Macro Final Exam

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Macro Final Exam por Mind Map: Macro Final Exam

1. Fiscal Policy

1.1. IOU - Treasury department

1.1.1. 3 types bonds, treasury notes or t-bills

1.2. C - Autonomous/induced consumption

1.3. The federal budget

1.3.1. discretionary (necessary)

1.3.1.1. social security, medicare

1.3.2. mandatory (no choice)

1.3.2.1. defense, education, transportation

1.4. fiscal year - begins Oct 1 and ends on Sep 30

1.4.1. outlays - $ that gov spends in a given fiscal year

2. Money

2.1. medium of exchange unit of measure store of value

2.1.1. why hold money?

2.1.1.1. transactions speculative precautionary

2.2. fiat money/ commodity money

2.3. M1 M2 M3

2.4. Money market equilibirum

3. Inflation

3.1. Market basket

3.1.1. CPI = Cost of MB given year/ cost of MB base year x 100

3.2. Types

3.2.1. Demand Pull/ Cost push

3.2.2. Deflation, Disinflation, Stagflation

3.3. CPI current - CPI base / CPI base x 100 ( rate of inflation)

4. General Economics

4.1. trough, recovery, peak

4.2. factors of production - land labor capital entrepreneurship

5. AS/AD

5.1. MPS/MPC M APS APC

5.2. S<0= dissaved

5.3. DI - C+S

5.4. APS = S/DI

5.5. TM = 1-M or -MPC/MPS

5.6. change in Y = M x change in I

5.7. Economic prosperity

5.7.1. unplanned inventory depletion ( below) unplanned inventory accumulation (above)

5.8. The Keynesian Range

5.8.1. Classical range

5.8.1.1. Intermediate range

5.9. negative slope of AD- real wealth effect, the interest rate effect, the net export effect

6. GDP

6.1. nominal

6.1.1. (Pcurrent) (Qcurrent)

6.2. real

6.2.1. (Pbase) (Qcurrent)

6.3. Ways to calculate

6.3.1. income compensation interest rent profit

6.3.2. expenditure

6.4. Expenditure approach ( 4 keys components)

6.4.1. Personal expenditure / Consumption

6.4.1.1. 3 types of consumption

6.4.1.1.1. durable, non durable, services

6.4.2. Gross Private Domestic Investment Ig

6.4.2.1. 3 types of Ig

6.4.2.1.1. Residental Non residental Inventory

6.4.3. Government Spending

6.4.3.1. G is autonomous ( not influence by any factors)

6.4.3.2. except transfer payment, medicare, social security, medicaid,etc

6.4.4. International = net export (X-M)

6.4.4.1. exchange rate

6.4.4.2. positive/negative relationship between GDPus, GDPf and $ value

6.5. GNP = gross national income ( GDP + net income from aboard

6.5.1. NNY- net national income ( GNP - Depreciation )

6.6. Exclusion of GDP

6.6.1. transfer payments

6.6.1.1. underground economy ( 2% of US GDP )

6.6.2. financial transactions

6.6.2.1. second hand goods

6.7. GDP gap -full employment - real gdp

6.8. Net investment = Gross Investment - Depreciation

6.9. Income approach

6.9.1. Total National Income + Sales Taxes + Depreciation + Net Foreign Factor Income.

6.9.1.1. Total national income = wages+ rents+ interest + profits.

7. Monetary Policy

7.1. Tools

7.1.1. OMO

7.1.1.1. FFR

7.1.1.1.1. RRR

7.1.2. FOMC

7.2. The Fed 1913

7.2.1. 7 boards governors 12 presidents / districts ( 5 yrs term) head quarter Washington DC

7.3. FDIC - federal deposit insurance corporation 1933

7.4. Expansionary MP

7.4.1. excess supply

7.4.1.1. ppl buy securities

7.4.1.1.1. Pb incresae -> i decrease

7.5. Contractionary MP

7.5.1. Excess demand

7.5.1.1. ppl sell securities

7.5.1.1.1. Pb decrease=> i increase

8. Unemployment

8.1. LF = E+U

8.2. Types

8.2.1. Frictional

8.2.1.1. always exists, between jobs, quit but not fired

8.2.2. Seasonal

8.2.3. Structural

8.2.3.1. mismatch w demand

8.2.4. Cyclical

8.2.5. Discouraged Workers