Macroeconomics, the Glossary
Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole.[1]
Table of Contents
211 relations: Active labour market policies, Adaptive expectations, AD–AS model, Aggregate demand, Aggregate supply, Alfred Marshall, Animal spirits (Keynes), Applied economics, Autarky, Automatic stabilizer, Balance of trade, Behavioral economics, Ben Bernanke, Business cycle, Business cycle accounting, Cambridge University Press, Capital (economics), Capital accumulation, Central bank, Circular flow of income, Climate change, Competition law, Computable general equilibrium, Consumption (economics), Correlation does not imply causation, Credibility revolution, Crowding out (economics), Currency union, David Hume, David Romer, Deflation, Demand for money, Demography, Diagram, DICE model, Discouraged worker, Discretionary policy, Dynamic stochastic general equilibrium, Economic and Monetary Union of the European Union, Economic development, Economic forecasting, Economic growth, Economic methodology, Economics, Economy, Ecosystem service, Edmund Phelps, Education reform, Edward C. Prescott, Efficiency wage, ... Expand index (161 more) »
Active labour market policies
Active labour market policies (ALMPs) are government programmes that intervene in the labour market to help the unemployed find work, but also for the underemployed and employees looking for better jobs.
See Macroeconomics and Active labour market policies
Adaptive expectations
In economics, adaptive expectations is a hypothesized process by which people form their expectations about what will happen in the future based on what has happened in the past.
See Macroeconomics and Adaptive expectations
AD–AS model
The AD–AS or aggregate demand–aggregate supply model (also known as the aggregate supply–aggregate demand or AS–AD model) is a widely used macroeconomic model that explains short-run and long-run economic changes through the relationship of aggregate demand (AD) and aggregate supply (AS) in a diagram.
See Macroeconomics and AD–AS model
Aggregate demand
In economics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time.
See Macroeconomics and Aggregate demand
Aggregate supply
In economics, aggregate supply (AS) or domestic final supply (DFS) is the total supply of goods and services that firms in a national economy plan on selling during a specific time period.
See Macroeconomics and Aggregate supply
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist, and was one of the most influential economists of his time.
See Macroeconomics and Alfred Marshall
Animal spirits (Keynes)
Animal spirits is a term used by John Maynard Keynes in his 1936 book The General Theory of Employment, Interest and Money to describe the instincts, proclivities and emotions that seemingly influence human behavior, which can be measured in terms of consumer confidence.
See Macroeconomics and Animal spirits (Keynes)
Applied economics
Applied economics is the application of economic theory and econometrics in specific settings.
See Macroeconomics and Applied economics
Autarky
Autarky is the characteristic of self-sufficiency, usually applied to societies, communities, states, and their economic systems.
See Macroeconomics and Autarky
Automatic stabilizer
In macroeconomics, automatic stabilizers are features of the structure of modern government budgets, particularly income taxes and welfare spending, that act to damp out fluctuations in real GDP.
See Macroeconomics and Automatic stabilizer
Balance of trade
Balance of trade is the difference between the monetary value of a nation's exports and imports over a certain time period.
See Macroeconomics and Balance of trade
Behavioral economics
Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory.
See Macroeconomics and Behavioral economics
Ben Bernanke
Ben Shalom Bernanke (born December 13, 1953) is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014.
See Macroeconomics and Ben Bernanke
Business cycle
Business cycles are intervals of general expansion followed by recession in economic performance.
See Macroeconomics and Business cycle
Business cycle accounting
Business cycle accounting is an accounting procedure used in macroeconomics to decompose business cycle fluctuations into contributing factors.
See Macroeconomics and Business cycle accounting
Cambridge University Press
Cambridge University Press is the university press of the University of Cambridge.
See Macroeconomics and Cambridge University Press
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services.
See Macroeconomics and Capital (economics)
Capital accumulation
Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains.
See Macroeconomics and Capital accumulation
Central bank
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union.
See Macroeconomics and Central bank
Circular flow of income
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc.
See Macroeconomics and Circular flow of income
Climate change
In common usage, climate change describes global warming—the ongoing increase in global average temperature—and its effects on Earth's climate system.
See Macroeconomics and Climate change
Competition law
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.
See Macroeconomics and Competition law
Computable general equilibrium
Computable general equilibrium (CGE) models are a class of economic models that use actual economic data to estimate how an economy might react to changes in policy, technology or other external factors.
See Macroeconomics and Computable general equilibrium
Consumption (economics)
Consumption is the act of using resources to satisfy current needs and wants.
