1.1. Chapter1 宏观经济学概述
1.1.1. 宏观经济学的产生与发展概述
1.1.2. 宏观经济学的基本概念
1.1.3. 国内生产总值及其核算方法
GDP（Gross Demostic Production）
$Y = C + I + NX + G$
GDP = private consumption + gross private investment + government investment + government spending + (exports – imports).
1.1.4. 其他宏观经济指标
Consumer Price Index
This index can also be used to calculate the $inflation$:
$$inflation\ rate\ in\ year2 = \frac{CPI year2 - CPI year1}{CPI year1}\times 100$$
which is constucted of a basket of goods and services. problems:
- substitution bias
- introduction of new goods
- unmeasured quanlity change
K:capital L:labor
The production function
$Y = F(K,L)$
AK模型
Solow模型： $Y = Af(\frac{K}{L})$ or $Y=Af(k)$ :where k is tech fixed factor supplies and fixed tech.
Determing GDP:$Y=F(\hat{K},\hat{L})$
Constant returns to scale
- decreasing returns to scale
- increasing returns to scale
- if technology is fixed, then $K = \hat{K},L = \hat{L}$
W R P
W: nominal wage R: nominal rental rete P: price of output W/P: real wage R/P: real rental rate
Marginal product of labor
$MPL = F(K,L+1)-F(K,L)$
Diminishing marginal returns
while K is fixed and L is increasing
- fewer machines per worker
- lower worker producting cause marginal product decreasing
the firms should hire worker s.t. $MPL = \frac{W}{P}$
diminishing the rental rate
Same logic: $MPK = \frac{R}{P}$
The neoclassical theory of distribution
1.2. Chapter2 商品市场
Types of Financial institution and their function
Financial Institution
- the Bond Market
- Term
- Credit Risk:Probability of default
- the Stock Market
- Financial immediaries
- bank
- mutual funds
1.2.1. 消费
1.2.2. 储蓄与投资
Saving V.S. Investment Saving:
- buy stocks
Investment:
- buying a house
Assumption
As is known:
$$Y = C + I + G + NX $$
Assumpting NX = 0 then:
$$Y-C-G = I$$
$$(Y-T-C)+(T-G) = I$$
where T is Taxes and $(Y-T-C)$ is private saving $(T-G)$ is public saving when $T-G <0$ $\to$ Budget Deficit when $T-G > 0$ $\to$ Budget Supplies
1.2.3. 商品市场均衡
How the financial system candinate saving & investment?
The Market for Loanable Funds
which y-axis is Interest rate and x-axis is Loanable Funds Supply = Saving Demand = Investment
How government policies affect saving, investment and the interest rate?
by using Taxes
- Saving incentive (S moves to right)
- Investment incentive (D moves to right)
- Government budget deficits or surpluses (S moves to left or right)
1.3. Chapter3 货币市场
1.3.1. 货币简介
What is money?
123 points
Money Functions?Types of money
medium of exchange
unit of account
store of value
liquidity
Commodity money
- with instrinct money
fiat money
- with govn power
Money Stock
- currency
- demand deposit
Measurement
$M_1 : currency + Demand$ $M_2: M_1 + savings + mutual funds$
For China
There exists $M_0,M_1,M_2$
1.3.2. 现代金融系统和货币政策
1.3.3. 中央银行与货币政策
Banlc and money supply. How banks create money?
- Fractional reserve Banking
- reserve ratio
- reserve requirement
- excess reserve
How does the central bank control the money supply
$$Money supply = (Initial Doposit\times \frac{1}{1-R})$$
Money Multiplier
$$= \frac{Money Supply}{Initial Doposit} = \frac{1}{R}$$
Reserve Rate
- Reserve Rate
- paying interest on reserves
- high -> less money supply
- low -> more money supply
- paying interest on reserves
- Discount Rate
- high -> less money supply
- low -> more money supply
1.3.4. 货币数量论
How close the MS affect infiation and nominal interest rate?
The classic theory of infiation
- Money supply:vertical
- Money demand:downward sloping
- interest rate
- the average level of price
Two conclusion:
- The quantity of money determines the price level
$$Price Level = Nominal GDP / Real GDP$$
- The growth of money avaiable determines inflation rate
The Velocity and quantity equation
Velocity of money(V)
- Rate at which money changes hands
$$V = (P\times Y)/M$$
where P = Price level (GDP deflator) Y = nominal GDP M = money supply
Quantity equation
$$M\times V = P\times Y$$
The infiation Tax
The fisher effect
$$\frac{1+i}{1+\pi} = 1+r$$
$$\to i = r+\pi$$
where $i = nominal rate$ $r = real rate$ $\pi = inflation rate$
1.4. Chapter4 总需求与总供给
1.4.1. IS-LM模型
1.4.2. AD-AS模型
- aggregate-demand curve
$$Y = C + I + G + NX$$
for long run where: $C : wealth$ $I:interest rate$ $NX:exchange rate$ $G: assumpted policy fixed$ downward slope
- aggregate-supply curve
- Services&products upward slope
Natural level of output(might shift right)
in short run:
- labor
- capital
- natural resource
- technological knowledge
Short run about AS curve
shifts depends on:
Sticky wage theory
- expected theory
Sticky-price theory
- expected price(about goods&services)
- adjusted to macro economics condition(unexpected)
Misperceptions theory
- unexpeted price of overall level might mislead supplies
$$Quantity\ of\ output\ supplied = Natural\ level\ of\ output + a(real\ price-expected\ price)$$
1.4.3. 财政政策和货币政策的影响
Economics Fluctuations
- Three fluctuations
- short run
- medium run
- long run
- Three variables
- real GDP
- Invest Spending
- Unemployment rate
For short/long run
Economics fluctuations in long run
- classic dichotomy & monetary neotrality
- affect price & other nominal variables
- not affect real GDP
- in short run
- push the real GDP away
1.5. Chapter5 失业与通货膨胀
1.5.1. 失业
How is unemployment measured
Labor Force Statistics
- unemployment rate(u-rate)
- = $100\times \frac{unemployment}{labor force}$
- Labor-Paticipation Rate(LFP-rate)
- = $100\times \frac{labor force}{population}$
$$Labor Force = Employed + Unemployed$$
- lost job then finding news U-rate$\uparrow$
- lost job for 1 year then exit U-rate$\downarrow$
- lost job then do part-time U-rate -
What is the natural rate of unemployment
- natural rate of unemployment
- cyclical unemployment
Why are there always some people unemployed
- frictional unemployment
- structural unemployment
Job Search
- job search
- sectoral shifts
Unemployment Insurance
Minimum Wage & Union
Efficiency Wage
- worker health
- hiring & traininig costing
- worker quanlity
- worker effort
