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ECN 204 (104)
Amy Peng (18)
Final

ECN204 Formula Sheet

2 Pages
948 Views

Department
Economics
Course Code
ECN 204
Professor
Amy Peng

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Gross Domestic Product
)&2L%KJOQILPEKJE+JRAOPIAJPE)KRANJIAJP'TL[email protected]PQNAOE:'TLKNPO+ILKNPO;
Consumer Price Index
L$=OA;A=N3Q=JPEPEAOT%QNNAJP;A=N2NE?AO
$=OA;A=N3Q=JPEPEAOT$=OA;A=N2NE?AOTsrr
GDP Deflator
L%QNNAJP;A=N3Q=JPEPEAOT%QNNAJP;A=N2NE?AO
%QNNAJP;A=N3Q=JPEPEAOT$=OA;A=N2NE?AOTsrr
Aggregate Expenditure WITHOUT Govt/Foreign
AE = C + I
Income WITHOUT Govt/Foreign Sectors
Disposable Income = Consumption + Savings
Nominal Interest Rate
= Real Interest Rate + Anticipated Inflation Rate
Real Interest Rate
= Nominal Interest Rate t Anticipated Inflation
Nominal GDP
L%QNNAJP3Q=JPEPEAOT%QNNAJP;A=N2NE?AO
Real GDP
L0KIEJ=H)&2
%2+)&2@ABH=PKNBKNO=IAUA=N Tsrr
LSKNGANDKQNOTH=>KQNL[email protected]?PEREPU:KQPLQP;
Real Wage
LJKIEJ=HS=CA
%2+BKNPD=PLANEK@
Natural Rate of Unemployment
L(NE?PEKJ=HE5A=OKJ=HE5PNQ?PQN=H
Cyclical Unemployment = actual t natural unemployment
Unemployment Rate
L5A=OKJ=H E5PNQ?PQN=HE(NE?PEKJ=H E%U?HE?=H
6KP=H.=>KQN(KN?A
MPC + MPS = 1 1 t Consumption = Savings
Marginal Propensity to Consume
/2%L%D=JCAEJ%KJOQILPEKJ
%D=JCAEJ+J?KIA#2%L?KJOQILPEKJ
EJ?KIA
Marginal Propensity to Save
/25 L%D=JCAEJ5=REJC
%D=JCAEJ+J?KIA #25LO=REJCO
EJ?KIA
Consumption Function
%L%âE/2%:;;
Savings Function
= Disposable Income t Consumption
Autonomous Multiplier
/QHPELHEAN L
s
sF/2%L
s
/25
%D=JCAEJ)&2LIQHPELHEANTEJEPE=H?D=JCAEJOL[email protected]EJC
Rule of 70
&KQ>HEJC6EIAL
yr
¨?D=JCALANUA=N
Kv[>Á
¨EJ?NA=OAEJQJAILHKUIAJP=>KRAJ=PQN=HN=PATtL¨@A?NA=OAEJKQPLQP
=?PQ=HKQPLQPFLKPAJPE=HKQPLQP
LKPAJPE=HKQPLQPLt:=?PQ=HQJAILHKUIAJPN=PATJ=PQN=HQJAILHKUIAJPN=PA;
Equilibrium
;
ØL%âE+Ú
sF/2% ;
ØL%âE+Ú
/25
Output @ Equilibrium
LEJPAN?ALP
sFOHKLA
Output Gap = potential output t actual output
Recession potential exceed actual
Expansion actual exceeds potential
GDP Gap = actual GDP t potential GDP
Unplanned Inventories = GDP t AE
Economic Growth of GDP
L;A=NtNA=H)&2F;A=NsNA=H)&2
;A=Ns)&2Tsrr
Inflation between Year A & B
L%2+EJ;A=N$
%2+EJUA=N#Tsrr
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Description
Gross Domestic Product L KJO31L2-KJ - +J4)O21)J2 - K4)NJ1)J26L)J(-23N)O -:6LKN2O+1LKN2O; Consumer Price Index GDP Deflator L =O);)=N!3=J2-2-)O63NN)J2;)=N N-?)O 6IHH L 3NN)J2;)=N!3=J2-2-)O63NN)J2;)=N N-?)O 6IHH =O);)=N!3=J2-2-)O6=O);)=N N-?)O 3NN)J2;)=N!3=J2-2-)O6=O);)=N N-?)O Aggregate Expenditure WITHOUT GovtForeign Income WITHOUT GovtForeign Sectors AE = C + I Disposable Income = Consumption + Savings Nominal Interest Rate Real Interest Rate = Real Interest Rate + Anticipated Inflation Rate = Nominal Interest Rate J Anticipated Inflation Nominal GDP Real GDP L 3NN)J2!3=J2-2-)O63NN)J2;)=N N-?)O L K1-J=0 6IHH + ()*0=2KN*KNO=1)7)=N Real Wage L JK1-J=05=+) L 5KN)N,K3NO60=>K3NLNK(3?2-4-27:K32L32; +*KN2,=2L)N-K( Natural Rate of Unemployment Unemployment Rate L N-?2-KJ=0 - #)=OKJ=0 - #2N3?23N=0 #)=OKJ=0 - #2N3?23N=0 - N-?2-KJ=0 - 7?0-?=0 L Cyclical Unemployment = actual J natural unemployment $K2=0.=>K3NKN?) MPC + MPS = 1 1 J Consumption = Savings Marginal Propensity to Consume Marginal Propensity to Save ,=J+)-JKJO31L2-KJ ?KJO31L2-KJ ,=J+)-J#=4-J+ O=4-J+O L L # L # L
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