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Chapter 1

Chapter 1. Introduction to Macroeconomics. I. Goals of Part I. A) Introduce students to the main concepts in macroeconomics (Ch. 1) B) Introduce national income accounting and major economic magnitudes (Ch. 2). II. Goals of Chapter 1. A) Major macroeconomic B) What macroeconomists

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Chapter 1

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  1. Chapter 1 Introduction to Macroeconomics

  2. I. Goals of Part I • A) Introduce students to the main concepts in macroeconomics (Ch. 1) • B) Introduce national income accounting and major economic magnitudes (Ch. 2)

  3. II. Goals of Chapter 1 • A) Major macroeconomic • B) What macroeconomists • C) Why macroeconomists disagree

  4. I. What Macroeconomics Is About (Sec. 1.1) • A) Long-run economic growth • B) Business cycles • C) Unemployment; U.S. experience(Fig1.3) • D) Inflation • E) The international economy • F) Macroeconomic policy • 1. Fiscal policy (Fig1.6) • 2. Monetary policy • G) Aggregation; from microeconomics to macroeconomics

  5. II. What Macroeconomists Do (Sec. 1.2) • A) Macroeconomic forecasting • B) Macroeconomic analysis • C) Macroeconomic research • 1. Goal: • 2. Theoretical and empirical research • 3. Economic theory: • 4. Economic model: • 5. Usefulness of economic theory • D) Data development

  6. III. Why Macroeconomists Disagree (Sec. 1.3) • A) Positive vs. normative analysis • B) Classicals vs. Keynesians • 1. The classical approach • 2. The Keynesian approach • 3. The evolution of the classical-Keynesian debate • C) A unified approach to macroeconomics • 1. a single model • 2. Three markets • 3. Model starts with microfoundations • 4. Long run • 5. Short run

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