曼昆宏经Outline for Reviewing.docx
- 文档编号:23564817
- 上传时间:2023-05-18
- 格式:DOCX
- 页数:42
- 大小:167.99KB
曼昆宏经Outline for Reviewing.docx
《曼昆宏经Outline for Reviewing.docx》由会员分享,可在线阅读,更多相关《曼昆宏经Outline for Reviewing.docx(42页珍藏版)》请在冰豆网上搜索。
曼昆宏经OutlineforReviewing
OutlineforReviewingMacroeconomics(2012)
Hello,deareveryone,
Thistermiscomingtotheend.ItismyhonortohavesuchagreatopportunitytolearntheMacroeconomicswithyoutogetherthisterm.Ireallyhavehadagoodtimeandlearnedalotfromyouall.HereistheoutlineforyoutoreviewtheMacroeconomics,Ihopeitcanalleviatethepainsthatyouhaveprobablygonethroughthissemesterandhelpyougetagoodgrade.Lookforwardtoseeingsomeofyounextterm.
TheStructureofExaminationPaper
1、DefinitionofTerms(5×4,20points)
2、GapFilling(20×1,20points)
3、ShortAnswerQuestions(4×10,40points)
4、CalculationQuestions(2×10,20points)
OutlineforReviewing
1、DefinitionofTerms
Chapter1
Macroeconomics:
thestudyoftheeconomyasawhole,addressesmanytopicalissues.
Chapter2
Grossdomesticproduct(GDP):
isthetotalmarketvalueofallfinalgoodsandservicesproducedinaneconomy(withinacountry)inagiven(usuallyone-year)periodoftime.
Valueadded:
thevalueofthefirm’soutputlessthevalueoftheintermediategoodsthatthefirmpurchases.
RealGDP:
thevalueofgoodsandservicesmeasuredusingaconstantsetofprices.
GDPdeflator:
reflectswhat’shappeningtotheoveralllevelofpricesintheeconomy
Consumerpriceindex(CPI):
Ameasureoftheoveralllevelofprices
Unemploymentrate:
thepercentageofthelaborforcethatisunemployed.
Labor-forceparticipationrate:
thepercentageoftheadultpopulationthatisinthelaborforce
Chapter3
Disposableincome:
incomeafterthepaymentofalltaxes,
Marginalpropensitytoconsume(MPC):
theamountbywhichconsumptionchangeswhendisposableincomeincreasesbyonedollar
Realinterestrate:
thenominalinterestratecorrectedfortheeffectsofinflation
Chapter4
Inflation:
overallincreaseinprices
Hyperinflation:
inflationthatexceeds50percentpermonth,whichisjustover1percentperday
Money:
thestockofassetsthatcanbereadilyusedtomaketransactions
Fiatmoney:
Moneythathasnointrinsicvalue
Commoditymoney:
acommoditywithsomeintrinsicvalueformoney
Moneysupply:
Thequantityofmoneyavailableinaneconomy
Quantityequation:
Thelinkbetweentransactionsandmoneyisexpressedinthefollowingequation:
Money×Velocity=Price×TransactionsM×V=P×T.
Incomevelocityofmoney:
thenumberoftimesadollarbillenterssomeone’sincomeinagivenperiodoftime
Realmoneybalances:
thequantityofmoneyintermsofthequantityofgoodsandservicesitcanbuy
Seigniorage:
Therevenueraisedbytheprintingofmoney
FisherequationandFishereffect:
Fisherequation:
i=r+π.Theone-for-onerelationbetweentheinflationrateandthenominalinterestrateiscalledtheFishereffect
Shoeleathercosts:
Theinconvenienceofreducingmoneyholdingismetaphorically
Menucosts:
highinflationinducesfirmstochangetheirpostedpricesmoreoften
Classicaldichotomy:
theoreticalseparationofrealandnominalvariables
Monetaryneutrality:
irrelevanceofmoneyforrealvariables
Chapter6
Naturalrateofunemployment:
theaveragerateofunemploymentaroundwhichtheeconomyfluctuates.
Frictionalunemployment:
causedbythetimeittakesworkerstosearchforajob
Wagerigidity:
thefailureofwagestoadjusttoalevelatwhichlaborsupplyequalslabordemand
Structuralunemployment:
Theunemploymentresultingfromwagerigidityandjobrationing
Efficiencywages:
highwagesmakeworkersmoreproductive
Chapter7
Steadystate:
theamountofinvestmentequalstheamountofdepreciation
GoldenRulelevelofcapital:
Thesteady-statevalueofkthatmaximizesconsumption
Chapter8
Endogenousgrowththeory:
asetofmodelsinwhichthegrowthrateofproductivityandlivingstandardsisendogenous
Chapter9
Okun’slaw:
ThisnegativerelationshipbetweenunemploymentandGDP
Aggregatedemand:
therelationshipbetweenthequantityofoutputdemandedandtheaggregatepricelevel
Aggregatesupply:
therelationshipbetweenthequantityofgoodsandservicessuppliedandthepricelevel
Demandshocks:
Ashockthatshiftstheaggregatedemandcurve
Supplyshocks:
ashockthatshiftstheaggregatesupplycurve
Stabilizationpolicy:
policyactionsaimedatreducingtheseverityofshort-runeconomicfluctuations
Chapter10
IScurve:
what’sgoingoninthemarketforgoodsandservices
LMcurve:
what’shappeningtothesupplyanddemandformoney
Keynesiancross:
Asimpleclosedeconomymodelinwhichincomeisdeterminedbyexpenditure
Chapter13
Phillipscurve:
atradeoffbetweentwomeasuresofeconomicperformance—inflationandunemployment
Adaptiveexpectations:
Asimpleandoftenplausibleassumptionisthatpeopleformtheirexpectationsofinflationbasedonrecentlyobservedinflation
Demand-pullinflation:
Lowunemploymentpullstheinflationrateup
Cost-pushinflation:
inflationalsorisesandfallsbecauseofsupplyshocks
Sacrificeratio:
thepercentageofayear’srealGDPthatmustbeforgonetoreduceinflationby1percentagepoint
Rationalexpectations:
peopleoptimallyusealltheavailableinformation,includinginformationaboutcurrentgovernmentpolicies,toforecastthefuture
Natural-ratehypothesis:
Fluctuationsinaggregatedemandaffectoutputandemploymentonlyintheshortrun.Inthelongrun,theeconomyreturnstothelevelsofoutput,employment,andunemploymentdescribedbytheclassicalmodel
Hysteresis:
thetermusedtodescribethelong-lastinginfluenceofhistoryonthenaturalrate
2、GapFilling
Summaryinallchaptersthatwealreadystudied
NOTE:
Iwillgiveyouawordlist,youchoosethewordfromthelistandfillout
Chapter1
1.Macroeconomicsisthestudyoftheeconomyasawhole,includinggrowthinincomes,changesinprices,andtherateofunemployment.Macroeconomistsattemptbothtoexplaineconomiceventsandtodevisepoliciestoimproveeconomicperformance.
