Overview of Macroeconomics

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Overview of Macroeconomics

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The Role of Macroeconomic Policy

Macroeconomic policy played a central role in the improved business-cycle conditions of the last halfcentury.

When the United States faced a major shock to its fi nancial system in 2007–2009, central bankers remembered and understood the lessons of the Great Depression

The application of fiscal policy, and especially monetary policy, helped lower unemployment and ensured largely stable prices over the last two decades.

Aggregate Supply and Demand

Macroeconomic History: 1900–2008

The Growth Century.

The final act in our macroeconomic drama concerns the growth of output and prices over the entire period since 1900

Tight Money, 1979–1982.

The 1970s were a time of troubles, with rising oil prices, grain shortages, a sharp increase in import prices, union militancy, and accelerating wages.

Wartime Boom

The American economy entered the 1960s having experienced multiple recessions.

Inside the Macroeconomy: Aggregate Supply and Demand

Aggregate Demand refers to the total amount that different sectors in the economy willingly spend in a given period.

Fiscal policy

Monetary policy

Aggregate Supply refers to the total quantity of goods and services that the nation’s businesses willingly produce and sell in a given period.

Capital, labor, technology

Potential output

Price level and costs

Key Terms of Macroeconomics

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Objectives and Instruments of Macroeconomics

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Having surveyed the principal issues macroeconomics, we now turn to a discussion of the major goals and instruments of macroeconomic policy.

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Measuring Economic Success

The major macroeconomic goals are a high level and rapid growth of output, low unemployment, and stable prices

Inflation

Price index

Unemployment rate

Gross Domestic Product

Output

The Birth of Macroeconomics

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The 1930s marked the first stirrings of the science of macroeconomics, founded by John Maynard Keynes

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The U.S. Congress formally proclaimed federal responsibility for macroeconomic performance

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Keynes (1883–1946) was a many-sided genius who won eminence in the fields of mathematics, philosophy, and literature.

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