See Macroeconomics and Consumption (economics)
Correlation does not imply causation
The phrase "correlation does not imply causation" refers to the inability to legitimately deduce a cause-and-effect relationship between two events or variables solely on the basis of an observed association or correlation between them.
See Macroeconomics and Correlation does not imply causation
Credibility revolution
In economics, the credibility revolution was the movement towards improved reliability in empirical economics through a focus on the quality of research design and the use of more experimental and quasi experimental methods.
See Macroeconomics and Credibility revolution
Crowding out (economics)
In economics, crowding out is a phenomenon that occurs when increased government involvement in a sector of the market economy substantially affects the remainder of the market, either on the supply or demand side of the market.
See Macroeconomics and Crowding out (economics)
Currency union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency.
See Macroeconomics and Currency union
David Hume
David Hume (born David Home; – 25 August 1776) was a Scottish philosopher, historian, economist, and essayist who was best known for his highly influential system of empiricism, philosophical skepticism and metaphysical naturalism.
See Macroeconomics and David Hume
David Romer
David Hibbard Romer (born March 13, 1958) is an American economist, the Herman Royer Professor of Political Economy at the University of California, Berkeley, and the author of a standard textbook in graduate macroeconomics as well as many influential economic papers, particularly in the area of New Keynesian economics.
See Macroeconomics and David Romer
Deflation
In economics, deflation is a decrease in the general price level of goods and services.
See Macroeconomics and Deflation
Demand for money
In monetary economics, the demand for money is the desired holding of financial assets in the form of money: that is, cash or bank deposits rather than investments.
See Macroeconomics and Demand for money
Demography
Demography is the statistical study of human populations: their size, composition (e.g., ethnic group, age), and how they change through the interplay of fertility (births), mortality (deaths), and migration.
See Macroeconomics and Demography
Diagram
A diagram is a symbolic representation of information using visualization techniques.
See Macroeconomics and Diagram
DICE model
The Dynamic Integrated Climate-Economy model, referred to as the DICE model or Dice model, is a neoclassical integrated assessment model developed by 2018 Nobel Laureate William Nordhaus that integrates in the neoclassical economics, carbon cycle, climate science, and estimated impacts allowing the weighing of subjectively guessed costs and subjectively guessed benefits of taking steps to slow climate change.
See Macroeconomics and DICE model
Discouraged worker
In economics, a discouraged worker is a person of legal employment age who is not actively seeking employment or who has not found employment after long-term unemployment, but who would prefer to be working.
See Macroeconomics and Discouraged worker
Discretionary policy
In macroeconomics, discretionary policy is an economic policy based on the ad hoc judgment of policymakers as opposed to policy set by predetermined rules.
See Macroeconomics and Discretionary policy
Dynamic stochastic general equilibrium
Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes.
See Macroeconomics and Dynamic stochastic general equilibrium
Economic and Monetary Union of the European Union
The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages.
See Macroeconomics and Economic and Monetary Union of the European Union
Economic development
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.
See Macroeconomics and Economic development
Economic forecasting
Economic forecasting is the process of making predictions about the economy.
See Macroeconomics and Economic forecasting
Economic growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year.
See Macroeconomics and Economic growth
Economic methodology
Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning.
See Macroeconomics and Economic methodology
Economics
Economics is a social science that studies the production, distribution, and consumption of goods and services.
See Macroeconomics and Economics
Economy
An economy is an area of the production, distribution and trade, as well as consumption of goods and services.
See Macroeconomics and Economy
Ecosystem service
Ecosystem services are the various benefits that humans derive from healthy ecosystems.
See Macroeconomics and Ecosystem service
Edmund Phelps
Edmund Strother Phelps (born July 26, 1933) is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences.
See Macroeconomics and Edmund Phelps
Education reform
Education reform is the name given to the goal of changing public education.
See Macroeconomics and Education reform
Edward C. Prescott
Edward Christian Prescott (December 26, 1940 – November 6, 2022) was an American economist.
See Macroeconomics and Edward C. Prescott
Efficiency wage
The term efficiency wages (also known as "efficiency earnings") was introduced by Alfred Marshall to denote the wage per efficiency unit of labor.
See Macroeconomics and Efficiency wage
Emerging market
An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards.
See Macroeconomics and Emerging market
Employment
Employment is a relationship between two parties regulating the provision of paid labour services.
See Macroeconomics and Employment
Endogenous growth theory
Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces.
