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Macro Review

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Econ 100B – Intermediate Macroeconomics
Professor Thomas Wu
Spring 2011
Midterm 2 Review

Chapter 7 * Dynamic effects on Monetary Policy (and Neutrality of Money) * An expansionary monetary policy leads in the short run to an increase in the real money stock, a decrease in the interest rate, and an increase in output. Over time, the price level increases and the real money stock decreases until output has returned to its natural level. * In the medium run, money does not affect output, and changes in money are reflected in proportional increases in the price level. (money is neutral) * Dynamic effects on Fiscal Policy (the composition of outputs is different than it was before) * A reduction in the budget deficit leads in the short run to a decrease in the demand for goods and therefore to a decrease in output. Overtime, the price level decreases, leading to an increase in the real money stock and a decrease in the interest rate. * In the medium run, output increases back to the natural level of output, but the interest rate is lower, and investment is higher. * Dynamic effects on increase in price of oil (affects natural unemployment rate first) * An increase in the price of oil leads, in both the short run and the medium run, to a decrease in output. In the short run, it leads to an increase in the price level, which decreases the real money stock and leads to a contraction of demand an output. * In the medium run, an increase in the price of oil decreases the real wage paid by firms, increases the natural rate of unemployment, and therefore decreases the natural level of output.

Chapter 8 * Inflation can be expressed as a relation between inflation, expected inflation, mark up, the “catch-all” variable and unemployment * Inflation can also be expressed as a relation between inflation,

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