...PROFESSIONAL POSITIONS Professor of Economics, Harvard University, September 1999 – present; Thomas D. Cabot Professor of Public Policy, January 2004 – present. Chief Economist and Director of Research, International Monetary Fund, 2001–2003. Director, Harvard Center for International Development, 2003–2004. Professor of Economics and International Affairs, Princeton University, 1992–94; Charles and Marie Robertson Professor of International Affairs, 1995–1999. Professor of Economics, University of California at Berkeley, 1989–1991. Associate Professor of Economics, University of Wisconsin-Madison, 1985–1988. Economist, International Finance Division, Board of Governors of the Federal Reserve System, 1980–1983; Section Chief, Trade and Financial Studies Section, 1984. Economist, Research Department, International Monetary Fund, Oct. 1982 – Sept. 1983. VISITING POSITIONS BP-LSE Visiting Centennial Professor, London School of Economics, 1998–99 academic year. Morgenstern Visiting Professor of Economics, New York University, spring semester 1995. Visiting Scholar, Bank of Japan, Institute for Monetary and Economic Studies, summer 1991. Visiting Scholar, Research Department, World Bank, summer 1989. Visiting Scholar, Board of Governors of the Federal Reserve System, International Finance Division, 1988, 1994....
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... School of Management BACHELOR OF MANAGEMENT Semester II, Academic Session 2012/2013 COURSE OUTLINE ATW108 – MACROECONOMICS ZAINON B HARUN Tel: ext. 2532 Room no. 122 h/p 019-577-2882 e-mail: zainon@usm.my DR TAJUL ARIFFIN MASRON Tel: ext 5158 Room no. 110 e-mail: taj.arif@yahoo.com OVERVIEW The ideas of economist and political philosophers, both when they are right and when they are wrong, are more powerful that is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. John Maynard Keynes (1883-1946) Two fundamentals facts together constitute the economizing problem and provide a foundation for economics: Society’s economic wants and Economic resources. Individuals and institutions have innumerable unfilled wants and creating unstable economic conditions. Macroeconomic is concerned with the behavior of the economy as a whole; instead of focusing on the factors that influence the production of particular products and the behavior of individual industries, it focuses on the determinants of total national output. Macroeconomic is concerned with the decision. Decisions to achieve the economic goals, Sustainable economic growth, full level of employment, economic efficiency...
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...different entities behave may differ due to their different demands and supply. What we mean by decision made at a common level is that it looks at the entire activities and behavior of the entire economy. This may be at national level, regional level or even global level. Difference between microeconomics and macroeconomics Economics is primarily split into two major sections, this are the macroeconomics and the microeconomics. The two are so much connected. Adjustment in one affects the other. Both of them work together in the world of economy. The macroeconomics can be considered to be the summation of microeconomics. However there exists a difference in the two. We shall be discussing on the distinction between the two in the subsequent few paragraphs. To begin with, the naming denotes that there is a difference between macro and microeconomics.’ macro’ stands for large in Greek, while 'micro’ stands for small in Greek. This is to explain that microeconomics covers the economy of smaller regions such as a firm, a company or even individual businesses. Macroeconomics is concerned with a larger area such as regional, national or global economy. Macroeconomics studies indicators such as inflation, GDP, unemployment, rates and price indices in order to get a comprehension on how the entire economy works. It looks into issues like national income, output,...
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...economic developments. On that score, the profession failed catastrophically, revealing fundamental theoretical inadequacies. This intellectual failure has prompted us to launch the Review of Keynesian Economics. At a time of journal proliferation, some may wonder about the need for another journal. We would respond there is a proliferation of journals, but that proliferation is essentially within one intellectual paradigm. As such, it obscures the fact that the range of theoretical inquiry is actually very narrow. A journal devoted to Keynesian economics is therefore needed, both to correct this narrowness and because events have once again confirmed the profound relevance of Keynesian theory. Reflection upon the intellectual history of macroeconomics over the past 75 years can help to understand the current predicament and need for this new journal. That...
