Samenvatting Formules en grafieken macro-economie

Formularium
1
Macro-economie




1
Bron: Vanneste, J. (2022-2023). Alles is gebaseerd op de powerpoints gepubliceerd op Blackboard door
professor Jacques Vanneste in het schooljaar 2022-2023.

,Introductie
H1 : a tour of the world
H2 : a tour of the book

Short run
H3 : the goods market
H4 : financial markets I
H5 : goods and financial markets – the IS-LM model
H6 : financial markets II – the extended IS-LM model

Medium run
H7 : the labour market
H8 : the philips curve, the natural unemployment and inflation
H9 : from short to medium run – the IS-LM-PC model
H10 : the covid economic crisis

Long run
H11 : the facts of growth
H12 : saving, capital accumulation and output
H13 : technological progress and growth
H14 : the challenges of growth

Open economy
H18 : openness in goods and financial markets
H19 : the goods market in an open economy
H20 : output, the interest rate and exchange rate
H21 : exchange rate regimes

Back to policy
H22 : should policy makers me restrained
H23 : fiscal policy
H24 : monetary policy

, H1 : A tour of the world

H2 : A tour of the book
• GDP growth rates
ð Quarter on quarter growth:
"#$! %"#$!"# "#$!
∆GDP! = "#$!"#
= "#$!"#
−1

ð Year on year growth:
"#$! %"#$!"$ "#$!
∆GDP! = "#$!"$
= "#$!"$
−1

ð Annualised QoQ growth:
GDP! '
∆GDP! = ( ) −1
GDP!%&
• Unemployment rate
L = N + U
labor force = employment + unemployment
U
u=
L
unemployment rate = unemployment / labor force
• GDP deflator
Nominal GDP! $Y!
P! = =
Real GDP! Y!
• The rate of change of the GDP deflator (= the rate of inflation)
𝜋( = (𝑃( − 𝑃(%& )/𝑃(%&

, H3: The goods market
• Vraag naar goederen
𝑍 ≡ 𝐶 + 𝐼 + 𝐺 + 𝑋 − 𝐼𝑀
• Vraag naar goederen in gesloten economie
𝑍 ≡ 𝐶 + 𝐼 + 𝐺
• Consumptiefunctie
C = C(𝑌#)
(+)
𝐶 = 𝑐) + 𝑐& 𝑌#
ð c1 = propensity to consume
ð c0 = what people would consume if Yd=0




• Beschikbaar inkomen
𝑌* ≡ 𝑌 − 𝑇
ð Y is inkomen
ð T is belastingen min overheidsuitgaven
• Nieuwe consumptiefunctie
𝐶 = 𝑐) + 𝑐& (𝑌 − 𝑇 )
• Nieuwe vraagfunctie
Z = 𝑐) + c& (𝑌 − 𝑇 ) + 𝐼 + 𝐺
• Evenwicht in goederenmarkt
𝑌 = 𝑍
𝑌 = 𝑐) + 𝑐& (𝑌 − 𝑇) + 𝐼 + 𝐺
Y = vraag = inkomen = productie
• Y afzonderen in evenwicht
𝑌 = 𝑐) + 𝑐& 𝑌 − 𝑐& 𝑇 + 𝐼 + 𝐺
(1 − 𝑐& )𝑌 = 𝑐) + 𝐼 + 𝐺 − 𝑐& 𝑇

, 𝟏
𝒀= B𝒄 + 𝑰 + 𝑮 − 𝒄𝟏 𝐓F
1 − 𝒄𝟏 𝟎
ð 1/(1-c1) = multiplier
ð Andere term rechterlid = autonomous spending
𝑍 = G𝑐) + 𝐼 + 𝐺 − 𝑐& 𝑇H + 𝑐& 𝑌




• Privaat sparen
𝑆 ≡ 𝑌* − 𝐶
𝑆 ≡𝑌−𝑇−𝐶
• Publiek sparen
T-G
• IS relatie
𝑌 =𝐶+𝐼+𝐺
𝑌−𝑇−𝐶 =𝐼 +𝐺 −𝑇
𝑆 =𝐼+𝐺−𝑇
𝑰 = 𝑺 + (𝑻 − 𝑮)
• Spaarfunctie
𝑆 = 𝑌 − 𝑇−𝐶
𝑆 = 𝑌 − 𝑇 − 𝑐) − 𝑐& (𝑌 − 𝑇)
𝑺 = − 𝒄𝟎 + (𝟏 − 𝒄𝟏 )(𝒀 − 𝑻)
ð (1-c1) is de propensity to save
• In het evenwicht I=S, dus
𝐼 = − 𝑐) + (1 − 𝑐& )(𝑌 − 𝑇 ) + (𝑇 − 𝐺 )
1
𝑌= B𝑐 + 𝐼 + 𝐺 − 𝑐& TF
1 − 𝑐& )