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Essentials of Macroeconomics - Peter Jochumzen

Year 2010

1. Prices and inflation1.1. Prices and price level1.1.1. Price level1.1.2. Price level and time1.1.3. Price index1.1.4. Consumer Price Index, CPI1.1.5. Problems with CPI1.2. Inflation1.2.1. Definition1.2.2. Inflation in Germany1.2.3. Inflation in Sweden2. Exchange rate2.1. Definition2.2. Exchange rate systems2.3. Changes in the exchange rate2.4. The euro against the US dollar2.5. Effective exchange rate3. Gross domestic product3.1. Definition3.2. Real GDP3.3. Growth3.4. Purchasing power3.5. GDP is a flow!4. The components of GDP4.1. The circular flow - simple version4.2. The circular flow - a more detailed version4.3. Modeling a firm and the concept value added4.4. Firms in the circular flow4.5. Circular flow - circulation of goods4.6. Circular flow - circulation of money4.7. Private sector in the circular flow4.8. The Government, Rest of the World and the financial markets4.9. Components of GDP4.10. Four different measures of GDP4.11. Capital4.12. Investment4.13. Components of GDP in numbers 200x5. The Labor Market5.1. Introduction5.2. Unemployment classification5.3. Full employment5.4. Wages5.4.1. Nominal wages5.4.2. Wages and income5.4.3. Nominal wage level5.4.4. Real wage6. Money and banks6.1. Money6.1.1. Money, definition6.1.2. Two types of money6.1.3. What is money and what is not money6.1.4. Money, wealth and income6.1.5. Economic functions of money6.2. Central banks 6.2.1. Introduction6.2.2. Monetary base6.3. Commercial banks6.3.1. Currency inside banks is not money6.3.2. How commercial banks "create money"6.3.3. How much money can banks create?6.3.4. The multiplier effect7. Interest rate7.1. Introduction7.2. Market interest rates7.2.1. Relationship between the interest rate and the bond price7.2.2. Calculating interest rates on a yearly basis7.2.3. The yield curve7.2.4. Other interest rates7.3. Overnight interest rates7.3.1. The market for overnight loans7.3.2. Central bank overnight interest rate7.4. Monetary policy7.4.1. Central bank and monetary policy7.4.2. Monetary base and the supply of money7.4.3. Overnight interest rates targets and money supply7.4.4. Overnight rates and interest rates with longer maturity7.4.5. Overnight target rates and inflation7.5. The real interest rate7.5.1. Interest rates and inflation7.5.2. Nominal and real interest rates7.5.3. Expected inflation7.5.4. Relation between nominal interest rate, real interest rate and inflation8. Macroeconomic models8.1. Introduction8.2. Common assumptions8.2.1. Unemployment and hours worked are directly related8.2.2. The central bank has complete control over money supply8.2.3. Monetary policy = change in money supply8.2.4. There is just one interest rate8.2.5. Exchange rate8.2.6. Capital Flows8.3. The macroeconomic variables8.3.1. Supply and demand8.4. About the various models9. Growth theory9.1. Introduction9.2. The aggregate production function9.2.1. Definition9.2.2. The marginal product of labor and capital9.2.3. Production function and Growth9.3. Growth Theories9.3.1. The classical growth theory9.3.2. The neo-classical growth model9.4. Endogenous growth theory9.5. Separation of growth and fluctuation10. The classical model10.1. Introduction10.2. Labor Market10.2.1. Demand for labor10.2.2. The supply of labor10.2.3. Equilibrium in the labor market10.3. GDP, and Say’s Law 10.3.1. Aggregate supply10.3.2. Aggregate demand and Say’s Law10.3.3. How not to justify Say’s Law10.4. The price level and the quantity theory of money10.4.1. The quantity theory of money10.4.2. The price level10.4.3. Aggregate demand10.4.4. Nominal wages10.5. Interest rate, consumption and investment10.5.1. The consumption function10.5.2. Investment demand10.5.3. Government revenue, government spending and net exports10.5.4. Household savings10.5.5. Total savings10.5.6. Interest rate determination10.5.7. Consumption10.6. Determination of all the variables in the classical model11. Keynesian cross model11.1. Introduction11.1.1. The Keynesian model11.1.2. Summary of the cross model11.2. Aggregate demand11.2.1. The consumption function11.2.2. Consumption and GDP11.2.3. The rest of the world in the cross model11.2.4. The government in the cross