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Introduction

Introduction - A House Prices 9 III Current Hot...

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1 Introduction to Macroeconomics I. Macroeconomics: What is it? Definition : Macroeconomics studies the economy as a whole – general equilibrium . It studies the outcomes of the interactions of all microeconomic agents.
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2 II. Long-Standing Macroeconomic Issues A. Long-Run Growth 5000 25000 50000 1890 1910 1930 1950 1970 1990 2010 year Real GDP Per Capita in $2010
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3 B. Standards of Living GDP Per Capita in 2008, PPP, from IMF $ 268 Zimbabwe $34,205 France $ 5,970 China $36,358 UK $14,495 Mexico $47,440 US $26,692 Korea $53,738 Norway
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4 C. Business Cycles Shaded areas are official recessions. -5 0 5 percent 1950 1960 1970 1980 1990 2000 2010 Real GDP Deviations from Trend
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5 D. Inequality Income Share of the Top 10% of the Income Distribution, 1917 - 2008 30 35 40 45 50 top10 1920 1940 1960 1980 2000 year Share of Income Going to Top 10% of Distribution
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6 D. Inequality - continued By education
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7 D. Inequality - continued By education
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8 III. Current Hot Macroeconomic Issues
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Unformatted text preview: A. House Prices 9 III. Current Hot Macroeconomic Issues B. Stock Prices 500 1000 1500 nsp 1880 1900 1920 1940 1960 1980 2000 month S&P Stock Price Index 10 100 200 300 400 1880 1900 1920 1940 1960 1980 2000 year (Adjusted for inflation, logarithmic scale) S&P 500 Stock Price Index- 34%, 2 yrs to recover peak- 67%, 20 yrs to recover peak- 81%, 29 yrs to recover peak- 53%, 16 yrs to recover peak- 46%, has not recovered peak- 48% Source: V. Ramey’s calculations based on Shiller’s data. Log Real S&P Stock Price Index 11 C. Unemployment 12 D. Interest Rates 13 E. Government: U.S. Federal Deficit as a % of GDP-5 5 10 percent 1950 1960 1970 1980 1990 2000 2010 year 14 Bottom Line: The recent economic crisis is historic by any measure. It’s a very interesting time to be studying macroeconomics!...
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Introduction - A House Prices 9 III Current Hot...

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