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Essentials of Macroeconomics
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Essentials of Macroeconomics
Prices and inflation
Prices and price level
Price level
Price level and time
Price index
Consumer Price Index, CPI
Problems with CPI
Inflation
Definition
Inflation in Germany
Inflation in Sweden
Exchange rate
Definition
Exchange rate systems
Changes in the exchange rate
The euro against the US dollar
Effective exchange rate
Gross domestic product
Definition
Real GDP
Growth
Purchasing power
GDP is a flow!
The components of GDP
The circular flow - simple version
The circular flow - a more detailed version
Modeling a firm and the concept value added
Firms in the circular flow
Circular flow - circulation of goods
Circular flow - circulation of money
Private sector in the circular flow
The Government, Rest of the World and the financial markets
Components of GDP
Four different measures of GDP
Capital
Investment
Components of GDP in numbers 200x
The Labor Market
Introduction
Unemployment classification
Full employment
Wages
Nominal wages
Wages and income
Nominal wage level
Real wage
Money and banks
Money
Money, definition
Two types of money
What is money and what is not money
Money, wealth and income
Economic functions of money
Central banks
Introduction
Monetary base
Commercial banks
Currency inside banks is not money
How commercial banks "create money"
How much money can banks create?
The multiplier effect
Interest rate
Introduction
Market interest rates
Relationship between the interest rate and the bond price
Calculating interest rates on a yearly basis
The yield curve
Other interest rates
Overnight interest rates
The market for overnight loans
Central bank overnight interest rate
Monetary policy
Central bank and monetary policy
Monetary base and the supply of money
Overnight interest rates targets and money supply
Overnight rates and interest rates with longer maturity
Overnight target rates and inflation
The real interest rate
Interest rates and inflation
Nominal and real interest rates
Expected inflation
Relation between nominal interest rate, real interest rate and inflation
Macroeconomic models
Introduction
Common assumptions
Unemployment and hours worked are directly related
The central bank has complete control over money supply
Monetary policy = change in money supply
There is just one interest rate
Exchange rate
Capital Flows
The macroeconomic variables
Supply and demand
About the various models
Growth theory
Introduction
The aggregate production function
Definition
The marginal product of labor and capital
Production function and Growth
Growth Theories
The classical growth theory
The neo-classical growth model
Endogenous growth theory
Separation of growth and fluctuation
The classical model
Introduction
Labor Market
Demand for labor
The supply of labor
Equilibrium in the labor market
GDP, and Say’s Law
Aggregate supply
Aggregate demand and Say’s Law
How not to justify Say’s Law
The price level and the quantity theory of money
The quantity theory of money
The price level
Aggregate demand
Nominal wages
Interest rate, consumption and investment
The consumption function
Investment demand
Government revenue, government spending and net exports
Household savings
Total savings
Interest rate determination
Consumption
Determination of all the variables in the classical model
Keynesian cross model
Introduction
The Keynesian model
Summary of the cross model
Aggregate demand
The consumption function
Consumption and GDP
The rest of the world in the cross model
The government in the cross model
Savings
Aggregate demand in the cross model
Determination of GDP in the cross model
Main result
Justification
Say’s Law
Reversed Say’s Law
Determination of other variables
Labor market
Labor supply and labor demand in the Keynesian model
The labor in the cross model
Aggregate supply
Determination of L in the cross model
Equilibrium analysis
IS-LM-model
Introduction
Aggregate demand
The investment function in the IS-LM model
The consumption function in the IS-LM model
Aggregate demand
The money market
Demand for money
Demand for money and the interest rate
Demand for money and GDP
Supply of money
Equilibrium in the money market
Money market diagram
IS-LM diagram
IS-curve
The LM curve
Simultaneous determination of Y and R in the IS-LM model
The Labor Market
The AS-AD-model
Introduction
The problem with the IS-LM model
How the AS-AD model solves the problem
The assumptions of the AS-AD model
Summary
The AS-AD model and inflation
The goods and the money market in the AS-AD model
The goods market and aggregate demand
The money market
The money market and price changes
The IS-curve in the AS-AD model
The LM-curve in the AS-AD model
Equilibrium in both the goods and in the money market
The AD curve
The AD curve is the aggregate demand
Aggregate supply
The Labor Market
Aggregate supply and the AS curve
Determination of all the endogenous variables in the AS-AD model
Determination of P and Y
Determination of other variables
The equations of the AS-AD model
The complete Keynesian model
Introduction
Wage inflation
Price Inflation
Adjustments to the Keynesian models when wages are no longer constant
Real interest rates, nominal interest rate and expected inflation
Aggregate demand with inflation
The IS curve with inflation
The money market with inflation
The LM curve with inflation
The IS-LM model with inflation
The basic assumption
Results
The AS-AD model with inflation
The AD-curve at a given point in time
The AD curve over time
The Labor Market
The AS curve
The AS-AD model with inflation
The Phillips curve
The problem with the Keynesian model
The Phillips curve
Determination of all endogenous variables
The neo-classical synthesis
Introduction
The various Phillips curves
The augmented Phillips curve
Money illusion
The long-run Phillips curve
Summary of the Phillips curves
The classical model and the long-term Phillips curve
Developments around 1960
From short to long run
The dynamics from the short to the long run
NAIRU
SAS-LAS-AD model of the neo-classical synthesis
AS-AD in the Keynesian and the classical model
SAS, LAS, and AD
The dynamics from the short to the long run
Exchange rate determination and the Mundell-Fleming model
Introduction
The open economy
The rest of the world as one country
Exchange rate systems
The classical model of exchange rate determination
The law of one price
PPP
The Big Mac Index
Exchange rate determination
Inflation
Differences in inflation under fixed exchange rates
Differences in inflation under flexible exchange rates
The exchange rate
Trade and tourism
Capital flows
Trade and exchange rate
Investment and the exchange rate
Supply and demand for the foreign currency
Factors affecting E*
Mundell-Fleming model
Interest rates within in the same currency area
Interest rates between currency areas
Expected depreciation
Interest rate parity
Modeling expected depreciation
The IS-LM model under fixed exchange rates
The IS-LM model with flexible exchange rates
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