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...Define Macroeconomics? Difference between Microeconomics And Macroeconomics. Macroeconomics is the part of economics concerned with large scale of general economic factors, such as interest rate & national productivity. Simply, macroeconomics is the study of behavior of the economy as a whole. Broadly, macroeconomics is the field of economy that studies the behavior of the aggregate economy. Macroeconomics is the branch of economics that studies the entire economy. O. M. Amos Macroeconomics, which is the study of broad aggregates such as total employment & national income. Henderson & Quanat Macroeconomics deals with large scal economic activities of environment. G. Akle Macroeconomics examines economy in wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation & price level. Finally, macroeconomics is the study of broad economic activities & trends, is possibly the largest subfield in economy which consider the performance of the economy as a whole. Microeconomics | Macroeconomics | Microeconomics is the study of the individuals economy of a person, a company or a country. | Macroeconomics is the study of the economy as a whole. | Microeconomics is also known as price theory. | Macroeconomics is also known as income theory. | All kinds of requirements of an individual or a company can be identified. | All...
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...| | |PROFESSIONAL EXPERIENCE |Credit Program Officer, Millennium Challenge Account-Armenia Program, Foreign Financing Projects Management Center State | | |Institution, Ministry of Finance of the Republic of Armenia, Yerevan, Armenia, February 2012 – current | | |Overall management, oversight and evaluation of implementation of the MCA-Armenia | | |Credit Program (total portfolio 8.5 mln USD), preparation of the reports, memos and other papers on the progress of the Project | | |Review reports, other deliverables and implementation documents developed and submitted by the MCA-Armenia Credit Program | | |implementer | | |Monitoring and analysis of rural financial market development trends, study of the policies for the Rural Financial Market | | |development | | |Consultations and coordination with stakeholders and donors working in the area of rural...
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...Fundamentals of Macroeconomics Kikisha Holmes ECO/372 Principles of Macroeconomics July 8, 2013 Lyn Bush Macroeconomics describes matters such as development, increase in prices, job loss, exchange rates, interest rates, and budget shortages. Macroeconomics provides a combined outline to report these issues and to examine the effect of different policies, such as fiscal and monetary fiscal policies, on the total behavior of individuals. This paper will define specific terms of macroeconomics and how specific examples of economic activities affect government, households, and businesses. The following terms explains the fundamentals of macroeconomics. Gross domestic product (GDP) is the aggregate of the selling prices, or values, of all finished goods and services made in the economy during a specific time frame and calculates the rate of economic activity inside the country. Real GDP is an evaluation of the value of production the economy creates. Nominal GDP is the current market value of all products and services created in the United States. Unemployment rate is the proportionate rate of the amount of individuals unemployed but are still looking for work. Inflation rate is the percentage of the rise or fall of rates on prices. Interest rate is the yearly amount charged by the lender on a product or service for the borrower to acquire the loan and allow the lender to get a return on the investment. ...
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...Impact of Macro Changes on Managerial Decisions Jones International University MBA502: Economic Theory and Applications Ciera Comstock Table of Contents [ No table of contents entries found. ] Macro-Environment Macro Environment is known as a company and all of the other actors operating in a large macro environment of forces that shape opportunities and pose threats to the company. There are major external and uncontrollable factors that influence an organization’s decision making and affect its performances and strategies. These factors include the economic, demographics, legal, political, social conditions, technological changes, and natural forces are known as the macro environment. (Johnston, 2014) Macroeconomics is intertwined with business because it is affected by all of the factors that constitutes macroeconomics. Macroeconomic is a branch of the economy that deals with certain issues that are relating to factors that affect the economy of the country as a whole. These factors include areas like the rate of unemployment, inflation, business cycles and also Gross Domestic Product (GDP). This is a big section to keep in mind when making a decision and is part of the marketing analysis. (wiseGEEK, n.d.) This environment could impact competitors, changes in interest rates, changes in cultural tastes, and also any change in government regulations. That influences a company and its’ products development. It will also change the competitors, the interest rates...
