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Chapter 1 Topics
What is macroeconomics? GDP, economic growth, business cycles. Macroeconomic models. Understanding recent and current macroeconomic events.
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What is Macroeconomics?
Models built to explain macroeconomic phenomena. The important pheonomena are long-run growth and business cycles. Approach in this book is to build up macroeconomic analysis from microeconomic principles.
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Figure 1.1 Per Capita Real GDP (in 2005 dollars) for the United States, 19002011
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Figure 1.3 Natural Logarithm of Per Capita Real GDP and Trend
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Figure 1.4 Percentage Deviations from Trend in Per Capita Real GDP
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Macroeconomic Models
A macroeconomic model captures the essential features of the world needed to analyze a particular macroeconomic problem. Macroeconomic models should be simple, but they need not be realistic.
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Figure 1.10 The Inflation Rate and the Money Growth Rate
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Figure 1.11 The Nominal Interest Rate and the Inflation Rate
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