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Home arrow Economics arrow Essentials of Macroeconomics

A short course of lectures
«Essentials of Macroeconomics»

JustificationThe Labor MarketInflationThe macroeconomic variablesDifferences in inflation under flexible exchange ratesRelation between nominal interest rate, real interest rate and inflationThe IS curve with inflationConsumptionThe dynamics from the short to the long runThe Big Mac IndexCircular flow - circulation of moneyProblems with CPIReal interest rates, nominal interest rate and expected inflationThe classical model of exchange rate determinationThe neo-classical synthesisHow not to justify Say’s LawThe marginal product of labor and capitalExpected inflationInvestment demandMundell-Fleming modelAggregate supplyThe AD-curve at a given point in timeThe problem with the Keynesian modelSupply and demandLabor marketLabor MarketInterest rate determinationThe quantity theory of moneyIS-curveThe central bank has complete control over money supplyEquilibrium analysisThe IS-LM model with flexible exchange ratesAggregate demandDefinitionInflation in GermanyDemand for laborThe Phillips curveThe Government, Rest of the World and the financial marketsDetermination of all endogenous variablesAggregate demand with inflationComponents of GDPExchange rateDetermination of GDP in the cross model The aggregate production functionReversed Say’s LawFactors affecting E*The price levelThe AS curveExchange rate determinationChanges in the exchange rateSimultaneous determination of Y and R in the IS-LM modelAggregate demand and Say’s LawCentral bank overnight interest rateEquilibrium in the labor marketThe exchange rateDefinitionEquilibrium in both the goods and in the money marketCommercial banksThe AS-AD-modelWhat is money and what is not moneyThe real interest rateDifferences in inflation under fixed exchange ratesOther interest ratesTrade and tourismMoney illusionUnemployment and hours worked are directly relatedCentral bank and monetary policyDetermination of other variablesTrade and exchange rateEconomic functions of moneyMoney market diagramThe multiplier effectDemand for money and the interest rateThe consumption functionNominal wagesGovernment revenue, government spending and net exportsCurrency inside banks is not moneyInflation in SwedenPrice InflationMonetary base and the supply of moneyMoneyAggregate supply and the AS curveDemand for moneyThe AS-AD model with inflationMoney and banksThe complete Keynesian modelInvestment and the exchange rateModeling a firm and the concept value addedThe IS-curve in the AS-AD modelThe augmented Phillips curveMain resultProduction function and GrowthInflationCapital FlowsWages and incomeOvernight target rates and inflationThe Labor MarketExpected depreciationOvernight rates and interest rates with longer maturityThe components of GDPThe price level and the quantity theory of moneyMacroeconomic modelsIS-LM-modelThe AS-AD model and inflationAggregate demandReal wageExchange rate determination and the Mundell-Fleming modelGrowth theoryThe investment function in the IS-LM modelSavingsTwo types of moneyDevelopments around 1960SAS, LAS, and ADThe IS-LM model with inflationEquilibrium in the money marketThe Labor MarketThe basic assumptionThe money market with inflationThe open economyThe AD curveEndogenous growth theoryThe law of one pricePrices and price levelThe money marketAggregate demand in the cross modelCentral banks Demand for money and GDPReal GDPOvernight interest ratesThe Keynesian modelAggregate demandThe market for overnight loansDetermination of P and YIS-LM diagramThe classical model and the long-term Phillips curveMonetary policyHousehold savingsSupply and demand for the foreign currencyHow commercial banks "create money"Monetary baseThe assumptions of the AS-AD modelThe yield curveInterest rate, consumption and investmentInterest rates between currency areasThe consumption functionInvestmentMarket interest ratesHow much money can banks create?Money, definitionAdjustments to the Keynesian models when wages are no longer constantWage inflationInterest rates and inflationPrice indexCapital flowsNominal wage levelInterest rateInterest rate parityAS-AD in the Keynesian and the classical modelThe AD curve is the aggregate demandExchange rate systemsMonetary policy = change in money supplyGross domestic productPPPSupply of moneyThe Labor MarketFrom short to long runEffective exchange rateCommon assumptionsDetermination of other variablesThe problem with the IS-LM modelThe AD curve over timeDefinitionNominal wagesThe classical growth theoryModeling expected depreciationOvernight interest rates targets and money supplyThe long-run Phillips curveCircular flow - circulation of goodsAggregate supplyThe consumption function in the IS-LM modelWagesCapitalFull employmentInterest rates within in the same currency areaThe rest of the world in the cross modelUnemployment classificationComponents of GDP in numbers 200xThe money market and price changesThe dynamics from the short to the long runThe euro against the US dollarResultsAggregate demandGDP is a flow!The circular flow - a more detailed versionHow the AS-AD model solves the problemThe classical modelSeparation of growth and fluctuationFirms in the circular flowDetermination of all the endogenous variables in the AS-AD modelFour different measures of GDPRelationship between the interest rate and the bond priceConsumer Price Index, CPIThe equations of the AS-AD modelMoney, wealth and incomeThe government in the cross modelPrice level and timeThe goods market and aggregate demandPurchasing powerThe AS-AD model with inflationExchange rateConsumption and GDPDetermination of all the variables in the classical modelGDP, and Say’s Law Price levelThe neo-classical growth modelThe IS-LM model under fixed exchange ratesThe labor in the cross modelThe circular flow - simple versionThe money marketSAS-LAS-AD model of the neo-classical synthesisNAIRUPrices and inflationThe goods and the money market in the AS-AD modelSay’s LawAggregate supplyThe LM curveLabor supply and labor demand in the Keynesian modelNominal and real interest ratesThe LM curve with inflationThe Phillips curveCalculating interest rates on a yearly basisExchange rate systemsDefinitionThe various Phillips curvesThe supply of laborKeynesian cross modelGrowthGrowth TheoriesTotal savingsThere is just one interest rateThe rest of the world as one countryDetermination of L in the cross modelPrivate sector in the circular flowThe LM-curve in the AS-AD modelAbout the various models
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