See Macroeconomics and Endogenous growth theory
Energy economics
Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies.
See Macroeconomics and Energy economics
Environmental economics
Environmental economics is a sub-field of economics concerned with environmental issues.
See Macroeconomics and Environmental economics
Equation
In mathematics, an equation is a mathematical formula that expresses the equality of two expressions, by connecting them with the equals sign.
See Macroeconomics and Equation
Euro
The euro (symbol: €; currency code: EUR) is the official currency of 20 of the member states of the European Union.
European Central Bank
The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union.
See Macroeconomics and European Central Bank
Exchange rate
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency.
See Macroeconomics and Exchange rate
Exogeny
In a variety of contexts, exogeny or exogeneity is the fact of an action or object originating externally.
See Macroeconomics and Exogeny
Export
An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country.
Factor income
Factor income is the flow of income that is derived from the factors of production, i.e., the general inputs required to produce goods and services.
See Macroeconomics and Factor income
Factor market
In economics, a factor market is a market where factors of production are bought and sold.
See Macroeconomics and Factor market
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.
See Macroeconomics and Federal Reserve
Financial asset
A financial asset is a non-physical asset whose value is derived from a contractual claim, such as bank deposits, bonds, and participations in companies' share capital.
See Macroeconomics and Financial asset
Financial institution
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions.
See Macroeconomics and Financial institution
Finn E. Kydland
Finn Erling Kydland (born 1 December 1943) is a Norwegian economist known for his contributions to business cycle theory.
See Macroeconomics and Finn E. Kydland
Fiscal multiplier
In economics, the fiscal multiplier (not to be confused with the money multiplier) is the ratio of change in national income arising from a change in government spending.
See Macroeconomics and Fiscal multiplier
Fiscal policy
In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy.
See Macroeconomics and Fiscal policy
Fiscal sustainability
Fiscal sustainability, or public finance sustainability, is the ability of a government to sustain its current spending, tax and other policies in the long run without threatening government solvency or defaulting on some of its liabilities or promised expenditures.
See Macroeconomics and Fiscal sustainability
Fixed exchange rate system
A fixed exchange rate, often called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed or pegged by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold.
See Macroeconomics and Fixed exchange rate system
Franco Modigliani
Franco Modigliani (18 June 1918 – 25 September 2003) was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics.
See Macroeconomics and Franco Modigliani
Frictional unemployment
Frictional unemployment is a form of unemployment reflecting the gap between someone voluntarily leaving a job and finding another.
See Macroeconomics and Frictional unemployment
Full employment
Full employment is an economic situation in which there is no cyclical or deficient-demand unemployment.
See Macroeconomics and Full employment
General equilibrium theory
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.
See Macroeconomics and General equilibrium theory
Global energy crisis (2021–2023)
A global energy crisis began in the aftermath of the COVID-19 pandemic in 2021, with much of the globe facing shortages and increased prices in oil, gas and electricity markets.
See Macroeconomics and Global energy crisis (2021–2023)
Goods
In economics, goods are items that satisfy human wantsQuotation from Murray Milgate, 2008, "Goods and Commodities".
Government spending
Government spending or expenditure includes all government consumption, investment, and transfer payments.
See Macroeconomics and Government spending
Great Depression
The Great Depression (19291939) was a severe global economic downturn that affected many countries across the world.
See Macroeconomics and Great Depression
Great Recession
The Great Recession was a period of marked decline in economies around the world that occurred in the late 2000s.
See Macroeconomics and Great Recession
Greg Mankiw
Nicholas Gregory Mankiw (born February 3, 1958) is an American macroeconomist who is currently the Robert M. Beren Professor of Economics at Harvard University.
See Macroeconomics and Greg Mankiw
Gross domestic product
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries.
See Macroeconomics and Gross domestic product
Gross national income
The gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign financial output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents.
See Macroeconomics and Gross national income
Growth accounting
Growth accounting is a procedure used in economics to measure the contribution of different factors to economic growth and to indirectly compute the rate of technological progress, measured as a residual, in an economy.
See Macroeconomics and Growth accounting
Harrod–Domar model
The Harrod–Domar model is a Keynesian model of economic growth.
See Macroeconomics and Harrod–Domar model
Heterogeneity in economics
In economic theory and econometrics, the term heterogeneity refers to differences across the units being studied.
See Macroeconomics and Heterogeneity in economics
History of Federal Open Market Committee actions
This is a list of historical rate actions by the United States Federal Open Market Committee (FOMC).
