120 relations: Adaptive expectations, AD–AS model, Addison-Wesley, Aggregate demand, Aggregate supply, Animal spirits (Keynes), Austrian School, Automatic stabilizer, Boston, Business cycle, Cambridge, Cambridge University Press, Capital (economics), Central bank, Consumption (economics), Cost-push inflation, Crowding out (economics), David Romer, Debt, Deflation, Demand-pull inflation, Discouraged worker, Dynamic stochastic general equilibrium, Economic development, Economic growth, Economic policy, Economics, Economy, Edmund Phelps, Edward C. Prescott, Endogenous growth theory, Final good, Finn E. Kydland, Fiscal multiplier, Franco Modigliani, Frictional unemployment, Government spending, Great Depression, Greg Mankiw, Gross domestic product, History of Federal Open Market Committee actions, Human capital, Huw Dixon, Imperfect competition, Inflation, Inflation targeting, Inside lag, International finance, International trade, Investment (macroeconomics), ..., Irving Fisher, IS–LM model, James Tobin, John B. Taylor, John Maynard Keynes, Julio Rotemberg, Keynes effect, Keynesian economics, League of Nations, Learning-by-doing (economics), Liquidity preference, Liquidity trap, London, Lucas critique, Ludwig von Mises, Macroeconomic model, Measures of national income and output, Michael Woodford (economist), Microeconomics, Milton Friedman, Monetary economics, Monetary policy, Money supply, Multiplier (economics), National accounts, Neoclassical synthesis, New classical macroeconomics, New Keynesian economics, New neoclassical synthesis, Nominal rigidity, Okun's law, Olivier Blanchard, Output (economics), Outside lag, Oxford University Press, Paul Samuelson, Phillips curve, Pigou effect, Potential output, Prentice Hall, Price index, Production function, Quantitative easing, Quantity theory of money, Ragnar Frisch, Ramsey–Cass–Koopmans model, Rational expectations, Real business-cycle theory, Recession, Robert Lucas Jr., Robert Solow, Routledge, Stabilization policy, Stanley Fischer, Structural unemployment, Tax, The General Theory of Employment, Interest and Money, The Theory of Money and Credit, Total factor productivity, Understanding by Design, Unemployment, University of California, Los Angeles, University of Chicago Press, Value added, Velocity of money, Wealth, Workforce, Yale University Press, Yield curve, 1970s energy crisis. Expand index (70 more) » « Shrink index
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.
The AD–AS or aggregate demand–aggregate supply model is a macroeconomic model that explains price level and output through the relationship of aggregate demand and aggregate supply.
Addison-Wesley is a publisher of textbooks and computer literature.
In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time.
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.
Animal spirits is the term John Maynard Keynes used in his 1936 book The General Theory of Employment, Interest and Money to describe the instincts, proclivities and emotions that ostensibly influence and guide human behavior, and which can be measured in terms of, for example, consumer confidence.
The Austrian School is a school of economic thought that is based on methodological individualism—the concept that social phenomena result from the motivations and actions of individuals.
In macroeconomics, automatic stabilizers are features of the structure of modern government budgets, particularly income taxes and welfare spending, that act to dampen fluctuations in real GDP.
Boston is the capital city and most populous municipality of the Commonwealth of Massachusetts in the United States.
The business cycle, also known as the economic cycle or trade cycle, is the downward and upward movement of gross domestic product (GDP) around its long-term growth trend.
Cambridge is a university city and the county town of Cambridgeshire, England, on the River Cam approximately north of London.
Cambridge University Press (CUP) is the publishing business of the University of Cambridge.
In economics, capital consists of an asset that can enhance one's power to perform economically useful work.
A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.
Consumption is the process in which consumers (customers or buyers) purchase items on the market.
Cost-push inflation is a type of inflation caused by substantial increases in the cost of important goods or services where no suitable alternative is available.
In economics, crowding out is argued by some economists to be 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.
David Hibbard Romer (born March 13, 1958) is an American economist, the Herman Royer Professor of Political Economy at the University of California, Berkeley, the author of a standard textbook in graduate macroeconomics as well as many influential economic papers, particularly in the area of New Keynesian economics.
Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor.
In economics, deflation is a decrease in the general price level of goods and services.
Demand-pull inflation is asserted to arise when aggregate demand in an economy outpaces aggregate supply.
In economics, a discouraged worker is a person of legal employment age who is not actively seeking employment or who does not find employment after long-term unemployment.
Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a method in macroeconomics that attempts to explain economic phenomena, such as economic growth and business cycles, and the effects of economic policy, through econometric models based on applied general equilibrium theory and microeconomic principles.
economic development wikipedia Economic development is the process by which a nation improves the economic, political, and social well-being of its people.
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.
The economic policy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy.
Economics is the social science that studies the production, distribution, and consumption of goods and services.
An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents.
Edmund Strother Phelps, (born July 26, 1933) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences.
Edward Christian Prescott (born December 26, 1940) is an American economist.
Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces.
In economics, any commodity which is produced and subsequently consumed by the consumer, to satisfy his current wants or needs, is a consumer good or final good.
Finn Erling Kydland (born 1 December 1943) is a Norwegian economist known for his contributions to business cycle theory.
In economics, the fiscal multiplier (not to be confused with monetary multiplier) is the ratio of a change in national income to the change in government spending that causes it.
Franco Modigliani (June 18, 1918 – September 25, 2003) was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics.
Frictional unemployment is the unemployment that results from time spent between jobs when a worker is searching for, or transitioning from one job to another.
Government spending or expenditure includes all government consumption, investment, and transfer payments.
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.
Nicholas Gregory Mankiw (born February 3, 1958) is an American macroeconomist and the Robert M. Beren Professor of Economics at Harvard University.
Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time.
This is a list of historical rate actions by the United States Federal Open Market Committee (FOMC).
Human capital is a term popularized by Gary Becker, an economist and Nobel Laureate from the University of Chicago, and Jacob Mincer.
Huw David Dixon (/hju: devəd dɪksən/), born 1958, is a British economist. He has been a professor at Cardiff Business School since 2006, having previously been Head of Economics at the University of York (2003–2006) after being a Professor of economics there (1992–2003), and the University of Swansea (1991–1992), a Reader at Essex University (1987–1991) and a lecturer at Birkbeck College (University of London) 1983–1987.
In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.
In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.
Inflation targeting is a monetary policy regime in which a central bank has an explicit target inflation rate for the medium term and announces this inflation target to the public.
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.
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.
International trade is the exchange of capital, goods, and services across international borders or territories.
In macroeconomics, investment is the amount of goods purchased per unit time which are not consumed at the present time.
Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist, statistician, inventor, and Progressive social campaigner.
The IS–LM model, or Hicks–Hansen model, is a macroeconomic tool that shows the relationship between interest rates (ordinate) and assets market (also known as real output in goods and services market plus money market, as abscissa).
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities.
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.
John Maynard Keynes, 1st Baron Keynes (5 June 1883 – 21 April 1946), was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
Julio Jacobo Rotemberg was an Argentine/American economist at Harvard Business School.
The Keynes effect is the effect that changes in the price level have upon goods market spending via changes in interest rates.
Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).
The League of Nations (abbreviated as LN in English, La Société des Nations abbreviated as SDN or SdN in French) was an intergovernmental organisation founded on 10 January 1920 as a result of the Paris Peace Conference that ended the First World War.
Learning-by-doing is a concept in economic theory by which productivity is achieved through practice, self-perfection and minor innovations.
In macroeconomic theory, liquidity preference is the demand for money, considered as liquidity.
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 cash holding a debt 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 hoard cash because they expect an adverse event such as deflation, insufficient aggregate demand, or war.
London is the capital and most populous city of England and the United Kingdom.
The Lucas critique, named for Robert Lucas's work on macroeconomic policymaking, argues that it is naive 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.
Ludwig Heinrich Edler von Mises (29 September 1881 – 10 October 1973) was an Austrian-American theoretical Austrian School economist.
A macroeconomic model is an analytical tool designed to describe the operation of the economy of a country or a region.
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 also called as NNI at factor cost (NNI* adjusted for natural resource depletion).
Michael Dean Woodford (born 1955) is an American macroeconomist and monetary theorist who currently teaches at Columbia University.
Microeconomics (from Greek prefix mikro- meaning "small") 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.
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist 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.
Monetary economics is a branch of economics that provides a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account.
Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.
In economics, the money supply (or money stock) is the total value of monetary assets available in an economy at a specific time.
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.
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation.
The neoclassical synthesis was a post-World War II academic movement in economics that worked towards absorbing the macroeconomic thought of John Maynard Keynes into neoclassical economics.
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.
New Keynesian economics is a school of contemporary macroeconomics that strives to provide microeconomic foundations for Keynesian economics.
The new neoclassical synthesis (NNS) or new synthesis is the fusion of the major, modern macroeconomic schools of thought, new classical and Neo-Keynesianism, into a consensus on the best way to explain short-run fluctuations in the economy.
