Презентация The Science of Macroeconomics онлайн
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Слайды и текст к этой презентации:
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Содержание слайда: IN THIS CHAPTER, YOU WILL LEARN:
about the issues macroeconomists study
about the tools macroeconomists use
some important concepts in macroeconomic analysis
№3 слайд
Содержание слайда: Important issues in macroeconomics
What causes recessions? What is
“government stimulus” and why might it help?
How can problems in the housing market spread to the rest of the economy?
What is the government budget deficit?
How does it affect workers, consumers, businesses, and taxpayers?
№4 слайд
Содержание слайда: Important issues in macroeconomics
Why does the cost of living keep rising?
Why are so many countries poor? What policies might help them grow out of poverty?
What is the trade deficit? How does it affect the country’s well-being?
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Содержание слайда: U.S. Real GDP per capita
(2005 dollars)
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№11 слайд
Содержание слайда: U.S. Unemployment Rate
(% of labor force)
№12 слайд
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Содержание слайда: U.S. Inflation Rate
(% per year)
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№15 слайд
Содержание слайда: Economic models
…are simplified versions of a more complex reality
irrelevant details are stripped away
…are used to
show relationships between variables
explain the economy’s behavior
devise policies to improve economic performance
№16 слайд
Содержание слайда: Endogenous vs. exogenous variables
The values of endogenous variables
are determined in the model.
The values of exogenous variables
are determined outside the model:
the model takes their values and behavior
as given.
In the model of supply & demand for cars,
endogenous: P, Q d, Q s
exogenous: Y, Ps
№17 слайд
Содержание слайда: Example of a model:
Supply & demand for new cars
shows how various events affect price and quantity of cars
assumes the market is competitive: each buyer and seller is too small to affect the market price
Variables
Qd = quantity of cars that buyers demand
Qs = quantity that producers supply
P = price of new cars
Y = aggregate income
Ps = price of steel (an input)
№18 слайд
Содержание слайда: The demand for cars
demand equation: Q d = D (P,Y )
shows that the quantity of cars consumers demand is related to the price of cars and aggregate income
№19 слайд
Содержание слайда: Digression: functional notation
General functional notation
shows only that the variables are related.
Q d = D (P,Y )
A specific functional form shows
the precise quantitative relationship.
Example:
D (P,Y ) = 60 – 10P + 2Y
№20 слайд
Содержание слайда: The market for cars: Demand
№21 слайд
Содержание слайда: The market for cars: Supply
№22 слайд
Содержание слайда: The market for cars: Equilibrium
№23 слайд
Содержание слайда: The effects of an increase in income
№24 слайд
Содержание слайда: The effects of a steel price increase
№25 слайд
Содержание слайда: NOW YOU TRY
Supply and Demand
1. Write down demand and supply equations for smartphones; include two exogenous variables in each equation.
2. Draw a supply-demand graph for smartphones.
3. Use your graph to show how a change in one of your exogenous variables affects the model’s endogenous variables.
№26 слайд
Содержание слайда: The use of multiple models
No one model can address all the issues we care about.
E.g., our supply-demand model of the car market…
can tell us how a fall in aggregate income affects price & quantity of cars.
cannot tell us why aggregate income falls.
№27 слайд
Содержание слайда: The use of multiple models
So we will learn different models for studying different issues (e.g., unemployment, inflation, long-run growth).
For each new model, you should keep track of
its assumptions
which variables are endogenous,
which are exogenous
the questions it can help us understand,
those it cannot
№28 слайд
Содержание слайда: Prices: flexible vs. sticky
Market clearing: An assumption that prices are flexible, adjust to equate supply and demand.
In the short run, many prices are sticky –
adjust sluggishly in response to changes in supply or demand. For example:
many labor contracts fix the nominal wage
for a year or longer
many magazine publishers change prices
only once every 3 to 4 years
№29 слайд
Содержание слайда: Prices: flexible vs. sticky
The economy’s behavior depends partly on whether prices are sticky or flexible:
If prices sticky (short run),
demand may not equal supply, which explains:
unemployment (excess supply of labor)
why firms cannot always sell all the goods
they produce
If prices flexible (long run), markets clear and economy behaves very differently
№30 слайд
Содержание слайда: Outline of this book:
Introductory material (Chaps. 1, 2)
Classical Theory (Chaps. 3–7)
How the economy works in the long run, when prices are flexible
Growth Theory (Chaps. 8, 9)
The standard of living and its growth rate over the very long run
Business Cycle Theory (Chaps. 10–14)
How the economy works in the short run, when prices are sticky
№31 слайд
Содержание слайда: Outline of this book:
Macroeconomic theory (Chaps. 15–17)
Macroeconomic dynamics, models of consumer behavior, theories of firms’ investment decisions
Macroeconomic policy (Chaps. 18–20)
Stabilization policy, government debt and deficits, financial crises
№32 слайд
Содержание слайда: CHAPTER SUMMARY
Macroeconomics is the study of the economy as a whole, including
growth in incomes
changes in the overall level of prices
the unemployment rate
Macroeconomists attempt to explain the economy and to devise policies to improve its performance.
№33 слайд
Содержание слайда: CHAPTER SUMMARY
Economists use different models to examine different issues.
Models with flexible prices describe the economy in the long run; models with sticky prices describe the economy in the short run.
Macroeconomic events and performance arise from many microeconomic transactions, so macroeconomics uses many of the tools of microeconomics.
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