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0.2em;font-size:125%;line-height:1.2em;font-weight:bold}.mw-parser-output .sidebar-top-image{padding:0.4em}.mw-parser-output .sidebar-top-caption,.mw-parser-output .sidebar-pretitle-with-top-image,.mw-parser-output .sidebar-caption{padding:0.2em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-pretitle{padding:0.4em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-title,.mw-parser-output .sidebar-title-with-pretitle{padding:0.2em 0.8em;font-size:145%;line-height:1.2em}.mw-parser-output .sidebar-title-with-pretitle{padding:0.1em 0.4em}.mw-parser-output .sidebar-image{padding:0.2em 0.4em 0.4em}.mw-parser-output .sidebar-heading{padding:0.1em 0.4em}.mw-parser-output .sidebar-content{padding:0 0.5em 0.4em}.mw-parser-output .sidebar-content-with-subgroup{padding:0.1em 0.4em 0.2em}.mw-parser-output .sidebar-above,.mw-parser-output .sidebar-below{padding:0.3em 0.8em;font-weight:bold}.mw-parser-output .sidebar-collapse .sidebar-above,.mw-parser-output .sidebar-collapse .sidebar-below{border-top:1px solid #aaa;border-bottom:1px solid #aaa}.mw-parser-output .sidebar-navbar{text-align:right;font-size:115%;padding:0 0.4em 0.4em}.mw-parser-output .sidebar-list-title{padding:0 0.4em;text-align:left;font-weight:bold;line-height:1.6em;font-size:105%}.mw-parser-output .sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style> Macroeconomics is a branch of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Economics">economics</a> that deals with the performance, structure, behavior, and decision-making of an <a href="https://en-m-wikipedia-org.translate.goog/wiki/Economy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Economy">economy</a> as a whole.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-1">[1]</a> This includes regional, national, and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Global_economies?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Global economies">global economies</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-2">[2]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-3">[3]</a> Macroeconomists study topics such as <a href="https://en-m-wikipedia-org.translate.goog/wiki/Output_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Output (economics)">output</a>/<a href="https://en-m-wikipedia-org.translate.goog/wiki/Gross_domestic_product?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Gross domestic product">GDP</a> (gross domestic product) and <a href="https://en-m-wikipedia-org.translate.goog/wiki/National_income?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="National income">national income</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Unemployment?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Unemployment">unemployment</a> (including <a href="https://en-m-wikipedia-org.translate.goog/wiki/Unemployment?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Measurement" title="Unemployment">unemployment rates</a>), <a href="https://en-m-wikipedia-org.translate.goog/wiki/Price_index?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Price index">price indices</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Inflation?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Inflation">inflation</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Consumption_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Consumption (economics)">consumption</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Saving?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Saving">saving</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Investment_(macroeconomics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Investment (macroeconomics)">investment</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Energy_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Energy economics">energy</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/International_trade?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="International trade">international trade</a>, and <a href="https://en-m-wikipedia-org.translate.goog/wiki/International_finance?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="International finance">international finance</a>. <figure typeof="mw:File/Thumb"> <a href="https://en-m-wikipedia-org.translate.goog/wiki/File:Circulation_in_macroeconomics.svg?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Circulation_in_macroeconomics.svg/250px-Circulation_in_macroeconomics.svg.png" decoding="async" width="250" height="223" class="mw-file-element" srcset="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Circulation_in_macroeconomics.svg/375px-Circulation_in_macroeconomics.svg.png 1.5x,https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Circulation_in_macroeconomics.svg/500px-Circulation_in_macroeconomics.svg.png 2x" data-file-width="493" data-file-height="439"></a> <figcaption> Production and national income: Macroeconomics takes a big-picture view of the entire economy, including examining the roles of, and relationships between, firms, households and governments, and the different types of markets, such as the financial market and the labour market. </figcaption> </figure> Macroeconomics and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Microeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Microeconomics">microeconomics</a> are the two most general fields in economics.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-blaug1985-4">[4]</a> The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics the focus of analysis is often a single market, such as whether changes in supply or demand are to blame for price increases in the oil and automotive sectors. From introductory classes in "principles of economics" through doctoral studies, the macro/micro divide is institutionalized in the field of economics. Most economists identify as either macro- or micro-economists. Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Business_cycle?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Business cycle">business cycle</a>, the determination of structural levels of variables like inflation and unemployment in the medium (i.e. unaffected by short-term deviations) term, and the study of long-term economic growth. It also studies the consequences of policies targeted at mitigating fluctuations like <a href="https://en-m-wikipedia-org.translate.goog/wiki/Fiscal_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Fiscal policy">fiscal</a> or <a href="https://en-m-wikipedia-org.translate.goog/wiki/Monetary_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Monetary policy">monetary policy</a>, using taxation and government expenditure or interest rates, respectively, and of policies that can affect living standards in the long term, e.g. by affecting growth rates. Macroeconomics as a separate field of research and study is generally recognized to start in 1936, when <a href="https://en-m-wikipedia-org.translate.goog/wiki/John_Maynard_Keynes?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="John Maynard Keynes">John Maynard Keynes</a> published his <a href="https://en-m-wikipedia-org.translate.goog/wiki/The_General_Theory_of_Employment,_Interest_and_Money?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a>, but its intellectual predecessors are much older. Since World War II, various macroeconomic schools of thought like <a href="https://en-m-wikipedia-org.translate.goog/wiki/Keynesians?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Keynesians">Keynesians</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Monetarists?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Monetarists">monetarists</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/New_classical_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="New classical economics">new classical</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/New_Keynesian_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="New Keynesian economics">new Keynesian economists</a> have made contributions to the development of the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Mainstream_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Mainstream economics">macroeconomic research mainstream</a>. <div id="toc" class="toc" role="navigation" aria-labelledby="mw-toc-heading"> <input type="checkbox" role="button" id="toctogglecheckbox" class="toctogglecheckbox" style="display:none"> <div class="toctitle" lang="en" dir="ltr"> <h2 id="mw-toc-heading">Contents</h2><label class="toctogglelabel" for="toctogglecheckbox"></label> </div> <ul> <li class="toclevel-1 tocsection-1"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Basic_macroeconomic_concepts">1 Basic macroeconomic concepts</a> <ul> <li class="toclevel-2 tocsection-2"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Time_frame">1.1 Time frame</a></li> <li class="toclevel-2 tocsection-3"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Output_and_income">1.2 Output and income</a></li> <li class="toclevel-2 tocsection-4"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Unemployment">1.3 Unemployment</a></li> <li class="toclevel-2 tocsection-5"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Inflation_and_deflation">1.4 Inflation and deflation</a></li> <li class="toclevel-2 tocsection-6"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Open_economy_macroeconomics">1.5 Open economy macroeconomics</a></li> </ul></li> <li class="toclevel-1 tocsection-7"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Development">2 Development</a> <ul> <li class="toclevel-2 tocsection-8"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Before_Keynes">2.1 Before Keynes</a></li> <li class="toclevel-2 tocsection-9"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Keynes_and_Keynesian_economics">2.2 Keynes and Keynesian economics</a></li> <li class="toclevel-2 tocsection-10"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Monetarism">2.3 Monetarism</a></li> <li class="toclevel-2 tocsection-11"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#New_classical_economics">2.4 New classical economics</a></li> <li class="toclevel-2 tocsection-12"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#New_Keynesian_response">2.5 New Keynesian response</a></li> <li class="toclevel-2 tocsection-13"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#2007%E2%80%932008_financial_crisis">2.6 2007–2008 financial crisis</a></li> <li class="toclevel-2 tocsection-14"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Growth_models">2.7 Growth models</a> <ul> <li class="toclevel-3 tocsection-15"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Environmental_and_climate_issues">2.7.1 Environmental and climate issues</a></li> </ul></li> </ul></li> <li class="toclevel-1 tocsection-16"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Macroeconomic_policy">3 Macroeconomic policy</a> <ul> <li class="toclevel-2 tocsection-17"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Monetary_policy">3.1 Monetary policy</a></li> <li class="toclevel-2 tocsection-18"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Fiscal_policy">3.2 Fiscal policy</a></li> <li class="toclevel-2 tocsection-19"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Comparison_of_fiscal_and_monetary_policy">3.3 Comparison of fiscal and monetary policy</a></li> </ul></li> <li class="toclevel-1 tocsection-20"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Macroeconomic_models">4 Macroeconomic models</a> <ul> <li class="toclevel-2 tocsection-21"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Specific_models">4.1 Specific models</a> <ul> <li class="toclevel-3 tocsection-22"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#IS%E2%80%93LM_model">4.1.1 IS–LM model</a></li> <li class="toclevel-3 tocsection-23"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#AD-AS_model">4.1.2 AD-AS model</a></li> </ul></li> </ul></li> <li class="toclevel-1 tocsection-24"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#See_also">5 See also</a></li> <li class="toclevel-1 tocsection-25"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Notes">6 Notes</a></li> <li class="toclevel-1 tocsection-26"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#References">7 References</a></li> <li class="toclevel-1 tocsection-27"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Further_reading">8 Further reading</a></li> </ul> </div> </section> <div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(1)"> <h2 id="Basic_macroeconomic_concepts">Basic macroeconomic concepts</h2> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=1&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Basic macroeconomic concepts" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <section class="mf-section-1 collapsible-block" id="mf-section-1"> Macroeconomics encompasses a variety of concepts and variables, but above all the three central macroeconomic variables are output, unemployment, and inflation.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 39 Besides, the time horizon varies for different types of macroeconomic topics, and this distinction is crucial for many research and policy debates.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 54 A further important dimension is that of an economy's openness, economic theory distinguishing sharply between <a href="https://en-m-wikipedia-org.translate.goog/wiki/Closed_economies?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Closed economies">closed economies</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Open_economy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Open economy">open economies</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 373 <figure class="mw-default-size" typeof="mw:File/Thumb"> <a href="https://en-m-wikipedia-org.translate.goog/wiki/File:Circulation_in_macroeconomics.svg?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-file-description"> <noscript> <img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Circulation_in_macroeconomics.svg/220px-Circulation_in_macroeconomics.svg.png" decoding="async" width="220" height="196" class="mw-file-element" data-file-width="493" data-file-height="439"> </noscript><span class="lazy-image-placeholder" style="width: 220px;height: 196px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Circulation_in_macroeconomics.svg/220px-Circulation_in_macroeconomics.svg.png" data-width="220" data-height="196" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Circulation_in_macroeconomics.svg/330px-Circulation_in_macroeconomics.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Circulation_in_macroeconomics.svg/440px-Circulation_in_macroeconomics.svg.png 2x" data-class="mw-file-element"> </a> <figcaption> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Circular_flow_of_income?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Circular flow of income">Circulation in macroeconomics</a> </figcaption> </figure> <div class="mw-heading mw-heading3"> <h3 id="Time_frame">Time frame</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=2&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Time frame" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> It is usual to distinguish between three time horizons in macroeconomics, each having its own focus on e.g. the determination of output:<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 54 <ul> <li>the short run (e.g. a few years): Focus is on <a href="https://en-m-wikipedia-org.translate.goog/wiki/Business_cycle?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Business cycle">business cycle</a> fluctuations and changes in <a href="https://en-m-wikipedia-org.translate.goog/wiki/Aggregate_demand?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Aggregate demand">aggregate demand</a> which often drive them. <a href="https://en-m-wikipedia-org.translate.goog/wiki/Stabilization_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Stabilization policy">Stabilization policies</a> like <a href="https://en-m-wikipedia-org.translate.goog/wiki/Monetary_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Monetary policy">monetary policy</a> or <a href="https://en-m-wikipedia-org.translate.goog/wiki/Fiscal_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Fiscal policy">fiscal policy</a> are relevant in this time frame</li> <li>the medium run (e.g. a decade): Over the medium run, the economy tends to an output level determined by supply factors like the capital stock, the technology level and the labor force, and unemployment tends to revert to its structural (or "natural") level. These factors move slowly, so that it is a reasonable approximation to take them as given in a medium-term time scale, though <a href="https://en-m-wikipedia-org.translate.goog/wiki/Labour_market_policies?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Labour market policies">labour market policies</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Competition_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Competition policy">competition policy</a> are instruments that may influence the economy's structures and hence also the medium-run equilibrium</li> <li>the long run (e.g. a couple of decades or more): On this time scale, emphasis is on the determinants of long-run <a href="https://en-m-wikipedia-org.translate.goog/wiki/Economic_growth?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Economic growth">economic growth</a> like <a href="https://en-m-wikipedia-org.translate.goog/wiki/Capital_accumulation?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Capital accumulation">accumulation</a> of human and physical capital, technological innovations and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Demographic_change?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Demographic change">demographic changes</a>. Potential policies to influence these developments are <a href="https://en-m-wikipedia-org.translate.goog/wiki/Education_reform?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Education reform">education reforms</a>, incentives to change <a href="https://en-m-wikipedia-org.translate.goog/wiki/Saving_rate?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Saving rate">saving rates</a> or to increase <a href="https://en-m-wikipedia-org.translate.goog/wiki/R%26D?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="R&D">R&D</a> activities.</li> </ul> <div class="mw-heading mw-heading3"> <h3 id="Output_and_income">Output and income</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=3&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Output and income" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> National <a href="https://en-m-wikipedia-org.translate.goog/wiki/Output_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Output (economics)">output</a> is the total amount of everything a country produces in a given period of time. Everything that is produced and sold generates an equal amount of income. The total <a href="https://en-m-wikipedia-org.translate.goog/wiki/Net_output?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Net output">net output</a> of the economy is usually measured as <a href="https://en-m-wikipedia-org.translate.goog/wiki/Gross_domestic_product?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Gross domestic product">gross domestic product</a> (GDP). Adding net <a href="https://en-m-wikipedia-org.translate.goog/wiki/Factor_income?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Factor income">factor incomes</a> from abroad to GDP produces <a href="https://en-m-wikipedia-org.translate.goog/wiki/Gross_national_income?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Gross national income">gross national income</a> (GNI), which measures total income of all residents in the economy. In most countries, the difference between GDP and GNI are modest so that GDP can approximately be treated as total income of all the inhabitants as well, but in some countries, e.g. countries with very large <a href="https://en-m-wikipedia-org.translate.goog/wiki/Net_foreign_assets?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Net foreign assets">net foreign assets</a> (or debt), the difference may be considerable.