ap宏观经济学知识点

ap宏观经济学知识点

【篇一：ap宏观经济学知识点】

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六、 ap经济学考试中的十三大要点

1 、fundamentals of economic analysis

scarce resources

production possibilities

functions of economic system

s

2、 demand, supply, market equilibrium, and welfare analysis

demand

supply

market equilibrium

welfare analysis

3、elasticity, microeconomic policy, and consumer theory

elasticity

microeconomic policy and applications of elasticity

consumer choice

4、the firm, profit, and the costs of production

firms, opportunity costs, and profits

production and cost

5、market structures, perfect competition, monopoly, and things between

perfect competition

monopoly

monopolistic competition

oligopoly

6、factor markets

factor demand

least-cost hiring of multiple inputs

factor supply and market equilibrium

imperfect competition in product and factor markets

7、public goods, externalities, and the role of government

public goods and spillover benefits

pollution and spillover costs

income distribution and tax structures

8、 macroeconomic measures of performance

the circular flow model

accounting for output and income

inflation and the consumer price index

unemployment

9、 consumption, saving, investment, and the multiplier

consumption and saving

investment

the multiplier effect

10、aggregate demand and aggregate supply

aggregate demand

aggregate supply

macroeconomic equilibrium

the trade-off between inflation and unemployment

11、fiscal policy, economic growth, and productivity

expansionary and contractionary fiscal policy

difficulties of fiscal policy

economic growth and productivity

12、money, banking, and monetary policy

money and financial assets

fractional reserve banking and money creation

monetary policy

13、 international trade

comparative advantage and gains from trade

balance of payments

foreign exchange rates

trade barriers

【篇二：ap宏观经济学知识点】

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macro econ1 macroeconomics: branch of economics that focus on economy as a whole

2 microeconomics: branch of economics that analyze inp>gdp3 gdp per capita: gdp/population. a measurement of living standard.

4 gdp=c+i+g+nx

5 consumption:

(a)only final good counts: any intermediate good are not counted to prevent double count

(b) resale is not counted: people know they can resale it later so the value of that good is not as high as the price shows.

(c) transaction without money does not count

(d) underground economy does not count

investment: purchase of equipment, new construction and unsold inventories(存货)

government spending: all spending on goods or services, does not count welfare. sometimes it can over state quality of life as some spending does not create so much utility.

net export: export: produced but not consumed in a country, does not matter if a foreigner produces them. import: consumed but not produced in a country.

gdp can be an overstatement of life if negative externality exists. it can be an understatement of life

gdp= wages +rent +interest +profit

inflation6 inflation: an increase in the overall price level=decrease of purchase power of currency

7 when increasing money supply, real wealth shifts to money maker

8 money neutrality: a pone time change in money supply will have no real effect in the long run.

9 shoe leather costs: the effort made to decrease the effect of inflation. like withdrawing money to purchase real good.

10 menu costs: cause of price stickiness. there is cost to change price so company will not change price immediately until mb mc

11 contract: cause of wage stickiness, usually for a year

12 rational expectation: people expect inflation and act accordingly. the average error of expectation is zero.

13 gdp deflator: one way to calculate inflation: p>14 cpi: takes a fixed basket of good and calculate their price 15. cpi vs. gdp deflator: cpi only looks at consumer goods. also people tend to buy less of one thing if price increases so cpi is not accurate. a common problem for both ways is that they do not take into account the quality. a good with better quality now is still counted the same as before. 16. deflation: inflation is negative. it is very harmful as interest rate can not be lower than zero.

unemployment15 people employed/total labor force=unemployment rate

16 those not looking for a job, too young and prisoner or patient are not counted in labor force

17 discouraged worker: people who give up looking for a job. more discouraged workers can increase employment rate.

18 types of unemployment: seasonal, structural, frictional and cyclical. seasonal, structural and frictional are unavoidable so no cyclical unemployment means full employment, or natural rate of unemployment.

