By Olivier Blanchard, David R. Johnson
Blanchard offers a unified and worldwide view of macroeconomics, permitting scholars to work out the connections among the short-run, medium-run, and long-run.
From the main monetary obstacle to the funds deficits of the U.S., the specified containers during this textual content were up-to-date to exhibit the lifetime of macroeconomics this day and strengthen the teachings from the versions, making them extra concrete and more straightforward to grasp.
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Additional resources for Macroeconomics (6th Edition)
Output really 32 times higher in 2014 than in 1960? Obviously not: Much of the increase reflected an increase in prices rather than an increase in quantities produced. This leads Warning! People often use nom- to the distinction between nominal GDP and real GDP. inal to denote small amounts. Nominal GDP is the sum of the quantities of final goods produced times their Economists use nominal for c current price. This definition makes clear that nominal GDP increases over time for two variables expressed in current prices.
E. China’s seemingly high growth rate is a myth; it is a product solely of misleading official statistics. f. The high rate of unemployment in Europe started when a group of major European countries adopted a common currency. g. The Federal Reserve lowers interest rates when it wants to avoid recession and raises interest rates when it wants to slow the rate of growth in the economy. 36 Introduction The Core . h. Output per person is different in the Euro area, the United States, and China. i. Interest rates in the United States were at or near zero from 2009 to 2015.
But this raises the question: What if, as is typically the case, relative prices change over time? Should we choose the relative prices of a particular year as weights, or should we change the weights over time? More discussion of these issues, and of the way real GDP is constructed in the United States, is left to the appendix to this chapter. S. national income accounts uses weights that reflect relative prices and which change over time. The measure is called real GDP in chained (2009) dollars.