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Economics 214 Macroeconomics Exam Summary $8.37
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Economics 214 Macroeconomics Exam Summary

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An in depth summary. Provides notes on theory, calculations and shifts in grafts.

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  • 15 mei 2019
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ECONOMICS 214 – MACRO
ECONOMICS EXAM SUMMARY
2018
By Pablo Rees and Steph Meek

,Contents
Chapter 1 – A Tour of the World ............................................................................................... 3

Chapter 2 – A Tour of the Book ................................................................................................. 6

Gross Domestic Product ........................................................................................................ 6

Nominal and Real GDP ........................................................................................................... 6

The Unemployment Rate ....................................................................................................... 6

Different types of unemployment (Ecos 114) ....................................................................... 7

Inflation .................................................................................................................................. 7

Okun’s Law ............................................................................................................................. 8

Chapter 3 – The Goods Market .................................................................................................. 9

Consumption (C) .................................................................................................................... 9

The Determination of Equilibrium Output .......................................................................... 10

Investment (I) ....................................................................................................................... 10

Government Spending (G) ................................................................................................... 10

Graphing the Goods Market ................................................................................................ 11

Adjustment to Equilibrium ............................................................................................... 11

An Alternative way of Thinking about the Goods Market Equilibrium: Investment Equals
Saving. .................................................................................................................................. 12

Chapter 4- The Financial Market ............................................................................................. 14

The Demand for Money ....................................................................................................... 14

Semantic Traps ..................................................................................................................... 15

The Demand for Money ....................................................................................................... 15

Deriving the Demand for Money ......................................................................................... 15

Determining the Interest Rate: I .......................................................................................... 16

Monetary Policy and Open-Market Operations .................................................................. 18

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, Choosing Money or Choosing the Interest Rate .................................................................. 20

Chapter 6 – The Labour Market ............................................................................................... 22

The Large Flows of Workers................................................................................................. 23

Movements in Unemployment ............................................................................................ 23

Wage determination ............................................................................................................ 23

Wage, Prices and Unemployment – Wage Determination ................................................. 24

Price Determination ............................................................................................................. 24

Structural Unemployment ................................................................................................... 25

Graphing this mufucka: ........................................................................................................ 25

The Natural Rate of Employment: ....................................................................................... 26

Natural Output: .................................................................................................................... 26

Chapter 7 – Putting the Markets Together: the AD/AS Model ............................................... 27

Aggregate Supply: ................................................................................................................ 27

Aggregate Demand: ............................................................................................................. 28

Worked Example .................................................................................................................. 29

The Natural Rate of Unemployment and the Phillips Curve ............................................... 30

Inflation, Expected Inflation, and Unemployment .............................................................. 30

Mutations ............................................................................................................................. 31

The Formation of Expectations ............................................................................................ 34

The Phillips Curve and the Natural Rate of Unemployment ............................................... 34

A Summary and Warnings ................................................................................................... 35




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, Chapter 1 – A Tour of the World

Macroeconomics can be divided into growth theory and business cycle theory.

 Growth theory involves the long term growth of the economy. This is determined by
the production capacity of the country.
 Factors of production (labour, capital, technology and natural resources) influence
growth rate.
 Macroeconomics 214 focuses on business cycle theory -short and medium run
fluctuations around the trend.



Research indicates that higher LT output growth per capita can be achieved by:

-Responsible economic policy implementation:


 Controlled inflation
 Controlled budget deficit
 Encouraging high investment rates
 Educated / healthy workforce
 Openness to international trade
 Strong financial sector

- Having good institutions:


 Private property rights
 Democratic institutions
 Protection from rent-seeking

-Element of luck:


 Neighbouring countries that grow fast
 Having a coastline
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