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 385 Economists interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other <a href="https://en-m-wikipedia-org.translate.goog/wiki/Capital_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Capital (economics)">capital</a>, and better education and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Human_capital?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Human capital">human capital</a>, are all factors that lead to increased economic output over time. However, output does not always increase consistently over time. <a href="https://en-m-wikipedia-org.translate.goog/wiki/Business_cycle?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Business cycle">Business cycles</a> can cause short-term drops in output called <a href="https://en-m-wikipedia-org.translate.goog/wiki/Recession?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Recession">recessions</a>. Economists look for <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Macroeconomic_policy">macroeconomic policies</a> that prevent economies from slipping into either <a href="https://en-m-wikipedia-org.translate.goog/wiki/Recession?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Recession">recessions</a> or <a href="https://en-m-wikipedia-org.translate.goog/wiki/Overheating_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Overheating (economics)">overheating</a> and that lead to higher <a href="https://en-m-wikipedia-org.translate.goog/wiki/Productivity?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Productivity">productivity</a> levels and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Standards_of_living?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Standards of living">standards of living</a>. <div class="mw-heading mw-heading3"> <h3 id="Unemployment">Unemployment</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=4&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Unemployment" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"> <div role="note" class="hatnote navigation-not-searchable"> Main article: <a href="https://en-m-wikipedia-org.translate.goog/wiki/Unemployment?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Unemployment">Unemployment</a> </div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"> <a href="https://en-m-wikipedia-org.translate.goog/wiki/File:Okuns_law_differences_1948_to_mid_2011.png?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-file-description"> <noscript> <img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/db/Okuns_law_differences_1948_to_mid_2011.png/220px-Okuns_law_differences_1948_to_mid_2011.png" decoding="async" width="220" height="160" class="mw-file-element" data-file-width="1103" data-file-height="801"> </noscript><span class="lazy-image-placeholder" style="width: 220px;height: 160px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/d/db/Okuns_law_differences_1948_to_mid_2011.png/220px-Okuns_law_differences_1948_to_mid_2011.png" data-width="220" data-height="160" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/db/Okuns_law_differences_1948_to_mid_2011.png/330px-Okuns_law_differences_1948_to_mid_2011.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/db/Okuns_law_differences_1948_to_mid_2011.png/440px-Okuns_law_differences_1948_to_mid_2011.png 2x" data-class="mw-file-element"> </a> <figcaption> A chart using US data showing the relationship between economic growth and unemployment expressed by <a href="https://en-m-wikipedia-org.translate.goog/wiki/Okun%27s_law?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Okun's law">Okun's law</a>. The relationship demonstrates cyclical unemployment. High short-run GDP growth leads to a lower unemployment rate. </figcaption> </figure> The amount of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Unemployment?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Unemployment">unemployment</a> in an economy is measured by the unemployment rate, i.e. the percentage of persons in the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Labor_force?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Labor force">labor force</a> who do not have a job, but who are actively looking for one. People who are retired, pursuing education, or <a href="https://en-m-wikipedia-org.translate.goog/wiki/Discouraged_worker?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Discouraged worker">discouraged from seeking work</a> by a lack of job prospects are not part of the labor force and consequently not counted as unemployed, either.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 156 Unemployment has a short-run cyclical component which depends on the business cycle, and a more permanent structural component, which can be loosely thought of as the average unemployment rate in an economy over extended periods,<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a> and which is often termed the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Natural_rate_of_unemployment?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Natural rate of unemployment">natural</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a> or structural<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 167 rate of unemployment. <a href="https://en-m-wikipedia-org.translate.goog/wiki/Unemployment?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#Cyclical_unemployment" title="Unemployment">Cyclical unemployment</a> occurs when growth stagnates. <a href="https://en-m-wikipedia-org.translate.goog/wiki/Okun%27s_law?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Okun's law">Okun's law</a> represents the empirical relationship between unemployment and short-run GDP growth.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-8">[8]</a> The original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in unemployment.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-9">[9]</a> The structural or natural rate of unemployment is the level of unemployment that will occur in a medium-run equilibrium, i.e. a situation with a cyclical unemployment rate of zero. There may be several reasons why there is some positive unemployment level even in a cyclically neutral situation, which all have their foundation in some kind of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Market_failure?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Market failure">market failure</a>:<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a> <ul> <li><a href="https://en-m-wikipedia-org.translate.goog/wiki/Search_unemployment?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Search unemployment">Search unemployment</a> (also called frictional unemployment) occurs when workers and firms are heterogeneous and there is <a href="https://en-m-wikipedia-org.translate.goog/wiki/Imperfect_information?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Imperfect information">imperfect information</a>, generally causing a time-consuming <a href="https://en-m-wikipedia-org.translate.goog/wiki/Search_and_matching_theory_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Search and matching theory (economics)">search and matching process</a> when filling a job vacancy in a firm, during which the prospective worker will often be unemployed.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-10">[10]</a> Sectoral shifts and other reasons for a changed demand from firms for workers with particular skills and characteristics, which occur continually in a changing economy, may also cause more search unemployment because of increased mismatch.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Mankiw-11">[11]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-12">[12]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-13">[13]</a></li> <li><a href="https://en-m-wikipedia-org.translate.goog/wiki/Efficiency_wage?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Efficiency wage">Efficiency wage</a> models are labor market models in which firms choose not to lower wages to the level where supply equals demand because the lower wages would lower employees' efficiency levels<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Mankiw-11">[11]</a></li> <li><a href="https://en-m-wikipedia-org.translate.goog/wiki/Trade_unions?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Trade unions">Trade unions</a>, which are important actors in the labor market in some countries, may exercise <a href="https://en-m-wikipedia-org.translate.goog/wiki/Market_power?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Market power">market power</a> in order to keep wages over the market-clearing level for the benefice of their members even at the cost of some unemployment</li> <li>Legal <a href="https://en-m-wikipedia-org.translate.goog/wiki/Minimum_wage?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Minimum wage">minimum wages</a> may prevent the wage from falling to a market-clearing level, causing unemployment among low-skilled (and low-paid) workers.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Mankiw-11">[11]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-14">[14]</a> In the case of employers having some <a href="https://en-m-wikipedia-org.translate.goog/wiki/Monopsony_power?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Monopsony power">monopsony power</a>, however, employment effects may have the opposite sign.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-15">[15]</a></li> </ul> <div class="mw-heading mw-heading3"> <h3 id="Inflation_and_deflation">Inflation and deflation</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=5&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Inflation and deflation" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"> <a href="https://en-m-wikipedia-org.translate.goog/wiki/File:M2_and_Inflation_USA.svg?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-file-description"> <noscript> <img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/M2_and_Inflation_USA.svg/220px-M2_and_Inflation_USA.svg.png" decoding="async" width="220" height="160" class="mw-file-element" data-file-width="706" data-file-height="513"> </noscript><span class="lazy-image-placeholder" style="width: 220px;height: 160px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/M2_and_Inflation_USA.svg/220px-M2_and_Inflation_USA.svg.png" data-width="220" data-height="160" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/M2_and_Inflation_USA.svg/330px-M2_and_Inflation_USA.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/15/M2_and_Inflation_USA.svg/440px-M2_and_Inflation_USA.svg.png 2x" data-class="mw-file-element"> </a> <figcaption> Changes in the ten-year moving averages of price level and growth in money supply (using the measure of M2, the supply of hard currency and money held in most types of bank accounts) in the US from 1880 to 2016. Over the long run, the two series show a clear positive correlation. </figcaption> </figure> A general price increase across the entire economy is called <a href="https://en-m-wikipedia-org.translate.goog/wiki/Inflation?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Inflation">inflation</a>. When prices decrease, there is <a href="https://en-m-wikipedia-org.translate.goog/wiki/Deflation?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Deflation">deflation</a>. Economists measure these changes in prices with <a href="https://en-m-wikipedia-org.translate.goog/wiki/Price_index?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Price index">price indexes</a>. Inflation will increase when an economy becomes overheated and grows too quickly. Similarly, a declining economy can lead to decreasing inflation and even in some cases deflation. <a href="https://en-m-wikipedia-org.translate.goog/wiki/Central_bank?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Central bank">Central bankers</a> conducting <a href="https://en-m-wikipedia-org.translate.goog/wiki/Monetary_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Monetary policy">monetary policy</a> usually have as a main priority to avoid too high inflation, typically by adjusting interest rates. High inflation as well as deflation can lead to increased uncertainty and other negative consequences, in particular when the inflation (or deflation) is unexpected. Consequently, most central banks aim for a positive, but stable and not very high inflation level.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a> Changes in the inflation level may be the result of several factors. Too much <a href="https://en-m-wikipedia-org.translate.goog/wiki/Aggregate_demand?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Aggregate demand">aggregate demand</a> in the economy will cause an <a href="https://en-m-wikipedia-org.translate.goog/wiki/Overheating_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Overheating (economics)">overheating</a>, raising inflation rates via the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Phillips_curve?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Phillips curve">Phillips curve</a> because of a tight labor market leading to large wage increases which will be <a href="https://en-m-wikipedia-org.translate.goog/wiki/Pass-through_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Pass-through (economics)">transmitted</a> to increases in the price of the products of employers. Too little aggregate demand will have the opposite effect of creating more unemployment and lower wages, thereby decreasing inflation. Aggregate <a href="https://en-m-wikipedia-org.translate.goog/wiki/Supply_shock?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Supply shock">supply shocks</a> will also affect inflation, e.g. the <a href="https://en-m-wikipedia-org.translate.goog/wiki/1970s_energy_crisis?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="1970s energy crisis">oil crises of the 1970s</a> and the <a href="https://en-m-wikipedia-org.translate.goog/wiki/2021%E2%80%932023_global_energy_crisis?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="2021–2023 global energy crisis">2021–2023 global energy crisis</a>. Changes in inflation may also impact the formation of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Inflation_expectations?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Inflation expectations">inflation expectations</a>, creating a self-fulfilling inflationary or deflationary spiral.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a> The <a href="https://en-m-wikipedia-org.translate.goog/wiki/Monetarist?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Monetarist">monetarist</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Quantity_theory_of_money?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Quantity theory of money">quantity theory of money</a> holds that changes in the price level are directly caused by changes in the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Money_supply?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Money supply">money supply</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEMankiw202298-16">[16]</a> Whereas there is empirical evidence that there is a long-run positive correlation between the growth rate of the money stock and the rate of inflation, the quantity theory has proved unreliable in the short- and medium-run time horizon relevant to monetary policy and is abandoned as a practical guideline by most central banks today.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Graff-17">[17]</a> <div class="mw-heading mw-heading3"> <h3 id="Open_economy_macroeconomics">Open economy macroeconomics</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=6&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Open economy macroeconomics" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Open_economy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Open economy">Open economy</a> macroeconomics deals with the consequences of <a href="https://en-m-wikipedia-org.translate.goog/wiki/International_trade?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="International trade">international trade</a> in <a href="https://en-m-wikipedia-org.translate.goog/wiki/Goods?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Goods">goods</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Financial_asset?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Financial asset">financial assets</a> and possibly <a href="https://en-m-wikipedia-org.translate.goog/wiki/Factor_market?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Factor market">factor markets</a> like <a href="https://en-m-wikipedia-org.translate.goog/wiki/Labor_migration?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Labor migration">labor migration</a> and international relocation of firms (physical capital). It explores what determines <a href="https://en-m-wikipedia-org.translate.goog/wiki/Import?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Import">import</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Export?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Export">export</a>, the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Balance_of_trade?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Balance of trade">balance of trade</a> and over longer horizons the accumulation of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Net_foreign_assets?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Net foreign assets">net foreign assets</a>. An important topic is the role of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Exchange_rate?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Exchange rate">exchange rates</a> and the pros and cons of maintaining a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Fixed_exchange_rate?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Fixed exchange rate">fixed exchange rate</a> system or even a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Currency_union?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Currency union">currency union</a> like the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Economic_and_Monetary_Union_of_the_European_Union?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Economic and Monetary Union of the European Union">Economic and Monetary Union of the European Union</a>, drawing on the research literature on <a href="https://en-m-wikipedia-org.translate.goog/wiki/Optimum_currency_area?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Optimum currency area">optimum currency areas</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a> </section> <div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(2)"> <h2 id="Development">Development</h2> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=7&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Development" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <section class="mf-section-2 collapsible-block" id="mf-section-2"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"> <div role="note" class="hatnote navigation-not-searchable"> Main article: <a href="https://en-m-wikipedia-org.translate.goog/wiki/History_of_macroeconomic_thought?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="History of macroeconomic thought">History of macroeconomic thought</a> </div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"> <a href="https://en-m-wikipedia-org.translate.goog/wiki/File:John_Maynard_Keynes.jpg?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-file-description"> <noscript> <img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/John_Maynard_Keynes.jpg/220px-John_Maynard_Keynes.jpg" decoding="async" width="220" height="264" class="mw-file-element" data-file-width="250" data-file-height="300"> </noscript><span class="lazy-image-placeholder" style="width: 220px;height: 264px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/6/66/John_Maynard_Keynes.jpg/220px-John_Maynard_Keynes.jpg" data-width="220" data-height="264" data-srcset="//upload.wikimedia.org/wikipedia/commons/6/66/John_Maynard_Keynes.jpg 1.5x" data-class="mw-file-element"> </a> <figcaption> <a href="https://en-m-wikipedia-org.translate.goog/wiki/John_Maynard_Keynes?