宏观经济学课件(英文版)1.pptVIP

* A simple example—the coffee market * A simple example—the coffee market * A simple example—the coffee market * Flexible versus sticky prices When an exogenous variable changed, we based our predictions on how this change altered the market-clearing price and quantity. For long-run analysis, there is a consensus that a market-clearing framework provides the best guide to how an economy evolves. * Flexible versus sticky prices New Keynesian Economics: argues that some prices are sticky and move only slowly to equate the quantities of goods demanded and supplied. Real business cycle theory: argue that an equilibrium approach, which relies on market clearing conditions, can explain a lot about short-run economic fluctuations. 73-347 Game Theory--Lecture 1 73-347 Game Theory--Lecture 1 *  Macroeconomics * 李静远 Office: 503 ?Phone: Email: jingyuanht@ Office Hours: * Text Book Macroeconomics Robert J. Barro Harvard University Thomson South-Western * Course and Exams policy Homework will be collected weekly, more or less. We will have a total of 1 exam, the final. Homework: 40%, final exam:60%. * Thinking about Macroeconomics Overall or aggregate performance of an economy. Real gross domestic product (GDP): an economy’s total output of goods and services. * Thinking about Macroeconomics Breakdown of GDP into: 1. consumption, 2.gross private domestic investment (purchases of new capital goods—equipment and structures—by the private sector), 3. government consumption and investment, 4. net exports of goods and services. * Thinking about Macroeconomics Employment (persons with jobs) Unemployment (persons without jobs who are seeking work). * Thinking about Macroeconomics Dollar prices of the goods and services produced in an economy. General price level: price of the typical or average item. Wage rate: dollar price of labor. Rental price: dollar price paid to use capital goods Interest rate: cost of borrowing and the return to lending. Exchange r