mankiw 5e chapter 1the science of macroeconomics

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1、Topic1:Introduction(Mankiwchapter1)updated9/23/09IntermediateMacroeconomicTheoryLearningobjectivesThischapterintroducesyoutotheissuesmacroeconomistsstudythetoolsmacroeconomistsusesomeimportantconceptsinmacroeconomicanalysisThreemainvariableswewillstudy:Grossdomesticproduct,output(GDP

2、)Inflationinthecostofliving(CPI)UnemploymentrateWewillbeginbylookingattrendsinthedataforthese,andmakeinitialobservations.GDP:ObservationsLong-termupwardtrend.Incomemorethandoubledoverlast30years.Short-rundisruptionsinthetrend:recessions.Unemployment:ObservationsUnemploymentalwaysposi

3、tive.FluctuationsrelatedtoGDP:unemploymenthigherduringrecessions.Inflation:ObservationsInflationcanbenegative.OftenhighwhenGDPhigh,butnotalways(see1970s).HowwelearnEconomics:Models…aresimpliedversionsofamorecomplexrealityirrelevantdetailsarestrippedawayUsedtoshowtherelationshipsbetwe

4、eneconomicvariablesexplaintheeconomy’sbehaviordevisepoliciestoimproveeconomicperformanceExampleofamodel:Thesupply&demandfornewcarsexplainsthefactorsthatdeterminethepriceofcarsandthequantitysold.assumesthemarketiscompetitive:eachbuyerandselleristoosmalltoaffectthemarketpriceVariables:

5、Qd=quantityofcarsthatbuyersdemandQs=quantitythatproducerssupplyP=priceofnewcarsY=aggregateincomeThedemandforcarsshowsthatthequantityofcarsconsumersdemandisrelatedtothepriceofcarsandaggregateincome.Digression:FunctionalnotationGeneralfunctionalnotationshowsonlythatthevariablesarere

6、lated:AlistofthevariablesthataffectQdDigression:FunctionalnotationGeneralfunctionalnotationshowsonlythatthevariablesarerelated:Aspecificfunctionalformshowstheprecisequantitativerelationship:Themarketforcars:demandQQuantityofcarsPPriceofcarsDThedemandcurveshowstherelationshipbetween

7、quantitydemandedandprice,otherthingsequal.Themarketforcars:supplyQQuantityofcarsPPriceofcarsDSThesupplycurveshowstherelationshipbetweenquantitysuppliedandprice,otherthingsequal.Themarketforcars:equilibriumQQuantityofcarsPPriceofcarsSDequilibriumpriceequilibriumquantityTheeffectsof

8、anincreasein