作者：Remek Debski 16 年以前
518
Macroeconomics - 2HH3 - Chapter 3
The study of macroeconomics often involves an in-depth analysis of various economic variables and their interactions over time. Key areas of focus include the measurement of the business cycle and the components of Gross Domestic Product (
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Macroeconomics - 2HH3Chapter 3Business Cycle Measurement Key Terms average labour productivity total output divided by labour input real wage the purchasing power of the wage earned per hour worked reverse Philips Curve a negative correlation between a money price or rate of change inmoney price, and a measure of aggregate economic activity Philips Curve a positive correlation between a money price or the rate of change ina money price, and a measure of aggregate economic activity standard deviation the cyclical variablity in an economic time series can bemeasured by the standard deviation of the precentagedeviations from trend a measure of variability composite index of business leading indicatorsor index of leading indicators a wieghted average of leading macroeconomic variables,which is sometimes used to forecast the deviations of realGDP from trend coincident variable an economic variable that neither leads nor lags real GDP lagging variable an economic variable that past real GDP helps to predict leading variable a economic variable that helps to predict future real GDP perfectly negatively correlated describes two variables that have a correlation coefficient of -1 perfectly positively correlated describes two variables that have a correlation coefficient of 1 correlation coefficient a measure of the degree of correlation between two variables acyclical describes an economic variable that is niether procyclical nor countercyclical countercyclical describes an economic variable that trends to be below (above) trendwhen real GDP is above (below) trend procyclical describes an economic variable that tends to be above (below) trendwhen real GDP is above (below) trend scatter plot a plot of two variables, x and y, with x measured on the horizantal axis,and y measured on the vertical axis negative correlation relationship between two economic time series when astraight line fit to a scatter plot of the two variables hasa negative slope positive correlation relationship between two economic time series when astraight line fit to a scatter plot of the two variables hasa positive slow time series sequential measurements of an economic variable over time comovement how aggregate economic variables move together over thebusiness cycle persistent describing an economic time series that tends to stay above(below) when it has been above (below) trend during the recentpast recession a series of negative deviations from trend in real GDP,culminating in a trough boom a series of positive deviations from trend in real GDP,culminating in a peak frequency the number of peaks in an economic trime series thatoccur per year amplitute the maximum deviation from trend in an economictime series turning points peaks and troughs in real GDP trough a relatively large negative devation from trend in realGDP peak a relatively large positive devation from trend in real GDP business cycles fluctiations about the trent in read GDP Comovement Summary Labour Market Variables Nominal Variables The Components of GDP Comovement Regularities in GDP Fluctuations
