MACROECONOMICS FUNDAMENTALS. Professor Margaret Levenstein Stephen M. Ross School of Business University of Michigan. Agenda. Defining key concepts GDP Recessions Inflation Exchange Rate Trade Deficit What do central banks do? Monetary policy Regulate banks What’s going on now?
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Professor Margaret Levenstein
Stephen M. Ross School of Business
University of Michigan
All Developing countries
GDP (current US$)
Per capita GDP growth (annual %)
GNI per capita, (current US$)
44,970US and World GDP 2006
Source: World Bank World Development Indicators
Today the dollar is worth 111 Yen
In March 2003 it was worth 125 ¥.
Has the dollar appreciated or depreciated?
Has the Yen appreciated or depreciated?
What about the Euro-Dollar exchange rate?
Today 1 US$ is worth 0.68 €
One euro is worth $1.46
In March 2003 $US = 0.91 €
One euro was worth $1.10