Macroeconomics and European Economic Integration

This class was created by Brainscape user Caroline Steffensen. Visit their profile to learn more about the creator.

Flashcard maker: Caroline Steffensen

Decks in this class (7)

Closed Economy: The Goods Market (topic 2)
Interaction between demand, production, and income (how does fiscal policy affect output?) Equilibrium can be: o Production = demand o Investment = saving
32  cards
Closed Economy: The Financial Market (topic 3)
Focus: equilibrium in financial markets and determination of the interest rate (how does monetary policy determine the interest rate?)
30  cards
Closed Economy: Extended IS-LM model (topic 4+5)
Focus: what determines output and the interest rate in the short run and what are the roles of fiscal- and monetary policy? Extension of the IS-LM model (explaining what happened during the financial crisis)
30  cards
IS-LM in open economy (topic 6)
Focus: domestic vs foreign goods and assets? Output depends on both domestic and foreign demand. Effects of fiscal and monetary policies depend on the exchange rate regime.
31  cards
Inflation and unemployment (topic 7)
Focus: the natural rate of unemployment is the rate at which the wage demands of workers are consistent with the price decisions of firms. Medium run. Low unemployment puts upward pressure on inflation, but the form of the relation depends on how people and firms form expectations.
17  cards
IS-LM-PC (topic 8)
Focus: short run = demand determines output  medium run = policy makes output return to potential
13  cards
Exchange rate regimes - short + medium run (topic 9)
Focus: interactions between a country and the rest of the world considering the medium run price fluctuations Prices affect the real exchange rate i.e., when the economy is above or below its natural level, prices tend to increase/decrease and these fluctuations will push the exchange rate up/down  affects net exports and output.
12  cards

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Macroeconomics and European Economic Integration

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