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首页 Wachtel-Macroeconomics Actuary-1997a.pdf

Wachtel-Macroeconomics Actuary-1997a.pdf

Wachtel-Macroeconomics Actuary-…

nwguru 2012-12-16 评分 0 浏览量 0 0 0 0 暂无简介 简介 举报

简介:本文档为《Wachtel-Macroeconomics Actuary-1997apdf》,可适用于财会税务领域,主题内容包含EDUCATIONANDEXAMINATIONCOMMITTEEOFTHESOCIETYOFACTUARIESCOURSESTUDYNOTEMACR符等。

EDUCATIONANDEXAMINATIONCOMMITTEEOFTHESOCIETYOFACTUARIESCOURSESTUDYNOTEMACROECONOMICSbyPaulWachtelCopyrightbytheSocietyofActuariesTheEducationandExaminationCommitteeprovidesstudynotestopersonspreparingfortheexaminationsoftheSocietyofActuariesTheyareintendedtoacquaintcandidateswithsomeofthetheoreticalandpracticalconsiderationsinvolvedinthevarioussubjectsWhilevaryingopinionsarepresentedwhereappropriate,limitsonthelengthofthematerialandotherconsiderationssometimespreventtheinclusionofallpossibleopinionsThesestudynotesdonot,however,representanyofficialopinion,interpretations,orendorsementoftheSocietyofActuariesoritsEducationandExaminationCommitteeTheSocietyisgratefultotheauthorsfortheircontributionsinpreparingthestudynotesPrintedinUSAFOURTHPRINTINGTABLEOFCONTENTSPREFACEiCHAPTERIECONOMICMEASUREMENTNATIONALINCOMEANDPRODUCTACCOUNTSBasicDefinitionsandConceptsTheFormalAccountsTheSavingsInvestmentIdentityNominalandRealGDPIndexNumberTheoryIndexNumbersandtheMeasurementofGDPGrowthandInflationOTHERMAJORPRICEINDEXESDataSourcesDataPresentationBALANCEOFPAYMENTSBUSINESSCYCLESBusinessCycleDefinedCycleDatingCycleIndicatorsINTERESTRATESANDEXCHANGERATESInterestRatesandtheYieldCurveExchangeRatesCHAPTERIIGROWTH,PRODUCTIVITYANDLONGRUNEQUILIBRIUMANALYZINGGROWTHPRODUCTIVITYProductivityTrendsSourcesofEconomicGrowthHowtoIncreaseProductivityGrowthMODELOFLONGRUNEQUILIBRIUMOutputEquilibriumSUMMARYDistributionofOutputandInterestRatesMoneyPricesSUMMARYOpenEconomyEquilibriumConditionsCHAPTERIIIUNDERSTANDINGSHORTRUNFLUCTUATIONSQUANTITYADJUSTMENTPARADIGMTHEPLANNEDAGGREGATEDEMANDMODELTHESIMPLEKEYNESIANMULTIPLIERDETERMINANTSOFAGGREGATEDEMANDConsumptionInvestmentForeignSectorTHEKEYNESIANREALSECTORMODELPropertiesoftheISCurveMONETARYSECTORMoneyDemandFunctionMoneyMarketEquilibriumPropertiesoftheLMCurveEquilibriumAdjustmentsSUMMARYOFTHEISLMMODELISCurveLMCurveANALYSISOFMONETARYANDFISCALPOLICYFiscalPolicyMonetaryPolicySpecialCasesTHEKEYNESIANMODELINTHEOPENECONOMYExchangeRatesMonetaryPolicyinanOpenEconomyFiscalPolicyinanOpenEconomyTHENEXTSTEP:BACKTOLONGRUNEQUILIBRIUMCHAPTERIVINFLATIONANDTHECOMPLETEMACROECONOMICMODELTOTALDEMANDANDSUPPLYANALYSISTotalDemandCurveTotalSupplyCurveKeynesianSupplyCurveLongrunorClassicalSupplyCurveSomeMoreReasonsWhyPricesareStickyADEMANDSHOCKAPolicyExpansion:StepbyStepUNDERSTANDINGINFLATIONMOMENTUMPriceAdjustmentFunctionPhillipsCurveExpectationsofInflationAugmentedPriceAdjustmentEquationSummaryRATIONALEXPECTATIONSNewClassicalMacroeconomicsSOURCESOFINFLATIONMonetaryGrowthExcessDemandRelativePriceShocksWagePriceSpiralInflationExpectationsCHAPTERVBANKS,MONEYANDMACROPOLICYBANKSASCREATORSOFMONEYFractionalReserveBankingTheMoneyMultiplierSTRUCTUREOFTHEFEDERALRESERVETOOLSOFMONETARYPOLICYOpenMarketOperationsDiscountRateReserveRequirementsEFFECTSOFMONETARYPOLICYFISCALPOLICYFiscalPolicyActivism:sandsPolicyLagsMeasuringFiscalPolicyEFFECTSOFFISCALPOLICYPREFACEModerntextbooksinMacroeconomicsaremoreoftenthannotweightytomesoformorepagesSuchencyclopedictreatmentsarehardlyuserfriendly,particularlyforstudentswhoareundertakingaprogramofselfstudyMyaiminpreparingthisstudynotehasbeentwofoldFirst,IhavewrittenastudynotethatindividualspreparingfortheactuarialexamscanapproachontheirownwithoutacoursesyllabustodirectthemtotheimportantpartsSecond,Ipresentathorough,butconcise,presentationofthemajoraspectsofmodernmacroeconomicthoughtandprovideenoughrelevantexamplestobringmacroeconomicstolifeinthemindofthereaderIhopethatIhaveachievedtheseaimsandthatthereaderswillfindthestudynoteandtheirexampreparationtobearelevantlearningexperienceaswellIwouldliketoexpressmythankstotheSocietyofActuariesandJudyStrachaninparticularfortheirpatienceasIhaveslowlyreworkedtheoriginalstudynoteInaddition,myappreciationtoArjunJayaramanandMichelleQuinnfortheirassistanceinthepreparationofthemanuscriptFinally,thankstoIrwinVanderhoofwhowaskindenoughtointroducemetotheSocietyandtoRichardMattisonwhowastheeducationactuaryatthattimeFinally,IdedicatethismonographtomyfamilymywifeClaire,mysonChaim,andmydaughterRachelTheymakelifebothchallengingandworthlivingandIappreciatetheirleavingmejustenoughtimetofinishthismanuscriptPaulWachtelNewYorkJanuaryiCHAPTERIECONOMICMEASUREMENTNATIONALINCOMEANDPRODUCTACCOUNTSBasicDefinitionsandConceptsTheNationalIncomeandProductAccounts(NIPA)areavastaccountingschemeforaggregateeconomicactivityIntheUnitedStatestheyarepreparedbytheBureauofEconomicAnalysis(BEA)oftheDepartmentofCommerceWewilldiscussthebasicelementsoftheincomeandproductaccountsthatareusedtomeasuretheoverall,oraggregate,levelofeconomicactivityEconomicactivitygivesrisetobothoutputandincomeearnedbythepersonsandmachinesinvolvedintheproductiveactivityTheoveralllevelofeconomicactivitycanbemeasuredbyaddingupeith

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