Macro at Utrecht University | Flashcards & Summaries

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Lernmaterialien für macro an der Utrecht University

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Inflation targeting 

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monetary policy regime where the central bank changes the interest rates to influence aggregate demand in order to keep the economy close to an inflation target, which is normally specified by the government

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Great moderation 

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period of low volatility in the aggregate output in advanced economies between the 1980 and 2008.

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Quantitative easing 

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Central bank purchases of the financial assets aimed at reducing interest rates on those assets when conventional monetary policy is ineffective because the policy interest rate is at the zero lower bound.

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Zero lower bound 


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refers to the fact that the nominal interest rate can not be negative.

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Lending rate (bank) 

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the average interest rate charged by the commercial banks to firms and households. This rate will typically be above the policy interest rate: the difference is the markup or spread in commercial lending. Also known as market interest rate.

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Policy (interest rate) 

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 interest rate set by the central bank, which applies to banks that borrow base money from each other, and from the central bank.

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Demand shock 

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an unexpected change in the aggregate demand such as a rise or fall in autonomous consumption.

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Supply shock 

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an unexpected change on the supply side of the economy, such as a rise or fall in oil prices or an improvement in technology.

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Inflation-stabilizing rate of unemployment 

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the unemployment rate (at labour market equilibrium) at which inflation is constant (also called natural rate of unemployment)

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Bargaining gap 

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the difference between the real wage that firms wish to offer in order to provide workers with an incentive to work, and the real wage that allows firms the markup that maximizes profits given the degree of competition.

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Wage-price spiral 

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this occurs if an initial increase in wages in the economy is followed by an increase in the price level, which is followed by an increase in wages and so on. It can also begin with an initial increase in price level.

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Capacity-constrained 

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a situation in which a firm has more orders for its output than it can fill.

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  • 4785 Karteikarten
  • 202 Studierende
  • 11 Lernmaterialien

Beispielhafte Karteikarten für deinen macro Kurs an der Utrecht University - von Kommilitonen auf StudySmarter erstellt!

Q:

Inflation targeting 

A:

monetary policy regime where the central bank changes the interest rates to influence aggregate demand in order to keep the economy close to an inflation target, which is normally specified by the government

Q:

Great moderation 

A:

period of low volatility in the aggregate output in advanced economies between the 1980 and 2008.

Q:

Quantitative easing 

A:

Central bank purchases of the financial assets aimed at reducing interest rates on those assets when conventional monetary policy is ineffective because the policy interest rate is at the zero lower bound.

Q:

Zero lower bound 


A:

refers to the fact that the nominal interest rate can not be negative.

Q:

Lending rate (bank) 

A:

the average interest rate charged by the commercial banks to firms and households. This rate will typically be above the policy interest rate: the difference is the markup or spread in commercial lending. Also known as market interest rate.

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Q:

Policy (interest rate) 

A:

 interest rate set by the central bank, which applies to banks that borrow base money from each other, and from the central bank.

Q:

Demand shock 

A:

an unexpected change in the aggregate demand such as a rise or fall in autonomous consumption.

Q:

Supply shock 

A:

an unexpected change on the supply side of the economy, such as a rise or fall in oil prices or an improvement in technology.

Q:

Inflation-stabilizing rate of unemployment 

A:

the unemployment rate (at labour market equilibrium) at which inflation is constant (also called natural rate of unemployment)

Q:

Bargaining gap 

A:

the difference between the real wage that firms wish to offer in order to provide workers with an incentive to work, and the real wage that allows firms the markup that maximizes profits given the degree of competition.

Q:

Wage-price spiral 

A:

this occurs if an initial increase in wages in the economy is followed by an increase in the price level, which is followed by an increase in wages and so on. It can also begin with an initial increase in price level.

Q:

Capacity-constrained 

A:

a situation in which a firm has more orders for its output than it can fill.

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