Beruflich Dokumente
Kultur Dokumente
Introduction to
Macroeconomics
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Macroeconomics
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Roots of Macroeconomics
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Roots of Macroeconomics
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Recent Macroeconomic History
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Macroeconomic Concerns
• Output growth
• Unemployment
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Inflation
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Output Growth
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Output Growth
2. Monetary policy
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Government in the Macroeconomy
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Components of the Macroeconomy
• Everyone’s
expenditures go
somewhere. Every
transaction must
have two sides.
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Three Market Arenas
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Three Market Arenas
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Financial Instruments
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Methodology of Macroeconomics
• Connections to
microeconomics:
• Macroeconomic behavior is the
sum of all the microeconomic
decisions made by individual
households and firms. We cannot
understand the former without
some knowledge of the factors
that influence the latter.
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Aggregate Supply and
Aggregate Demand
• An expansion, or boom, is
the period in the business
cycle from a trough up to a
peak, during which output
and employment rise.
• A contraction, recession,
or slump is the period in the
business cycle from a peak
down to a trough, during
which output and
employment fall.
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Real GDP, 1900-2000
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Real GDP, 1970 I-1997 II
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Unemployment Rate, 1970 I-1997 II
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Percentage Change in the GDP Price Index
(Four-Quarter Average), 1970 I-1997 II
© 2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair