of the neo-classical synthesisThe problem with the IS-LM modelDifferences in inflation under fixed exchange ratesExchange rate determination and the Mundell-Fleming modelInterest rate paritySAS, LAS, and AD
 
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