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This lecture explores the fundamental concepts of macroeconomics, focusing on the measurement and analysis of national income. Macroeconomics is the branch of economics that examines the economy as a whole, dealing with aggregate indicators such as GDP, inflation, unemployment, and economic growth.
Typology: Lecture notes
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Reference : Macroeconomics โ N. Gregory Mankiw Macroeconomics โ Olivier Blanchard Macroeconomics for Manager โ Michael K. Evans
KONTRAK KULIAH KELAS J
APA ITU MAKROEKONOMI? Makroekonomi adalah ilmu yang mempelajari struktur dan kinerja ekonomi nasional dan kebijakan-kebijakan yang digunakan oleh pemerintah untuk mempengaruhi perekonomian
AGREGASI Para ahli makroekonomi mengabaikan perbedaan produk secara individu, sebaliknya fokus terhadap produk total nasional. Proses penjumlahan seluruh variabel ekonomi individu untuk memperoleh jumlah total seluruh perekonomian disebut agregasi.
BERBAGAI ISU YANG DIBAHAS DALAM MAKROEKONOMI Apa faktor-faktor yang menentukan pertumbuhan ekonomi suatu negara dalam jangka panjang? Apa faktor-faktor yang menyebabkan aktivitas perekonomian berfluktuasi? Apa penyebab pengangguran?
BERBAGAI ISU YANG DIBAHAS MAKROEKONOMI (LANJUTAN).. Apa penyebab naiknya harga? Bagaimana sistem ekonomi (ekonomi terbuka atau ekonomi tertutup) mempengaruhi perekonomian nasional? Dapatkan kebijakan pemerintah digunakan untuk meningkatkan kinerja ekonomi nasional?
DIFFERENT TYPES OF POLICIES USED TO CONTROL THE ECONOMY Monetary Policy: moves affecting the cost and availability of credit. Fiscal Policy: spending programs and tax rates Trade Policy: regulations affecting free trade and quotas and tariffs; sometimes try and affect the value of the currency. Regulatory Policy: programs affecting government intervention and regulation, but with a minimal budget impact.
CURRENT CORE OF MACROECONOMIC THEORY
CORE POINT # The long-run growth rate is determined by (a) the ratio of investment to GDP, and (b) the degree to which fiscal, trade, and regulatory policies encourage the spread of free markets and technical innovation and invention.
CORE POINT # The central bank controls the nominal short-term interest rate, but the real long-term interest rate affects aggregate demand. Long- term interest rates are determined in large part on the expected future rate of inflation.
CORE POINT # Changes in monetary policy affect both output and prices in the short run, but only prices in the long run. There is no long-run tradeoff between unemployment and inflation.
CORE POINT # Changes in monetary policy affect real output with a shorter lag than inflation. Because monetary policy is transmitted through a variety of methods, and because the lags are variable, the short-term impact of monetary policy often cannot be predicted accurately
CORE POINT # Federal government budget deficits can be financed either by selling Treasury securities to the central bank, which is akin to printing money and is inflationary, or by selling them to the private sector, which will raise real interest rates and hence reduce real growth.
CORE POINT
Markets clear and economic agents attempt to maximize their utility, subject to short-term rigidities and adjustments, liquidity constraints, and incorrect expectations. Nonetheless, labor markets may not clear for many years, leading to extended periods of high unemployment even though the rest of the economy appears to be in equilibrium.