• Chapter 39W: The Economics of Developing CountriesChapter 39W: The Economics of Developing Countries

    Classifications Industrially advanced countries High income nations Well-developed market economies Per capita income $37,665 in 2008 Developing countries Middle income nations Low income nations Wide variation in income per capita

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  • Chapter 38: The Balance of Payments, Exchange Rates, and Trade DeficitsChapter 38: The Balance of Payments, Exchange Rates, and Trade Deficits

    International Transactions International trade Buy/sell current goods or services Imports and exports International asset transactions Buy/sell real or financial assets Buy stock Sell your house to a foreigner Requires currency exchange

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  • Chapter 37: International TradeChapter 37: International Trade

    Economic Basis for Trade Nations have different resource endowments Labor-intensive goods Land-intensive goods Capital-intensive goods

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  • Chapter 36: Current Issues in Macro Theory and PolicyChapter 36: Current Issues in Macro Theory and Policy

    Causes of Macro Instability Mainstream view Held by most economists Price stickiness Unexpected demand shocks Variable investment spending Unexpected supply shocks

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  • Chapter 35: Extending the Analysis of Aggregate SupplyChapter 35: Extending the Analysis of Aggregate Supply

    From Short Run to Long Run Short run Input prices inflexible Upsloping aggregate supply Long run Input prices fully flexible Vertical aggregate supply The transition?

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  • Chapter 34: Financial EconomicsChapter 34: Financial Economics

    Financial Investment Economic investment New additions or replacements to the capital stock Financial investment Broader than economic investment Buying or building an asset for financial gain New or old asset Financial or real asset

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  • Chapter 33: Interest Rates and Monetary PolicyChapter 33: Interest Rates and Monetary Policy

    Interest Rates The price paid for the use of money Many different interest rates Speak as if only one interest rate Determined by the money supply and money demand

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  • Chapter 32: Money CreationChapter 32: Money Creation

    The Goldsmiths Stored gold and gave a receipt Receipts used as money by public Made loans by issuing receipts Characteristics: Banks create money through lending Banks are subject to “panics”

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  • Chapter 31: Money, Banking, and Financial InstitutionsChapter 31: Money, Banking, and Financial Institutions

    Functions of Money Medium of exchange Used to buy/sell goods Unit of account Goods valued in dollars Store of value Hold some wealth in money form Money is liquid

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  • Chapter 30: Fiscal Policy, Deficits, and DebtChapter 30: Fiscal Policy, Deficits, and Debt

    Fiscal Policy Deliberate changes in: Government spending Taxes Designed to: Achieve full-employment Control inflation Encourage economic growth

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