See Macroeconomics and History of Federal Open Market Committee actions
Human capital
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process.
See Macroeconomics and Human capital
Huw Dixon
Huw David Dixon (/hju: devəd dɪksən/), born 1958, is a British economist.
See Macroeconomics and Huw Dixon
Imperfect competition
In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfil all the necessary conditions of a perfectly competitive market.
See Macroeconomics and Imperfect competition
Import
An importer is the receiving country in an export from the sending country.
Income distribution
In economics, income distribution covers how a country's total GDP is distributed amongst its population.
See Macroeconomics and Income distribution
Inflation
In economics, inflation is a general increase in the prices of goods and services in an economy.
See Macroeconomics and Inflation
Inflation targeting
In macroeconomics, inflation targeting is a monetary policy where a central bank follows an explicit target for the inflation rate for the medium-term and announces this inflation target to the public.
See Macroeconomics and Inflation targeting
Inside lag
In economics, the inside lag (or inside recognition and decision lag) is the amount of time it takes for a government or a central bank to respond to a shock in the economy.
See Macroeconomics and Inside lag
Integrated assessment modelling
Integrated assessment modelling (IAM) or integrated modelling (IM) is a term used for a type of scientific modelling that tries to link main features of society and economy with the biosphere and atmosphere into one modelling framework.
See Macroeconomics and Integrated assessment modelling
Interest rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum).
See Macroeconomics and Interest rate
International finance
International finance (also referred to as international monetary economics or international macroeconomics) is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries.
See Macroeconomics and International finance
International trade
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services.
See Macroeconomics and International trade
Investment (macroeconomics)
In macroeconomics, investment "consists of the additions to the nation's capital stock of buildings, equipment, software, and inventories during a year" or, alternatively, investment spending — "spending on productive physical capital such as machinery and construction of buildings, and on changes to inventories — as part of total spending" on goods and services per year.
See Macroeconomics and Investment (macroeconomics)
Irving Fisher
Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist, statistician, inventor, eugenicist and progressive social campaigner.
See Macroeconomics and Irving Fisher
IS–LM model
The IS–LM model, or Hicks–Hansen model, is a two-dimensional macroeconomic model which is used as a pedagogical tool in macroeconomic teaching.
See Macroeconomics and IS–LM model
James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities.
See Macroeconomics and James Tobin
Janet Yellen
Janet Louise Yellen (born August 13, 1946) is an American economist serving as the 78th United States secretary of the treasury since January 26, 2021.
See Macroeconomics and Janet Yellen
John B. Taylor
John Brian Taylor (born December 8, 1946) is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
See Macroeconomics and John B. Taylor
John Hicks
Sir John Richard Hicks (8 April 1904 – 20 May 1989) was a British economist.
See Macroeconomics and John Hicks
John Locke
John Locke (29 August 1632 – 28 October 1704) was an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers and commonly known as the "father of liberalism".
See Macroeconomics and John Locke
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes (5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
See Macroeconomics and John Maynard Keynes
Joseph Stiglitz
Joseph Eugene Stiglitz (born February 9, 1943) is an American New Keynesian economist, a public policy analyst, political activist, and a full professor at Columbia University.
See Macroeconomics and Joseph Stiglitz
Julio Rotemberg
Julio Jacobo Rotemberg was an Argentine/American economist at Harvard Business School.
See Macroeconomics and Julio Rotemberg
Keynes effect
The Keynes effect is the effect that changes in the price level have upon goods market spending via changes in interest rates.
See Macroeconomics and Keynes effect
Keynesian cross
The Keynesian cross diagram is a formulation of the central ideas in Keynes' General Theory of Employment, Interest and Money.
See Macroeconomics and Keynesian cross
Keynesian economics
Keynesian economics (sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation.
See Macroeconomics and Keynesian economics
Keynesian Revolution
The Keynesian Revolution was a fundamental reworking of economic theory concerning the factors determining employment levels in the overall economy.
See Macroeconomics and Keynesian Revolution
Knut Wicksell
Johan Gustaf Knut Wicksell (December 20, 1851 – May 3, 1926) was a Swedish economist of the Stockholm school.
See Macroeconomics and Knut Wicksell
Large-scale macroeconometric model
Following the development of Keynesian economics, applied economics began developing forecasting models based on economic data including national income and product accounting data.