19 effect of unemployment: lower output(okun’s law: for every percent of unemployment higher than natural rate, gdp is 2percent lower than potential), stress, workers loses skill, send a bad signal to employer

20 bias about unemployment: the leisure people experience when not having a job decrease the negative effect of unemployment. however, the life is stressful and people may spend some of the time looking for a job and these factors make things worse.

aggregate demand egate demand21 ad: total expenditure in a country

22 ad is downward sloping because:

(a)wealth effect: the higher the price level, the less you can buy with a fixed amount of money

(b) interest rate effect: higher price level—carry more money—less savings—higher interest rate—lower investment

(c) exchange rate effect: higher price level—carry more money—less savings—higher interest rate—appreciate currency—more import and less export

3. shifts of ad: changes in expectations, animal spirit (confidence), change in money supply, fiscal policy

aggregate supply23 aggregate supply: total supply. the long run as curve is vertical, only affected by change in resources and technology. short run as is upward sloping. 24 as is upward sloping because:

(a)sticky price: lower price level and same nomial price—more real price—less demand--less supply

(b) sticky wages: lower price level and same wage—more real wage—higher cost—produce less (sticky wages may caused by money illusion, labor contracts, labor regulation and union power)

3. shifts of as: real factors of production will cause both lras and sras to shift. expectations and change in price or wages will cause sras to shift.

4. demand pull inflation: increase in ad (may caused by increase in money supply or fiscal stimulus)—decrease in as—equilibrium and higher price level

5. cost push inflation: decrease in as—increase in ad—equilibrium and higher price level

6. inflation gap: ad increases and the gap between the sr and lr level of output is inflation gap.

7. recessionary gap: ad decreases and the gap between sr and lr level of output is recessionary/output gap

supply side economics25 supply side economics tend to solve problem in macroeconomics by changing as. they would agree a cut of tax if it can increase people’s incentive to work. so they do not agree a fund back of last year’s tax. 26 laffer curve: when tax rate is higher than a number, tax revenue may decrease when government increases tax rate because the decrease in efficiency is so great.

what is money27 uses of money: medium of exchange, unit of account and store of value

28 properties of money: portable(easy to carry around), fungible(can be p>29 definition of money: m0: only currency

m1:m0+checking deposit

m2: m1+close money substitutes

quantity theory of money30 mv=py

31 ex: when fed prints money but does not use them, v=0 so there is no real effect in the economy

savings and investment:32 an economy can only save by building constructions that might be used in the future

33 in a closed economy: c+i+g=gdp=c+g+savings (total spending +that are not spent)

monetary policy34 monetary policy is the policy taken by federal reserve to control economy

35 open market operation: buy or sell treasury bond to increase or decrease total money supply in the economy

36 discount rate: rate of interest rate banks borrow money from the fed

37 federal funds rate: the interest rate that the fed targeted with open market operation

38 reserve requirement: the required amount of money a bank need to hold, usually not used as a tool as:

1. if fed raises rr during expansion, bank may have a difficult time to get enough rr

2. if fed decreases rr during recession, it has no effect as the bank can not loan out the extra amount of money

fiscal policy39 fiscal policy is the action of government to control the economy, usually include government spending and change of tax rate

40 expansionary fiscal policy may cause an increase in interest rate as government must borrow before spend. this will crowd out private investment.

fiscal and monetary policy41 fiscal and monetary policy may help or cancel out each other. there is a chart in the hand out

42 after fed multiplier: is the overall effect of fiscal and monetary policy. if ad increases, it is positive; if ad decreases, it is negative; if ad does not change, it is zero.

interest rate determination43 short run: if fed takes expansionary policy—ms increases—saving shifts to the right—lower interest rate

44 long run: if fed takes expansionary policy—md increases—saving shifts back—interest rate back to former one

all formulas for calculation1. fiscal policy:

(a)spending multiplier=1/mps=1/(1-mpc)

(b) tax multiplier=mpc/mps

(c) balance multiplier=spending multiplier+ tax multiplier=1

2. omo:

(a) change in money supply: 1/rr*bp (bond)

(b) new loans: 1/rr*bp-bp

(c) reserves: bp

3. new deposit:

(a) change in money supply:

