Samenvatting
ECO1011s- Macroeconomics summary
- Vak
- Instelling
SUMMARY NOTES of Unit 9, unit 10, unit 13 & exchange rates. First-year second-semester macroeconomics notes.
[Meer zien]Voorbeeld 1 van de 12 pagina's
Voorbeeld 1 van de 12 pagina's
In winkelwagen
In winkelwagen
gesponsord bericht van onze partner
Verkoper
Volgen
Gsnotes101
Ontvangen beoordelingen
Voorbeeld van de inhoud
marginalelasticity 'of demand
cost din prices
price
wage price spiral ↓ ↓
= -
real &
price level
= : in
wages
= = in
wages
wages price
" Changes in labour supply :
( but
only cost of production )
AC
we know MC if wages the
-
are
-
real
wages ✗
provision
unemployment immigration 31
rate Childcare
P¥c
:
:
f =
=p _
% UP ↑ labour supply
unemployed? ↑ ↑ job loss
1- of
Who is classified unemployed cost
.
= = =
as
p
not in paid employment or self employment :
shifts ws curve ↓
-
-
_
.
↳
formal $ non formal
→
µ y Wy , .
,
Gini coefficient
Up inequality / equality
=
available for 1 1N output per real profit per
-
work .
→ worker -
=
worker .
↳ excludes students $ homemakers ↳ ↑ ^
=
a constant =
price setting curve gini coefficient unemployment rate
actively seeking work
-
=
dependent on markup 31 APL ↳
bargaining power ↓
population price setting curve : the real
wage paid when firms choose their
= ↑ Productivity =
↓ real wages -
↑ markup
cpop )
profit -
maximizing price .
↳ $ profit
1- +
relationship btwn
productivity
working youth $ depends
age elderly on :
•
competition which determines markup
population .
A
↓ markup
/
CWAP) ↓ competition
/§
=
"
real
1-
labour wages pushes down price setting curve
/ I
of
,
out ' ' >
,
force labour real
labour productivity which determines
wage
•
= , , ,
"
force for given mark-up
employed unemployed
" em '
discouraged
"m" Labour market equilibrium .
workers
lows Gini = Ut n -
( I -
U/ (Iq
labour market Statistics :
+ ☐w
U -
_
fraction of unemployed
labour force B
participation rate : ✗ 100 • D= fraction of employed
working age population ------------------ D
+ ☐w
—————-
C
—————————-
% =
real
wage / APL
Unemployment ✗ 100 A
——— A
unemployment rate : labour force + ☐w
Gini =
area of a + B
employment ' ◦°
labour unions
employment gives
✗
rate power to employers
: =
working age population
↳
"
wage bargaining
w →
nominal wage
D= equilibrium unemployment, C= overall unemployment, bargening power strong
wage setting curve
= union = ↑
peal wage
=
: ↑ ↑ ↓
P goods A= demand deficient unemployment wages ↓ profit
employees unemployment
:
.
=
price level of of
=
bundle consumer .
→
a
bargaining curve is always above wage setting
→
.
price setting $
wage setting .
↳
any '
point in the shaded '
region is tabled Voice effect =
give employees a voice =
more
as no work done >
cuz of insufficient "
① HR department sets the lowest it can to induce effort for same
wage ; xdisutility =
job value =L wage
wage (not feasible)
:
incentive
enough effort from workers
✗ is a hash equilibrium : PS =
Was
② Marketing department sets the price of the product labour market policies
:
:
.
all parties are
doing the best
they can
given
doing
"
is
what
everyone else :
Education $ labour
training productivity
◦ =
③ Production department decides :
how many workers the firms offering lowest wage
ensuring CAPL )
◦
firm needs workers effort
↓ firms
◦
Wage subsidy =
"
costs but constant
Employment
is the
highest it can be markup =L prices real wages
◦
=
wage setting curve the real wage necessary at each
:
given wage
level of wide
employment to provide workers
economy
-
◦ those who have jobs cannot improve
with incentive to work hard $ well
enough their situation ( ask 4 higher
pay / work less .
↳ relationship btwn & real hard
unemployment wages
µ /[ 9
constant markup
involuntary unemployment
•
labour
constant
average product of
•
§ higher unemployment
↳ no
9 0 the curve unemployment = zero cost
of job loss
in
employment movement along
=
=
no effort
→ cost
of job loss × motivates workers
a o in
employment rent =
a shift of the curve •
incomplete contracts
↑ in fall demand
unemployment due
to
↳ aka
something that changes effort levels @ all
wages
•
demand deficient
unemployment : a in
aggregate
>
insufficient government spending
output distribution :
in is
some unemployment economy necessary s
taxes are too
high
wage (Ip )
output / worker ( ADL) real profit ( markup) real Interest rates high
'
+ too
from
•
=
low demand moves us NE point
↳
aggregate × to B :
•
price =
Profit + nominal wage
Automatic adjustment firms wages ↓ costs ↑ output =
↑
employment at same effort
-
: =
v
output
Auto adj in practice
wages are sticky downwards
i. e. workers resist
wage cuts
↳ lower less
wages
=
consumption now
^ .
: AD falls further
wP=wⁿ
✓
Government intervention : restore
employmentw/o dropping wages .
Hark # •
monetary policy changing interest :
# ✓
rates or
decreasing the cost of money
in interest rates = more investment
.
profitable
-
are .
•
fiscal policy changes in : taxes or
↳ A Markup =
,
A
average product of labour government spending
=
profit
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Gsnotes101. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €4,63. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 66579 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen
Laatst bekeken door jou
