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Macroeconomics Focus (ie test center): (specify what the book was published by Higher Education Press, &quot;Macroeconomics&quot; Huang Yajun editor) ? PART ONE long-term macroeconomic model ? Lecture: 1 nominal GDP and real GDP calculation 2 Keynesian theory and the main differences between the classical school ? Second Lecture 1 in a closed condition, analysis of long-term product market and financial market equilibrium condition ? About one third of capital accumulation and steady state (Figure 3-4) 2 steady state savings rate changes affect 3 What is the Golden Rule level of capital accumulation? The overall level of consumption to maximize long-term conditions? ? The Fourth Lecture of unemployment and inflation (Chapter 4,5) 1 P141 Question 6 2 of the quantity theory mean? What is the classical dichotomy? ? Fifth Lecture 1 P162 Question 5 2 small open economy long-term savings and investment (Figure 6-1) 3 small open economy, long-term fiscal expansion (expansionary fiscal policy) (Figure 6-2 or Figure 6-6) ? PART TWO short-term macroeconomic model ? Lecture 1, the total short-term macroeconomic equilibrium (Figure 7-8) 2 aggregate supply shocks and stagflation of the formation 【Figure 7-11 (a)】 3 short-term macroeconomic equilibrium and the distinction between long-run equilibrium, the circumstances under which short-term aggregate supply and aggregate supply are equal? ? SEVEN 1 P214 Problem 6 (1) (2) 2 Cairns crossed (Figure 8-2) 3 IS-LM model of macroeconomic equilibrium (Figure 8-16) 4 IS-LM model fiscal policy (Figure 8-17) 5 IS-LM model, monetary policy (Figure 8-19) 6 briefly Keynesian theory of money demand ? About short-term Phillips curve VIII shows the substitution between inflation and unemployment relationship. High inflation, low unemployment rate of price inflation to the low cost of high unemployment. The long run, expected inflation and actual inflation rate will be the same, the unemployment rate remained at the natural rate of unemployment, Phillips curve and long-term aggregate supply curve also is the same as a vertical curve. ? About one ninth of the floating exchange rate system under the fiscal policy, monetary policy and trade policy 2 analysis under a fixed exchange rate system, fiscal policy, monetary policy and trade policy ? ? His summing up of small points: ? ? A macro-economic study to learn what? It Microeconomics What is the difference? Macroeconomics study include following aspects: (1) economic growth (2) the economic cycle (3) Unemployment (4) inflation (5) open economy (6) macro-economic policies Macroeconomics of the main economic activity of the whole national economy, the contents of the entire community involved in the price level, output, employment levels and other economic output of the decision; Er Researches on Microeconomics main Ze is the single economic Zhu Ti ( such as individual consumers, firms) in economic activity, involving the contents of a single market equilibrium price and output decisions. Image that the study of macroeconomics is the forest, micro-economics is the tree, which is the difference. ? 2 Research Methods of Macroeconomics: (1) the division of three markets: Financial markets, products and services markets, factor markets (2) the division of actors: families, businesses, government (3) the total amount of analysis: the homes and businesses sum of individual choice behavior, study their choice of behavior in general, this is the total amount of (4) based on microscopic analysis of ? 3, cyclical fluctuations in the economy in which macro variables and Cycle Synchronization? Those variables in advance? (1) unemployment rate (2) stock price (ahead of) (3) inflation rate ? 4 target of macroeconomic policy What are the main governance? In a certain period, a relatively closed economy, macroeconomic policy management mainly two: unemployment and inflation. Real variables of unemployment and inflation to nominal variables. ? 5 Please comment on the classical school of Keynesian theory also major differences. In the following two aspects: (1) the effectiveness of market mechanisms. The market mechanism is the core of the effectiveness of price, availability of adequate wage flexibility. Keynesian theory, prices, wages a lack of flexibility, the market can not be clearing, market regulation mechanism is not effective; and classical scholars argue that prices, wages have the flexibility, the market can be clearing, market regulation mechanism is effective. (2) the need for government intervention. What kind of theory of what there policy in favor of the Keynesian view that the market can not self-clearing, the Government must assume the task of clearing the market, government intervention is necessary; the classical school of thought that the market can self-clearing Government does not need intervention in the economy. ? 6 real GDP = nominal GDP / price level * 100 ? ? 7 What is the golden rule of capital accumulation? Maximize the overall long-term consumption of conditions? Total consumption level of the highest long-term steady-state capital stock is called the Golden Rule level of capital accumulation, also known as the golden rule of capital accumulation. When the steady state per capita production function curve slope and the slope of the same depreciation rate, steady-state level of consumption is reached and thus the entire economy in the Golden Rule steady state, therefore, the overall level of consumption to maximize long-term conditions: ? MPk = δ That the Golden Rule level of capital, the marginal productivity of capital is equal to the depreciation rate. ? The big question may arise: P141 6.7.8 Types of question P162 5 questions ? Test centers: the real interest rate = nominal interest rate - inflation rate Inflation rate = money stock growth - economic growth + velocity ? P236 inflation (Compulsory!!!) ? P176 macroeconomic balance of the two lines of three (the length of the total demand) ? P214 6 title (1) (2) test centers: IS curve: YCG = I LM curve: (M / P) d = Y-100r ? ? In the floating Mundell - Fleming model, the tax rise and the money supply would reduce national income, respectively, how can the impact of exchange rate and trade balance? If a fixed exchange rate system, what will happen? 【A】 (1) small countries: a floating exchange rate system, the assumption that tax increase, equivalent to tightening of fiscal policy, resulting in the exchange rate decline, no change in national income, trade balance increased. Reduce the money supply is also equivalent to tightening of monetary policy, leading to exchange rate, national income fell, trade balance has been reduced. ?Fixed exchange rate system, the assumption that tax increase, equivalent to the implementation of a contractionary fiscal policy, it touches on the exchange rate unchanged, reducing the national income, trade balance unchanged. Reduce the money supply is also equivalent to the implementation of a tightening of monetary policy, but the adjustment has no effect on the economy. ? (2) power: a floating exchange rate system, the assumption that tax increase, equivalent to tightening of fiscal policy, resulting in the exchange rate decline, no change in national income, trade balance increased. Reduce the money supply is also equivalent to tightening of monetary policy, leading to reduced national income, exchange rate, trade balance decreased. Fixed exchange rate system: the assumption that tax increase, equivalent to the implementation of a contractionary fiscal policy, it touches on the exchange rate unchanged, reducing the national income, trade balance unchanged. Reduce the money supply is also equivalent to the implementation of a tightening of monetary policy, but the same effect of monetary policy, monetary policy is ineffective. ? ? ?Drawing title: ? 1 P73 capital accumulation and steady state (Figure 3-4) ? 2 P149 Figure 6-1 small open economy long-term savings and investment ? 3 P150 Figure 6-6 Figure 6-2 P156 small open economy in the long-term fiscal expansion (expansionary fiscal policy) ? 4 P176 Figure 7-8 aggregate short-term macroeconomic equilibrium ? 5 P181 Figure 7-11a aggregate supply shocks and stagflation of the formation. ? Figure 8-2 6 P186 crossed Cairns Map ? 7 P201 Figure 8-16 IS-LM model of macroeconomic equilibrium ? 8 P204 Figure 8-17 IS-LM model fiscal policy ? 9 P207 Figure 8-19 IS-LM model, monetary policy ?
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