经济代写|ECON1120 Macroeconomics
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ECON1120 Macroeconomics课程简介
Analysis of aggregate economic activity in relation to the level, stability, and growth of national income. Topics may include the determination and effects of unemployment, inflation, balance of payments, deficits, and economic development, and how these may be influenced by monetary, fiscal, and other policies.
Forbidden Overlap: Students may not receive credit for both AEM 1300 and $\mathrm{ECON} 1120$.
PREREQUISITES
Aggregate economic activity refers to the overall level of economic activity in an economy, including the production, consumption, and distribution of goods and services. National income, which measures the total income generated within a country’s borders, is a key indicator of aggregate economic activity. In this context, the level, stability, and growth of national income are important factors that can impact an economy in a variety of ways.
Unemployment is one of the key factors that can impact the level and stability of national income. When unemployment is high, it can reduce the amount of goods and services produced within an economy, which can result in a decline in national income. Conversely, when unemployment is low, it can lead to increased production and higher national income.
ECON1120 Macroeconomics HELP（EXAM HELP， ONLINE TUTOR）
1) We have discussed what inflation is. Why are central banks worried about inflation?
Central banks are worried about inflation because it can have negative impacts on the economy and society as a whole. Some of the main reasons why central banks are concerned about inflation are:
- Loss of purchasing power: Inflation can erode the purchasing power of money over time, which can hurt consumers and businesses alike. This means that the same amount of money can buy fewer goods and services, which can lead to a decrease in living standards.
- Uncertainty and instability: Inflation can also create uncertainty and instability in the economy. High and unpredictable inflation rates can make it difficult for businesses to plan for the future, which can lead to a decrease in investment and economic growth.
- Financial market volatility: Inflation can also lead to volatility in financial markets, which can have a ripple effect on the rest of the economy. For example, high inflation rates can cause interest rates to rise, which can make it more expensive for businesses and consumers to borrow money.
- Negative impact on savers: Inflation can also have a negative impact on savers, as it can reduce the real value of their savings. This can make it more difficult for people to plan for the future and can lead to a decrease in overall financial stability.
Overall, central banks are worried about inflation because it can have wide-ranging negative impacts on the economy and society, and can make it difficult for them to achieve their goals of promoting economic stability and growth.
2) The US central bank, the Federal Reserve, has two goals in mind when it makes monetary policy, keep inflation and unemployment as low as possible. Why is there tension between these goals? What three tools does the Fed (not the Feds- that is the FBI) use to meet these too goals?
There can be tension between the Federal Reserve’s two goals of keeping inflation and unemployment low because the policies that are effective at reducing one goal may not necessarily be effective at achieving the other goal. For example, in the short term, the Fed could reduce unemployment by lowering interest rates and increasing the money supply, which can stimulate economic growth and increase employment. However, this policy could also lead to inflation, as the increased demand for goods and services could drive up prices.
The three main tools that the Federal Reserve uses to achieve its dual mandate of keeping inflation and unemployment low are:
- Open market operations: The Fed can buy or sell government securities on the open market, which can affect the supply of money in the economy. By buying government securities, the Fed increases the money supply, which can help lower interest rates and stimulate economic growth. Conversely, by selling government securities, the Fed can decrease the money supply, which can help raise interest rates and combat inflation.
- Reserve requirements: The Fed requires banks to hold a certain percentage of their deposits as reserves, which can affect the amount of money that banks can lend out. By increasing reserve requirements, the Fed can decrease the money supply, which can help combat inflation. Conversely, by decreasing reserve requirements, the Fed can increase the money supply, which can help stimulate economic growth and employment.
- Discount rate: The Fed can also lend money to banks at a discount rate, which is the interest rate that banks pay to borrow money from the Fed. By raising the discount rate, the Fed can make it more expensive for banks to borrow money, which can help combat inflation. Conversely, by lowering the discount rate, the Fed can make it easier and cheaper for banks to borrow money, which can help stimulate economic growth and employment.
Overall, the Fed uses a combination of these tools to balance its dual mandate of keeping inflation and unemployment as low as possible, while also promoting economic stability and growth.
Textbooks
• An Introduction to Stochastic Modeling, Fourth Edition by Pinsky and Karlin (freely
available through the university library here)
• Essentials of Stochastic Processes, Third Edition by Durrett (freely available through
the university library here)
To reiterate, the textbooks are freely available through the university library. Note that
you must be connected to the university Wi-Fi or VPN to access the ebooks from the library
links. Furthermore, the library links take some time to populate, so do not be alarmed if
the webpage looks bare for a few seconds.
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