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...Abstract Macroeconomics is a branch of economics that focuses on the behavior and decision-making of an economy as a whole. We can also understand macroeconomics as the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. Macroeconomists also study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. And finally, macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, government spending and international trade. Definition: 1. Gross domestic product = gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well. GDP includes all private and public consumption, government outlays, investments and exports minus imports that occur within a defined territory. Put simply, GDP is a broad measurement of a nation’s overall economic activity. The formula to calculate the gross domestic product is as follows: GDP = C + G + I + NX where, C is equal to all private consumption, or consumer spending, in a nation's economy, G is the sum of government spending, I is the sum of...
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...Policy. [online] Available at: <http://www.s-cool.co.uk/a-level/economics/inflation-and-monetary-policy/revise-it/uk-monetary-policy > [Accessed: 16 February 2014]. (S-cool, 2014) http://www.economist.com/economics-a-to-z/c#node-21529532 (centra bank as lender of last resort) 3) The Economist.2014. Economic A-Z terms beginning with C. [Online] Available at: http://www.economist.com/economics-a-to-z/c#node-21529532 [Accessed: 20 February 2014] (The Economist, 2014) https://courses.byui.edu/econ_151/presentations/Lesson_08.htm * 4) Courses.byui.edu. 2014. ECON 151: Macroeconomics. [online] Available at: https://courses.byui.edu/econ_151/presentations/Lesson_08.htm [Accessed: 22 February 2014]. (Courses.byui.edu, 2014) http://catalog.flatworldknowledge.com/bookhub/reader/23?e=rittenmacro-ch10_s02 * 5)Flat World Knowledge. 2014. Principles of Macroeconomics 1.0 | Flat World Knowledge. [online] Available at:...
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...Differentiate between Microeconomics and Macroeconomics Name Institution Differentiate between Microeconomics and Macroeconomics According to (Krugman, 2005), Microeconomics involves analysis of individual economic units such as households, demand, and supply and market equilibrium. Macroeconomics, on the other hand, includes analysis of aggregate economic variables such as national income, inflation, unemployment and interest rates. My primary objective in this paper, therefore, is to differentiate between macroeconomics and microeconomics. This fact alone cannot distinguish macro and microeconomics. Nevertheless, microeconomics and macroeconomics are interdependent. While analyzing macroeconomics an economist has to ask questions which affect the standards of living of an entire country. Such issues will be related to inflation, unemployment, national income, product markets, fiscal policies, international trade, economic growth and interest rates (Mankiw, 2007). On the other hand, an economist while analyzing Microeconomics will look at individual’s purchasing power, demand, supply, income, utility level, labor markets, production, consumption and opportunity cost. Macroeconomics is concerned with the national income and the gross domestic product while Microeconomics is concerned with the impact of an increase or decrease in a single economic variable (Krugman, 2005). Microeconomics works on the principle that prices of goods and services are determined by the...
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...ECON545: Project 2—Macroeconomic Analysis Situation D Brian Banks 8/24/2014 Uncle Dan has a 100-acre corn farm. After 30 years of growing corn, he wishes to leave that commodity’s market and enter a more profitable market instead. He is thinking of subdividing his land and building homes and shops. He reckons he could make a good profit by selling the homes and renting the shops. Uncle Dan has several costs and risk factors to consider in making the switch. The best way to approach this scenario requires researching the economy in terms of GDP growth rate, interest rates, level of unemployment, the business cycle, fiscal policy, monetary policy, international trade, and demographics from a macroeconomics perspective. The macroeconomic factors to be considered from the view of the organization are: GDP growth rate, Business cycle, Fiscal policy and level of unemployment, monetary policy and interest rates, International trade, and Demographics. Business Cycles, Unemployment, Inflation, International - Comparative Advantage, Exchange Rates, Trade, Monetary Policy and Interest Rates, and Fiscal Policy and Unemployment are the variables that are critical in addressing the issue. The United States has one of the most diversified and most technologically advanced economies in the world. Finance, insurance, real estate, rental, leasing, health care, social assistance, professional, business and educational services...