model11.2.5. Savings11.2.6. Aggregate demand in the cross model11.3. Determination of GDP in the cross model 11.3.1. Main result11.3.2. Justification11.3.3. Say’s Law11.3.4. Reversed Say’s Law11.3.5. Determination of other variables11.4. Labor market11.4.1. Labor supply and labor demand in the Keynesian model11.4.2. The labor in the cross model11.4.3. Aggregate supply11.4.4. Determination of L in the cross model11.4.5. Equilibrium analysis12. IS-LM-model12.1. Introduction12.2. Aggregate demand12.2.1. The investment function in the IS-LM model12.2.2. The consumption function in the IS-LM model12.2.3. Aggregate demand12.3. The money market12.3.1. Demand for money12.3.2. Demand for money and the interest rate12.3.3. Demand for money and GDP12.3.4. Supply of money12.3.5. Equilibrium in the money market12.3.6. Money market diagram12.4. IS-LM diagram12.4.1. IS-curve12.4.2. The LM curve12.4.3. Simultaneous determination of Y and R in the IS-LM model12.5. The Labor Market13. The AS-AD-model13.1. Introduction13.1.1. The problem with the IS-LM model13.1.2. How the AS-AD model solves the problem13.2. The assumptions of the AS-AD model13.2.1. Summary13.2.2. The AS-AD model and inflation13.3. The goods and the money market in the AS-AD model13.3.1. The goods market and aggregate demand13.4. The money market13.4.1. The money market and price changes13.4.2. The IS-curve in the AS-AD model13.4.3. The LM-curve in the AS-AD model13.4.4. Equilibrium in both the goods and in the money market13.4.5. The AD curve13.4.6. The AD curve is the aggregate demand13.5. Aggregate supply13.5.1. The Labor Market13.5.2. Aggregate supply and the AS curve13.6. Determination of all the endogenous variables in the AS-AD model13.6.1. Determination of P and Y13.6.2. Determination of other variables13.6.3. The equations of the AS-AD model14. The complete Keynesian model14.1. Introduction14.1.1. Wage inflation14.1.2. Price Inflation14.2. Adjustments to the Keynesian models when wages are no longer constant14.2.1. Real interest rates, nominal interest rate and expected inflation14.2.2. Aggregate demand with inflation14.2.3. The IS curve with inflation14.2.4. The money market with inflation14.2.5. The LM curve with inflation14.3. The IS-LM model with inflation14.3.1. The basic assumption14.3.2. Results14.4. The AS-AD model with inflation14.4.1. The AD-curve at a given point in time14.4.2. The AD curve over time14.4.3. The Labor Market14.4.4. The AS curve14.4.5. The AS-AD model with inflation14.5. The Phillips curve14.5.1. The problem with the Keynesian model14.5.2. The Phillips curve14.5.3. Determination of all endogenous variables15. The neo-classical synthesis15.1. Introduction15.2. The various Phillips curves15.2.1. The augmented Phillips curve15.2.2. Money illusion15.2.3. The long-run Phillips curve15.2.4. Summary of the Phillips curves15.2.5. The classical model and the long-term Phillips curve15.2.6. Developments around 196015.3. From short to long run15.3.1. The dynamics from the short to the long run15.3.2. NAIRU15.4. SAS-LAS-AD model of the neo-classical synthesis15.4.1. AS-AD in the Keynesian and the classical model15.4.2. SAS, LAS, and AD15.4.3. The dynamics from the short to the long run16. Exchange rate determination and the Mundell-Fleming model16.1. Introduction16.1.1. The open economy16.1.2. The rest of the world as one country16.1.3. Exchange rate systems16.2. The classical model of exchange rate determination16.2.1. The law of one price16.2.2. PPP16.2.3. The Big Mac Index16.2.4. Exchange rate determination16.2.5. Inflation16.2.6. Differences in inflation under fixed exchange rates16.2.7. Differences in inflation under flexible exchange rates16.3. The exchange rate16.3.1. Trade and tourism16.3.2. Capital flows16.3.3. Trade and exchange rate16.3.4. Investment and the exchange rate16.3.5. Supply and demand for the foreign currency16.3.6. Factors affecting E*16.4. Mundell-Fleming model16.4.1. Interest rates within in the same currency area16.4.2. Interest rates between currency areas16.4.3. Expected depreciation16.4.4. Interest rate parity16.4.5. Modeling expected depreciation16.4.6. The IS-LM model under fixed exchange rates16.4.7. The IS-LM model with flexible exchange rates
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