See Macroeconomics and Large-scale macroeconometric model
Learning-by-doing (economics)
Learning-by-doing is a concept in economic theory by which productivity is achieved through practice, self-perfection and minor innovations.
See Macroeconomics and Learning-by-doing (economics)
Liquidity preference
In macroeconomic theory, liquidity preference is the demand for money, considered as liquidity.
See Macroeconomics and Liquidity preference
Liquidity trap
A liquidity trap is a situation, described in Keynesian economics, in which, "after the rate of interest has fallen to a certain level, liquidity preference may become virtually absolute in the sense that almost everyone prefers holding cash rather than holding a debt (financial instrument) which yields so low a rate of interest."Keynes, John Maynard (1936) The General Theory of Employment, Interest and Money, United Kingdom: Palgrave Macmillan, 2007 edition, A liquidity trap is caused when people hold cash because they expect an adverse event such as deflation, insufficient aggregate demand, or war.
See Macroeconomics and Liquidity trap
Lucas critique
The Lucas critique argues that it is naïve to try to predict the effects of a change in economic policy entirely on the basis of relationships observed in historical data, especially highly aggregated historical data.
See Macroeconomics and Lucas critique
Macroeconomic model
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region.
See Macroeconomics and Macroeconomic model
Macroprudential regulation
Macroprudential regulation is the approach to financial regulation that aims to mitigate risk to the financial system as a whole (or "systemic risk").
See Macroeconomics and Macroprudential regulation
Mainstream economics
Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion.
See Macroeconomics and Mainstream economics
Market failure
In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value.
See Macroeconomics and Market failure
Market power
In economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit.
See Macroeconomics and Market power
Martín de Azpilcueta
Martín de Azpilcueta (Azpilkueta in Basque) (13 December 1492 – 1 June 1586), or Doctor Navarrus, was an important Spanish canonist and theologian in his time, and an early economist who independently formulated the quantity theory of money in 1556.
See Macroeconomics and Martín de Azpilcueta
Measures of national income and output
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
See Macroeconomics and Measures of national income and output
Michael Dean Woodford
Michael Dean Woodford (born 1955) is an American macroeconomist and monetary theorist who currently teaches at Columbia University.
See Macroeconomics and Michael Dean Woodford
Microeconomics
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
See Macroeconomics and Microeconomics
Microfoundations
Microfoundations are an effort to understand macroeconomic phenomena in terms of economic agents' behaviors and their interactions.
See Macroeconomics and Microfoundations
Migrant worker
A migrant worker is a person who migrates within a home country or outside it to pursue work.
See Macroeconomics and Migrant worker
Milton Friedman
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy.
See Macroeconomics and Milton Friedman
Minimum wage
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor.
See Macroeconomics and Minimum wage
Monetarism
Monetarism is a school of thought in monetary economics that emphasizes the role of policy-makers in controlling the amount of money in circulation.
See Macroeconomics and Monetarism
Monetary economics
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good.
See Macroeconomics and Monetary economics
Monetary policy
Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rate of inflation).
See Macroeconomics and Monetary policy
Monetary transmission mechanism
The monetary transmission mechanism is the process by which asset prices and general economic conditions are affected as a result of monetary policy decisions.
See Macroeconomics and Monetary transmission mechanism
Money supply
In macroeconomics, money supply (or money stock) refers to the total volume of money held by the public at a particular point in time.
See Macroeconomics and Money supply
Monopsony
In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers.
See Macroeconomics and Monopsony
Multiplier (economics)
In macroeconomics, a multiplier is a factor of proportionality that measures how much an endogenous variable changes in response to a change in some exogenous variable.
See Macroeconomics and Multiplier (economics)
Mundell–Fleming model
The Mundell–Fleming model, also known as the IS-LM-BoP model (or IS-LM-BP model), is an economic model first set forth (independently) by Robert Mundell and Marcus Fleming.
See Macroeconomics and Mundell–Fleming model
Natural rate of unemployment
The natural rate of unemployment is the name that was given to a key concept in the study of economic activity.
See Macroeconomics and Natural rate of unemployment
Neoclassical economics
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model.
See Macroeconomics and Neoclassical economics
Neoclassical synthesis
The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis,Mankiw, N. Gregory.
See Macroeconomics and Neoclassical synthesis
Net foreign assets
In economics, the concept of net foreign assets relates to balance of payments identity.
See Macroeconomics and Net foreign assets
Net output
Net output is an accounting concept used in national accounts such as the United Nations System of National Accounts (UNSNA) and the NIPAs, and sometimes in corporate or government accounts.
