Dit document bevat een samenvatting van de theorie van het vak Macro-economie. Het is een samenvatting van de powerpoints, het boek en zelf genomen notities uit de les.
THE SHORT RUN, THE MEDIUM RUN & THE LONG RUN
• In the short run (e.g., a few years),
year-to-year movements in output are primarily driven by movements in
demand.
• In the medium run (e.g., a decade),
the economy tends to return to the level of output determined by supply
factors, such as
– the capital stock,
– the level of technology,
– the size (and quality) of the labor force,
– …
• In the long run (e.g., a few decades or more), the economy depends on
– its ability to innovate and introduce new technologies,
– how much people save,
– the quality of the country’s education system,
– the quality of the government,
– …
VERTALING
• Short run: enkele jaren
• Medium: 10jarige periode, dan keert de economie vaak terug naar het niv vd
output die bepaalt worden door supply factoren
• Long run: langere periode
o Economie is afhankelijk vd capaciteit om te innoveren in de economie
o Niet enkel technisch, maar ook bv management technieken
,
, CHAPTER 1
A TOUR OF THE WORLD
Before we start the tour: A stylized business cycle
Output is measured by real gross domestic product
A business cycle is defined as the time period
between two peaks or two troughs.
The second peak is higher than the first one
=> long term growth
Reële bruto binnenlandproduct is de echte maatstaf
→ Over de tijd bekeken een groei (v alle cycli)
→ Recessie, expansie met pieken & dalen
Duration (in months) of US recessions since 1900
=> informatie slide
Duur vd recessies
=> voor WO waren ze langer
- 1929 grootte recessie
CURRENT SITUATION
Energy prices in Europe
Recent: ongeloofelijke piek
Implicatie vr de competititviteit
Ongelijke evolutie tss Europa & VS
o Geeft een implicatie dat dr dit verschil er
schuivingen ontstaan in de competitiviteit
o ‘competition at risk’
European competitiveness at risk
, Real wages are falling much more in eurozone
NADEEL HIERBOVEN
- Verschillende prijzen
HIER VOORDEEL
- Reële lonen zakken meer dan in VS, dan is het ene compensatie van het
vorige nadeel in competitiviteit
PMI: Purchasers mangement index
=> informatie slide
Purchasing Managers' Index
The Purchasing Managers' Index (PMI) is an index of the prevailing direction of
economic trends in the manufacturing and service sectors.
It consists of a diffusion index that summarizes whether market conditions, as viewed
by purchasing managers, are expanding, staying the same, or contracting.
January 2023
Gaan we naar een recessie in 2021?
Net boven de nulgroei cijfers
Feitelijke materiele informatie van macro moet je gedateerd bekijken, situatie
nu kan enorm verschillen met nu & 6 maanden geleden
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