摘要:AP宏观经济学备考策略,AP宏观经济最全总结,都掌握当然拿5分!请看详细内容介绍。

 

AP宏观经济学备考策略,AP宏观经济最全总结,都掌握当然拿5分!请看详细内容介绍。

AP宏观经济学的考试题型分析

AP考试宏观经济学的考试分为多项选择题和自由回答题两种题型,其中多项选择题是60道题,用时70分钟;自由回答题是3道大题,其中第一道大题平均有5-6道小题,用时大概25分钟,第二道和第三道大题平均有3-4道小题,用时分别为12.5分钟。其中多项选择题部分占学生考试得分的2/3,自由回答题部分占余下的1/3。多项选择题主要考察的是学生对宏观经济学基础知识的把握程度,考点主要是基本宏观经济学概念、宏观经济学概念的扩展、宏观经济学的应用以及各个概念的对比分析等。自由回答题主要考察的是学生对宏观经济学基本框架的把握和理解,以及对宏观经济学分析工具的应用能力,其中的一部分问题需要进行图形分析,要求考生对宏观经济学中图形分析工具具有相当程度的掌握。

AP宏观经济学的考点分析

AP宏观经济学的考点大致分为:国民经济核算体系,国民收入的决定—收入和支出模型、货币、利率和国民收入,宏观经济政策,国民收入的决定:总供给---总需求模型,失业与自然失业率,通货膨胀理论,开放经济下的宏观经济理论,经济增长理论,经济周期,西方经济学主要学派。其中考察的重点知识为国民经济核算指标,菲利普斯曲线,失业和通货膨胀,开放经济下的宏观经济学,财政和货币政策,银行和货币创造等。

AP宏观经济学的备考策略

首先,AP宏观经济学考试最重要的备考方法还是从基础的经济学知识角度掌握整个宏观经济学的分析框架以及分析思路,从而可以从本质上抓住考试的重点。

其次,AP经济学考试不同于GRE,TOEFLSAT等英文考试,经济学是一门学科,侧重的是知识性和内容性,因此技巧对于AP考试来说就不是最重要的因素,从而考生在复习考试的时候要淡化技巧,强调知识学习。

最后,AP宏观经济学考试要求考生培养一种经济学素养,可以从经济学视角解释和说明现实中的很多问题。

首先,关于GDP,大纲要求同学们掌握:

1、GDP衡量一个国家的总收入和总产出。GDP is the market value (产量*价格)of all final goods and services (只算最终产品,比如西班牙人吃一种用橡树果喂养的猪,那么被猪吃了的那些橡树果就不算,只算猪,不然就重复计算了,因为猪的价格里已经包括橡树果的成本了;供人吃的那些橡树果当然算)produced(当年生产的才算,二手货交易不算;疑难点是当年生产但没卖出去的怎么办?也计入GDP,算在investment里的存货) within a country(无论国籍,只要在地理范围内就算) in a given period of time.

2、GDP的组成部分 Components of GDP,国家在统计每年GDP时,看家庭、企业、政府和国外四部分在当年的消费情况。GDP=C+I+G+NX恒等式

Consumption:家庭消费。家庭今年总共购买了多少,汽车、理发、饮料等。

Investment:企业投资,包括建工厂、买设备、新建住宅、存货(当年没卖出的,默认企业自己“买”了,例如联想2010年生产500台电脑,家庭购买300台,剩余200台,计入2010年的Consumption为 300*单价,计入Investment为200*单价,2011年那200台也被家庭购买走了,于是2011年的Consumption为200*单 价,Investment为负200*单价,正负抵消,于是2010年生产的那500台全部计入了2010年GDP,没有在2011年重复计算)等。

Government Purchase:各级政府为的公务花费,如公务员工资、公务车、公共服务建设、公立学校老师工资等。

Net exports:净出口(出口-进口)。疑难点:为什么要减去进口呢?因为在算C、I、G的时候,并未区分是否是进口货,比如家庭或企业或政府买了一辆进口车,这时候算出来的GDP就不符合定义了(within a country),因此要刨除进口部分。

3、实际与名义GDP Real vs. nominal GDP

前者是按固定价格计算的物品与劳务的生产,后者指按当年价格计算的。设定一个基准年base year很关键,我国在统计这些年的GDP时都把2000年作为基年。

4、GDP deflator=100*名义GDP/实际GDP

某年的实际与名义GDP的区别就在于价格,产量可是一样的!于是名义与实际之比就能反映物价水平了!注意:基年的GDP平减指数为100,每年的GDP平减指数反映了与基年相比物价的变化。因为基年的名义与实际GDP选取的价格都是当年的,所以基年的名义GDP/实际GDP=1!!!

