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1、FinancialeconomicsMacroGeorgedeNemeskeri-KissCourseOutlineIntroductionandDefinitionsTheRoleofFinancialIntermediariesMoney,BankingandCentralBanksInterestRateDeterminationAnIntroductiontoExchangeRateEconomicsCourseTextbooksKrugman,PandWells,R.,Macroeconomics,W
2、orthPublishers,2006Cecchetti,S.,Money,BankingandFinancialMarkets,McGrawHillInternational,2006Mishkin,S.andEakins,S.,FinancialMarketsandInstitutions,PearsonInternational,2009Session1IntroductionanddefinitionsForSession1NationalincomeaccountingBalanceofpayment
3、saccountingTheinternationalbalancesheetTheinterestratematrixApriceindexInflationNationalIncomeAccountingBasicNotionsTheSimplifiedCircularFlowNoexportsorimportsNogovernmentNofinancialsectorTheSimplifiedCircularFlowMarketforgoodsandservicesFactormarketsHouseho
4、ldsFirmsMoneyflowsGoodsandservicesLabourandcapitalThesimplifiedcircularflowTotaloutput=totalincome=totalfinalexpenditure------------------------------------------------------Totaloutput=sumofallvalue-addedValue-added=output-intermediategoodspurchasedJARGONA«
5、 closed »economyisonethathasnorelationswiththerestoftheworld.An« open »economyhasexports,importsorcapitalflowswiththerestoftheworld.NationalIncomeAccounting(closedeconomy)TotalTotalTotalOutput=Expenditure=IncomeIndustryConsumptionWagesAgricultureInvestmentI
6、nterestServicesProfitsRentMiningCo.MittalSteelFordMotorFactorPaymenttotal(1)sales4200900021500(2)Purchasesofinterme-diategoods042009000(3)wages200037001000015700(4)interest100060010002600(5)rent2003005001000(6)profits100020010002200(7)=(1)-(2)Valueadded42004
7、80012500Example2150021500ThesimplifiedcircularflowTotaloutput=totalincome=totalfinalexpenditure=GrossDomesticProduct=GDPRealversusnominalGDPNominalGDPmeasuresoutputatcurrentprices.RealGDPmeasuresoutputatconstantprices.nominalGDP(or«value»or«current»)GDPt=Qtx
8、PtrealGDP(or«volume»or«constant»)GDPt=QtxPréf.Qt:quantityproducedinyeartPt:priceinyeartPréf.:priceinreferenceyearNominalversusRealExampleYear1Year2Quantityofapples20002200Priceofapples€0.25€0.30