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="John Maynard Keynes">John Maynard Keynes</a> is considered the initiator of macroeconomics when he published his work <a href="https://en-m-wikipedia-org.translate.goog/wiki/The_General_Theory_of_Employment,_Interest,_and_Money?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="The General Theory of Employment, Interest, and Money">The General Theory of Employment, Interest, and Money</a> in 1936. </figcaption> </figure> Macroeconomics as a separate field of research and study is generally recognized to start with the publication of <a href="https://en-m-wikipedia-org.translate.goog/wiki/John_Maynard_Keynes?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="John Maynard Keynes">John Maynard Keynes</a>' <a href="https://en-m-wikipedia-org.translate.goog/wiki/The_General_Theory_of_Employment,_Interest,_and_Money?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="The General Theory of Employment, Interest, and Money">The General Theory of Employment, Interest, and Money</a> in 1936.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Dimand-18">[18]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-19">[19]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 526 The terms "macrodynamics" and "macroanalysis" were introduced by <a href="https://en-m-wikipedia-org.translate.goog/wiki/Ragnar_Frisch?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Ragnar Frisch">Ragnar Frisch</a> in 1933, and Lawrence Klein in 1946 used the word "macroeconomics" itself in a journal title in 1946.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Dimand-18">[18]</a> but naturally several of the themes which are central to macroeconomic research had been discussed by thoughtful economists and other writers long before 1936.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Dimand-18">[18]</a> <div class="mw-heading mw-heading3"> <h3 id="Before_Keynes">Before Keynes</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=8&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Before Keynes" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> In particular, macroeconomic questions before Keynes were the topic of the two long-standing traditions of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Business_cycle?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Business cycle">business cycle theory</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Monetary_theory?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Monetary theory">monetary theory</a>. <a href="https://en-m-wikipedia-org.translate.goog/wiki/William_Stanley_Jevons?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="William Stanley Jevons">William Stanley Jevons</a> was one of the pioneers of the first tradition, whereas the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Quantity_theory_of_money?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Quantity theory of money">quantity theory of money</a>, labelled the oldest surviving theory in economics, as an example of the second was described already in the 16th century by <a href="https://en-m-wikipedia-org.translate.goog/wiki/Mart%C3%ADn_de_Azpilcueta?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Martín de Azpilcueta">Martín de Azpilcueta</a> and later discussed by personalities like <a href="https://en-m-wikipedia-org.translate.goog/wiki/John_Locke?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="John Locke">John Locke</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/David_Hume?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="David Hume">David Hume</a>. In the first decades of the 20th century monetary theory was dominated by the eminent economists <a href="https://en-m-wikipedia-org.translate.goog/wiki/Alfred_Marshall?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Alfred Marshall">Alfred Marshall</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Knut_Wicksell?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Knut Wicksell">Knut Wicksell</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Irving_Fisher?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Irving Fisher">Irving Fisher</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Dimand-18">[18]</a> <div class="mw-heading mw-heading3"> <h3 id="Keynes_and_Keynesian_economics">Keynes and Keynesian economics</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=9&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Keynes and Keynesian economics" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> When the Great Depression struck, the reigning economists had difficulty explaining how goods could go unsold and workers could be left unemployed. In the prevailing <a href="https://en-m-wikipedia-org.translate.goog/wiki/Neoclassical_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Neoclassical economics">neoclassical economics</a> paradigm, prices and wages would drop until the market cleared, and all goods and labor were sold. Keynes in his main work, the General Theory, initiated what is known as the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Keynesian_revolution?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Keynesian revolution">Keynesian revolution</a>. He offered a new interpretation of events and a whole intellectural framework - a novel theory of economics that explained why markets might not clear, which would evolve into a school of thought known as <a href="https://en-m-wikipedia-org.translate.goog/wiki/Keynesian_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Keynesian economics">Keynesian economics</a>, also called Keynesianism or Keynesian theory.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 526 In Keynes' theory, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Aggregate_demand?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Aggregate demand">aggregate demand</a> - by Keynes called "effective demand" - was key to determining output. Even if Keynes conceded that output might eventually return to a medium-run equilibrium (or "potential") level, the process would be slow at best. Keynes coined the term <a href="https://en-m-wikipedia-org.translate.goog/wiki/Liquidity_preference?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Liquidity preference">liquidity preference</a> (his preferred name for what is also known as <a href="https://en-m-wikipedia-org.translate.goog/wiki/Money_demand?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Money demand">money demand</a>) and explained how monetary policy might affect aggregate demand, at the same time offering clear policy recommendations for an active role of fiscal policy in stabilizing aggregate demand and hence output and employment. In addition, he explained how the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Multiplier_effect?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Multiplier effect">multiplier effect</a> would magnify a small decrease in consumption or investment and cause declines throughout the economy, and noted the role that uncertainty and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Animal_spirits_(Keynes)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Animal spirits (Keynes)">animal spirits</a> can play in the economy.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 526 The generation following Keynes combined the macroeconomics of the General Theory with neoclassical microeconomics to create the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Neoclassical_synthesis?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Neoclassical synthesis">neoclassical synthesis</a>. By the 1950s, most economists had accepted the synthesis view of the macroeconomy.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 526 Economists like <a href="https://en-m-wikipedia-org.translate.goog/wiki/Paul_Samuelson?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Paul Samuelson">Paul Samuelson</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Franco_Modigliani?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Franco Modigliani">Franco Modigliani</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/James_Tobin?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="James Tobin">James Tobin</a>, and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Robert_Solow?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Robert Solow">Robert Solow</a> developed formal Keynesian models and contributed formal theories of consumption, investment, and money demand that fleshed out the Keynesian framework.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 527 <div class="mw-heading mw-heading3"> <h3 id="Monetarism">Monetarism</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=10&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Monetarism" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Milton_Friedman?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Milton Friedman">Milton Friedman</a> updated the quantity theory of money to include a role for money demand. He argued that the role of money in the economy was sufficient to explain the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Great_Depression?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Great Depression">Great Depression</a>, and that aggregate demand oriented explanations were not necessary. Friedman also argued that monetary policy was more effective than fiscal policy; however, Friedman doubted the government's ability to "fine-tune" the economy with monetary policy. He generally favored a policy of steady growth in money supply instead of frequent intervention.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 528 Friedman also challenged the original simple <a href="https://en-m-wikipedia-org.translate.goog/wiki/Phillips_curve?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Phillips curve">Phillips curve</a> relationship between inflation and unemployment. Friedman and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Edmund_Phelps?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edmund Phelps">Edmund Phelps</a> (who was not a monetarist) proposed an "augmented" version of the Phillips curve that excluded the possibility of a stable, long-run tradeoff between inflation and unemployment.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-20">[20]</a> When the <a href="https://en-m-wikipedia-org.translate.goog/wiki/1970s_energy_crisis?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="1970s energy crisis">oil shocks</a> of the 1970s created a high unemployment and high inflation, Friedman and Phelps were vindicated. Monetarism was particularly influential in the early 1980s, but fell out of favor when central banks found the results disappointing when trying to target money supply instead of interest rates as monetarists recommended, concluding that the relationships between money growth, inflation and real GDP growth are too unstable to be useful in practical monetary policy making.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-21">[21]</a> <div class="mw-heading mw-heading3"> <h3 id="New_classical_economics">New classical economics</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=11&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: New classical economics" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <a href="https://en-m-wikipedia-org.translate.goog/wiki/New_classical_macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="New classical macroeconomics">New classical macroeconomics</a> further challenged the Keynesian school. A central development in new classical thought came when <a href="https://en-m-wikipedia-org.translate.goog/wiki/Robert_Lucas,_Jr.?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Robert Lucas, Jr.">Robert Lucas</a> introduced <a href="https://en-m-wikipedia-org.translate.goog/wiki/Rational_expectations?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Rational expectations">rational expectations</a> to macroeconomics. Prior to Lucas, economists had generally used <a href="https://en-m-wikipedia-org.translate.goog/wiki/Adaptive_expectations?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Adaptive expectations">adaptive expectations</a> where agents were assumed to look at the recent past to make expectations about the future. Under rational expectations, agents are assumed to be more sophisticated.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 530 Consumers will not simply assume a 2% inflation rate just because that has been the average the past few years; they will look at current monetary policy and economic conditions to make an informed forecast. In the new classical models with rational expectations, monetary policy only had a limited impact. Lucas also made an <a href="https://en-m-wikipedia-org.translate.goog/wiki/Lucas_critique?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Lucas critique">influential critique</a> of Keynesian empirical models. He argued that forecasting models based on empirical relationships would keep producing the same predictions even as the underlying model generating the data changed. He advocated models based on fundamental economic theory (i.e. having an explicit <a href="https://en-m-wikipedia-org.translate.goog/wiki/Microfoundations?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Microfoundations">microeconomic foundation</a>) that would, in principle, be structurally accurate as economies changed.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 530 Following Lucas's critique, new classical economists, led by <a href="https://en-m-wikipedia-org.translate.goog/wiki/Edward_C._Prescott?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edward C. Prescott">Edward C. Prescott</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Finn_E._Kydland?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Finn E. Kydland">Finn E. Kydland</a>, created <a href="https://en-m-wikipedia-org.translate.goog/wiki/Real_business_cycle?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Real business cycle">real business cycle</a> (RBC) models of the macro economy. RBC models were created by combining fundamental equations from neo-classical microeconomics to make quantitative models. In order to generate macroeconomic fluctuations, RBC models explained recessions and unemployment with changes in technology instead of changes in the markets for goods or money. Critics of RBC models argue that technological changes, which typically diffuse slowly throughout the economy, could hardly generate the large short-run output fluctuations that we observe. In addition, there is strong empirical evidence that monetary policy does affect real economic activity, and the idea that technological regress can explain recent recessions seems implausible.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 533 <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a>: 195 Despite criticism of the realism in the RBC models, they have been very influential in <a href="https://en-m-wikipedia-org.translate.goog/wiki/Economic_methodology?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Economic methodology">economic methodology</a> by providing the first examples of <a href="https://en-m-wikipedia-org.translate.goog/wiki/General_equilibrium?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="General equilibrium">general equilibrium</a> models based on <a href="https://en-m-wikipedia-org.translate.goog/wiki/Microfoundations?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Microfoundations">microeconomic foundations</a> and a specification of underlying shocks that aim to explain the main features of macroeconomic fluctuations, not only qualitatively, but also quantitatively. In this way, they were forerunners of the later DSGE models.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a>: 194 <div class="mw-heading mw-heading3"> <h3 id="New_Keynesian_response">New Keynesian response</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=12&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: New Keynesian response" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <a href="https://en-m-wikipedia-org.translate.goog/wiki/New_Keynesian?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="New Keynesian">New Keynesian</a> economists responded to the new classical school by adopting rational expectations and focusing on developing micro-founded models that were immune to the Lucas critique. Like classical models, new classical models had assumed that prices would be able to adjust perfectly and monetary policy would only lead to price changes. New Keynesian models investigated sources of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Sticky_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Sticky (economics)">sticky prices and wages</a> due to <a href="https://en-m-wikipedia-org.translate.goog/wiki/Imperfect_competition?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Imperfect competition">imperfect competition</a>,<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-22">[22]</a> which would not adjust, allowing monetary policy to impact quantities instead of prices. <a href="https://en-m-wikipedia-org.translate.goog/wiki/Stanley_Fischer?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Stanley Fischer">Stanley Fischer</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/John_B._Taylor?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="John B. Taylor">John B. Taylor</a> produced early work in this area by showing that monetary policy could be effective even in models with rational expectations when contracts locked in wages for workers. Other new Keynesian economists, including <a href="https://en-m-wikipedia-org.translate.goog/wiki/Olivier_Blanchard?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Olivier Blanchard">Olivier Blanchard</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Janet_Yellen?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Janet Yellen">Janet Yellen</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Julio_Rotemberg?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Julio Rotemberg">Julio Rotemberg</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Greg_Mankiw?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Greg Mankiw">Greg Mankiw</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/David_Romer?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="David Romer">David Romer</a>, and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Michael_Woodford_(economist)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Michael Woodford (economist)">Michael Woodford</a>, expanded on this work and demonstrated other cases where various market imperfections caused inflexible prices and wages leading in turn to monetary and fiscal policy having real effects. Other researchers focused on imperferctions in labor markets, developing models of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Efficiency_wage?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Efficiency wage">efficiency wages</a> or <a href="https://en-m-wikipedia-org.translate.goog/wiki/Search_and_matching_theory_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Search and matching theory (economics)">search and matching</a> (SAM) models, or imperfections in credit markets like <a href="https://en-m-wikipedia-org.translate.goog/wiki/Ben_Bernanke?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Ben Bernanke">Ben Bernanke</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 532–36 By the late 1990s, economists had reached a rough consensus.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-23">[23]</a> The market imperfections and nominal rigidities of new Keynesian theory was combined with rational expectations and the RBC methodology to produce a new and popular type of models called <a href="https://en-m-wikipedia-org.translate.goog/wiki/Dynamic_stochastic_general_equilibrium?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Dynamic stochastic general equilibrium">dynamic stochastic general equilibrium</a> (DSGE) models. The fusion of elements from different schools of thought has been dubbed the <a href="https://en-m-wikipedia-org.translate.goog/wiki/New_neoclassical_synthesis?