例如,在2000年建了3套100平米住宅,单价是20万,而09年同样的住宅建了6套,单价是100万。基年是2000年的话,2009年的名义GDP是 6*100=600万,实际GDP是6*20=120万。2000年的名义GDP=3*20=60万,实际GDP=3*20=60万。09年的GDP平减 指数为100*600/120=500,2000年的GDP平减指数为100,平减指数反映了当年的物价水平,因此能看出09年的物价是2000年的5 倍。

Inflation, Unemployment, and Stabilization Policies (20–30%) 通货膨胀、失业与稳定政策

财政政策指政府通过改变税收和政府支出来影响总需求,进而影响就业和国民收入的政策;货币政策指中央银行通过调整经济中的货币量来影响就业和国民收入的政策,常用的是改变利率。

短期内,当总需求增加时,价格的上升伴随着产出的增加,从生产函数的角度来看,产出的增加意味着投入的增加,短期内产出的增加只能靠劳动投入的增加来实现,这就意味着失业率的下降,通货膨胀率与失业率的这种反向变动的关系,就称为短期菲利普斯曲线。但在长期中,总需求的增加仅仅带来价格水平的上涨,而没有产量的增加,这时通货膨胀与失业率无关,失业率固定在一个水平,这是长期菲利普斯曲线。

Inflation通货膨胀

inflation: an increase in the overall price level=decrease of purchase power of currency, when increasing money supply, real wealth shifts to money maker

Money neutrality: a pone time change in money supply will have no real effect in the long run.

Shoe leather costs: the effort made to decrease the effect of inflation. Like withdrawing money to purchase real good.

Menu costs: cause of price stickiness. There is cost to change price so company will not change price immediately until MB>MC

contract: cause of wage stickiness, usually for a year

Rational expectation: people expect inflation and act accordingly. The average error of expectation is zero.

GDP deflator: one way to calculate inflation: divide nominal GDP by real GDP and multiply by 100.

CPI: takes a fixed basket of good and calculate their price

CPI vs. GDP deflator: CPI only looks at consumer goods. Also people tend to buy less of one thing if price increases so CPI is not accurate. A common problem for both ways is that they do not take into account the quality. A good with better quality now is still counted the same as before.

Deflation: inflation is negative. It is very harmful as interest rate can not be lower than zero.

Unemployment失业

people employed/total labor force=unemployment rate:

those not looking for a job, too young and prisoner or patient are not counted in labor force

Discouraged worker: people who give up looking for a job. More discouraged workers can increase employment rate.

Types of unemployment: seasonal, structural, frictional and cyclical. Seasonal, structural and frictional are unavoidable so no cyclical unemployment means full employment, or natural rate of unemployment.

effect of unemployment: lower output(Okun’s law: for every percent of unemployment higher than natural rate, GDP is 2percent lower than potential), stress, workers loses skill, send a bad signal to employer

Bias about unemployment: the leisure people experience when not having a job decrease the negative effect of unemployment. However, the life is stressful and people may spend some of the time looking for a job and these factors make things worse.

Aggregate demand egate demand

AD: total expenditure in a country

AD is downward sloping because:

(a)wealth effect: the higher the price level, the less you can buy with a fixed amount of money

(b) interest rate effect: higher price level—carry more money—less savings—higher interest rate—lower investment

(c) Exchange rate effect: higher price level—carry more money—less savings—higher interest rate—appreciate currency—more import and less export

Shifts of AD: changes in expectations, animal spirit (confidence), change in money supply, fiscal policy

Aggregate supply

Aggregate supply: total supply. The long run AS curve is vertical, only affected by change in resources and technology. Short run AS is upward sloping.

AS is upward sloping because:

(a)Sticky price: lower price level and same nomial price—more real price—less demand--less supply

(b) Sticky wages: lower price level and same wage—more real wage—higher cost—produce less (sticky wages may caused by money illusion, labor contracts, labor regulation and union power)

Shifts of AS: real factors of production will cause both LRAS and SRAS to shift. Expectations and change in price or wages will cause SRAS to shift.