See Macroeconomics and Net output
New classical macroeconomics
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework.
See Macroeconomics and New classical macroeconomics
New Keynesian economics
New Keynesian economics is a school of macroeconomics that strives to provide microeconomic foundations for Keynesian economics.
See Macroeconomics and New Keynesian economics
New neoclassical synthesis
The new neoclassical synthesis (NNS), which is occasionally referred as the New Consensus, is the fusion of the major, modern macroeconomic schools of thought – new classical macroeconomics/real business cycle theory and early New Keynesian economics – into a consensus view on the best way to explain short-run fluctuations in the economy.
See Macroeconomics and New neoclassical synthesis
Nominal rigidity
In economics, nominal rigidity, also known as price-stickiness or wage-stickiness, is a situation in which a nominal price is resistant to change.
See Macroeconomics and Nominal rigidity
Non-renewable resource
A non-renewable resource (also called a finite resource) is a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption.
See Macroeconomics and Non-renewable resource
Okun's law
In economics, Okun's law is an empirically observed relationship between unemployment and losses in a country's production.
See Macroeconomics and Okun's law
Olivier Blanchard
Olivier Jean Blanchard (born December 27, 1948) is a French economist and professor. He is serving as the Robert M. Solow Professor Emeritus of Economics at the Massachusetts Institute of Technology and as the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics. Blanchard was the chief economist at the International Monetary Fund from 1 September 2008 to 8 September 2015.
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Open economy
An open economy is a type of economy where not only the domestic factors but also entities in other countries engage in trade of products (goods and services).
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Open market operation
In macroeconomics, an open market operation (OMO) is an activity by a central bank to exchange liquidity in its currency with a bank or a group of banks.
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Optimum currency area
In economics, an optimum currency area (OCA) or optimal currency region (OCR) is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency.
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Output (economics)
In economics, output is the quantity and quality of goods or services produced in a given time period, within a given economic network, whether consumed or used for further production.
See Macroeconomics and Output (economics)
Output gap
The GDP gap or the output gap is the difference between actual GDP or actual output and potential GDP, in an attempt to identify the current economic position over the business cycle.
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Outside lag
In economics, the outside lag is the amount of time it takes for a government or central bank's actions, in the form of either monetary or fiscal policy, to have a noticeable effect on the economy.
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Overheating (economics)
Overheating of an economy occurs when its productive capacity is unable to keep pace with growing aggregate demand.
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Overlapping generations model
The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth.
See Macroeconomics and Overlapping generations model
Pass-through (economics)
In economics, cost pass-through (also known as price transmission or simply pass-through) is a process (or result) of a business changing pricing of its output (products or services) to reflect a change in costs of its own input (materials, labor, etc.). The effect of passthrough is quantified as passthrough rate, a ratio between the change in costs and the change in prices.
See Macroeconomics and Pass-through (economics)
Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences.
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Perfect information
In economics, perfect information (sometimes referred to as "no hidden information") is a feature of perfect competition.
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Peter Diamond
Peter Arthur Diamond (born, 1940) is an American economist known for his analysis of U.S. Social Security policy and his work as an advisor to the Advisory Council on Social Security in the late 1980s and 1990s.
See Macroeconomics and Peter Diamond
Phillips curve
The Phillips curve is an economic model, named after Bill Phillips, that correlates reduced unemployment with increasing wages in an economy.
See Macroeconomics and Phillips curve
Pigou effect
In economics, the Pigou effect is the stimulation of output and employment caused by increasing consumption due to a rise in real balances of wealth, particularly during deflation.
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Potential output
In economics, potential output (also referred to as "natural gross domestic product") refers to the highest level of real gross domestic product (potential output) that can be sustained over the long term.
See Macroeconomics and Potential output
Price index
A price index (plural: "price indices" or "price indexes") is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a given region, during a given interval of time.
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Private sector
The private sector is the part of the economy which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government.
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Production (economics)
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output.
See Macroeconomics and Production (economics)
Production function
In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods.
See Macroeconomics and Production function
Productivity
Productivity is the efficiency of production of goods or services expressed by some measure.
See Macroeconomics and Productivity
Quantitative easing
Quantitative easing (QE) is a monetary policy action where a central bank purchases predetermined amounts of government bonds or other financial assets in order to stimulate economic activity.
See Macroeconomics and Quantitative easing
Quantity theory of money
The quantity theory of money (often abbreviated QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly proportional to the amount of money in circulation (i.e., the money supply), and that the causality runs from money to prices.