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="New neoclassical synthesis">new neoclassical synthesis</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-24">[24]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-25">[25]</a> These models are now used by many central banks and are a core part of contemporary macroeconomics.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 535–36 <div class="mw-heading mw-heading3"> <h3 id="2007–2008_financial_crisis">2007–2008 financial crisis</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=13&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: 2007–2008 financial crisis" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> The <a href="https://en-m-wikipedia-org.translate.goog/wiki/2007%E2%80%932008_financial_crisis?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, which led to the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Great_Recession?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Great Recession">Great Recession</a>, led to major reassessment of macroeconomics, which as a field generally had neglected the potential role of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Financial_institution?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Financial institution">financial institutions</a> in the economy. After the crisis, macroeconomic researchers have turned their attention in several new directions: <ul> <li>the financial system and the nature of macrofinancial linkages and frictions, studying leverage, liquidity and complexity problems in the financial sector, the use of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroprudential_regulation?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Macroprudential regulation">macroprudential tools</a> and the dangers of an <a href="https://en-m-wikipedia-org.translate.goog/wiki/Fiscal_sustainability?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Fiscal sustainability">unsustainable</a> public debt<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 537 <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-26">[26]</a></li> <li>increased emphasis on <a href="https://en-m-wikipedia-org.translate.goog/wiki/Applied_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Applied economics">empirical work</a> as part of the so-called <a href="https://en-m-wikipedia-org.translate.goog/wiki/Credibility_revolution?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Credibility revolution">credibility revolution</a> in economics, using improved methods to distinguish between <a href="https://en-m-wikipedia-org.translate.goog/wiki/Correlation_does_not_imply_causation?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Correlation does not imply causation">correlation and causality</a> to improve future policy discussions<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-:0-27">[27]</a></li> <li>interest in understanding the importance of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Heterogeneity_in_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Heterogeneity in economics">heterogeneity</a> among the economic agents, leading among other examples to the construction of heterogeneous agent new Keynesian models (<a href="https://en-m-wikipedia-org.translate.goog/wiki/HANK_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="HANK model">HANK models</a>), which may potentially also improve understanding of the impact of macroeconomics on the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Income_distribution?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Income distribution">income distribution</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-28">[28]</a></li> <li>understanding the implications of integrating the findings of the increasingly useful <a href="https://en-m-wikipedia-org.translate.goog/wiki/Behavioral_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Behavioral economics">behavioral economics</a> literature into macroeconomics<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-29">[29]</a> and behavioral finance</li> </ul> <div class="mw-heading mw-heading3"> <h3 id="Growth_models">Growth models</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=14&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Growth models" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> Research in the economics of the determinants behind long-run <a href="https://en-m-wikipedia-org.translate.goog/wiki/Economic_growth?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Economic growth">economic growth</a> has followed its own course.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-30">[30]</a> The <a href="https://en-m-wikipedia-org.translate.goog/wiki/Harrod-Domar?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Harrod-Domar">Harrod-Domar</a> model from the 1940s attempted to build a long-run growth model inspired by Keynesian demand-driven considerations.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-31">[31]</a> The <a href="https://en-m-wikipedia-org.translate.goog/wiki/Solow%E2%80%93Swan_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Solow–Swan model">Solow–Swan model</a> worked out by <a href="https://en-m-wikipedia-org.translate.goog/wiki/Robert_Solow?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Robert Solow">Robert Solow</a> and, independently, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Trevor_Swan?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Trevor Swan">Trevor Swan</a> in the 1950s achieved more long-lasting success, however, and is still today a common textbook model for explaining economic growth in the long-run.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-32">[32]</a> The model operates with a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Production_function?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Production function">production function</a> where national output is the product of two inputs: capital and labor. The Solow model assumes that labor and capital are used at constant rates without the fluctuations in unemployment and capital utilization commonly seen in business cycles.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTESolow2002518%E2%80%9319-33">[33]</a> In this model, increases in output, i.e. economic growth, can only occur because of an increase in the capital stock, a larger population, or technological advancements that lead to higher productivity (<a href="https://en-m-wikipedia-org.translate.goog/wiki/Total_factor_productivity?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Total factor productivity">total factor productivity</a>). An increase in the savings rate leads to a temporary increase as the economy creates more capital, which adds to output. However, eventually the depreciation rate will limit the expansion of capital: savings will be used up replacing depreciated capital, and no savings will remain to pay for an additional expansion in capital. Solow's model suggests that economic growth in terms of output per capita depends solely on technological advances that enhance productivity.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTESolow2002519-34">[34]</a> The Solow model can be interpreted as a special case of the more general <a href="https://en-m-wikipedia-org.translate.goog/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Ramsey–Cass–Koopmans model">Ramsey growth model</a>, where households' savings rates are not constant as in the Solow model, but derived from an explicit intertemporal <a href="https://en-m-wikipedia-org.translate.goog/wiki/Utility_function?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Utility function">utility function</a>. In the 1980s and 1990s <a href="https://en-m-wikipedia-org.translate.goog/wiki/Endogenous_growth_theory?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Endogenous growth theory">endogenous growth theory</a> arose to challenge the neoclassical growth theory of Ramsey and Solow. This group of models explains economic growth through factors such as increasing returns to scale for capital and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Learning-by-doing_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Learning-by-doing (economics)">learning-by-doing</a> that are endogenously determined instead of the exogenous technological improvement used to explain growth in Solow's model.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEBlaug2002202%E2%80%9303-35">[35]</a> Another type of endogenous growth models endogenized the process of technological progress by modelling <a href="https://en-m-wikipedia-org.translate.goog/wiki/Research_and_development?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Research and development">research and development</a> activities by profit-maximizing firms explicitly within the growth models themselves.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a>: 280–308 <div class="mw-heading mw-heading4"> <h4 id="Environmental_and_climate_issues">Environmental and climate issues</h4> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=15&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Environmental and climate issues" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <figure class="mw-default-size" typeof="mw:File/Thumb"> <a href="https://en-m-wikipedia-org.translate.goog/wiki/File:Diagram_of_natural_resource_flows-en.svg?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-file-description"> <noscript> <img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Diagram_of_natural_resource_flows-en.svg/220px-Diagram_of_natural_resource_flows-en.svg.png" decoding="async" width="220" height="231" class="mw-file-element" data-file-width="794" data-file-height="834"> </noscript><span class="lazy-image-placeholder" style="width: 220px;height: 231px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Diagram_of_natural_resource_flows-en.svg/220px-Diagram_of_natural_resource_flows-en.svg.png" data-width="220" data-height="231" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Diagram_of_natural_resource_flows-en.svg/330px-Diagram_of_natural_resource_flows-en.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/94/Diagram_of_natural_resource_flows-en.svg/440px-Diagram_of_natural_resource_flows-en.svg.png 2x" data-class="mw-file-element"> </a> <figcaption> Natural resources flow through the economy and end up as waste and pollution. </figcaption> </figure> Since the 1970s, various environmental problems have been integrated into growth and other macroeconomic models to study their implications more thoroughly. During the oil crises of the 1970s when scarcity problems of natural resources were high on the public agenda, economists like <a href="https://en-m-wikipedia-org.translate.goog/wiki/Joseph_Stiglitz?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Joseph Stiglitz">Joseph Stiglitz</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Robert_Solow?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Robert Solow">Robert Solow</a> introduced <a href="https://en-m-wikipedia-org.translate.goog/wiki/Non-renewable_resource?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Non-renewable resource">non-renewable resources</a> into neoclassical growth models to study the possibilities of maintaining growth in living standards under these conditions.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a>: 201–39 More recently, the issue of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Climate_change?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Climate change">climate change</a> and the possibilities of a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Sustainable_development?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Sustainable development">sustainable development</a> are examined in so-called <a href="https://en-m-wikipedia-org.translate.goog/wiki/Integrated_assessment_modelling?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Integrated assessment modelling">integrated assessment models</a>, pioneered by <a href="https://en-m-wikipedia-org.translate.goog/wiki/William_Nordhaus?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="William Nordhaus">William Nordhaus</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-36">[36]</a> In macroeconomic models in <a href="https://en-m-wikipedia-org.translate.goog/wiki/Environmental_economics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Environmental economics">environmental economics</a>, the economic system is dependant upon the environment. In this case, the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Circular_flow_of_income?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Circular flow of income">circular flow of income</a> diagram may be replaced by a more complex flow diagram reflecting the input of solar energy, which sustains natural inputs and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Ecosystem_services?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Ecosystem services">environmental services</a> which are then used as units of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Production_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Production (economics)">production</a>. Once consumed, natural inputs pass out of the economy as pollution and waste. The potential of an environment to provide services and materials is referred to as an "environment's source function", and this function is depleted as resources are consumed or pollution contaminates the resources. The "sink function" describes an environment's ability to absorb and render harmless waste and pollution: when waste output exceeds the limit of the sink function, long-term damage occurs.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Harris2006-37">[37]</a>: 8 </section> <div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(3)"> <h2 id="Macroeconomic_policy">Macroeconomic policy</h2> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=16&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Macroeconomic policy" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <section class="mf-section-3 collapsible-block" id="mf-section-3"> The division into various time frames of macroeconomic research leads to a parallel division of macroeconomic policies into short-run policies aimed at mitigating the harmful consequences of business cycles (known as <a href="https://en-m-wikipedia-org.translate.goog/wiki/Stabilization_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Stabilization policy">stabilization policy</a>) and medium- and long-run policies targeted at improving the structural levels of macroeconomic variables.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a>: 18 Stabilization policy is usually implemented through two sets of tools: fiscal and monetary policy. Both forms of policy are used to <a href="https://en-m-wikipedia-org.translate.goog/wiki/Stabilization_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Stabilization policy">stabilize the economy</a>, i.e. limiting the effects of the business cycle by conducting expansive policy when the economy is in a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Recession?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Recession">recession</a> or contractive policy in the case of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Overheating_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Overheating (economics)">overheating</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Mayer,_495-38">[38]</a> Structural policies may be labor market policies which aim to change the structural unemployment rate or policies which affect long-run propensities to save, invest, or engage in education or research and development.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a>: 19 <div class="mw-heading mw-heading3"> <h3 id="Monetary_policy">Monetary policy</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=17&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Monetary policy" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"> <div role="note" class="hatnote navigation-not-searchable"> Further information: <a href="https://en-m-wikipedia-org.translate.goog/wiki/Monetary_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Monetary policy">Monetary policy</a> </div> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Central_bank?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Central bank">Central banks</a> conduct monetary policy mainly by adjusting short-term <a href="https://en-m-wikipedia-org.translate.goog/wiki/Interest_rates?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Interest rates">interest rates</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-RBA-39">[39]</a> The actual method through which the interest rate is changed differs from central bank to central bank, but typically the implementation happens either directly via administratively changing the central bank's own offered interest rates or indirectly via <a href="https://en-m-wikipedia-org.translate.goog/wiki/Open_market_operations?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Open market operations">open market operations</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-40">[40]</a> Via the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Monetary_transmission_mechanism?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Monetary transmission mechanism">monetary transmission mechanism</a>, interest rate changes affect <a href="https://en-m-wikipedia-org.translate.goog/wiki/Investment_(macroeconomics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Investment (macroeconomics)">investment</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Consumption_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Consumption (economics)">consumption</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Asset_prices?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Asset prices">asset prices</a> like <a href="https://en-m-wikipedia-org.translate.goog/wiki/Stock_price?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Stock price">stock prices</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Real_estate_appraisal?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Real estate appraisal">house prices</a>, and through <a href="https://en-m-wikipedia-org.translate.goog/wiki/Exchange_rate?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Exchange rate">exchange rate</a> reactions <a href="https://en-m-wikipedia-org.translate.goog/wiki/Export?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Export">export</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Import?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Import">import</a>. In this way <a href="https://en-m-wikipedia-org.translate.goog/wiki/Aggregate_demand?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Aggregate demand">aggregate demand</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Employment?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Employment">employment</a> and ultimately inflation is affected.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Fed_goals_II-41">[41]</a> Expansionary monetary policy lowers interest rates, increasing economic activity, whereas contractionary monetary policy raises interest rates. In the case of a fixed exchange rate system, interest rate decisions together with direct intervention by central banks on exchange rate dynamics are major tools to control the exchange rate.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-nationalbanken-42">[42]</a> In developed countries, most central banks follow <a href="https://en-m-wikipedia-org.translate.goog/wiki/Inflation_targeting?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Inflation targeting">inflation targeting</a>, focusing on keeping medium-term inflation close to an explicit target, say 2%, or within an explicit range. This includes the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Federal_Reserve?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Federal Reserve">Federal Reserve</a> and the <a href="https://en-m-wikipedia-org.translate.goog/wiki/European_Central_Bank?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="European Central Bank">European Central Bank</a>, which are generally considered to follow a strategy very close to inflation targeting, even though they do not officially label themselves as inflation targeters.