曼昆_宏观经济学_第七版_讲义.ppt

Chapter Summary Economists use different models to examine different issues. Models with flexible prices describe the economy in the long run; models with sticky prices describe the economy in the short run. Macroeconomic events and performance arise from many microeconomic transactions, so macroeconomics uses many of the tools of microeconomics. * * * source: same as textbook source: same as textbook source: same as textbook through 2007. More recent values from Bureau of Labor Statistics, The chart shows that the rates of unemployment and property crimes are highly correlated. The correlation is not perfect. The series move in opposite directions in a few years, e.g. 1981-2, 1985-9, and 2002. But in most years, they move in the same direction. Sources: unemployment rates - BLS crime rates - Bureau of Justice Statistics, Data Online at /bjs Macroeconomics helps students understand forces that will affect their financial well-being. Here’s an example. When the unemployment rate is rising, tens or hundreds of thousands of people are losing their jobs. This affects even those who don’t lose their jobs: As the graph shows, during most years there is a clear negative relationship between the 12-month change in unemployment and the annual growth rate of real wages. In plain English, rising unemployment is associated with falling and often negative wage growth. So when the economy goes into recession, even if our students get to keep their jobs, they will find it much harder to get a raise, and may have to accept a real wage cut. Students find this relationship intuitive. When unemployment is rising, the supply of workers is rising faster than demand, so wages grow more slowly or even fall. Conversely, falling unemployment gives workers more bargaining power over wages, as it becomes increasingly hard for employers to replace their workers, and increasingly easy for workers to find good opportunities with other companies. The inflation