See Macroeconomics and Quantity theory of money
Ragnar Frisch
Ragnar Anton Kittil Frisch (3 March 1895 – 31 January 1973) was an influential Norwegian economist known for being one of the major contributors to establishing economics as a quantitative and statistically informed science in the early 20th century.
See Macroeconomics and Ragnar Frisch
Ramsey–Cass–Koopmans model
The Ramsey–Cass–Koopmans model, or Ramsey growth model, is a neoclassical model of economic growth based primarily on the work of Frank P. Ramsey, with significant extensions by David Cass and Tjalling Koopmans.
See Macroeconomics and Ramsey–Cass–Koopmans model
Rational expectations
Rational expectations is an economic theory that seeks to infer the macroeconomic consequences of individuals' decisions based on all available knowledge.
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Real business-cycle theory
Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real (in contrast to nominal) shocks.
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Real estate appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value).
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Recession
In economics, a recession is a business cycle contraction that occurs when there is a general decline in economic activity.
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Research and development
Research and development (R&D or R+D; also known in Europe as research and technological development or RTD) is the set of innovative activities undertaken by corporations or governments in developing new services or products and carrier science computer marketplace e-commerce, copy center and service maintenance troubleshooting software, hardware improving existing ones.
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Ricardo Reis
Ricardo A. M. R. Reis (born 1 September 1978) is a Portuguese economist and the A. W. Phillips professor of economics at the London School of Economics.
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Robert Lucas Jr.
Robert Emerson Lucas Jr. (September 15, 1937 – May 15, 2023) was an American economist at the University of Chicago.
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Robert Solow
Robert Merton Solow, GCIH (August 23, 1924 – December 21, 2023) was an American economist and Nobel laureate whose work on the theory of economic growth culminated in the exogenous growth model named after him.
See Macroeconomics and Robert Solow
Saving
Saving is income not spent, or deferred consumption.
Search and matching theory (economics)
In economics, search and matching theory is a mathematical framework attempting to describe the formation of mutually beneficial relationships over time.
See Macroeconomics and Search and matching theory (economics)
A share price is the price of a single share of a number of saleable equity shares of a company.
See Macroeconomics and Share price
Solow–Swan model
The Solow–Swan model or exogenous growth model is an economic model of long-run economic growth.
See Macroeconomics and Solow–Swan model
Stabilization policy
In macroeconomics, a stabilization policy is a package or set of measures introduced to stabilize a financial system or economy.
See Macroeconomics and Stabilization policy
Standard of living
Standard of living is the level of income, comforts and services available to an individual, community or society.
See Macroeconomics and Standard of living
Stanley Fischer
Stanley Fischer (סטנלי פישר; born October 15, 1943) is an Israeli-American economist who served as the 20th vice chair of the Federal Reserve from 2014 to 2017.
See Macroeconomics and Stanley Fischer
Supply shock
A supply shock is an event that suddenly increases or decreases the supply of a commodity or service, or of commodities and services in general.
See Macroeconomics and Supply shock
Sustainable development
Sustainable development is an approach to growth and human development that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs.
See Macroeconomics and Sustainable development
Tax
A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities.
Tax revenue
Tax revenue is the income that is collected by governments through taxation.
See Macroeconomics and Tax revenue
The General Theory of Employment, Interest and Money
The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936.
See Macroeconomics and The General Theory of Employment, Interest and Money
Total factor productivity
In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs.
See Macroeconomics and Total factor productivity
Trade union
A trade union (British English) or labor union (American English), often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages and benefits, improving working conditions, improving safety standards, establishing complaint procedures, developing rules governing status of employees (rules governing promotions, just-cause conditions for termination) and protecting and increasing the bargaining power of workers.
See Macroeconomics and Trade union
Trevor Swan
Trevor Winchester Swan (14 January 1918 – 15 January 1989) was an Australian economist.
See Macroeconomics and Trevor Swan
Unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period.
See Macroeconomics and Unemployment
United States dollar
The United States dollar (symbol: $; currency code: USD; also abbreviated US$ to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries.
See Macroeconomics and United States dollar
Utility
In economics, utility is a measure of the satisfaction that a certain person has from a certain state of the world.
See Macroeconomics and Utility
Valuation (finance)
In finance, valuation is the process of determining the value of a (potential) investment, asset, or security.
