Makroekonomi
Kapitel 1.
■Output growth—the rate of change of output
■ The unemployment rate—the proportion of workers in the economy who are not employed and are looking for a job
■ The inflation rate—the rate at which the average price of the goods in the economy is increasing over time
Kapitel 2.
Aggregate= ord för totala
intermediate good- vara om används igen
GDP is the measure of aggregate output, which we can look at from the production side (aggregate
production), or the income side (aggregate income); and
ii. Aggregate production and aggregate income are always equal.
■From the production side: GDP equals the value of the final goods and services produced in the economy during a given period.
■ Also from the production side: GDP is the sum of value added in the economy during
a given period.
■ From the income side: GDP is the sum of incomes in the economy during a given
period.
Nominal GDP is the sum of the quantities of final goods produced times their current price. This definition makes clear that nominal GDP increases over time for
two reasons:
■ First, the production of most goods increases over time. ■ Second, the prices of most goods also increase over time.
Beräkning av BNP tillväxt: (Yt - Yt-1)/Yt-1
Arbetsmarknad(L)= anställda(N) och arbetslöa(U) om letar jobb
Unemployment rate= arbetslösa av arbetsmarkanden: u =U L
Current Population Survey (CPS)= underökning av sysselsätning i usa
Inflation is a sustained rise in the general level of prices—the price level. The inflation rate is the rate at which the price level increases
two measures of the price level, at two
price indexes: the GDP deflator and the Consumer Price Index.
nominal GDP increase
faster than real GDP, the difference must come from an increase in prices
GDP deflator Pt =Nominal GDPt $Yt
Real GDPt Yt
PPI, or producer price index
CPI gives the cost in dollars of a specific list of goods and services over time
CPI gives the cost in dollars of a specific list of goods and services over Time
Phillips curve has been redefined as a relation between the change in the rate of inflation and the unemployment rate
Phillips curve has been redefined as a relation between the change in the rate of inflation and the unemployment ratePhillips curve has been redefined as a relation between the change in the rate of
inflation and the unemployment rate Phillips curve has been redefined as a relation between the change in the rate of inflation and the unemployment rate
A low unemployment rate
leads to an increase in the inflation rate, a high unemployment rate to a decrease in the inflation rate.
Okun’s law, is a
relation between output growth and the change in unemployment: High output growth typically leads to a decrease
in the unemployment rate.
The second, called the Phillips
curve, is a relation between unemployment and inflation: A low unemployment rate typically leads to an increase in the inflation rate.
They think of output as being determined
by demand in the short run. They think of output as being determined by the level of technology, the capital stock, and the labor force in the medium run. Finally, they think of output as being determined by factors like education, research, saving, and the quality of government in the long run
Konsumtion= C Investeringar= i
residential investment, privata investeringar tex ett hus
Goverment spending= G Import= im
Export= x
The difference between exports and imports, 1X - IM2, is called net exports, or the trade balance goods Z is simply the sum of consumption, investment, and government spending: Z K C + I + G
he relation between consumption and disposable income is given by the simpler relation:
C = c0 + c1 YD (3.2)
In other words, it is reasonable to assume that the function
disposable income is then characterized by two
parameters, c0 and c1:
c1 is called the propensity to consume. (It is also called the marginal propensity to consume
Consumption Function
C 5 c0 1 c1YD
disposable income YD. Disposable income is given by
YD K Y - T
where Y is income and T is taxes paid minus government transfers received by consumers
Endogenous variables:
There are three types of equations: Identities
Behavioral equations Equilibrium conditions
Rewrite the equilibrium equation (3.7): Y = c0 + c1Y - c1T + I + G
The parameter c1 is called the propensity to consume. (It is also called the marginal
propensity to consume
The parameter c0 has a literal interpretation. It is what people would consume if
their disposable income in the current year were equal to zero
Mer infor: http://www.investopedia.com/terms/m/marginalpropensitytoconsume.asp
By definition, private saving (S), saving by consumers, is equal to their disposable income minus their consumption:
S = YD – C
private saving as income minus taxes minus consumption: S = Y - T – C
If taxes exceed government spending, the government is running
a budget surplus, so public saving is positive. If taxes are less than government spending, the government is running a budget deficit, so public saving is
negative.
The left side of this equation is simply private saving (S), so S = I + G – T
Or:
I = S + (T – G)
equilibrium in the goods market requires that investment equal saving—the sum of private and public saving= InvestmentequalsSaving= IS-relation
condition for equilibrium in the goods market:
Production = Demand Investment = Saving
I = -c0 + (1 - c1) (Y – T) + (T – G) Solving for output,