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Holdingline-43">[43]</a> In practice, an official inflation targeting often leaves room for the central bank to also help stabilize <a href="https://en-m-wikipedia-org.translate.goog/wiki/Output_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Output (economics)">output</a> and employment, a strategy known as "flexible inflation targeting".<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-44">[44]</a> Most <a href="https://en-m-wikipedia-org.translate.goog/wiki/Emerging_economies?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Emerging economies">emerging economies</a> focus their monetary policy on maintaining a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Fixed_exchange_rate?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Fixed exchange rate">fixed exchange rate</a> regime, aligning their currency with one or more foreign currencies, typically the <a href="https://en-m-wikipedia-org.translate.goog/wiki/US_dollar?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="US dollar">US dollar</a> or the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Euro?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Euro">euro</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-IMF-45">[45]</a> Conventional monetary policy can be ineffective in situations such as a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Liquidity_trap?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Liquidity trap">liquidity trap</a>. When nominal interest rates are near zero, central banks cannot loosen monetary policy through conventional means. In that situation, they may use unconventional monetary policy such as <a href="https://en-m-wikipedia-org.translate.goog/wiki/Quantitative_easing?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Quantitative easing">quantitative easing</a> to help stabilize output. Quantity easing can be implemented by buying not only government bonds, but also other assets such as corporate bonds, stocks, and other securities. This allows lower interest rates for a broader class of assets beyond government bonds. A similar strategy is to lower long-term interest rates by buying long-term bonds and selling short-term bonds to create a flat <a href="https://en-m-wikipedia-org.translate.goog/wiki/Yield_curve?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Yield curve">yield curve</a>, known in the US as <a href="https://en-m-wikipedia-org.translate.goog/wiki/Operation_Twist?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Operation Twist">Operation Twist</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-46">[46]</a> <div class="mw-heading mw-heading3"> <h3 id="Fiscal_policy">Fiscal policy</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=18&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Fiscal policy" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"> <div role="note" class="hatnote navigation-not-searchable"> Further information: <a href="https://en-m-wikipedia-org.translate.goog/wiki/Fiscal_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Fiscal policy">Fiscal policy</a> </div> Fiscal policy is the use of government's revenue (<a href="https://en-m-wikipedia-org.translate.goog/wiki/Tax?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Tax">taxes</a>) and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Government_spending?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Government spending">expenditure</a> as instruments to influence the economy. For example, if the economy is producing less than <a href="https://en-m-wikipedia-org.translate.goog/wiki/Potential_output?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Potential output">potential output</a>, government spending can be used to employ idle resources and boost output, or taxes could be lowered to boost private consumption which has a similar effect. Government spending or tax cuts do not have to make up for the entire <a href="https://en-m-wikipedia-org.translate.goog/wiki/Output_gap?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Output gap">output gap</a>. There is a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Fiscal_multiplier?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Fiscal multiplier">multiplier effect</a> that affects the impact of government spending. For instance, when the government pays for a bridge, the project not only adds the value of the bridge to output, but also allows the bridge workers to increase their consumption and investment, which helps to close the output gap. The effects of fiscal policy can be limited by partial or full <a href="https://en-m-wikipedia-org.translate.goog/wiki/Crowding_out_(economics)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Crowding out (economics)">crowding out</a>. When the government takes on spending projects, it limits the amount of resources available for the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Private_sector?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Private sector">private sector</a> to use. Full crowding out occurs in the extreme case when government spending simply replaces private sector output instead of adding additional output to the economy. A crowding out effect may also occur if government spending should lead to higher interest rates, which would limit investment.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-47">[47]</a> Some fiscal policy is implemented through <a href="https://en-m-wikipedia-org.translate.goog/wiki/Automatic_stabilizers?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Automatic stabilizers">automatic stabilizers</a> without any active decisions by politicians. Automatic stabilizers do not suffer from the policy lags of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Discretionary_policy?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Discretionary policy">discretionary fiscal policy</a>. Automatic stabilizers use conventional fiscal mechanisms, but take effect as soon as the economy takes a downturn: spending on unemployment benefits automatically increases when unemployment rises, and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Tax_revenue?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Tax revenue">tax revenues</a> decrease, which shelters private income and consumption from part of the fall in market income.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a>: 657 <div class="mw-heading mw-heading3"> <h3 id="Comparison_of_fiscal_and_monetary_policy">Comparison of fiscal and monetary policy</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=19&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Comparison of fiscal and monetary policy" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> There is a general consensus that both monetary and fiscal instruments may affect demand and activity in the short run (i.e. over the business cycle).<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a>: 657 Economists usually favor monetary over fiscal policy to mitigate moderate fluctuations, however, because it has two major advantages. First, monetary policy is generally implemented by independent central banks instead of the political institutions that control fiscal policy. Independent central banks are less likely to be subject to political pressures for overly expansionary policies. Second, monetary policy may suffer shorter <a href="https://en-m-wikipedia-org.translate.goog/wiki/Inside_lag?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Inside lag">inside lags</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Outside_lag?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Outside lag">outside lags</a> than fiscal policy.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Mayer,_495-38">[38]</a> There are some exceptions, however: Firstly, in the case of a major shock, monetary stabilization policy may not be sufficient and should be supplemented by active fiscal stabilization.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a>: 659 Secondly, in the case of a very low interest level, the economy may be in a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Liquidity_trap?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Liquidity trap">liquidity trap</a> in which monetary policy becomes ineffective, which makes fiscal policy the more potent tool to stabilize the economy.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a> Thirdly, in regimes where monetary policy is tied to fulfilling other targets, in particular <a href="https://en-m-wikipedia-org.translate.goog/wiki/Fixed_exchange_rate?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Fixed exchange rate">fixed exchange rate</a> regimes, the central bank cannot simultaneously adjust its interest rates to mitigate domestic business cycle fluctuations, making fiscal policy the only usable tool for such countries.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-nationalbanken-42">[42]</a> </section> <div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(4)"> <h2 id="Macroeconomic_models">Macroeconomic models</h2> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=20&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Macroeconomic models" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <section class="mf-section-4 collapsible-block" id="mf-section-4"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"> <div role="note" class="hatnote navigation-not-searchable"> Further information: <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomic_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Macroeconomic model">Macroeconomic model</a> </div> Macroeconomic teaching, research and informed debates normally evolve around formal (<a href="https://en-m-wikipedia-org.translate.goog/wiki/Diagrammatic?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Diagrammatic">diagrammatic</a> or <a href="https://en-m-wikipedia-org.translate.goog/wiki/Equation?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Equation">equational</a>) <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomic_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Macroeconomic model">macroeconomic models</a> to clarify assumptions and show their consequences in a precise way. Models include simple theoretical models, often containing only a few equations, used in teaching and research to highlight key basic principles, and larger applied quantitative models used by e.g. governments, central banks, think tanks and international organisations to predict effects of changes in economic policy or other <a href="https://en-m-wikipedia-org.translate.goog/wiki/Exogenous_factor?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Exogenous factor">exogenous factors</a> or as a basis for making <a href="https://en-m-wikipedia-org.translate.goog/wiki/Economic_forecasting?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Economic forecasting">economic forecasting</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-48">[48]</a> Well-known specific theoretical models include short-term models like the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Keynesian_cross?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Keynesian cross">Keynesian cross</a>, the <a href="https://en-m-wikipedia-org.translate.goog/wiki/IS%E2%80%93LM_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="IS–LM model">IS–LM model</a> and the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Mundell%E2%80%93Fleming_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Mundell–Fleming model">Mundell–Fleming model</a>, medium-term models like the <a href="https://en-m-wikipedia-org.translate.goog/wiki/AD%E2%80%93AS_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="AD–AS model">AD–AS model</a>, building upon a <a href="https://en-m-wikipedia-org.translate.goog/wiki/Phillips_curve?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Phillips curve">Phillips curve</a>, and long-term growth models like the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Solow%E2%80%93Swan_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Solow–Swan model">Solow–Swan</a> model, the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans model</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Peter_Diamond?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Peter Diamond">Peter Diamond</a>'s <a href="https://en-m-wikipedia-org.translate.goog/wiki/Overlapping_generations_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Overlapping generations model">overlapping generations model</a>. Quantitative models include early <a href="https://en-m-wikipedia-org.translate.goog/wiki/Large-scale_macroeconometric_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Large-scale macroeconometric model">large-scale macroeconometric model</a>, the new classical <a href="https://en-m-wikipedia-org.translate.goog/wiki/Real_business-cycle_theory?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Real business-cycle theory">real business cycle models</a>, microfounded <a href="https://en-m-wikipedia-org.translate.goog/wiki/Computable_general_equilibrium?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Computable general equilibrium">computable general equilibrium</a> (CGE) models used for medium-term (structural) questions like international trade or tax reforms, <a href="https://en-m-wikipedia-org.translate.goog/wiki/Dynamic_stochastic_general_equilibrium?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Dynamic stochastic general equilibrium">Dynamic stochastic general equilibrium</a> (DSGE) models used to analyze business cycles, not least in many central banks, or <a href="https://en-m-wikipedia-org.translate.goog/wiki/Integrated_assessment_modelling?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Integrated assessment modelling">integrated assessment</a> models like <a href="https://en-m-wikipedia-org.translate.goog/wiki/DICE_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="DICE model">DICE</a>. <div class="mw-heading mw-heading3"> <h3 id="Specific_models">Specific models</h3> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=21&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Specific models" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <div class="mw-heading mw-heading4"> <h4 id="IS–LM_model">IS–LM model</h4> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=22&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: IS–LM model" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <figure class="mw-default-size" typeof="mw:File/Thumb"> <a href="https://en-m-wikipedia-org.translate.goog/wiki/File:Islm.svg?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-file-description"> <noscript> <img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Islm.svg/220px-Islm.svg.png" decoding="async" width="220" height="220" class="mw-file-element" data-file-width="400" data-file-height="400"> </noscript><span class="lazy-image-placeholder" style="width: 220px;height: 220px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Islm.svg/220px-Islm.svg.png" data-width="220" data-height="220" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Islm.svg/330px-Islm.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Islm.svg/440px-Islm.svg.png 2x" data-class="mw-file-element"> </a> <figcaption> In this example of a traditional IS–LM chart, the IS curve moves to the right, causing higher interest rates (i) and expansion in the "real" economy (real GDP, or Y). </figcaption> </figure> The <a href="https://en-m-wikipedia-org.translate.goog/wiki/IS%E2%80%93LM?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="IS–LM">IS–LM</a> model, invented by <a href="https://en-m-wikipedia-org.translate.goog/wiki/John_Hicks?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="John Hicks">John Hicks</a> in 1936, gives the underpinnings of aggregate demand (itself discussed below). It answers the question "At any given price level, what is the quantity of goods demanded?" The graphic model shows combinations of interest rates and output that ensure equilibrium in both the goods and money markets under the model's assumptions.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEDurlaufHester2008-49">[49]</a> The goods market is modeled as giving equality between investment and public and private saving (IS), and the money market is modeled as giving equilibrium between the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Money_supply?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Money supply">money supply</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Liquidity_preference?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Liquidity preference">liquidity preference</a> (equivalent to money demand).<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEPeston2002386%E2%80%9387-50">[50]</a> The IS curve consists of the points (combinations of income and interest rate) where investment, given the interest rate, is equal to public and private saving, given output.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEPeston2002387-51">[51]</a> The IS curve is downward sloping because output and the interest rate have an inverse relationship in the goods market: as output increases, more income is saved, which means interest rates must be lower to spur enough investment to match saving.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEPeston2002387-51">[51]</a> The traditional LM curve is upward sloping because the interest rate and output have a positive relationship in the money market: as income (identically equal to output in a closed economy) increases, the demand for money increases, resulting in a rise in the interest rate in order to just offset the incipient rise in money demand.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEPeston2002387%E2%80%9388-52">[52]</a> The IS-LM model is often used in elementary textbooks to demonstrate the effects of monetary and fiscal policy, though it ignores many complexities of most modern macroeconomic models.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEDurlaufHester2008-49">[49]</a> A problem related to the LM curve is that modern central banks largely ignore the money supply in determining policy, contrary to the model's basic assumptions.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a>: 262 In some modern textbooks, consequently, the traditional IS-LM model has been modified by replacing the traditional LM curve with an assumption that the central bank simply determines the interest rate of the economy directly.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a>: 194 <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Blanchard-5">[5]</a>: 113 <div class="mw-heading mw-heading4"> <h4 id="AD-AS_model">AD-AS model</h4> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=23&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: AD-AS model" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <figure class="mw-default-size" typeof="mw:File/Thumb"> <a href="https://en-m-wikipedia-org.translate.goog/wiki/File:AS_%2B_AD_graph.svg?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-file-description"> <noscript> <img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/AS_%2B_AD_graph.svg/220px-AS_%2B_AD_graph.svg.png" decoding="async" width="220" height="172" class="mw-file-element" data-file-width="368" data-file-height="288"> </noscript><span class="lazy-image-placeholder" style="width: 220px;height: 172px;" data-src="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/AS_%2B_AD_graph.svg/220px-AS_%2B_AD_graph.svg.png" data-width="220" data-height="172" data-srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/AS_%2B_AD_graph.svg/330px-AS_%2B_AD_graph.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/25/AS_%2B_AD_graph.svg/440px-AS_%2B_AD_graph.svg.png 2x" data-class="mw-file-element"> </a> <figcaption> A traditional AD–AS diagram showing a shift in AD, and the AS curve becoming inelastic beyond potential output </figcaption> </figure> The <a href="https://en-m-wikipedia-org.translate.goog/wiki/AD%E2%80%93AS_model?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="AD–AS model">AD–AS model</a> is a common textbook model for explaining the macroeconomy.