Demand pull inflation: increase in AD (may caused by increase in money supply or fiscal stimulus)—decrease in AS—equilibrium and higher price level

Cost push inflation: decrease in AS—increase in AD—equilibrium and higher price level

Inflation gap: AD increases and the gap between the SR and LR level of output is inflation gap.

Recessionary gap: AD decreases and the gap between SR and LR level of output is recessionary/output gap

Supply side economics

Supply side economics tend to solve problem in macroeconomics by changing AS. They would agree a cut of tax if it can increase people’s incentive to work. So they do not agree a fund back of last year’s tax.

Laffer curve: when tax rate is higher than a number, tax revenue may decrease when government increases tax rate because the decrease in efficiency is so great.

What is money

uses of money: medium of exchange, unit of account and store of value

properties of money: portable(easy to carry around), fungible(can be divided), durable, rare and not valuable(or people will debase money by moving small part of it)

definition of money: M0: only currency

M1:M0+checking deposit

M2: M1+close money substitutes

Quantity theory of money

MV=PY

ex: when fed prints money but does not use them, v=0 so there is no real effect in the economy

Savings and investment:

an economy can only save by building constructions that might be used in the future

in a closed economy: C+I+G=GDP=C+G+savings (total spending +that are not spent)

Monetary policy

monetary policy is the policy taken by federal reserve to control economy

open market operation: buy or sell treasury bond to increase or decrease total money supply in the economy

discount rate: rate of interest rate banks borrow money from the Fed

federal funds rate: the interest rate that the Fed targeted with open market operation

Reserve requirement: the required amount of money a bank need to hold, usually not used as a tool as: 1. if Fed raises RR during expansion, bank may have a difficult time to get enough RR 2. if Fed decreases RR during recession, it has no effect as the bank can not loan out the extra amount of money

Fiscal policy

Fiscal policy is the action of government to control the economy, usually include government spending and change of tax rate

Expansionary fiscal policy may cause an increase in interest rate as government must borrow before spend. This will crowd out private investment.

Fiscal and monetary policy

Fiscal and monetary policy may help or cancel out each other. There is a chart in the hand out

After Fed multiplier: is the overall effect of fiscal and monetary policy. If AD increases, it is positive; if AD decreases, it is negative; if AD does not change, it is zero.

Interest rate determination

short run: if Fed takes expansionary policy—MS increases—saving shifts to the right—lower interest rate

long run: if Fed takes expansionary policy—MD increases—saving shifts back—interest rate back to former one

All formulas for calculation

1、fiscal policy:

(a)spending multiplier=1/MPS=1/(1-MPC)

(b) Tax multiplier=MPC/MPS

(c) Balance multiplier=spending multiplier+ tax multiplier=1

2、OMO:

(a) change in money supply: 1/RR*BP (bond)

(b) New loans: 1/RR*BP-BP

(c) Reserves: BP

3、New deposit:

(a) change in money supply:

1/RR*DD (deposit money)-DD

(b) Demand deposit: 1/RR*DD

(c) Loans: 1/RR*DD-DD

(d) Reserves: DD

International trade

Current account: account of physical good. Export counts as positive and import counts as negative.

Capital account: account of liability. When other countries invest in your country it is positive.

capital account +current account=0

Exchange rate: price of other currency. When it takes more foreign currency to but the same amount of your currency, your currency is appreciate. Otherwise, it is depreciate.

Shift of demand and supply of currency: an increase in interest rate will increase the demand of a currency and increase the supply of other currency. Thus your currency is appreciated.

Effect of exchange rate on imports and exports: currency appreciates is good for import and bad for export.

Law of one price (inflation and exchange rate): increase in inflation will decrease the purchasing power of currency. According to law of one price, price everywhere will be the same if transaction cost is neglectable. Thus this currency will depreciate.

Fixed exchange rate: means nominal exchange rate stays the same all the time. If your country undergoes inflation while holding the exchange rate the same, its currency is actually appreciated.

Growth

Technology advance is the basic factor that affects long run growth.

Capital: capital is the equipment used to produce other goods. Higher capital means higher labor productivity (this is showed in the labor productivity section in microeconomics).

Human capital: the skill and education a labor has. Higher human capital can be obtained by training and education. It has diminishing marginal return as a change from non-literacy to literacy has greater effect than a change from an undergraduate to a graduate.

 

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