• Problems of developing countriesProblems of developing countries

    Less-developed countries (LDCs) – countries with low levels of per capita output  Why have LDCs remained poor?  The potential roles of: – comparative advantage – industrialization – international debt – structural adjustment – aid

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  • The international monetary systemThe international monetary system

    Exchange rate regimes and their implications for the world economy  Possibilities of policy co-ordination  Policy co-ordination in Europe

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  • The business cycleThe business cycle

    Some commentators have suggested that there is a political business cycle  whereby governments adopt tight monetary and fiscal policy soon after an election  but then adopt more expansionary policies as the election approaches to encourage a ‘feel-good’ factor

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  • Economic growthEconomic growth

    Often measured by the rate of change of real GDP – although this has many deficiencies – it omits output that is not bought/sold  e.g. leisure, pollution, congestion – it also neglects income distribution  so higher GDP per capita does not necessarily mean greater happiness – but it helps.

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  • Open economy macroeconomicsOpen economy macroeconomics

    is the study of economies in which international transactions play a significant role – international considerations are especially important for open economies like the UK, Germany or the Netherlands  Domestic macroeconomic policy in such countries cannot ignore the influence of the rest of the world – especially via the exchange r...

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  • Chapter 28 InflationChapter 28 Inflation

    Inflation is a rise in the average price of goods over time  One of the first acts of the Labour government in 1997 was to make the Bank of England independent – with a mandate to achieve low inflation.

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  • UnemploymentUnemployment

    Unemployment rate: – the percentage of the labour force without a job but registered as being willing and available for work  Labour force – those people holding a job or registered as being willing and available for work  Participation rate – the percentage of the population of working age declaring themselves to be in the labour ...

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  • Aggregate supply, the price level, and the speed of adjustmentAggregate supply, the price level, and the speed of adjustment

    In discussing equilibrium within the IS-LM model, it has been assumed that – prices are fixed – the supply -side of the economy can be ignored.  These assumptions must now be relaxed.

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  • Monetary and fiscal policy in a closed economyMonetary and fiscal policy in a closed economy

    Having seen equilibrium in the goods and money markets separately, it is now time to explore the links between them and to look at simultaneous equilibrium in both.

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  • Central banking and the monetary systemCentral banking and the monetary system

    acts as banker to the commercial banks in a country  and is responsible for setting interest rates.  In the UK, the Bank of England fulfils these roles.  Two key tasks: – to issue coins and bank-notes – to act as banker to the banking system and the government

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