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEHealey200212-53">[53]</a> The original version of the model shows the price level and level of real output given the equilibrium in <a href="https://en-m-wikipedia-org.translate.goog/wiki/Aggregate_demand?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Aggregate demand">aggregate demand</a> and <a href="https://en-m-wikipedia-org.translate.goog/wiki/Aggregate_supply?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Aggregate supply">aggregate supply</a>. The aggregate demand curve's downward slope means that more output is demanded at lower price levels.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEHealey200213-54">[54]</a> The downward slope can be explained as the result of three effects: the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Pigou_effect?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Pigou effect">Pigou or real balance effect</a>, which states that as real prices fall, real wealth increases, resulting in higher consumer demand of goods; the <a href="https://en-m-wikipedia-org.translate.goog/wiki/Keynes_effect?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Keynes effect">Keynes or interest rate effect</a>, which states that as prices fall, the demand for money decreases, causing interest rates to decline and borrowing for investment and consumption to increase; and the net export effect, which states that as prices rise, domestic goods become comparatively more expensive to foreign consumers, leading to a decline in exports.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEHealey200213-54">[54]</a> In many representations of the AD–AS model, the aggregate supply curve is horizontal at low levels of output and becomes inelastic near the point of <a href="https://en-m-wikipedia-org.translate.goog/wiki/Potential_output?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Potential output">potential output</a>, which corresponds with <a href="https://en-m-wikipedia-org.translate.goog/wiki/Full_employment?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Full employment">full employment</a>.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-FOOTNOTEHealey200212-53">[53]</a> Since the economy cannot produce beyond the potential output, any AD expansion will lead to higher price levels instead of higher output. In modern textbooks, the AD–AS model is often presented slightly differently, however, in a diagram showing not the price level, but the inflation rate along the vertical axis,<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a>: 263 <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Mankiw-11">[11]</a>: 399–428 <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a>: 595 making it easier to relate the diagram to real-world policy discussions.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-S%C3%B8rensen-7">[7]</a>: vii In this framework, the AD curve is downward sloping because higher inflation will cause the central bank, which is assumed to follow an <a href="https://en-m-wikipedia-org.translate.goog/wiki/Inflation_target?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Inflation target">inflation target</a>, to raise the interest rate which will dampen economic activity, hence reducing output. The AS curve is upward sloping following a standard modern <a href="https://en-m-wikipedia-org.translate.goog/wiki/Phillips_curve?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Phillips curve">Phillips curve</a> thought, in which a higher level of economic activity lowers unemployment, leading to higher wage growth and in turn higher inflation.<a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_note-Romer-6">[6]</a>: 263 </section> <div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(5)"> <h2 id="See_also">See also</h2> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=24&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: See also" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <section 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section-heading" onclick="mfTempOpenSection(6)"> <h2 id="Notes">Notes</h2> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=25&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Notes" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <section class="mf-section-6 collapsible-block" id="mf-section-6"> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style> <div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-1">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFSamuelson2020" class="citation news cs1"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Robert_J._Samuelson?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Robert J. Samuelson">Samuelson, Robert</a> (2020). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.washingtonpost.com/opinions/2020/09/13/robert-samuelson-goodbye-column/?arc404%3Dtrue">"Goodbye, readers, and good luck — you'll need it"</a>. The Washington Post.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=Goodbye%2C+readers%2C+and+good+luck+%E2%80%94+you%27ll+need+it&rft.date=2020&rft.aulast=Samuelson&rft.aufirst=Robert&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fopinions%2F2020%2F09%2F13%2Frobert-samuelson-goodbye-column%2F%3Farc404%3Dtrue&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"> This article was an opinion piece expressing despondency in the field shortly before his retirement, but it is still a good summary.</li> <li id="cite_note-2"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-2">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'SullivanSheffrin2003" class="citation book cs1"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Arthur_O%27Sullivan_(economist)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Arthur O'Sullivan (economist)">O'Sullivan, Arthur</a>; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 57. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-0-13-063085-8?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-0-13-063085-8"><bdi>978-0-13-063085-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics%3A+Principles+in+Action&rft.place=Upper+Saddle+River%2C+New+Jersey&rft.pages=57&rft.pub=Pearson+Prentice+Hall&rft.date=2003&rft.isbn=978-0-13-063085-8&rft.aulast=O%27Sullivan&rft.aufirst=Arthur&rft.au=Sheffrin%2C+Steven+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li id="cite_note-3"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-3">^</a> Steve Williamson, <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=http://www.econ.yale.edu/smith/econ510a/notes99.pdf">Notes on Macroeconomic Theory</a>, 1999</li> <li id="cite_note-blaug1985-4"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-blaug1985_4-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlaug,_Mark1985" class="citation cs2">Blaug, Mark (1985), Economic theory in retrospect, Cambridge: <a href="https://en-m-wikipedia-org.translate.goog/wiki/Cambridge_University_Press?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Cambridge University Press">Cambridge University Press</a>, <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-0-521-31644-6?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-0-521-31644-6"><bdi>978-0-521-31644-6</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economic+theory+in+retrospect&rft.place=Cambridge&rft.pub=Cambridge+University+Press&rft.date=1985&rft.isbn=978-0-521-31644-6&rft.au=Blaug%2C+Mark&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li id="cite_note-Blanchard-5">^ <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-0">a</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-1">b</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-2">c</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-3">d</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-4">e</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-5">f</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-6">g</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-7">h</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-8">i</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-9">j</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-10">k</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-11">l</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-12">m</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-13">n</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-14">o</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-15">p</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-16">q</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-17">r</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-18">s</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-19">t</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-20">u</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-21">v</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-22">w</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-23">x</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Blanchard_5-24">y</a> Blanchard (2021).</li> <li id="cite_note-Romer-6">^ <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-0">a</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-1">b</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-2">c</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-3">d</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-4">e</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-5">f</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-6">g</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-7">h</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-8">i</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-Romer_6-9">j</a> Romer (2019).</li> <li id="cite_note-Sørensen-7">^ <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-0">a</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-1">b</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-2">c</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-3">d</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-4">e</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-5">f</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-6">g</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-7">h</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-8">i</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-S%C3%B8rensen_7-9">j</a> Sørensen and Whitta-Jacobsen (2022).</li> <li id="cite_note-8"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-8">^</a> Dwivedi, 445–46.</li> <li id="cite_note-9"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-9">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=http://research.stlouisfed.org/publications/es/10/ES1004.pdf.">"Neely, Christopher J. 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Retrieved 5 September 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.bis.org&rft.atitle=Flexible+inflation+targeting+in+theory+and+practice&rft.date=2011-05-12&rft.aulast=Ingves&rft.aufirst=Stefan&rft_id=https%3A%2F%2Fwww.bis.org%2Freview%2Fr110517c.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li id="cite_note-IMF-45"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-IMF_45-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDepartment2023" class="citation book cs1">Department, International Monetary Fund Monetary and Capital Markets (26 July 2023). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.elibrary.imf.org/display/book/9798400235269/9798400235269.xml?code%3Dimf.org">Annual Report on Exchange Arrangements and Exchange Restrictions 2022</a>. International Monetary Fund. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/979-8-4002-3526-9?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/979-8-4002-3526-9"><bdi>979-8-4002-3526-9</bdi></a>. 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Federal Reserve. Retrieved 5 September 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.federalreserve.gov&rft.atitle=How+the+Federal+Reserve%27s+Large-Scale+Asset+Purchases+%28LSAPs%29+Influence+Mortgage-Backed+Securities+%28MBS%29+Yields+and+U.S.+Mortgage+Rates&rft.date=2014&rft.aulast=Hancock&rft.aufirst=Diana&rft.au=Passmore%2C+Wayne&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Fpubs%2Ffeds%2F2014%2F201412%2F201412pap.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li id="cite_note-47"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-47">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFArestisSawyer2003" class="citation journal cs1">Arestis, Philip; Sawyer, Malcolm (2003). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.econstor.eu/bitstream/10419/31523/1/503961485.pdf">"Reinventing fiscal policy"</a> (PDF). Levy Economics Institute of Bard College (Working Paper, No. 381). Retrieved 7 December 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Levy+Economics+Institute+of+Bard+College&rft.atitle=Reinventing+fiscal+policy&rft.issue=Working+Paper%2C+No.+381&rft.date=2003&rft.aulast=Arestis&rft.aufirst=Philip&rft.au=Sawyer%2C+Malcolm&rft_id=https%3A%2F%2Fwww.econstor.eu%2Fbitstream%2F10419%2F31523%2F1%2F503961485.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li id="cite_note-48"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-48">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWatson2016" class="citation book cs1">Watson, Mark W. (2016). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://link.springer.com/referenceworkentry/10.1057/978-1-349-95121-5_2434-1">"Macroeconomic Forecasting"</a>. The New Palgrave Dictionary of Economics. Palgrave Macmillan UK. pp. 1–3. <a href="https://en-m-wikipedia-org.translate.goog/wiki/Doi_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://doi.org/10.1057%252F978-1-349-95121-5_2434-1">10.1057/978-1-349-95121-5_2434-1</a>. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-1-349-95121-5?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-1-349-95121-5"><bdi>978-1-349-95121-5</bdi></a>. Retrieved 9 September 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Macroeconomic+Forecasting&rft.btitle=The+New+Palgrave+Dictionary+of+Economics&rft.pages=1-3&rft.pub=Palgrave+Macmillan+UK&rft.date=2016&rft_id=info%3Adoi%2F10.1057%2F978-1-349-95121-5_2434-1&rft.isbn=978-1-349-95121-5&rft.aulast=Watson&rft.aufirst=Mark+W.&rft_id=https%3A%2F%2Flink.springer.com%2Freferenceworkentry%2F10.1057%2F978-1-349-95121-5_2434-1&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li id="cite_note-FOOTNOTEDurlaufHester2008-49">^ <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEDurlaufHester2008_49-0">a</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEDurlaufHester2008_49-1">b</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#CITEREFDurlaufHester2008">Durlauf & Hester 2008</a>.</li> <li id="cite_note-FOOTNOTEPeston2002386–87-50"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEPeston2002386%E2%80%9387_50-0">^</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#CITEREFPeston2002">Peston 2002</a>, pp. 386–87.</li> <li id="cite_note-FOOTNOTEPeston2002387-51">^ <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEPeston2002387_51-0">a</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEPeston2002387_51-1">b</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#CITEREFPeston2002">Peston 2002</a>, p. 387.</li> <li id="cite_note-FOOTNOTEPeston2002387–88-52"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEPeston2002387%E2%80%9388_52-0">^</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#CITEREFPeston2002">Peston 2002</a>, pp. 387–88.</li> <li id="cite_note-FOOTNOTEHealey200212-53">^ <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEHealey200212_53-0">a</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEHealey200212_53-1">b</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#CITEREFHealey2002">Healey 2002</a>, p. 12.</li> <li id="cite_note-FOOTNOTEHealey200213-54">^ <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEHealey200213_54-0">a</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#cite_ref-FOOTNOTEHealey200213_54-1">b</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Macroeconomics?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB#CITEREFHealey2002">Healey 2002</a>, p. 13.</li> </ol> </div> </section> <div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(7)"> <h2 id="References">References</h2> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=26&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: References" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <section class="mf-section-7 collapsible-block" id="mf-section-7"> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style> <div class="side-box metadata side-box-right"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-abovebelow"><a href="https://en-m-wikipedia-org.translate.goog/wiki/Wikipedia:The_Wikipedia_Library?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Wikipedia:The Wikipedia Library">Library resources</a> about Macroeconomics <hr> </div> <div class="side-box-flex"> <div class="side-box-text plainlist"> <ul> <li><a class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ftl.toolforge.org/cgi-bin/ftl?st%3Dwp%26su%3DMacroeconomics">Resources in your library</a></li> </ul> </div> </div> </div> <ul> <li>Blanchard, Olivier. (2009). "<a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.nber.org/papers/w14259">The State of Macro</a>." Annual Review of Economics 1(1): 209–228.</li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlanchard2021" class="citation book cs1">Blanchard, Olivier (2021). Macroeconomics (Eighth, global ed.). Harlow, England: Pearson. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-0-134-89789-9?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-0-134-89789-9"><bdi>978-0-134-89789-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.place=Harlow%2C+England&rft.edition=Eighth%2C+global&rft.pub=Pearson&rft.date=2021&rft.isbn=978-0-134-89789-9&rft.aulast=Blanchard&rft.aufirst=Olivier&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlaug2002" class="citation book cs1">Blaug, Mark (2002). "Endogenous growth theory". In Snowdon, Brian; Vane, Howard (eds.). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://archive.org/details/encyclopediaofma00bria">An Encyclopedia of Macroeconomics</a>. Northampton, Massachusetts: Edward Elgar Publishing. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-1-84542-180-9?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-1-84542-180-9"><bdi>978-1-84542-180-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Endogenous+growth+theory&rft.btitle=An+Encyclopedia+of+Macroeconomics&rft.place=Northampton%2C+Massachusetts&rft.pub=Edward+Elgar+Publishing&rft.date=2002&rft.isbn=978-1-84542-180-9&rft.aulast=Blaug&rft.aufirst=Mark&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fencyclopediaofma00bria&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDimand2008" class="citation book cs1">Dimand, Robert W. (2008). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://link.springer.com/referenceworkentry/10.1057/978-1-349-95121-5_2333-1">"Macroeconomics, origins and history of"</a>. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics. Palgrave Macmillan UK. pp. 236–44. <a href="https://en-m-wikipedia-org.translate.goog/wiki/Doi_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://doi.org/10.1057%252F9780230226203.1009">10.1057/9780230226203.1009</a>. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-0-333-78676-5?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-0-333-78676-5"><bdi>978-0-333-78676-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Macroeconomics%2C+origins+and+history+of&rft.btitle=The+New+Palgrave+Dictionary+of+Economics&rft.pages=236-44&rft.pub=Palgrave+Macmillan+UK&rft.date=2008&rft_id=info%3Adoi%2F10.1057%2F9780230226203.1009&rft.isbn=978-0-333-78676-5&rft.aulast=Dimand&rft.aufirst=Robert+W.&rft_id=https%3A%2F%2Flink.springer.com%2Freferenceworkentry%2F10.1057%2F978-1-349-95121-5_2333-1&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDurlaufHester2008" class="citation book cs1">Durlauf, Steven N.; Hester, Donald D. (2008). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=http://www.dictionaryofeconomics.com/article?id%3Dpde2008_I000303">"IS–LM"</a>. