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Krugman macro 1, Apuntes de Macroeconomía

Universitat de Barcelona (UB)Macroeconomía

Asignatura: macro, Profesor: , Carrera: Administració i Direcció d'Empreses, Universidad: UB

Tipo: Apuntes

2015/2016

Subido el 22/11/2016

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bg1
•What makes macroeconomics different
from microeconomics
•What a business cycle is and why policy
makers seek to diminish the severity of
business cycles
•How long-run economic growth
determines a country’s standard of living
•The meaning of inflation and deflation
and why price stability is preferred
•The importance of open economy
macroeconomics and how economies
interact through trade deficits and trade
surpluses
WHAT YOU
WILL LEARN
IN THIS
CHAPTER
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¡Descarga Krugman macro 1 y más Apuntes en PDF de Macroeconomía solo en Docsity!

  • What makes macroeconomics different from microeconomics
  • What a business cycle is and why policy makers seek to diminish the severity of business cycles
  • How long-run economic growth determines a country’s standard of living
  • The meaning of inflation and deflation and why price stability is preferred
  • The importance of open economy macroeconomics and how economies interact through trade deficits and trade surpluses

WHAT YOU

WILL LEARN

IN THIS

CHAPTER

Macroeconomics versus Microeconomics

Let’s begin by looking more carefully at the difference between microeconomic and macroeconomic questions.

MICROECONOMIC QUESTIONS

MACROECONOMIC

QUESTIONS

Go to business school or take a job?

How many people are employed in the economy as a whole? What determines the salary offered by Citibank to Cherie Camajo, a new Columbia MBA?

What determines the overall salary levels paid to workers in a given year?

Macroeconomics versus Microeconomics

  • Microeconomics focuses on how decisions are made by individuals and firms and the consequences of those decisions.  Example: How much it would cost for a university or college to offer a new course ─ the cost of the instructor’s salary, the classroom facilities, the class materials, and so on.  Having determined the cost, the school can then decide whether to offer the course by weighing the costs and benefits.

Macroeconomics versus Microeconomics

  • Macroeconomics examines the aggregate behavior of the economy (that is, how the actions of all the individuals and firms in the economy interact to produce a particular level of economic performance as a whole).  Example: Overall level of prices in the economy (how high or how low they are relative to prices last year) rather than the price of a particular good or service.

Macroeconomics: Theory and Policy

  • In a self-regulating economy, problems such as unemployment are resolved without government intervention, through the working of the invisible hand.
  • According to Keynesian economics, economic slumps are caused by inadequate spending and they can be mitigated by government intervention.
  • Monetary policy uses changes in the quantity of money to alter interest rates and affect overall spending.
  • Fiscal policy uses changes in government spending and taxes to affect overall spending.

The Business Cycle

  • The business cycle is the short-run alternation between economic downturns and economic upturns.
  • A depression is a very deep and prolonged downturn.
  • Recessions are periods of economic downturns when output and employment are falling.
  • Expansions , sometimes called recoveries , are periods of economic upturns when output and employment are rising.
  • Growth, Interrupted, 1988-

The Business Cycle

The Business Cycle

The Business Cycle

  • What happens during a business cycle, and what can be done about it?  The effects of recessions and expansions on unemployment  The effects on aggregate output  The possible role of government policy

Taming the Business Cycle

  • Policy efforts undertaken to reduce the severity of recessions are called stabilization policies.
  • One type of stabilization policy is monetary policy : changes in the quantity of money or the interest rate.
  • The second type of stabilization policy is fiscal policy : changes in tax policy or government spending, or both.

Comparing Recessions

Long-Run Economic Growth

  • In 1905, we find that life for many Americans was startlingly primitive by today’s standards.
  • Americans have become able to afford many more material goods over time thanks to long-run economic growth.

Long Run Growth in U.S.