2.Tounderstandtheeconomy,economistsusemodels—theoriesthatsimplifyrealityinordertorevealhowexogenousvariablesinfluenceendogenousvariables.Theartinthescienceofeconomicsisinjudgingwhetheramodelcapturestheimportanteconomicrelationshipsforthematterathand.Becausenosinglemodelcananswerallquestions,macroeconomistsusedifferentmodelstolookatdifferentissues.
3.Akeyfeatureofamacroeconomicmodeliswhetheritassumesthatpricesareflexibleorsticky.Accordingtomostmacroeconomists,modelswithflexiblepricesdescribetheeconomyinthelongrun,whereasmodelswithstickypricesofferabetterdescriptionoftheeconomyintheshortrun.
4.Microeconomicsisthestudyofhowfirmsandindividualsmakedecisionsandhowthesedecisionmakersinteract.Becausemacroeconomiceventsarisefrommanymicroeconomicinteractions,allmacroeconomicmodelsmustbeconsistentwithmicroeconomicfoundations,evenifthosefoundationsareonlyimplicit.
Chapter2
1.Grossdomesticproduct(GDP)measurestheincomeofeveryoneintheeconomyand,equivalently,thetotalexpenditureontheeconomy’soutputofgoodsandservices.
2.NominalGDPvaluesgoodsandservicesatcurrentprices.RealGDPvaluesgoodsandservicesatconstantprices.RealGDPrisesonlywhentheamountofgoodsandserviceshasincreased,whereasnominalGDPcanriseeitherbecauseoutputhasincreasedorbecausepriceshaveincreased.
3.GDPisthesumoffourcategoriesofexpenditure:
consumption,investment,governmentpurchases,andnetexports.
4.Theconsumerpriceindex(CPI)measuresthepriceofafixedbasketofgoodsandservicespurchasedbyatypicalconsumer.LiketheGDPdeflator,whichistheratioofnominalGDPtorealGDP,theCPImeasurestheoveralllevelofprices.
5.Thelabor-forceparticipationrateshowsthefractionofadultswhoareworkingorwanttowork.Theunemploymentrateshowswhatfractionofthosewhowouldliketoworkdonothaveajob.
Chapter3
1.Thefactorsofproductionandtheproductiontechnologydeterminetheeconomy’soutputofgoodsandservices.Anincreaseinoneofthefactorsofproductionoratechnologicaladvanceraisesoutput.
2.Competitive,profit-maximizingfirmshirelaboruntilthemarginalproductoflaborequalstherealwage.Similarly,thesefirmsrentcapitaluntilthemarginalproductofcapitalequalstherealrentalprice.Therefore,eachfactorofproductionispaiditsmarginalproduct.Iftheproductionfunctionhasconstantreturnstoscale,thenaccordingtoEuler’stheorem,alloutputisusedtocompensatetheinputs.
3.Theeconomy’soutputisusedforconsumption,investment,andgovernmentpurchases.Consumptiondependspositivelyondisposableincome.Investmentdependsnegativelyontherealinterestrate.Governmentpurchasesandtaxesaretheexogenousvariablesoffiscalpolicy.
4.Therealinterestrateadjuststoequilibratethesupplyanddemandfortheeconomy’soutput—or,equivalently,thesupplyofloanablefunds(saving)andthedemandforloanablefunds(investment).Adecreaseinnationalsaving,perhapsbecauseofanincreaseingovernmentpurchasesoradecreaseintaxes,reducestheequilibriumamountofinvestmentandraisestheinterestrate.Anincreaseininvestmentdemand,perhapsbecauseofatechnologicalinnovationorataxincentiveforinvestment,alsoraisestheinterestrate.Anincreaseininvestmentdemandincreasesthequantityofinvestmentonlyifhigherinterestratesstimulateadditionalsaving.
Chapter4
1.Moneyisthestockofassetsusedfortransactions.Itservesasastoreofvalue,aunitofaccount,andamediumofexchange.Differentsortsofassetsareusedasmoney:
commoditymoneysystemsuseanassetwithintrinsicvalue,whereasfiatmoneysystemsuseanassetwhosesolefunctionistoserveasmoney.Inmoderneco
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 曼昆宏经Outline for Reviewing 曼昆宏经 Outline