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Macroeconomics Economic Growth Notes

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F582: National and International Economy Macroeconomic Performance Measures

Economic Growth ⇒ can it be sustained? Maintainable in long term? Actual or potential?


Unemployment ⇒ low


Balance of Payments Equilibrium ⇒ disequilibrium; deficit or surplus


Inflation ⇒ creeping, severe, galloping or hyperinflation

Macroeconomic Policy Measures
- Monetary ⇒ interest rates & money supply
- Fiscal ⇒ government spending & short - run tax changes
- Supply Side ⇒ education/ training & long - run tax changes
- International Trade Measures ⇒ tariffs & quotas

Tax Reduction: o Fiscal - ↑ AD in short - run o Supply Side - ↑ capacity, shift LRAS in long - run

Fiscal: o o

Δ G - expansionary ↑ AD (expand economic growth)/ contractionary ↓ AD
Δ T - loose/ tight

Monetary: o Δ ROFI - expansionary ↑ AD/ contractionary ↓ AD o Δ MS - loose/ tight - quantitative easing ↑ MS

Supply Side: o Δ Education/ Training - ↑ quality of labour o Δ LR Tax Rates o Δ Benefits System

International Trade: o Δ Barriers & Protectionism - tariffs and quotas

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