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Introductory Macroeconomics

There is a spectrum of theoretical opinion among macro-economists which directly relates to a spectrum of political opinion about the best way to conduct macroeconomic policy One key feature of this is beliefs about how 1In the open economy we add to these the market for exports and the foreign exchange market

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Principles of Macroeconomics

Principles of Macroeconomics is a free online textbook that covers the fundamental concepts and theories of the macroeconomic discipline It provides a comprehensive and accessible introduction to topics such as national income inflation unemployment fiscal policy monetary policy and international trade The textbook is designed for undergraduate students and anyone interested in learning

PDF	MACROECONOMICS This chapter introduces interest rates and growth rates The two topics are closely related so we treat them together The concepts discussed here are not in Barro but they will help you understand the graphs and statistics that he uses throughout his book

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Macroeconomics: an Introduction

1 The Scope of Macroeconomics • Microeconomics: Object of interest is a single (or small number of) household or ﬁrm • Macroeconomics: Object of interest is the entire economy We care mostly about: 1 Growth 2 Fluctuations 2 Relation between Macro and Micro • Micro and Macro are consistent applications of standard neoclassical theory

PDF	Introduction to Macroeconomics Lecture Notes Macroeconomics investigates aggregate behavior by imposing simplifying assumptions (“assume there are many identical ﬁrms that pro- duce the same good”) but without abstracting from the essential features

What is the 8th edition of macroeconomics?
Description: Eighth Edition. | Hoboken : Pearson, | Revised edition of Macroeconomics, Identifiers: LCCN 2019015670| ISBN 9780134897899 | ISBN 0134897897 Subjects: LCSH: Macroeconomics. Macroeconomics, eighth edition is organized around two central parts: A core and a set of two major extensions.
What is the underlying model of macroeconomics?
To provide an integrated view of macroeconomics. The book is built on one underlying model, a model that draws the implications of equilibrium conditions in three sets of markets: the goods market, the financial markets, and the labor market.
What is macroeconomics in sociology?
1.1 What is macroeconomics? Macroeconomics is the branch of economics which seeks to model the econ-omy as a whole. Like microeconomics, macroeconomics is a social science, in that it tries to model and predict human behaviour. Macroeconomics sets itself a highly ambitious task.
What is the difference between microeconomics and macroeconomics?
1.2Microeconomics and Macroeconomics Microeconomicsandmacroeconomicsaretwodifferentperspectivesontheeconomy.Themicroeconomic perspectivefocusesonpartsoftheeconomy:individuals,firms,andindustries.Themacroeconomicperspectivelooks attheeconomyasawhole,focusingongoalslikegrowthinthestandardofliving,unemployment,andinflation.

Preliminaries

This chapter introduces interest rates and growth rates. The two topics are closely related, so we treat them together. The concepts discussed here are not in Barro, but they will help you understand the graphs and statistics that he uses throughout his book. faculty.wcas.northwestern.edu

Work Effort, Production, and Consumption

Robinson Crusoe is alone on an island, so he is an economy unto himself. He has prefer-ences over consumption and leisure and can produce consumption goods by using labor and capital. We examine production first. Then we turn to preferences. Putting these two pieces together yields Crusoe’s optimal choices of labor, leisure, and consumption. faculty.wcas.northwestern.edu

2.1Crusoe’s Production Possibilities

Crusoe uses factors of production in order to make output . We can think of this output as being coconuts. Two common factors of production, and those we consider here, are capital and labor . Capital might be coconut trees, and labor is the amount of time Crusoe works, measured as a fraction of a day. How much Crusoe produces with given resources

2.2 Crusoe’s Preferences

Crusoe cares about his consumption and his leisure. Since we are measuring labor as the fraction of the day that Crusoe works, the remainder is leisure. Specifically, leisure is 1 . We represent his preferences with a utility function ( ). Take note, the second argument is not a “good” good, since Crusoe does not enjoy working. Accordingly, it migh

Substituting Constraints into the Objective

In the maximization problem we are considering, we have that = ( ), so we can write the max problem as: in the objective, but we know max [ ( ) ] We no longer have in the maximand or in the constraints, so is no longer a choice variable. Essentially, the = ( ) constraint tacks down , so it is not a free choice. We exploit that fact when we su

Using Lagrange Multipliers

In many problems, the technique of substituting the constraints into the objective is the quickest and easiest method of carrying out the constrained maximization. However, sometimes it is difficult to solve the constraints for a particular variable. For example, suppose you have a constraint like: ln( ) = 10 + ln(1 ) You cannot solve for eith

2.4 Income and Substitution Effects

Barro uses graphs to examine how Crusoe’s optimal choices of consumption and labor change when his production function shifts and rotates. He calls the changes in Crusoe’s choices “wealth and substitution effects”. That discussion is vaguely reminiscent of your study of income and substitution effects from microeconomics. In that context, you con-s

Appendix: Calculus Notation

Suppose we have a function: = ( ). We can think of differentiation as an operator that acts on objects. Write as the operator that differentiates with respect to . We can apply the operator to both sides of any equation. Namely, = ( ) We often write the left-hand side as ✪ , and the right-hand side as notational conventions. ( ). These are just Whe

3.2 A Two-Period Model

We begin this section with a discussion of the choices of a representative household. Then we put a bunch of these households together and discuss the resulting macroeconomic equilibrium. faculty.wcas.northwestern.edu

5.1A General Pure-Exchange Economy

We will consider an economy with many different goods and consumers. Instead of hav-ing a representative consumer, we allow for the possibility that each consumer has a dif-ferent utility function. However, we make one simplification: there is no production in the economy. The consumers have endowments of goods and can trade their endowments in mar

5.3 Walras’ Law

In a general equilibrium model, one market-clearing constraint is redundant. This means that if each consumer’s budget constraint is satisfied and all but one market-clearing con-ditions hold, then the last market-clearing condition is satisfied automatically. This fact is of practical value, because it implies that we can omit one market-clearing

Exercise 5.2 (Hard)

Assume that the equilibrium price of one of the goods is zero. What is the economic interpretation of this situation? Which of our assumptions ruled out that a price equals zero? Why? Does Walras’ Law continue to hold? What about the First Welfare Theorem? Chapter 6 faculty.wcas.northwestern.edu

8.1Money Supply and Demand

In most countries, the general level of prices tends to increase over time. This phenomenon is known as inflation. In this section we will link inflation to changes in the quantity of money in an economy. The quantity of money is determined by money supply and demand. Before we can find out how supply and demand are determined, we have to make prec

8.2 The Quantity Theory

Our task is to add theoretical underpinnings to the quantity equation in order to better un-derstand inflation. The best way to proceed would be to write down a model that explains how the decisions of optimizing agents determine velocity and output . We will do that in the following section, but as a first step we will start with a simpler approac

9.1Shocks and Propagation Mechanisms

Among the many shocks and disturbances that are present in an economy, only a few have received special attention in research on business cycles. Here are some of the more important candidates: Technology shocks: Real-world production functions change over time. New tech-nologies like computers or robots alter the production process and raise overa

9.2 A Real Business Cycle Model

Real business cycle models are straightforward extensions of equilibrium models of the kind that we use throughout this course. In most cases, the models feature infinitely lived consumers, and business cycles are generated by random disturbances to production pos-sibilities. Unfortunately, solving that kind of model is difficult. Often no explicit

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