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan. pp. 585–91. <a href="https://en-m-wikipedia-org.translate.goog/wiki/Doi_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://doi.org/10.1057%252F9780230226203.0855">10.1057/9780230226203.0855</a>. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-0-333-78676-5?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-0-333-78676-5"><bdi>978-0-333-78676-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=IS%E2%80%93LM&rft.btitle=The+New+Palgrave+Dictionary+of+Economics&rft.pages=585-91&rft.edition=2nd&rft.pub=Palgrave+Macmillan&rft.date=2008&rft_id=info%3Adoi%2F10.1057%2F9780230226203.0855&rft.isbn=978-0-333-78676-5&rft.aulast=Durlauf&rft.aufirst=Steven+N.&rft.au=Hester%2C+Donald+D.&rft_id=http%3A%2F%2Fwww.dictionaryofeconomics.com%2Farticle%3Fid%3Dpde2008_I000303&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDwivedi2001" class="citation book cs1">Dwivedi, D.N. (2001). Macroeconomics: theory and policy. New Delhi: Tata McGraw-Hill. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-0-07-058841-7?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-0-07-058841-7"><bdi>978-0-07-058841-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics%3A+theory+and+policy&rft.place=New+Delhi&rft.pub=Tata+McGraw-Hill&rft.date=2001&rft.isbn=978-0-07-058841-7&rft.aulast=Dwivedi&rft.aufirst=D.N.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGärtner2006" class="citation book cs1">Gärtner, Manfred (2006). Macroeconomics. 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Northampton, Massachusetts: Edward Elgar Publishing. pp. <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://archive.org/details/encyclopediaofma00bria/page/11">11–18</a>. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-1-84542-180-9?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-1-84542-180-9"><bdi>978-1-84542-180-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=AD-AS+model&rft.btitle=An+Encyclopedia+of+Macroeconomics&rft.place=Northampton%2C+Massachusetts&rft.pages=11-18&rft.pub=Edward+Elgar+Publishing&rft.date=2002&rft.isbn=978-1-84542-180-9&rft.aulast=Healey&rft.aufirst=Nigel+M.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fencyclopediaofma00bria&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLevi2014" class="citation book cs1">Levi, Maurice (2014). 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"Monetary policy: role of". In Snowdon, Brian; Vane, Howard R. (eds.). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://archive.org/details/encyclopediaofma00bria">An Encyclopedia of Macroeconomics</a>. Northampton, Massachusetts: Edward Elgar Publishing. pp. <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://archive.org/details/encyclopediaofma00bria/page/495">495–99</a>. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-1-84542-180-9?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-1-84542-180-9"><bdi>978-1-84542-180-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Monetary+policy%3A+role+of&rft.btitle=An+Encyclopedia+of+Macroeconomics&rft.place=Northampton%2C+Massachusetts&rft.pages=495-99&rft.pub=Edward+Elgar+Publishing&rft.date=2002&rft.isbn=978-1-84542-180-9&rft.aulast=Mayer&rft.aufirst=Thomas&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fencyclopediaofma00bria&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li>Nakamura, Emi and Jón Steinsson. (2018). "<a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.aeaweb.org/articles?id%3D10.1257/jep.32.3.59">Identification in Macroeconomics.</a>" Journal of Economic Perspectives 32(3): 59–86.</li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPeston2002" class="citation book cs1">Peston, Maurice (2002). "IS-LM model: closed economy". In Snowdon, Brian; Vane, Howard R. (eds.). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://archive.org/details/encyclopediaofma00bria">An Encyclopedia of Macroeconomics</a>. Edward Elgar. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/9781840643879?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/9781840643879"><bdi>9781840643879</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=IS-LM+model%3A+closed+economy&rft.btitle=An+Encyclopedia+of+Macroeconomics&rft.pub=Edward+Elgar&rft.date=2002&rft.isbn=9781840643879&rft.aulast=Peston&rft.aufirst=Maurice&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fencyclopediaofma00bria&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRomer2019" class="citation book cs1">Romer, David (2019). Advanced macroeconomics (Fifth ed.). New York, NY: McGraw-Hill. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-1-260-18521-8?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-1-260-18521-8"><bdi>978-1-260-18521-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Advanced+macroeconomics&rft.place=New+York%2C+NY&rft.edition=Fifth&rft.pub=McGraw-Hill&rft.date=2019&rft.isbn=978-1-260-18521-8&rft.aulast=Romer&rft.aufirst=David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSolow2002" class="citation book cs1">Solow, Robert (2002). "Neoclassical growth model". In Snowdon, Brian; Vane, Howard (eds.). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://archive.org/details/encyclopediaofma00bria">An Encyclopedia of Macroeconomics</a>. Northampton, Massachusetts: Edward Elgar Publishing. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/1840643870?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/1840643870"><bdi>1840643870</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Neoclassical+growth+model&rft.btitle=An+Encyclopedia+of+Macroeconomics&rft.place=Northampton%2C+Massachusetts&rft.pub=Edward+Elgar+Publishing&rft.date=2002&rft.isbn=1840643870&rft.aulast=Solow&rft.aufirst=Robert&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fencyclopediaofma00bria&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li>Snowdon, Brian, and Howard R. Vane, ed. (2002). An Encyclopedia of Macroeconomics, <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://web.archive.org/web/20110722004651/http://www.e-elgar.co.uk/bookentry_mainUS.lasso?id%3D2106">Description</a> & scroll to Contents-preview <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://books.google.com/books?id%3DOJM2mqWI-cYC">links.</a></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSnowdonVane2005" class="citation book cs1">Snowdon, Brian; Vane, Howard R. (2005). Modern Macroeconomics: Its Origins, Development And Current State. Edward Elgar Publishing. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/1845421809?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/1845421809"><bdi>1845421809</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Modern+Macroeconomics%3A+Its+Origins%2C+Development+And+Current+State&rft.pub=Edward+Elgar+Publishing&rft.date=2005&rft.isbn=1845421809&rft.aulast=Snowdon&rft.aufirst=Brian&rft.au=Vane%2C+Howard+R.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSørensenWhitta-Jacobsen2022" class="citation book cs1">Sørensen, Peter Birch; Whitta-Jacobsen, Hans Jørgen (2022). Introducing advanced macroeconomics: growth and business cycles (Third ed.). Oxford, United Kingdom New York, NY: Oxford University Press. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-0-19-885049-6?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-0-19-885049-6"><bdi>978-0-19-885049-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Introducing+advanced+macroeconomics%3A+growth+and+business+cycles&rft.place=Oxford%2C+United+Kingdom+New+York%2C+NY&rft.edition=Third&rft.pub=Oxford+University+Press&rft.date=2022&rft.isbn=978-0-19-885049-6&rft.aulast=S%C3%B8rensen&rft.aufirst=Peter+Birch&rft.au=Whitta-Jacobsen%2C+Hans+J%C3%B8rgen&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> <li> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWarsh2006" class="citation book cs1">Warsh, David (2006). <a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://archive.org/details/knowledgewealtho00wars">Knowledge and the Wealth of Nations</a>. Norton. <a href="https://en-m-wikipedia-org.translate.goog/wiki/ISBN_(identifier)?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="https://en-m-wikipedia-org.translate.goog/wiki/Special:BookSources/978-0-393-05996-0?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Special:BookSources/978-0-393-05996-0"><bdi>978-0-393-05996-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Knowledge+and+the+Wealth+of+Nations&rft.pub=Norton&rft.date=2006&rft.isbn=978-0-393-05996-0&rft.aulast=Warsh&rft.aufirst=David&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fknowledgewealtho00wars&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></li> </ul> </section> <div class="mw-heading mw-heading2 section-heading" onclick="mfTempOpenSection(8)"> <h2 id="Further_reading">Further reading</h2> <a role="button" href="https://en-m-wikipedia-org.translate.goog/w/index.php?title=Macroeconomics&action=edit&section=27&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-GB" title="Edit section: Further reading" class="cdx-button cdx-button--size-large cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--icon-only cdx-button--weight-quiet "> edit </a> </div> <section class="mf-section-8 collapsible-block" id="mf-section-8"> <ul> <li>Glandon, P. J., Ken Kuttner, Sandeep Mazumder, and Caleb Stroup. 2023. "<a rel="nofollow" class="external text" href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://www.aeaweb.org/articles?id%3D10.1257/jel.20211609">Macroeconomic Research, Present and Past.</a>" Journal of Economic Literature, 61 (3): 1088-1126.</li> </ul> <div class="navbox-styles"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"> <style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output 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<div class="post-content last-modified-bar__content"> Last edited on 22 November 2024, at 06:19 </div></a> <div class="post-content footer-content"> <div id="mw-data-after-content"> <div class="read-more-container"></div> </div> <div id="p-lang"> <h4>Languages</h4> <section> <ul id="p-variants" class="minerva-languages"></ul> <ul class="minerva-languages"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://af.wikipedia.org/wiki/Makro-ekonomie" title="Makro-ekonomie – Afrikaans" lang="af" hreflang="af" data-title="Makro-ekonomie" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target">Afrikaans</a></li> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ar.wikipedia.org/wiki/%25D8%25A7%25D9%2582%25D8%25AA%25D8%25B5%25D8%25A7%25D8%25AF_%25D9%2583%25D9%2584%25D9%258A" title="اقتصاد كلي – Arabic" lang="ar" hreflang="ar" data-title="اقتصاد كلي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target">العربية</a></li> <li class="interlanguage-link interwiki-as mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://as.wikipedia.org/wiki/%25E0%25A6%25B8%25E0%25A6%25AE%25E0%25A6%25B7%25E0%25A7%258D%25E0%25A6%259F%25E0%25A6%25BF%25E0%25A6%25AC%25E0%25A6%25BE%25E0%25A6%25A6%25E0%25A7%2580_%25E0%25A6%2585%25E0%25A7%25B0%25E0%25A7%258D%25E0%25A6%25A5%25E0%25A6%25A8%25E0%25A7%2580%25E0%25A6%25A4%25E0%25A6%25BF" title="সমষ্টিবাদী অৰ্থনীতি – Assamese" lang="as" hreflang="as" data-title="সমষ্টিবাদী অৰ্থনীতি" data-language-autonym="অসমীয়া" data-language-local-name="Assamese" class="interlanguage-link-target">অসমীয়া</a></li> <li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ast.wikipedia.org/wiki/Macroeconom%25C3%25ADa" title="Macroeconomía – Asturian" lang="ast" hreflang="ast" data-title="Macroeconomía" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target">Asturianu</a></li> <li class="interlanguage-link interwiki-az mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://az.wikipedia.org/wiki/Makroiqtisadiyyat" title="Makroiqtisadiyyat – Azerbaijani" lang="az" hreflang="az" data-title="Makroiqtisadiyyat" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target">Azərbaycanca</a></li> <li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://azb.wikipedia.org/wiki/%25D8%25A8%25D8%25A4%25DB%258C%25D9%2588%25DA%25A9_%25D8%25A7%25DB%258C%25D9%2582%25D8%25AA%25DB%258C%25D8%25B5%25D8%25A7%25D8%25AF" title="بؤیوک ایقتیصاد – South Azerbaijani" lang="azb" hreflang="azb" data-title="بؤیوک ایقتیصاد" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target">تۆرکجه</a></li> <li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://bn.wikipedia.org/wiki/%25E0%25A6%25B8%25E0%25A6%25BE%25E0%25A6%25AE%25E0%25A6%25B7%25E0%25A7%258D%25E0%25A6%259F%25E0%25A6%25BF%25E0%25A6%2595_%25E0%25A6%2585%25E0%25A6%25B0%25E0%25A7%258D%25E0%25A6%25A5%25E0%25A6%25A8%25E0%25A7%2580%25E0%25A6%25A4%25E0%25A6%25BF" title="সামষ্টিক অর্থনীতি – Bangla" lang="bn" hreflang="bn" data-title="সামষ্টিক অর্থনীতি" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target">বাংলা</a></li> <li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://zh-min-nan.wikipedia.org/wiki/Ch%25C3%25B3ng-th%25C3%25A9-keng-ch%25C3%25A8-ha%25CC%258Dk" title="Chóng-thé-keng-chè-ha̍k – Minnan" lang="nan" hreflang="nan" data-title="Chóng-thé-keng-chè-ha̍k" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target">閩南語 / Bân-lâm-gú</a></li> <li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ba.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D0%25B8%25D2%25A1%25D1%2582%25D0%25B8%25D1%2581%25D0%25B0%25D0%25B4" title="Макроиҡтисад – Bashkir" lang="ba" hreflang="ba" data-title="Макроиҡтисад" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target">Башҡортса</a></li> <li class="interlanguage-link interwiki-be mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://be.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25B0%25D1%258D%25D0%25BA%25D0%25B0%25D0%25BD%25D0%25BE%25D0%25BC%25D1%2596%25D0%25BA%25D0%25B0" title="Макраэканоміка – Belarusian" lang="be" hreflang="be" data-title="Макраэканоміка" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target">Беларуская</a></li> <li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://be-tarask.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25B0%25D1%258D%25D0%25BA%25D0%25B0%25D0%25BD%25D0%25BE%25D0%25BC%25D1%2596%25D0%25BA%25D0%25B0" title="Макраэканоміка – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Макраэканоміка" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target">Беларуская (тарашкевіца)</a></li> <li class="interlanguage-link interwiki-bh mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://bh.wikipedia.org/wiki/%25E0%25A4%25AE%25E0%25A5%2588%25E0%25A4%2595%25E0%25A5%258D%25E0%25A4%25B0%25E0%25A5%258B_%25E0%25A4%2587%25E0%25A4%2595%25E0%25A5%258B%25E0%25A4%25A8%25E0%25A5%2589%25E0%25A4%25AE%25E0%25A4%25BF%25E0%25A4%2595%25E0%25A5%258D%25E0%25A4%25B8" title="मैक्रो इकोनॉमिक्स – Bhojpuri" lang="bh" hreflang="bh" data-title="मैक्रो इकोनॉमिक्स" data-language-autonym="भोजपुरी" data-language-local-name="Bhojpuri" class="interlanguage-link-target">भोजपुरी</a></li> <li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://bg.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D0%25B8%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D0%25BA%25D0%25B0" title="Макроикономика – Bulgarian" lang="bg" hreflang="bg" data-title="Макроикономика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target">Български</a></li> <li class="interlanguage-link interwiki-bo mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://bo.wikipedia.org/wiki/%25E0%25BD%2586%25E0%25BD%25BA%25E0%25BC%258B%25E0%25BD%2598%25E0%25BD%2590%25E0%25BD%25BC%25E0%25BD%2584%25E0%25BC%258B%25E0%25BD%2591%25E0%25BD%2594%25E0%25BD%25A3%25E0%25BC%258B%25E0%25BD%25A0%25E0%25BD%2596%25E0%25BE%25B1%25E0%25BD%25BC%25E0%25BD%25A2%25E0%25BC%258D" title="ཆེ་མཐོང་དཔལ་འབྱོར། – Tibetan" lang="bo" hreflang="bo" data-title="ཆེ་མཐོང་དཔལ་འབྱོར།" data-language-autonym="བོད་ཡིག" data-language-local-name="Tibetan" class="interlanguage-link-target">བོད་ཡིག</a></li> <li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://bs.wikipedia.org/wiki/Makroekonomija" title="Makroekonomija – Bosnian" lang="bs" hreflang="bs" data-title="Makroekonomija" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target">Bosanski</a></li> <li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ca.wikipedia.org/wiki/Macroeconomia" title="Macroeconomia – Catalan" lang="ca" hreflang="ca" data-title="Macroeconomia" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target">Català</a></li> <li class="interlanguage-link interwiki-cv mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://cv.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D1%258D%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D0%25BA%25D0%25B0" title="Макроэкономика – Chuvash" lang="cv" hreflang="cv" data-title="Макроэкономика" data-language-autonym="Чӑвашла" data-language-local-name="Chuvash" class="interlanguage-link-target">Чӑвашла</a></li> <li class="interlanguage-link interwiki-ceb mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ceb.wikipedia.org/wiki/Makroekonomiks" title="Makroekonomiks – Cebuano" lang="ceb" hreflang="ceb" data-title="Makroekonomiks" data-language-autonym="Cebuano" data-language-local-name="Cebuano" class="interlanguage-link-target">Cebuano</a></li> <li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://cs.wikipedia.org/wiki/Makroekonomie" title="Makroekonomie – Czech" lang="cs" hreflang="cs" data-title="Makroekonomie" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target">Čeština</a></li> <li class="interlanguage-link interwiki-da mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://da.wikipedia.org/wiki/Makro%25C3%25B8konomi" title="Makroøkonomi – Danish" lang="da" hreflang="da" data-title="Makroøkonomi" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target">Dansk</a></li> <li class="interlanguage-link interwiki-de mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://de.wikipedia.org/wiki/Makro%25C3%25B6konomie" title="Makroökonomie – German" lang="de" hreflang="de" data-title="Makroökonomie" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li> <li class="interlanguage-link interwiki-et mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://et.wikipedia.org/wiki/Makro%25C3%25B6konoomika" title="Makroökonoomika – Estonian" lang="et" hreflang="et" data-title="Makroökonoomika" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target">Eesti</a></li> <li class="interlanguage-link interwiki-el mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://el.wikipedia.org/wiki/%25CE%259C%25CE%25B1%25CE%25BA%25CF%2581%25CE%25BF%25CE%25BF%25CE%25B9%25CE%25BA%25CE%25BF%25CE%25BD%25CE%25BF%25CE%25BC%25CE%25AF%25CE%25B1" title="Μακροοικονομία – Greek" lang="el" hreflang="el" data-title="Μακροοικονομία" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target">Ελληνικά</a></li> <li class="interlanguage-link interwiki-es mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://es.wikipedia.org/wiki/Macroeconom%25C3%25ADa" title="Macroeconomía – Spanish" lang="es" hreflang="es" data-title="Macroeconomía" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li> <li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://eo.wikipedia.org/wiki/Makroekonomiko" title="Makroekonomiko – Esperanto" lang="eo" hreflang="eo" data-title="Makroekonomiko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target">Esperanto</a></li> <li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://eu.wikipedia.org/wiki/Makroekonomia" title="Makroekonomia – Basque" lang="eu" hreflang="eu" data-title="Makroekonomia" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target">Euskara</a></li> <li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://fa.wikipedia.org/wiki/%25D8%25A7%25D9%2582%25D8%25AA%25D8%25B5%25D8%25A7%25D8%25AF_%25DA%25A9%25D9%2584%25D8%25A7%25D9%2586" title="اقتصاد کلان – Persian" lang="fa" hreflang="fa" data-title="اقتصاد کلان" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li> <li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://fr.wikipedia.org/wiki/Macro%25C3%25A9conomie" title="Macroéconomie – French" lang="fr" hreflang="fr" data-title="Macroéconomie" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li> <li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://gl.wikipedia.org/wiki/Macroeconom%25C3%25ADa" title="Macroeconomía – Galician" lang="gl" hreflang="gl" data-title="Macroeconomía" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target">Galego</a></li> <li class="interlanguage-link interwiki-hak mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://hak.wikipedia.org/wiki/Ch%25C3%25BAng-th%25C3%25AD_K%25C3%25AEn-chi-ho%25CC%258Dk" title="Chúng-thí Kîn-chi-ho̍k – Hakka Chinese" lang="hak" hreflang="hak" data-title="Chúng-thí Kîn-chi-ho̍k" data-language-autonym="客家語 / Hak-kâ-ngî" data-language-local-name="Hakka Chinese" class="interlanguage-link-target">客家語 / Hak-kâ-ngî</a></li> <li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ko.wikipedia.org/wiki/%25EA%25B1%25B0%25EC%258B%259C%25EA%25B2%25BD%25EC%25A0%259C%25ED%2595%2599" title="거시경제학 – Korean" lang="ko" hreflang="ko" data-title="거시경제학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li> <li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://hy.wikipedia.org/wiki/%25D5%2584%25D5%25A1%25D5%25AF%25D6%2580%25D5%25B8%25D5%25A7%25D5%25AF%25D5%25B8%25D5%25B6%25D5%25B8%25D5%25B4%25D5%25AB%25D5%25AF%25D5%25A1" title="Մակրոէկոնոմիկա – Armenian" lang="hy" hreflang="hy" data-title="Մակրոէկոնոմիկա" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target">Հայերեն</a></li> <li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://hi.wikipedia.org/wiki/%25E0%25A4%25B8%25E0%25A4%25AE%25E0%25A4%25B7%25E0%25A5%258D%25E0%25A4%259F%25E0%25A4%25BF_%25E0%25A4%2585%25E0%25A4%25B0%25E0%25A5%258D%25E0%25A4%25A5%25E0%25A4%25B6%25E0%25A4%25BE%25E0%25A4%25B8%25E0%25A5%258D%25E0%25A4%25A4%25E0%25A5%258D%25E0%25A4%25B0" title="समष्टि अर्थशास्त्र – Hindi" lang="hi" hreflang="hi" data-title="समष्टि अर्थशास्त्र" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target">हिन्दी</a></li> <li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://hr.wikipedia.org/wiki/Makroekonomija" title="Makroekonomija – Croatian" lang="hr" hreflang="hr" data-title="Makroekonomija" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target">Hrvatski</a></li> <li class="interlanguage-link interwiki-io mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://io.wikipedia.org/wiki/Makroekonomiko" title="Makroekonomiko – Ido" lang="io" hreflang="io" data-title="Makroekonomiko" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target">Ido</a></li> <li class="interlanguage-link interwiki-id mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://id.wikipedia.org/wiki/Ekonomi_makro" title="Ekonomi makro – Indonesian" lang="id" hreflang="id" data-title="Ekonomi makro" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target">Bahasa Indonesia</a></li> <li class="interlanguage-link interwiki-os mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://os.