1 Introduction to Macroeconomics
2 Measuring the Macroeconomy
3 An Overview of Long-Run Economic Growth
4 A Model of Production
5 The Solow Growth Model
6 Growth and Ideas
7 The Labor Market, Wages, and Unemployment
8 Inflation
9 An Overview of the Short-Run Model
10 The IS Curve
11 Monetary Policy and the Phillips Curve
12 Stabilization Policy and the AS/AD Framework
13 The Global Financial Crisis: Overview
14 The Global Financial Crisis and the Short-Run Model
15 The Government and the Macroeconomy
16 International Trade
17 Exchange Rates and International Finance
18 Parting Thoughts

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Chapter 9: An Overview of the Short-Run Model

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Review Questions

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    How do the long-run model and the short-run model fit together? What is the purpose of each model?

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    Why do we measure short-run output in percentage terms rather than in dollar terms?

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    When was the largest recession of the last 50 years, and what was the cumulative loss in output over the course of the slowdown?

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    What are some recent shocks that have hit the macroeconomy?

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    How can you “see” the Phillips curve operating in the graph of inflation in Figure 9.4?

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    Why is Okun’s law a useful rule of thumb to keep in mind when analyzing our short-run model?




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