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Understanding Macroeconomics: Concepts, Analysis, and Debate

Learn the main concepts in macroeconomics, national income accounting, economic magnitudes, growth, business cycles, unemployment, inflation, international economy, policy, forecasting, research, and why macroeconomists disagree.

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Understanding Macroeconomics: Concepts, Analysis, and Debate

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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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