1/rr*dd (deposit money)-dd

(b) demand deposit: 1/rr*dd

(c) loans: 1/rr*dd-dd

(d) reserves: dd

international trade46 current account: account of physical good. export counts as positive and import counts as negative. 47 capital account: account of liability. when other countries invest in your country it is positive. 48 capital account +current account=0 49 exchange rate: price of other currency. when it takes more foreign currency to but the same amount of your currency, your currency is appreciate. otherwise, it is depreciate. 50 shift of demand and supply of currency: an increase in interest rate will increase the demand of a currency and increase the supply of other currency. thus your currency is appreciated. 51 effect of exchange rate on imports and exports: currency appreciates is good for import and bad for export. 52 law of one price (inflation and exchange rate): increase in inflation will decrease the purchasing power of currency. according to law of one price, price everywhere will be the same if transaction cost is neglectable. thus this currency will depreciate. 53 fixed exchange rate: means nominal exchange rate stays the same all the time. if your country undergoes inflation while holding the exchange rate the same, its currency is actually appreciated.

growth54 technology advance is the basic factor that affects long run growth. 55 capital: capital is the equipment used to produce other goods. higher capital means higher labor productivity (this is showed in the labor productivity section in microeconomics). 56 human capital: the skill and education a labor has. higher human capital can be obtained by training and education. it has diminishing marginal return as a change from non-literacy to literacy has greater effect than a change from an undergraduate to a graduate. 57 saving↑→investment↑→capital↑→labor productivity(k/l)↑→gdp per capita(y/l)

宏观的各种复杂的图标一直是一大难点，过完所有的知识点，接下来主页君就为大家讲讲宏观中最重要的5个图。

宏观经济学以总供求模型为核心，通过对四个主体——消费者、生产者、政府、国际贸易，三个市场——产品市场、要素市场、货币市场的分析，来探求宏观经济的秘密，即如何使物价稳定、就业充分、经济增长。

产品市场：

劳动力市场：

货币市场：

对应着宏观经济循环图，我们可以清楚地看到这四个主体和三个市场是怎样联系在一起的。

价格的变动会影响产品市场短期均衡，生产的变动依托于劳动力市场的变动和资本市场的变动，三个市场相互关联，任何一个市场的变动都会导致其他市场的变动，从而给政府用政策来调节经济奠定了基础。

我们看一下总供求模型是怎样建立的。

以价格为纵轴、gdp（或产量、收入）为横轴，建立直角坐标系。由生产函数y=f(k, l)导出了总供给曲线，其中短期内价格具有黏性，经济中有闲置资源，短期总供给曲线向右上方倾斜；长期内价格可以自由变动，经济中闲置资源得到了充分利用，生产已经达到最大，稳定在潜在产出，所以它跟价格无关，垂直于横轴。总需求曲线可由交易方程式mv=py导出，当货币供给量和货币流通速度不变时，y与p呈反比关系，所以总需求曲线向右下方倾斜，这就是上图所表示的总供求模型。

同时，将总需求分解，y=c+i+g+nx，总需求由消费、投资、政府购买、净出口四部分组成，消费受收入和利率影响，投资受利率影响，政府购买则是政府政策的直接结果，净出口受汇率影响。正是这种影响，给了政府政策的具体依据，即财政政策（税收、政府支出变化等）、货币政策（货币供给、利率等）、贸易政策（汇率、关税、贸易配额等），但是政策会有两种不同方向的影响，一是所谓的乘数效应，二是挤出效应，当经济中存在大量闲置资源时，政府购买的增加会使这些闲置资源得到利用，生产的扩张会使收入增加，收入的增加导致消费的增加，消费的增加又导致产出的增加，这个过程循环下去，从而使产出相对于初始的扩张成倍的增加，即乘数效应。挤出效应起作用时则是经济中无闲置资源，生产已经达到极限，当政府再次实施扩张政策时，会拉高资本市场的需求，从而导致利率的升高，进而压低了投资和消费，这就是挤出效应。

需求的扩张会导致价格的升高和失业的下降，这是菲利普斯曲线揭示的内容，从短期总供给曲线上也可以看出这一点。价格的升高伴随着产出的增加，产出增加必然意味着投入的增加（短期内不存在技术进步），资本投入在短期内不变（这是短期的定义），那必然就是劳动投入的增加，在总人口不变的情况下，雇佣劳动力增多就意味着失业人数的下降，从而失业率下降。但在长期内则不同，需求的扩张只会引起价格的升高，不会改变失业率。

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【篇三：ap宏观经济学知识点】

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