MACRO-ECONOMIE SAMENVATTING
INHOUDSOPGAVE
Hoofstuk 1 – a Tour of the world .......................................................................................................................... 13
1.0 Inleiding ....................................................................................................................................................... 13
De korte, middellange en lange termijn........................................................................................................ 13
Een gestileerde conjunctuurcyclus................................................................................................................ 13
Duur van VS recessies sinds 1900 ................................................................................................................. 13
1.1 huidige situatie ............................................................................................................................................ 13
Grafieken ....................................................................................................................................................... 13
Pmi - Purchasing Managers’ Index ................................................................................................................ 14
1.2 de pandemie van 2020 ................................................................................................................................ 15
1.3 de crisis van 2008-9 ..................................................................................................................................... 15
Algemene informatie .................................................................................................................................... 15
Grafieken ....................................................................................................................................................... 15
Vergelijking crisis 2008-9 en covid ................................................................................................................ 16
1.4 de verenigde staten .................................................................................................................................... 16
Groei, werkloosheid en inflatie ..................................................................................................................... 17
Groei van de arbeidsproductiviteit per decennium in de VS: 1990-2018 ..................................................... 17
1.5 de EU en de eurozone ................................................................................................................................. 17
Algemene info ............................................................................................................................................... 17
Grafieken ....................................................................................................................................................... 17
Groei, werkloosheid en inflatie in de eurozone, 1990-2019 ......................................................................... 18
Was de gemeenschappelijke munt een vergissing?...................................................................................... 18
Rente op staatsobligaties .............................................................................................................................. 18
1.6 China ........................................................................................................................................................... 19
Algemene info ............................................................................................................................................... 19
Groei, werkloosheid en inflatie in China, 1990-2018 .................................................................................... 19
Hoofdstuk 2 – A tour of the book ......................................................................................................................... 20
2.1 Totale productie .......................................................................................................................................... 20
Definitie ......................................................................................................................................................... 20
Voorbeeld ...................................................................................................................................................... 20
Manieren om bbp te meten .......................................................................................................................... 20
Nominaal en reëel bbp .................................................................................................................................. 21
Notatie .......................................................................................................................................................... 22
Focus: reëel bbp, technologische vooruitgang en de prijs van computers ................................................... 22
, Gebruik van bbp-groeicijfers ......................................................................................................................... 22
Groei vh bbp in de EU15 en de VS sinds 1971............................................................................................... 23
2.2 De werkloosheid.......................................................................................................................................... 23
Inleiding ......................................................................................................................................................... 23
Begrippen ...................................................................................................................................................... 24
Meting ........................................................................................................................................................... 24
Een slechte statistiek? ................................................................................................................................... 24
Relevantie ..................................................................................................................................................... 25
Grafieken ....................................................................................................................................................... 25
Focus: werkloosheid en geluk ....................................................................................................................... 25
2.3 Het inflatiepercentage ................................................................................................................................ 26
Definities ....................................................................................................................................................... 26
Bbp deflator .................................................................................................................................................. 26
Consumptie Prijs Index.................................................................................................................................. 26
inflatiecijfer: BBP deflator vs CPI ................................................................................................................... 27
Zuivere inflatie en kerninflatie ...................................................................................................................... 27
Hyperinflatie.................................................................................................................................................. 27
Krimpflatie (shrinkflation) ............................................................................................................................. 27
Relevantie inflatiepercentage ....................................................................................................................... 27
Inflatie in het VK, adhv de HICP en de BBP-deflator, 1996-2019 .................................................................. 27
2.4 Productie, werkloosheid en inflatie: de wet van Okun en de Philips-curve ................................................ 28
Wet van Okun ............................................................................................................................................... 28
Philips curve .................................................................................................................................................. 28
Grafieken ....................................................................................................................................................... 28
Philips curve eurozone: 2000-19 ................................................................................................................... 29
2.6 A tour of the book ....................................................................................................................................... 29
Hoofdstuk 3 – The goods market .......................................................................................................................... 30
3.0 Inleiding ....................................................................................................................................................... 30
3.1 De samenstelling van het BBP ..................................................................................................................... 30
Types economische activiteit ........................................................................................................................ 30
De samenstelling van BBP van EU, 2018 ....................................................................................................... 30
3.2 De vraag naar goederen .............................................................................................................................. 31
Formule vraag ............................................................................................................................................... 31
Formule consumptie ..................................................................................................................................... 31
formule Inkomen........................................................................................................................................... 32
Overheidsbestedingen en belastingen .......................................................................................................... 32
3.3 De bepaling van de evenwichtsproductie ................................................................................................... 32
, Inleiding ......................................................................................................................................................... 32
