Makro II

Jehlifisch Universität, Herbstsemester 2013

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Manuel Ging

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Manuel Ging

Über diese Lernkartei

Diese Lernkarten bieten einen umfassenden Überblick über makroökonomische Konzepte auf Universitätsniveau. Sie decken Themen wie Geldpolitik, Wirtschaftswachstum, Wechselkurse und keynesianische Modelle ab, wobei Schwerpunkte auf der Analyse von Boom- und Rezessionsphasen, der Geldnachfrage und der Wirtschaftsdynamik liegen. Besonders nützlich sind sie für Studierende der Volkswirtschaftslehre, die sich mit komplexen volkswirtschaftlichen Zusammenhängen und deren mathematischen Modellen vertraut machen möchten. Die Karteikarten helfen, die theoretischen Grundlagen zu verstehen und praktische Anwendungen in der Wirtschaftspolitik zu erkennen.

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177

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Sprache

Deutsch

Kategorie

VWL

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Universität

Erstellt / Aktualisiert

29.12.2013 / 09.12.2016

Ähnliche Karteien

Cartes-fiches

(Money, interest rates and the global economy)

Exports

exceed imports if the currency is overvalued

depend on world income as well as domestic income

rise when the interest rate falls

are helped by undervaluation

are recorded in the current account

(Money, interest rates and the global economy)

The real exchange rate

is the one actually paid by banks (as opposed to the rate posted on the internet for informational purposes)

is a measure of relative prices in two countries

is 1 if a currency is neither over- nor undervalued

is a different word for purchasing power parity

falls when domestic prices rise

(Money, interest rates and the global economy)

The IS curve

is drawn for a given (real) exchange rate

is upward-sloping

would be vertical if investment depended on income but not on the interest rate

would be horizontal if investment depended on income but not on the interest rate

moves to the left if world income rises

(Money, interest rates and the global economy)

Decreasing the money supply

shifts the IS curve to the right

shifts the IS curve to the left

shifts the LM curve to the left

has a higher impact on income, the more responsive investment is to changes in the interest rate

has the largest impact on income if the IS curve is vertical

(Money, interest rates and the global economy)

An increase in government purchases

moves the IS curve by less than the full multiplier (due to crowding out)

shifts the IS curve to the right

gives rise to an increase in the interest rate

changes the composition of income (due to crowding out)

has a larger effect on income, the steeper the IS curve is

(Booms and recessions (II): the national economy)

Fiscal policy (under perfect capital mobility)

manipulates government spending, taxes, and the money supply

affects income under flexible exchange rates

is crowded out by exchange rate movements under flexible exchange rates

affects the money supply under fixed exchange rates

affects the current account under flexible exchange rates

(Booms and recessions (II): the national economy)

Monetary policy

affects income under any exchange rate system

is crowded out by appreciation under flexible exchange rates

affects the current account under fixed exchange rates

affects the CA under flexible exchange rates

none of the above

(Booms and recessions (II): the national economy)

Check if you agree:

Transition dynamics is described by the Mundell-Fleming model

Comparative static analysis looks at how equilibrium is affected

Dynamic analysis needs to know which variables respond quickly

Comparative static analysis needs to know which variables respond quickly

Comparative static analysis checks whether an equilibrium is stable

(Booms and recessions (II): the national economy)

Uncovered interest parity

is a simplified equilibrium for the foreign exchange market compared to i = iw

says that domestic and foreign interest rates are always equal

says that expected depreciation equals the sum of the domestic and the foreign interest rate

says that the home interest rate equals the world interest rate plus expected depreciation

none of the above

(Booms and recessions (II): the national economy)

Exchange rate expectations

may drive domestic and foreign interest rates apart

prevent exchange rate overshooting

make a short-run equilibrium feasible when income reaction takes time

take the exchange rate equilibrium into account

do not fit into the Mundell-Fleming model

(Booms and recessions (II): the national economy)

The exchange rate is said to overshoot if

its immediate response to, say, a money supply increase, exceeds its long-run response

if it responds too quickly to a money supply change

it responds excessively to an exogenous shock

it initially moves in the wrong direction

it jumps to the wrong long-run equilibrium

(Booms and recessions (II): the national economy)

When firms operate at full capacity and prices may change

fiscal and monetary policy work the same way as with fixed prices

the real money supply doesn't change (under perfect capital mobility)

the nominal money supply never changes

the real exchange rate never changes

there is full crowding out of any increase in government spending

(Booms and recessions (II): the national economy)

Today's exchange rate

influences aggregate demand

is a weighted average between today's money supply (plus possibly other variables) and the exchange rate expected for tomorrow

is a weighted average of today's money supply and yesterday's exchange rate

equals the exchange rate expected for tomorrow

responds one-to-one to money supply changes, but also to expected depreciation

(Booms and recessions (II): the national economy)

In the Mundell-Fleming model with perfect capital mobility

the position of the LM curve is endogenous under flexible exchange rates.

the position of the IS curve is exogenous under fixed exchange rates.

the position of the FE curve is endogenous under flexible exchange rates.

a shock in the goods market does not affect aggregate income under flexible exchange rates.

an increase in the world interest rate makes IS move to the right under flexible exchange rates.

(Booms and recessions (II): the national economy)

Let the FE curve be vertical. Then an increase in foreign interest rates

raises aggregate income.

lowers aggregate income.

has no effect on aggregate income.

has an effect on aggregate income that depends on the exchange rate system.

makes the home currency depreciate.