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...Economics 2102 Intermediate Macroeconomics George Washington University Fall 2014 Professor Henry S. Terrell, Ph.D. Course Description Economics 2102 is a course in Intermediate Macroeconomics. The course will analyze the economy in a “general equilibrium” framework, where the performance of the economy in terms of output, employment and unemployment, inflation, and international trade and capital flows is determined by the simultaneous interaction of the goods, labor, money, and international markets. The course will highlight the differences between the economy in the short and long run, the important role that expectations about the future play in macroeconomic analysis, the role, limits, and transmission mechanisms of fiscal and monetary policy in efforts at economic stabilization, and the Solow model of the determinants of long-term economic growth and the role of capital formation in economic growth. The course will also explicitly consider the current challenges to the economy. Textbook and Other Materials The textbook is MacroEconomics, by Andrew B. Abel, Ben S. Bernanke, and Dean Croushore, 8th edition. The MyEconLab system that comes with that textbook is required. Grades will be based on: 1. Three problem sets turned in on MyEconLab that will count for a total of 25 percent. The problem sets when turned in are graded immediately and you will have three chances to correct any mistakes and resubmit your answers. The first problem set will...
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...Chapter 1 What is Macroeconomics? ( Chapter Outline 1. How Macroeconomics Affects Our Everyday Lives (a) The “Big Three” Concepts of Macroeconomics 2. Defining Macroeconomics (a) How Macroeconomics Differs from Microeconomics (b) Economic Theory: A Process of Simplification 3. Actual and Natural Real GDP (a) Unemployment: Actual and Natural (b) Real GDP and the Three Macro Concepts 4. Macroeconomics in the Short Run and Long Run (a) The Short Run: Business Cycles (b) Business Cycle Concepts (c) The Long Run: Economic Growth 5. Case Study: A Century of Business Cycles (a) Real GDP (b) Unemployment 6. Macroeconomics at the Extremes (a) Unemployment in the Great Depression, 1929–40 (b) The German Hyperinflation of 1922–23 (c) Fast and Slow Growth in Asia 7. Taming Business Cycles: Stabilization Policy (a) The Role of Stabilization Policy 8. The “Internationalization” of Macroeconomics IP* Box: How Does U.S. Economic Performance Rank? ( Chapter Overview Chapter 1 begins by introducing a set of three central macroeconomic concepts, called the “Big Three Concepts of Macroeconomics. They are the unemployment rate, the inflation rate, and productivity growth. Introducing the field of macroeconomics to students in this way has an important advantage. It facilitates the early introduction and definition of basic macroeconomic terminology, which gives students a chance to get used to thinking of macroeconomic issues in terms...
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...Question 1: How is the Microeconomics different from macro economics? Discuss also the subject matter of Microeconomics in detail. Answer: MICROECONOMICS "Micro Economics is the study of particular firm, particular household, individual prices, wages, incomes, individual industries and particular commodities." ( K. E. Boulding) In micro economics, we study the small segments of an economy or, in other words, we take up the individual decision – making units of an economy in microeconomics e.g., we analyze the demand of a product or often individual and the equilibrium price of a product rather than discussing the aggregate demand of the economy and the general price level in a country. Similarly in microeconomics, we study the determination of price/reward of a factor of production, analysis of an individual firm or industry, the consumption pattern of a person, choice of technique and different market situations etc. Microeconomics is generally called the “Price Theory”. • Production. In this part of microeconomics we study the meaning of the production of wealth, the cost of production and how it is minimized factor of production and their relative importance in the production process, the production function, the analysis of supply etc. • Exchange. This part covers the market mechanism or the exchange of wealth through the forces of demand and supply, perfect and imperfect market at the behavior of the competitors etc. • Distribution. This part starts with the theory...
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