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I_Introduction_and_Macroeconomic_Measure - Intermediate...

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Intermediate Macroeconomics EC 302 I. Introduction and Macroeconomic Measures A. Introduction B. Macroeconomic Measures C. Measuring GDP A. Introduction Some Macroeconomic Issues: Economic Output; GDP, Economic Growth Saving, Investment, Government Deficits and Debt Business Cycles Unemployment and Inflation International Trade Importance of Studying Macroeconomics The Macro economy affects Unemployment and Real Wages Interest rates Political outcomes Mental health, Crime rates Method of studying Macroeconomics Measurements / Data Economic Models Important Economic Measurements: Gross Domestic Product (GDP) Inflation Rate (GDP deflator, CPI) Unemployment Rate Other Important measures: Consumption, Government purchases Investment, Capital Saving, Wealth 1 EC 302 FS08 Outline I
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Budget Surplus/Deficits; Government Debt Trade Surplus/Deficit; Net Exports (Exports – Imports) Stocks and Flows Stock: Quantity measured at a point in time Flow: Quantity measured per unit of time Models: Simplified representations of reality Models help: show relationships between economic variables; explain the economy’s behavior; and understand policies to improve economic performance. Macroeconomic Models we will study this semester Classical Theory – Long Run Economy when prices are “flexible” Growth Theory – Very Long Run Economy and Standard of Living growth rate Business Cycle Theory – Short Run Economy when prices are “sticky” Globalization – Consider “open economies” in these models. Recognize that we live in an international economy.
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