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Lecture 2 - s WTO(rules for international trade – e.g...

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Macroeconomics Lecture 2 The Macroeconomic Map 1. The Independent Macro-Variables Economic Variables (1) Available Resources square4 Land, Labor, & Capital square4 Availability in terms of quantity & quality (2) Economic Policies square4 Economic Instruments used for allocation of resources a. Fiscal Policies square4 Gov. revenues (mainly taxes) square4 Gov. expenditure (subsidies, infrastructure, etc.) b. Monetary Policies Interest rates, money supply, loans, deposits, etc. Internal Variables Non-economic Variables (1) Social (values, culture, behavior) (2) Political/Military (stability, freedom, democracy) (3) Natural (natural disasters) (4) Institutional (institutional structure , rules and regulations) Economic Variables (1) World Economic Performance (e.g. recession, etc.) square4 Affects our economy through trade (exports & Imports) , tourism, etc. (2) World/International Organizations square4 WB square4 IMF
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Unformatted text preview: s WTO (rules for international trade – e.g. tariffs) External Variables Non-economic Variables (1) Political/Military Wars, military instability (e.g. the case of the Middle East) (2) Natural Factors in other Countries Natural disasters Spring 2011 The Economy (Economic Activity) Independent Macro-Variables (Affect economic activity) Dependent Macro-Variables (Affect by economic activity) The above-mentioned are the independent factors that can be used to affect the performance of the economy. Some of them are controllable and have a short-run effect such as fiscal and monetary policies. Others can be changed only on the long-run such as social values and culture. There are also factors that are out of control of the domestic policy makers, which are mainly the external factors....
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