Nominal rigidity, also known as price-stickiness or wage-stickiness, describes a situation in which the nominal price is resistant to change.
In economics, Okun's law (named after Arthur Melvin Okun, who proposed the relationship in 1962) is an empirically observed relationship between unemployment and losses in a country's production.
Olivier Jean Blanchard (born December 27, 1948) is a French economist, professor and Senior Fellow at the Peterson Institute for International Economics.
Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country", whether consumed or used for further production.
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.
Oxford University Press (OUP) is the largest university press in the world, and the second oldest after Cambridge University Press.
Paul Anthony Samuelson (15 May 1915 – 13 December 2009) was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences.
The Phillips curve is a single-equation empirical model, named after William Phillips, describing a historical inverse relationship between rates of unemployment and corresponding rates of rises in wages that result within an economy.
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.
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.
Prentice Hall is a major educational publisher owned by Pearson plc.
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.
In economics, a production function relates quantities of physical output of a production process to quantities of physical inputs or production function refers as the expression of the technological relation between physical inputs and outputs of the goods.
Quantitative easing (QE), also known as large-scale asset purchases, is an expansionary monetary policy whereby a central bank buys predetermined amounts of government bonds or other financial assets in order to stimulate the economy and increase liquidity.
In monetary economics, the quantity theory of money (QTM) states that the general price level of goods and services is directly proportional to the amount of money in circulation, or money supply.
Ragnar Anton Kittil Frisch (3 March 1895 – 31 January 1973) was a Norwegian economist and the co-recipient of the first Nobel Memorial Prize in Economic Sciences in 1969 (with Jan Tinbergen).
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.
In economics, "rational expectations" are model-consistent expectations, in that agents inside the model are assumed to "know the model" and on average take the model's predictions as valid.
Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) shocks.
In economics, a recession is a business cycle contraction which results in a general slowdown in economic activity.
Robert Emerson Lucas Jr. (born September 15, 1937) is an American economist at the University of Chicago.
Robert Merton Solow, GCIH (born August 23, 1924), is an American economist, particularly known for his work on the theory of economic growth that culminated in the exogenous growth model named after him.
Routledge is a British multinational publisher.
A stabilization policy is a package or set of measures introduced to stabilize a financial system or economy.
Stanley Fischer (סטנלי פישר; born October 15, 1943) is an Israeli American economist and former vice chairman of the Federal Reserve.
Structural unemployment is a form of unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded of workers by employers (also known as the skills gap).
A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.
The General Theory of Employment, Interest and Money of 1936 is the last and most important book by the English economist John Maynard Keynes.
The Theory of Money and Credit is a 1912 economics book written by Ludwig von Mises, originally published in German as Theorie des Geldes und der Umlaufsmittel.
In economics, total-factor productivity (TFP), also called multi-factor productivity, is the portion of output not explained by traditionally measured inputs of labour and capital used in production.
Understanding by Design, or UbD, is an educational planning approach.
Unemployment is the situation of actively looking for employment but not being currently employed.
The University of California, Los Angeles (UCLA) is a public research university in the Westwood district of Los Angeles, United States.
The University of Chicago Press is the largest and one of the oldest university presses in the United States.
In business, the difference between the sale price and the production cost of a product is the unit profit.
Similar chart showing the velocity of a broader measure of money that covers M2 plus large institutional deposits, M3. The US no longer publishes official M3 measures, so the chart only runs through 2005. The term "velocity of money" (also "The velocity of circulation of money") refers to how fast money passes from one holder to the next.
Wealth is the abundance of valuable resources or valuable material possessions.
The workforce or labour force (labor force in American English; see spelling differences) is the labour pool in employment.
Yale University Press is a university press associated with Yale University.
In finance, the yield curve is a curve showing several yields or interest rates across different contract lengths (2 month, 2 year, 20 year, etc....) for a similar debt contract.
The 1970s energy crisis was a period when the major industrial countries of the world, particularly the United States, Canada, Western Europe, Japan, Australia, and New Zealand, faced substantial petroleum shortages, real and perceived, as well as elevated prices.
Macro economics, Macro-economic, Macro-economic theory, Macro-economics, Macroeconomic, Macroeconomic policies, Macroeconomic policy, Macroeconomic theory, Macroeconomic vulnerability, MacroeconomicS, Macroeconomics study, Macroeconomist, Macroeconomy, Marcoeconomics, Open Economy Marcoeconomics, Open economy macroeconomics.