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The total amount of output produced in the economy.
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aggregate private spending Lernen beginnen
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The sum of all nongovernment spending. Also called private spending.
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aggregate production function Lernen beginnen
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The relation between the quantity of aggregate output produced and the quantities of inputs used in production.
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Holdings of central bank money by banks. The difference between what banks receive from depositors and what they lend to firms or hold as bonds.
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A financial asset that promises a stream of known payments over some period of time.
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Money issued by the central bank. Also known as the monetary base and high-powered money.
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Cobb-Douglas production function Lernen beginnen
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A production function giving output as a weighted geometric average of labor and capital.
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The cost of a given list of goods and services consumed by a typical urban dweller.
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Goods and services purchased by consumers.
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A function that relates consumption to its determinants.
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consumption of fixed capital Lernen beginnen
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A decrease in the exchange rate (E) in a fixed exchange rate system.
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The income that remains once consumers have received transfers from the government and paid their taxes.
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The portion of a corporation’s profits that the firm pays out each period to its shareholders
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The equality between demand and supply.
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equilibrium in the goods market Lernen beginnen
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The condition that the supply of goods be equal to the demand for goods.
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The purchases of domestic goods and services by foreigners.
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Federal Reserve Bank (Fed) Lernen beginnen
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A government’s choice of taxes and spending.
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foreign direct investment Lernen beginnen
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The purchase of existing firms or the development of new firms by foreign investors.
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The ratio of nominal GDP to real GDP; a measure of the overall price level. Gives the average price of the final goods produced in the economy.
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gross domestic product (GDP) Lernen beginnen
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A measure of aggregate output in the national income accounts. (The market value of the goods and services produced by labor and property located in the United States.)
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gross domestic product (GDP) (versus gross national product (GNP)) Lernen beginnen
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Gross domestic product measures value added domestically. Gross national product measures value added by domestic factors of production.
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The purchases of foreign goods and services by domestic consumers, firms, and the government.
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The flow of revenue from work, rental income, interest, and dividends.
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a sustained rise in the general level of prices.
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International Monetary Fund (IMF) Lernen beginnen
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The principal international economic organization. Publishes the World Economic Outlook annually and the International Financial Statistics (IFS) monthly.
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Purchases of new houses and apartments by people, and purchases of new capital goods (machines and plants) by firms.
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downward-sloping curve relating output to the interest rate. The curve corresponding to the IS relation, the equilibrium condition for the goods market
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An equilibrium condition stating that the demand for goods must be equal to the supply of goods, or equivalently that investment must be equal to saving. The equilibrium condition for the goods market.
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A curve depicting the initial deterioration in the trade balance caused by a real depreciation, followed by an improvement in the trade balance.
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An asset is liquid if it can be sold quickly. A financial institution is liquid if it can sell its assets quickly.
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An upward-sloping curve relating the interest rate to output. The curve corresponding to the LM relation, the equilibrium condition for financial markets.
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A period of time extending over decades.
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A period of time between the short run and the long run.
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In the United States, the income that originates in the production of goods and services supplied by residents of the United States.
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The difference between exports and imports. Also called the trade balance.
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In the national income and product accounts, the interest paid by firms minus the interest received by firms, plus interest received from the rest of the world minus interest paid to the rest of the world.
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The sum of the quantities of final goods produced in an economy times their current price. Also known as dollar GDP and GDP in current dollars.
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The interest rate in terms of the national currency (in terms of dollars in the United States). It tells us how many dollars one has to repay in the future in exchange for borrowing one dollar today.
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The difference between actual output and potential output.
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A country’s gross domestic product divided by its population.
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The result that an attempt by people to save more may lead both to a decline in output and to unchanged saving.
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Saving by the private sector. The value of consumers’ disposable income minus their consumption.
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Government revenues minus government spending, excluding interest payments on the debt.
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The relation between the quantity of output and the quantities of inputs used in production.
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propensity to consume (c1) Lernen beginnen
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The effect of an additional dollar of disposable income on consumption.
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Saving by the government; equal to government revenues minus government spending. Also called the budget surplus. (A budget deficit represents public dissaving.)
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Income in terms of goods.
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purchasing power parity (PPP) Lernen beginnen
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A method of adjustment used to allow for international comparisons of GDP.
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The relative price of domestic goods in terms of foreign goods.
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A measure of aggregate output. The sum of quantities produced in an economy times their price in a base year. Also known as GDP in terms of goods, GDP in constant dollars, or GDP adjusted for inflation.
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The interest rate in terms of goods. It tells us how many goods one has to repay in the future in exchange for borrowing the equivalent one good today.
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A period of negative GDP growth. Usually refers to at least two consecutive quarters of negative GDP growth
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The output of ordinary least squares. Gives the equation corresponding to the estimated relation between variables, together with information about the degree of fit and the relative importance of the different variables.
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The best-fitting line corresponding to the equation obtained by using ordinary least squares.
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The sum of private and public saving, denoted by S.
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A financial asset issued by a firm that promises to pay a sequence of payments, called dividends, in the future. Also called stock.
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A period of time extending over a few years at most.
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The interest rate on a short-term bond (typically a year or less).
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The combination of stagnation and inflation.
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The difference between exports and imports. Also called net exports.
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negative trade balance, that is, imports exceed exports.
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The ratio of the number of unemployed to the labor force.
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The value a firm adds in the production process, equal to the value of its production minus the value of the intermediate inputs it uses in production.
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