(Enter aggregate supply)

The AS curve

shows the total quantity of goods demanded at different price levels

is horizontal in the long run

implicitly assumed in the Mundell-Fleming model is horizontal

shows the total number of goods supplied at different price levels

is vertical in the classical case

(Enter aggregate supply)

Indicate whether you agree:

The partial production function indicates which part of output produced can be sold

The production function links output to the factors of production

The slope of the partial production function shows the marginal product of labor (in a diagram with Y and L on axis)

The marginal product of labor rises if more labor is being used

The marginal product of both capital and labor is decreasing

(Enter aggregate supply)

The demand for labor (curve)

depends on the real wage

is independent of the marginal product of labor

falls if the real wage falls

can be derived from the production function

depends on the size of the labor force

(Enter aggregate supply)

The labor force

depends on the real wage

includes those who are voluntarily unemployed

obtains after subtract those from the population who are too young or too old

always equals the active population

may also be called the labor supply

(Enter aggregate supply)

Equilibrium in the labor market obtains

where all the active population is employed

when the nominal wage equals the price level

where the labor demand curve and the labor supply curve intersect

when neither voluntary nor involuntary unemployment exists

(Enter aggregate supply)

Potential output

results from the employment level that clears the labor market

could be produced if all the active population was employed

is an equilibrium concept

is the highest output an economy can currently produce

would always be produced if there were no trade unions

(Enter aggregate supply)

Which factors may cause or prolong involuntary unemployment?

Minimum wages

Efficiency wages

Shorter work-hours

high taxes

Insider-outsider behavior

(Enter aggregate supply)

Trade unions

are perceived to maximize the wage sum

cause collectively involuntary unemployment

cause individually involuntary unemployment

create a real wage rigidity

possess preferences to be represented by hyperbola-shaped indifference curves in w-L space

(Enter aggregate supply)

Real wage rigidities

boost income beyond classical income

cause only voluntary unemployment

are only possible in the presence of trade unions

cause involuntary unemployment

move the long-run AS curve to the right

(Enter aggregate supply)

Sticky wages

move the long-run AS curve to the left

may be due to long-term wage contracts

may cause income to deviate from potential income

are due to the presence of trade unions

give the short-run AS curve a positive slope

(Enter aggregate supply)

What does the Beveridge curve indicate?

A relationship between unemployment and inflation

A relationship between employment and inflation

The effect of inflation on vacancies

The effect of vacancies on output

None of the above

(Enter aggregate supply)

How do you derive the equilibrium unemployment rate (u*) from the Beveridge curve?

Draw a horizontal line at the current inflation rate, then read u* off the horizontal axis

Draw a vertical line at the potential output, then read u* off the vertical axis

Draw the equilibrium line through the origin. Then read u* off the axis measuring u

Draw a line of tangency with slope -1 to the Beveridge curve. The tangency point identifies u*

None of the above

(Booms and recessions (III): aggregate supply and demand)

The position of the AS curve is determined by

the real exchange rate

the world interest rate

expected depreciation

the expected price level

all of the above

(Booms and recessions (III): aggregate supply and demand)

The AD curve

has a negative slope

moves left when the exchange rate depreciates

is vertical in the long run

shows demand-side equilibrium incomes that obtain at different price levels

can be derived from the labor demand and supply curves

(Booms and recessions (III): aggregate supply and demand)

Which factors move the AD curve to the right under flexible exchange rates?

A rise in the world interest rate

A rise in world income

A tax reduction

A fall in world prices

A money supply increase

(Booms and recessions (III): aggregate supply and demand)

Which factors move AD to the right under fixed exchange rates?

An expected devaluation

A rise in the world interest rate

A fall in the world interest rate

An increase in government spending

A rise in world income

(Booms and recessions (III): aggregate supply and demand)

The LAS curve

is vertical

is horizontal

intersects with the AS curve at the expected price level

intersects with the AS curve at the equilibrium price level

intersects with the AD curve at the expected price level

(Booms and recessions (III): aggregate supply and demand)

Increased government spending under flexible exchange rates

shifts the AD curve to the left

does not shift the AD curve

shifts the AD curve to the right

reduces investment (crowding out)

reduces net exports (crowding out)

(Booms and recessions (III): aggregate supply and demand)

Increased government spending under fixed exchange rates

shifts the AD curve to the left

does not shift the AD curve

shifts the AD curve to the right

reduces investment (crowding out)

reduces net exports (crowding out)

(Booms and recessions (III): aggregate supply and demand)

A contraction of the money supply (under flexible exchange rates)

shifts the AD curve to the left

does not shift the AD curve

shifts the AD curve to the right

will cause the exchange rate to depreciate

will cause the exchange rate to appreciate

(Economic growth (I): basics)

Mark the three key building blocks of the graphical Solow model

The partial production function, L fixed

The consumption function

The saving function

The investment requirement line

The partial production function, K fixed

(Economic growth (I): basics)

The marginal product of capital

is given by the slope of a ray from the origin to a point on the production function

is constant if we employ a Cobb-Douglas production function

is decreasing if we employ a Cobb-Douglas production function

is measured by the exponent on capital in a Cobb-Douglas production function

is given by the slope of the production function

(Economic growth (I): basics)

The saving function

indicates gross saving

indicates net saving

is a straight line

indicates the saving required to maintain current capital stock

indicates saving at different steady state capital stocks

(Economic growth (I): basics)

The investment requirement line (in per capita terms)

is proportional to the production function

indicates investment required to maintain current per capita capital stock

is a straight line

indicates investment required to keep inventories at desired level

has slope 'rate of depreciation (+ population growth)'

(Economic growth (I): basics)

Check box if you agree:

If all currently available labor and capital is used, we are in a steady state

Steady state income is also potential income

Potential income is also steady state income

Potential income only obtains if the capital stock is in equilibrium

Steady state income only obtains if the capital stock is in equilibrium

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Makro II

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