Macroeconomics an der Freie Universität Berlin | Karteikarten & Zusammenfassungen

Lernmaterialien für Macroeconomics an der Freie Universität Berlin

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TESTE DEIN WISSEN
A Dynamic Model of Economic Fluctuations
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TESTE DEIN WISSEN
To derive the Dynamic Aggregate Demand curve, you have to combine the supply curve with the Fisher equation, the expectations equation and the Phillips curve 
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TESTE DEIN WISSEN
AD-AS Model:
Describe in words how the Dynamic Aggregate Demand and Dynamic Aggregate Supply curves would look like if |o changes from 0.5 to 2.

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TESTE DEIN WISSEN
Phi represents the slope of the dynamic aggregate supply curve.
  • It makes the response of the Central Bank much stronger 
  • (i falls quicker)
  • inflation would remain the same in t=0, but will fall quicker on t=1...t=final
  • r also response stronger
  • Shorter lived increasing inflation and stronger negative reaction after the increase in i

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TESTE DEIN WISSEN
What is u^n?
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TESTE DEIN WISSEN
Natural rate of unemployment:
Is the rate at which the inflation rate does not deviate from the expected inflation rate
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TESTE DEIN WISSEN
Sacrifice ratio
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TESTE DEIN WISSEN
_ p.p. Sacrifice in GDP to decrease inflation by _ p.p.

change in GDP/ change in inflation
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TESTE DEIN WISSEN
AD-AS Model (Fluctuations)
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TESTE DEIN WISSEN
The real interest rate is always smaller than the nominal interest rate 
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TESTE DEIN WISSEN
A Demand Shock raises inflation and output. 
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TESTE DEIN WISSEN
  • Fight inflation?
    Raise the response of the nominal interest rate (theta_pi)

(if we raise i, then r increases which means that consume and investment decrease and savings increase, this decrease output that followed for the Phillips curve will decrease inflation)
All happens at the same time t=0.
Lösung ausblenden
TESTE DEIN WISSEN
In a small open economy with a fixed exchange rate, an effective policy to increase equilibrium output is to:
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TESTE DEIN WISSEN
decrease government spending 
Lösung ausblenden
TESTE DEIN WISSEN
In the following Phillips curve 

π=π[previos] - 0.5 (u-0.05)

- What would be the natural rate of unemployment?
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TESTE DEIN WISSEN
5%
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TESTE DEIN WISSEN
Are there practical difficulties that a central bank might face if p(t=0) varied over time?
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TESTE DEIN WISSEN
It would make the setting of monetary policy more difficult. 
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TESTE DEIN WISSEN
Alternative Perspectives on Stabilization Policy 3p
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TESTE DEIN WISSEN
All other answers are correct 
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TESTE DEIN WISSEN
The Solow Model with population growth
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TESTE DEIN WISSEN
An increase in the rate of depreciation causes a decrease in break-even investment and increases the steady state level of capital per worker
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TESTE DEIN WISSEN
Solow Model
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TESTE DEIN WISSEN
Balanced growth means that the key variables in the economy do not grow in the short run, only in the long run. 
Lösung ausblenden
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Q:
A Dynamic Model of Economic Fluctuations
A:
To derive the Dynamic Aggregate Demand curve, you have to combine the supply curve with the Fisher equation, the expectations equation and the Phillips curve 
Q:
AD-AS Model:
Describe in words how the Dynamic Aggregate Demand and Dynamic Aggregate Supply curves would look like if |o changes from 0.5 to 2.

A:
Phi represents the slope of the dynamic aggregate supply curve.
  • It makes the response of the Central Bank much stronger 
  • (i falls quicker)
  • inflation would remain the same in t=0, but will fall quicker on t=1...t=final
  • r also response stronger
  • Shorter lived increasing inflation and stronger negative reaction after the increase in i

Q:
What is u^n?
A:
Natural rate of unemployment:
Is the rate at which the inflation rate does not deviate from the expected inflation rate
Q:
Sacrifice ratio
A:
_ p.p. Sacrifice in GDP to decrease inflation by _ p.p.

change in GDP/ change in inflation
Q:
AD-AS Model (Fluctuations)
A:
The real interest rate is always smaller than the nominal interest rate 
Mehr Karteikarten anzeigen
Q:
A Demand Shock raises inflation and output. 
A:
  • Fight inflation?
    Raise the response of the nominal interest rate (theta_pi)

(if we raise i, then r increases which means that consume and investment decrease and savings increase, this decrease output that followed for the Phillips curve will decrease inflation)
All happens at the same time t=0.
Q:
In a small open economy with a fixed exchange rate, an effective policy to increase equilibrium output is to:
A:
decrease government spending 
Q:
In the following Phillips curve 

π=π[previos] - 0.5 (u-0.05)

- What would be the natural rate of unemployment?
A:
5%
Q:
Are there practical difficulties that a central bank might face if p(t=0) varied over time?
A:
It would make the setting of monetary policy more difficult. 
Q:
Alternative Perspectives on Stabilization Policy 3p
A:
All other answers are correct 
Q:
The Solow Model with population growth
A:
An increase in the rate of depreciation causes a decrease in break-even investment and increases the steady state level of capital per worker
Q:
Solow Model
A:
Balanced growth means that the key variables in the economy do not grow in the short run, only in the long run. 
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