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Essex EC248-2-SP Class 2 Revision of Important Concepts from Macroeconomics with Applications Alexander Mihailov, 25/01/06
© 2004 Pearson Addison-Wesley. All rights reserved C2-2 Macroeconomic Definitions Aggregate Output Gross Domestic Product (GDP) = Value of all final goods and services produced in domestic economy during year Aggregate Income Total income of factors of production (land, capital, labor) during year Distinction Between Nominal and Real Nominal = values measured using current prices Real = quantities, measured with constant prices Aggregate Price Level nominal GDP GDP Deflator = real GDP $10 trillion = = 1.11 $9 trillion Consumer Price Index (CPI) = price of basket of goods and services
© 2004 Pearson Addison-Wesley. All rights reserved C2-3 Levels and Growth Rates Growth Rate
© 2004 Pearson Addison-Wesley. All rights reserved C2-4 Web Applications Mishkin (2004), p. 19 –Exercise 1: collecting and graphing data from the Web DJIA: historical data Go to http://www.forecasts.org/data/index.htmhttp://www.forecasts.org/data/index.htm Plot the time series in Excel (consult Mishkin, pp. 15-17) –Exercise 2: using a forecast of the Dow to calculate percentage changes over horizons of 1, 3 and 6 months Which of the forecasts is most reliable and why?
Appendix to Chapter 1 Defining Aggregate Output, Income, the Price Level, and the Inflation Rate.
Chapter 1 Why Study Money, Banking, and Financial Markets?
Why Study Money, Banking, and Financial Markets? chapter 1.
What is inflation? --a general upward movement in price of goods and services in an economy What is deflation? --a general downward movement in.
Price Indexes. Gross Domestic Product Remember: –THE MARKET VALUE OF ALL FINAL GOODS AND SERVICES PRODUCED IN A YEAR WITHIN A COUNTRY.
Macroeconomics CHAPTER 7 Tracking the Macroeconomy PowerPoint® Slides by Can Erbil © 2005 Worth Publishers, all rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 2 Measurement.
CHAPTER 1 The Science of Macroeconomics slide 0 Real vs. Nominal GDP GDP is the value of all final goods and services produced. Nominal GDP measures.
Chapter 1 Why Study Money, Banking and Financial Market?
Gross Domestic Product Definition of Gross Domestic Product Why are Changes in Real Gross Domestic Product Important? Explanations of GDP and its Components.
Chapter 2: A Tour of the BookBlanchard: Macroeconomics Slide #1 Chapter Topics Aggregate Output The Other Major Macroeconomic Variables.
MACROECONOMICS © 2011 Worth Publishers, all rights reserved S E V E N T H E D I T I O N PowerPoint ® Slides by Ron Cronovich N. Gregory Mankiw C H A P.
Measuring Macroeconomics. Aggregate Output National income accounts An accounting system used to measure aggregate economic activity. The typical measure.
Chapter 30 To the New Millennium and Beyond Copyright © 2007 Pearson Addison-Wesley. All rights reserved.
Module 11 Mar Aggregate output is the total quantity of final goods and services produced within an economy Real GDP – the total value of all.
Chapter 11 Market-Clearing Models of the Business Cycle.
Chapter 2 Measuring Macroeconomic Variables. Chapter Outline Measuring Macroeconomic Variables National Income Accounting Real and Nominal Measures Calculating.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 3 Business Cycle Measurement.
Nominal GDP Vs Real GDP Part II of Unit 3—measuring domestic output.
Macroeconomics - Barro Chapter 2 1 C h a p t e r 2 National-Income Accounting: Gross Domestic Product and the Price Level.
Module The Measurement and Calculation of Inflation KRUGMAN'S MACROECONOMICS for AP* 15 Margaret Ray and David Anderson.
Chapter 13, Section 2 Price Indexes. Constructing a Price Index Used to measure changes in P. over time Created by selecting a base year and a representative.
Macroeconomics Chapter 21 National-Income Accounting: Gross Domestic Product and the Price Level C h a p t e r 2.
Chapter 20 The ISLM Model. Copyright © 2007 Pearson Addison-Wesley. All rights reserved Determination of Aggregate Output.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 30 Inflation and Disinflation.
Economic Indicators. Gross Domestic Product GDP per Capita.
Data of Macroeconomics Xu Hu Texas A&M University.
Macroeconomics unit What you should know by now. You should be able to : Define the following: Gross Domestic Product (GDP) & the 4 components Unemployment.
Measuring Macroeconomic Variables Marek Szczepański.
Table 5.1 The Estimated Size of U.S. Manufactured Capital Stock (2004, end of year, trillions of dollars) Equipment and software5.4 Structures13.9 Residences14.8.
Chapter 2 – A Tour of the book Small recap of the concepts learned in ECO 2302 Concepts we will cover in the next chapters.
Krugman/Wells Macroeconomics in Modules and Economics in Modules Third Edition MODULE 16 (52) Measuring Inflation Krugman/Wells.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 13 International Trade in Goods and Assets.
Lecture Four Macroeconomic Concerns: Unemployment, Inflation, and Growth.
SSEMA 1, 2.3. What is Macroeconomics? The study of the performance of our economy as a whole.
Second Part Macroeconomics Lecture 7 Macroeconomic Aggregates.
Introduction to Macroeconomics Chapter 20. Measuring the Macroeconomy.
Copyright © 2011 Pearson Addison-Wesley. All rights reserved. Productivity, Output, and Employment Chapter 3.
Macroeconomic Variables Adapted from: © 2006 Prentice Hall Business Publishing Macroeconomics, 4/e Olivier Blanchard.
© 2003 Prentice Hall Business PublishingMacroeconomics, 3/eOlivier Blanchard Prepared by: Fernando Quijano and Yvonn Quijano 2 C H A P T E R A Tour of.
AP Economics Mr. Bernstein Module 15: The Measurement and Calculation of Inflation February 2, 2015.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 11 Market-Clearing Models of the Business Cycle.
Standard SSEMA1b- Define CPI SSEMA1c- Calculate economic measures.
Chapter 8 Business Cycles. Copyright © 2005 Pearson Addison-Wesley. All rights reserved. 8-2 Figure 8.1 A business cycle.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 12 Keynesian Business Cycle Theory: Sticky Wages and Prices.
1 of 37 chapter: 7 >> Krugman/Wells ©2009 Worth Publishers Tracking the Macroeconomy.
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