evenwicht analyseren ................................................................................................................................... 32
Volledige afleiding ......................................................................................................................................... 34
Focus: Het faillissement van Lehman, de vrees voor een nieuwe Grote Depressie en verschuivingen in de
consumptiefunctie ........................................................................................................................................ 34
3.4 Investeringen zijn gelijk aan besparingen: een alternatieve denkwijze over het goederenmarktevenwicht
.......................................................................................................................................................................... 35
Intro............................................................................................................................................................... 35
Afleiding ........................................................................................................................................................ 35
Focus: de paradox van sparen ....................................................................................................................... 36
3.5 Is de overheid almachtig? Een waarschuwing ............................................................................................ 36
H4: Financiële markten I ....................................................................................................................................... 37
4.0 Introductie................................................................................................................................................... 37
definitie ......................................................................................................................................................... 37
Focus: semantische vallen: geld, inkomen en rijkdom.................................................................................. 37
4.1 De vraag naar geld ...................................................................................................................................... 37
Determinanten van de vraag naar geld ......................................................................................................... 37
Concreet ........................................................................................................................................................ 38
Formule ......................................................................................................................................................... 38
Grafiek ........................................................................................................................................................... 38
Focus: Wie bezit de Amerikaanse munt? ...................................................................................................... 38
4.2 Het bepalen van de rentevoet: I ................................................................................................................. 39
Evenwicht ...................................................................................................................................................... 39
Effecten ......................................................................................................................................................... 40
Het niveau van de geldhoeveelheid kiezen of het niveau van de rentevoet kiezen? ................................... 40
Inzicht in de acties van de Fed die nodig zijn om de rente stabiliseren ........................................................ 40
4.3 Het bepalen van de rentevoet: II ................................................................................................................ 41
Deposito’s ..................................................................................................................................................... 41
Vraag naar centralebankgeld ........................................................................................................................ 41
Evenwicht op de markt voor centralebankgeld en de vaststelling van de rentevoet ................................... 41
4.4 De liquiditeitsval .......................................................................................................................................... 42
Definitie ......................................................................................................................................................... 42
Focus: De liquiditeitsval in actie .................................................................................................................... 42
Focus: Zullen bitcoins dollars vervangen? ..................................................................................................... 42
H5: Goederen en financiële markten: het IS-LM model ....................................................................................... 43
5.0 Inleiding ....................................................................................................................................................... 43
5.1 De goederenmarkt en de IS-relatie ............................................................................................................. 43
, Is-relatie ........................................................................................................................................................ 43
Evenwicht in de goederenmarkt ................................................................................................................... 43
Afleiding IS-curve .......................................................................................................................................... 44
Verschuiving van de IS-curve ........................................................................................................................ 44
5.2 De financiële markten en de LM-relatie...................................................................................................... 45
LM-relatie ...................................................................................................................................................... 45
De LM-curve .................................................................................................................................................. 45
5.3 De IS- en LM-relatie samenvoegen ............................................................................................................. 45
Verband ......................................................................................................................................................... 45
IS-LM model .................................................................................................................................................. 45
Effecten ......................................................................................................................................................... 46
5.4 Een beleidsmix gebruiken ........................................................................................................................... 46
Theorie .......................................................................................................................................................... 46
Focus: De Amerikaanse recessie van 2001 ................................................................................................... 46
Focus: Tekortreductie: goed of slecht voor investeringen? .......................................................................... 47
Effecten van een gecombineerde budgettaire consolidatie en monetaire expansie ................................... 47
5.5 Hoe past het IS-LM model bij de feiten? ..................................................................................................... 47
Theorie .......................................................................................................................................................... 47
Toegepast ...................................................................................................................................................... 48
H6: Financiële markten II: Het uitgebreide IS-LM Model ...................................................................................... 49
6.0 Inleiding ....................................................................................................................................................... 49
6.1 Nominale vs reële rente .............................................................................................................................. 49
Definitie ......................................................................................................................................................... 49
Nominale en reële eenjaars T-bill rente in het Verenigd Koninkrijk sinds 1980 ........................................... 49
Definitie en afleiding van de reële rentevoet ............................................................................................... 50
6.2 Risico en risicopremies ................................................................................................................................ 51
Rendementen op 10-jarige Amerikaanse staatsobligaties, AAA en BBB bedrijfsobligaties, sinds 2000 ...... 51
Kredietrating en wanbetalingspercentages .................................................................................................. 51
6.3 De rol van financiële tussenpersonen ......................................................................................................... 52
Inleiding tot begrippen .................................................................................................................................. 52
Het belang van liquiditeit .............................................................................................................................. 53
Focus: bank runs ........................................................................................................................................... 53
6.4 Uitbreiding van het IS-LM model ................................................................................................................ 53
Inleiding ......................................................................................................................................................... 53
Grafieken ....................................................................................................................................................... 54
6.5 Van een huisvestingsprobleem naar een financiële crisis: 2006-8 ............................................................. 54
Huizenprijzen en subprime hypotheken ....................................................................................................... 54
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