See Macroeconomics and Valuation (finance)
William Nordhaus
William Dawbney Nordhaus (born May 31, 1941) is an American economist.
See Macroeconomics and William Nordhaus
William Stanley Jevons
William Stanley Jevons (1 September 1835 – 13 August 1882) was an English economist and logician.
See Macroeconomics and William Stanley Jevons
Workforce
In macroeconomics, the labor force is the sum of those either working (i.e., the employed) or looking for work (i.e., the unemployed): \text.
See Macroeconomics and Workforce
World economy
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.
See Macroeconomics and World economy
Yield curve
In finance, the yield curve is a graph which depicts how the yields on debt instruments – such as bonds – vary as a function of their years remaining to maturity.
See Macroeconomics and Yield curve
1970s energy crisis
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices.
See Macroeconomics and 1970s energy crisis
2007–2008 financial crisis
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression.
See Macroeconomics and 2007–2008 financial crisis
References
[1] https://en.wikipedia.org/wiki/Macroeconomics
Also known as Macro economics, Macro-economic, Macro-economic theory, Macro-economics, Macroeconomic, Macroeconomic analysis, Macroeconomic policies, Macroeconomic policy, Macroeconomic theory, Macroeconomic vulnerability, Macroeconomics study, Macroeconomist, Macroeconomists, Macroeconomy, Marcoeconomics, Open Economy Marcoeconomics, Open economy macroeconomics.
, Emerging market, Employment, Endogenous growth theory, Energy economics, Environmental economics, Equation, Euro, European Central Bank, Exchange rate, Exogeny, Export, Factor income, Factor market, Federal Reserve, Financial asset, Financial institution, Finn E. Kydland, Fiscal multiplier, Fiscal policy, Fiscal sustainability, Fixed exchange rate system, Franco Modigliani, Frictional unemployment, Full employment, General equilibrium theory, Global energy crisis (2021–2023), Goods, Government spending, Great Depression, Great Recession, Greg Mankiw, Gross domestic product, Gross national income, Growth accounting, Harrod–Domar model, Heterogeneity in economics, History of Federal Open Market Committee actions, Human capital, Huw Dixon, Imperfect competition, Import, Income distribution, Inflation, Inflation targeting, Inside lag, Integrated assessment modelling, Interest rate, International finance, International trade, Investment (macroeconomics), Irving Fisher, IS–LM model, James Tobin, Janet Yellen, John B. Taylor, John Hicks, John Locke, John Maynard Keynes, Joseph Stiglitz, Julio Rotemberg, Keynes effect, Keynesian cross, Keynesian economics, Keynesian Revolution, Knut Wicksell, Large-scale macroeconometric model, Learning-by-doing (economics), Liquidity preference, Liquidity trap, Lucas critique, Macroeconomic model, Macroprudential regulation, Mainstream economics, Market failure, Market power, Martín de Azpilcueta, Measures of national income and output, Michael Dean Woodford, Microeconomics, Microfoundations, Migrant worker, Milton Friedman, Minimum wage, Monetarism, Monetary economics, Monetary policy, Monetary transmission mechanism, Money supply, Monopsony, Multiplier (economics), Mundell–Fleming model, Natural rate of unemployment, Neoclassical economics, Neoclassical synthesis, Net foreign assets, Net output, New classical macroeconomics, New Keynesian economics, New neoclassical synthesis, Nominal rigidity, Non-renewable resource, Okun's law, Olivier Blanchard, Open economy, Open market operation, Optimum currency area, Output (economics), Output gap, Outside lag, Overheating (economics), Overlapping generations model, Pass-through (economics), Paul Samuelson, Perfect information, Peter Diamond, Phillips curve, Pigou effect, Potential output, Price index, Private sector, Production (economics), Production function, Productivity, Quantitative easing, Quantity theory of money, Ragnar Frisch, Ramsey–Cass–Koopmans model, Rational expectations, Real business-cycle theory, Real estate appraisal, Recession, Research and development, Ricardo Reis, Robert Lucas Jr., Robert Solow, Saving, Search and matching theory (economics), Share price, Solow–Swan model, Stabilization policy, Standard of living, Stanley Fischer, Supply shock, Sustainable development, Tax, Tax revenue, The General Theory of Employment, Interest and Money, Total factor productivity, Trade union, Trevor Swan, Unemployment, United States dollar, Utility, Valuation (finance), William Nordhaus, William Stanley Jevons, Workforce, World economy, Yield curve, 1970s energy crisis, 2007–2008 financial crisis.