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D1%258D%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D0%25BA%25C3%25A6" title="Макроэкономикæ – Ossetic" lang="os" hreflang="os" data-title="Макроэкономикæ" data-language-autonym="Ирон" data-language-local-name="Ossetic" class="interlanguage-link-target">Ирон</a></li> <li class="interlanguage-link interwiki-is mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://is.wikipedia.org/wiki/%25C3%259Ej%25C3%25B3%25C3%25B0hagfr%25C3%25A6%25C3%25B0i" title="Þjóðhagfræði – Icelandic" lang="is" hreflang="is" data-title="Þjóðhagfræði" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target">Íslenska</a></li> <li class="interlanguage-link interwiki-it mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://it.wikipedia.org/wiki/Macroeconomia" title="Macroeconomia – Italian" lang="it" hreflang="it" data-title="Macroeconomia" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target">Italiano</a></li> <li class="interlanguage-link interwiki-he mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://he.wikipedia.org/wiki/%25D7%259E%25D7%25A7%25D7%25A8%25D7%2595-%25D7%259B%25D7%259C%25D7%259B%25D7%259C%25D7%2594" title="מקרו-כלכלה – Hebrew" lang="he" hreflang="he" data-title="מקרו-כלכלה" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target">עברית</a></li> <li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://kn.wikipedia.org/wiki/%25E0%25B2%25AC%25E0%25B3%2583%25E0%25B2%25B9%25E0%25B2%25A6%25E0%25B2%25B0%25E0%25B3%258D%25E0%25B2%25A5%25E0%25B2%25B6%25E0%25B2%25BE%25E0%25B2%25B8%25E0%25B3%258D%25E0%25B2%25A4%25E0%25B3%258D%25E0%25B2%25B0" title="ಬೃಹದರ್ಥಶಾಸ್ತ್ರ – Kannada" lang="kn" hreflang="kn" data-title="ಬೃಹದರ್ಥಶಾಸ್ತ್ರ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target">ಕನ್ನಡ</a></li> <li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ka.wikipedia.org/wiki/%25E1%2583%259B%25E1%2583%2590%25E1%2583%2599%25E1%2583%25A0%25E1%2583%259D%25E1%2583%2594%25E1%2583%2599%25E1%2583%259D%25E1%2583%259C%25E1%2583%259D%25E1%2583%259B%25E1%2583%2598%25E1%2583%2599%25E1%2583%2590" title="მაკროეკონომიკა – Georgian" lang="ka" hreflang="ka" data-title="მაკროეკონომიკა" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target">ქართული</a></li> <li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://kk.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D1%258D%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D0%25BA%25D0%25B0" title="Макроэкономика – Kazakh" lang="kk" hreflang="kk" data-title="Макроэкономика" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target">Қазақша</a></li> <li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ky.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D1%258D%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D0%25BA%25D0%25B0" title="Макроэкономика – Kyrgyz" lang="ky" hreflang="ky" data-title="Макроэкономика" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target">Кыргызча</a></li> <li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://lo.wikipedia.org/wiki/%25E0%25BB%2580%25E0%25BA%25AA%25E0%25BA%2594%25E0%25BA%2596%25E0%25BA%25B0%25E0%25BA%25AA%25E0%25BA%25B2%25E0%25BA%2594%25E0%25BA%25A1%25E0%25BA%25B0%25E0%25BA%25AB%25E0%25BA%25B2%25E0%25BA%259E%25E0%25BA%25B2%25E0%25BA%2581" title="ເສດຖະສາດມະຫາພາກ – Lao" lang="lo" hreflang="lo" data-title="ເສດຖະສາດມະຫາພາກ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target">ລາວ</a></li> <li class="interlanguage-link interwiki-la mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://la.wikipedia.org/wiki/Macrooeconomia" title="Macrooeconomia – Latin" lang="la" hreflang="la" data-title="Macrooeconomia" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target">Latina</a></li> <li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://lv.wikipedia.org/wiki/Makroekonomika" title="Makroekonomika – Latvian" lang="lv" hreflang="lv" data-title="Makroekonomika" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target">Latviešu</a></li> <li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://lt.wikipedia.org/wiki/Makroekonomika" title="Makroekonomika – Lithuanian" lang="lt" hreflang="lt" data-title="Makroekonomika" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target">Lietuvių</a></li> <li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://hu.wikipedia.org/wiki/Makro%25C3%25B6kon%25C3%25B3mia" title="Makroökonómia – Hungarian" lang="hu" hreflang="hu" data-title="Makroökonómia" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target">Magyar</a></li> <li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://mk.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D0%25B5%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D1%2598%25D0%25B0" title="Макроекономија – Macedonian" lang="mk" hreflang="mk" data-title="Макроекономија" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target">Македонски</a></li> <li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ml.wikipedia.org/wiki/%25E0%25B4%25B8%25E0%25B5%258D%25E0%25B4%25A5%25E0%25B5%2582%25E0%25B4%25B2%25E0%25B4%25B8%25E0%25B4%25BE%25E0%25B4%25AE%25E0%25B5%258D%25E0%25B4%25AA%25E0%25B4%25A4%25E0%25B5%258D%25E0%25B4%25A4%25E0%25B4%25BF%25E0%25B4%2595%25E0%25B4%25B6%25E0%25B4%25BE%25E0%25B4%25B8%25E0%25B5%258D%25E0%25B4%25A4%25E0%25B5%258D%25E0%25B4%25B0%25E0%25B4%2582" title="സ്ഥൂലസാമ്പത്തികശാസ്ത്രം – Malayalam" lang="ml" hreflang="ml" data-title="സ്ഥൂലസാമ്പത്തികശാസ്ത്രം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target">മലയാളം</a></li> <li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://arz.wikipedia.org/wiki/%25D8%25A7%25D9%2584%25D8%25A7%25D9%2582%25D8%25AA%25D8%25B5%25D8%25A7%25D8%25AF_%25D8%25A7%25D9%2584%25D9%2583%25D9%2584%25D9%2589" title="الاقتصاد الكلى – Egyptian Arabic" lang="arz" hreflang="arz" data-title="الاقتصاد الكلى" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target">مصرى</a></li> <li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ms.wikipedia.org/wiki/Makroekonomi" title="Makroekonomi – Malay" lang="ms" hreflang="ms" data-title="Makroekonomi" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target">Bahasa Melayu</a></li> <li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://mn.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE_%25D1%258D%25D0%25B4%25D0%25B8%25D0%25B9%25D0%25BD_%25D0%25B7%25D0%25B0%25D1%2581%25D0%25B0%25D0%25B3" title="Макро эдийн засаг – Mongolian" lang="mn" hreflang="mn" data-title="Макро эдийн засаг" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target">Монгол</a></li> <li class="interlanguage-link interwiki-my mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://my.wikipedia.org/wiki/%25E1%2580%2599%25E1%2580%25B1%25E1%2580%2581%25E1%2580%259B%25E1%2580%25AD%25E1%2580%25AF%25E1%2580%2598%25E1%2580%25B1%25E1%2580%25AC%25E1%2580%2582%25E1%2580%2597%25E1%2580%25B1%25E1%2580%2592" title="မေခရိုဘောဂဗေဒ – Burmese" lang="my" hreflang="my" data-title="မေခရိုဘောဂဗေဒ" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target">မြန်မာဘာသာ</a></li> <li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://nl.wikipedia.org/wiki/Macro-economie" title="Macro-economie – Dutch" lang="nl" hreflang="nl" data-title="Macro-economie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target">Nederlands</a></li> <li class="interlanguage-link interwiki-new mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://new.wikipedia.org/wiki/%25E0%25A4%25AE%25E0%25A5%258D%25E0%25A4%25AF%25E0%25A4%25BE%25E0%25A4%2595%25E0%25A5%258D%25E0%25A4%25B0%25E0%25A5%258B%25E0%25A4%2587%25E0%25A4%2595%25E0%25A5%258B%25E0%25A4%25A8%25E0%25A5%258B%25E0%25A4%25AE%25E0%25A4%25BF%25E0%25A4%2595%25E0%25A5%258D%25E0%25A4%25B8" title="म्याक्रोइकोनोमिक्स – Newari" lang="new" hreflang="new" data-title="म्याक्रोइकोनोमिक्स" data-language-autonym="नेपाल भाषा" data-language-local-name="Newari" class="interlanguage-link-target">नेपाल भाषा</a></li> <li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ja.wikipedia.org/wiki/%25E3%2583%259E%25E3%2582%25AF%25E3%2583%25AD%25E7%25B5%258C%25E6%25B8%2588%25E5%25AD%25A6" title="マクロ経済学 – Japanese" lang="ja" hreflang="ja" data-title="マクロ経済学" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li> <li class="interlanguage-link interwiki-no mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://no.wikipedia.org/wiki/Makro%25C3%25B8konomi" title="Makroøkonomi – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Makroøkonomi" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li> <li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://nn.wikipedia.org/wiki/Makro%25C3%25B8konomi" title="Makroøkonomi – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Makroøkonomi" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target">Norsk nynorsk</a></li> <li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://oc.wikipedia.org/wiki/Macroeconomia" title="Macroeconomia – Occitan" lang="oc" hreflang="oc" data-title="Macroeconomia" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target">Occitan</a></li> <li class="interlanguage-link interwiki-uz badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://uz.wikipedia.org/wiki/Makroiqtisodiyot" title="Makroiqtisodiyot – Uzbek" lang="uz" hreflang="uz" data-title="Makroiqtisodiyot" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target">Oʻzbekcha / ўзбекча</a></li> <li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://pa.wikipedia.org/wiki/%25E0%25A8%25B8%25E0%25A8%25AE%25E0%25A9%25B1%25E0%25A8%25B8%25E0%25A8%25BC%25E0%25A8%259F%25E0%25A9%2580_%25E0%25A8%2585%25E0%25A8%25B0%25E0%25A8%25A5%25E0%25A8%25B8%25E0%25A8%25BC%25E0%25A8%25BE%25E0%25A8%25B8%25E0%25A8%25A4%25E0%25A8%25B0" title="ਸਮੱਸ਼ਟੀ ਅਰਥਸ਼ਾਸਤਰ – Punjabi" lang="pa" hreflang="pa" data-title="ਸਮੱਸ਼ਟੀ ਅਰਥਸ਼ਾਸਤਰ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target">ਪੰਜਾਬੀ</a></li> <li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ps.wikipedia.org/wiki/%25D9%2584%25D9%2588%25DB%258C_%25D8%25A7%25D9%2582%25D8%25AA%25D8%25B5%25D8%25A7%25D8%25AF" title="لوی اقتصاد – Pashto" lang="ps" hreflang="ps" data-title="لوی اقتصاد" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target">پښتو</a></li> <li class="interlanguage-link interwiki-km mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://km.wikipedia.org/wiki/%25E1%259E%2598%25E1%259F%2589%25E1%259E%25B6%25E1%259E%2580%25E1%259F%2592%25E1%259E%259A%25E1%259E%25BC%25E1%259E%259F%25E1%259F%2581%25E1%259E%258A%25E1%259F%2592%25E1%259E%258B%25E1%259E%2580%25E1%259E%25B7%25E1%259E%2585%25E1%259F%2592%25E1%259E%2585" title="ម៉ាក្រូសេដ្ឋកិច្ច – Khmer" lang="km" hreflang="km" data-title="ម៉ាក្រូសេដ្ឋកិច្ច" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target">ភាសាខ្មែរ</a></li> <li class="interlanguage-link interwiki-tpi mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://tpi.wikipedia.org/wiki/Maikroekonomiks" title="Maikroekonomiks – Tok Pisin" lang="tpi" hreflang="tpi" data-title="Maikroekonomiks" data-language-autonym="Tok Pisin" data-language-local-name="Tok Pisin" class="interlanguage-link-target">Tok Pisin</a></li> <li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://pl.wikipedia.org/wiki/Makroekonomia" title="Makroekonomia – Polish" lang="pl" hreflang="pl" data-title="Makroekonomia" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target">Polski</a></li> <li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://pt.wikipedia.org/wiki/Macroeconomia" title="Macroeconomia – Portuguese" lang="pt" hreflang="pt" data-title="Macroeconomia" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li> <li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ro.wikipedia.org/wiki/Macroeconomie" title="Macroeconomie – Romanian" lang="ro" hreflang="ro" data-title="Macroeconomie" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target">Română</a></li> <li class="interlanguage-link interwiki-ru badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ru.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D1%258D%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D0%25BA%25D0%25B0" title="Макроэкономика – Russian" lang="ru" hreflang="ru" data-title="Макроэкономика" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li> <li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://sah.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D1%258D%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D0%25BA%25D0%25B0" title="Макроэкономика – Yakut" lang="sah" hreflang="sah" data-title="Макроэкономика" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target">Саха тыла</a></li> <li class="interlanguage-link interwiki-sa mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://sa.wikipedia.org/wiki/%25E0%25A4%25B8%25E0%25A5%258D%25E0%25A4%25A5%25E0%25A5%2582%25E0%25A4%25B2_%25E0%25A4%2585%25E0%25A4%25B0%25E0%25A5%258D%25E0%25A4%25A5%25E0%25A4%25B6%25E0%25A4%25BE%25E0%25A4%25B8%25E0%25A5%258D%25E0%25A4%25A4%25E0%25A5%258D%25E0%25A4%25B0" title="स्थूल अर्थशास्त्र – Sanskrit" lang="sa" hreflang="sa" data-title="स्थूल अर्थशास्त्र" data-language-autonym="संस्कृतम्" data-language-local-name="Sanskrit" class="interlanguage-link-target">संस्कृतम्</a></li> <li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://sq.wikipedia.org/wiki/Makroekonomia" title="Makroekonomia – Albanian" lang="sq" hreflang="sq" data-title="Makroekonomia" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target">Shqip</a></li> <li class="interlanguage-link interwiki-si mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://si.wikipedia.org/wiki/%25E0%25B7%2583%25E0%25B7%258F%25E0%25B6%25BB%25E0%25B7%258A%25E0%25B7%2580_%25E0%25B6%2586%25E0%25B6%25BB%25E0%25B7%258A%25E0%25B6%25AE%25E0%25B7%2592%25E0%25B6%259A_%25E0%25B7%2580%25E0%25B7%2592%25E0%25B6%25AF%25E0%25B7%258A%25E2%2580%258D%25E0%25B6%25BA%25E0%25B7%258F%25E0%25B7%2580" title="සාර්ව ආර්ථික විද්‍යාව – Sinhala" lang="si" hreflang="si" data-title="සාර්ව ආර්ථික විද්‍යාව" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target">සිංහල</a></li> <li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://simple.wikipedia.org/wiki/Macroeconomics" title="Macroeconomics – Simple English" lang="en-simple" hreflang="en-simple" data-title="Macroeconomics" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target">Simple English</a></li> <li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://sk.wikipedia.org/wiki/Makroekon%25C3%25B3mia" title="Makroekonómia – Slovak" lang="sk" hreflang="sk" data-title="Makroekonómia" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target">Slovenčina</a></li> <li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://sl.wikipedia.org/wiki/Makroekonomija" title="Makroekonomija – Slovenian" lang="sl" hreflang="sl" data-title="Makroekonomija" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target">Slovenščina</a></li> <li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ckb.wikipedia.org/wiki/%25D8%25A6%25D8%25A7%25D8%25A8%25D9%2588%25D9%2588%25D8%25B1%25D9%2586%25D8%25A7%25D8%25B3%25DB%258C%25DB%258C_%25D8%25B2%25D9%2584" title="ئابوورناسیی زل – Central Kurdish" lang="ckb" hreflang="ckb" data-title="ئابوورناسیی زل" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target">کوردی</a></li> <li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://sr.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D0%25B5%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D1%2598%25D0%25B0" title="Макроекономија – Serbian" lang="sr" hreflang="sr" data-title="Макроекономија" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target">Српски / srpski</a></li> <li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://sh.wikipedia.org/wiki/Makroekonomija" title="Makroekonomija – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Makroekonomija" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target">Srpskohrvatski / српскохрватски</a></li> <li class="interlanguage-link interwiki-su mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://su.wikipedia.org/wiki/%25C3%2589konomi_makro" title="Ékonomi makro – Sundanese" lang="su" hreflang="su" data-title="Ékonomi makro" data-language-autonym="Sunda" data-language-local-name="Sundanese" class="interlanguage-link-target">Sunda</a></li> <li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://fi.wikipedia.org/wiki/Makrotaloustiede" title="Makrotaloustiede – Finnish" lang="fi" hreflang="fi" data-title="Makrotaloustiede" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target">Suomi</a></li> <li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://sv.wikipedia.org/wiki/Makroekonomi" title="Makroekonomi – Swedish" lang="sv" hreflang="sv" data-title="Makroekonomi" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target">Svenska</a></li> <li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://tl.wikipedia.org/wiki/Makroekonomiya" title="Makroekonomiya – Tagalog" lang="tl" hreflang="tl" data-title="Makroekonomiya" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target">Tagalog</a></li> <li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://ta.wikipedia.org/wiki/%25E0%25AE%25AA%25E0%25AE%25B0%25E0%25AF%2581%25E0%25AE%25AA%25E0%25AF%258D%25E0%25AE%25AA%25E0%25AF%258A%25E0%25AE%25B0%25E0%25AF%2581%25E0%25AE%25B3%25E0%25AE%25BF%25E0%25AE%25AF%25E0%25AE%25B2%25E0%25AF%258D" title="பருப்பொருளியல் – Tamil" lang="ta" hreflang="ta" data-title="பருப்பொருளியல்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target">தமிழ்</a></li> <li class="interlanguage-link interwiki-te mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://te.wikipedia.org/wiki/%25E0%25B0%25B8%25E0%25B1%258D%25E0%25B0%25A5%25E0%25B1%2582%25E0%25B0%25B2_%25E0%25B0%2586%25E0%25B0%25B0%25E0%25B1%258D%25E0%25B0%25A5%25E0%25B0%25BF%25E0%25B0%2595_%25E0%25B0%25B6%25E0%25B0%25BE%25E0%25B0%25B8%25E0%25B1%258D%25E0%25B0%25A4%25E0%25B1%258D%25E0%25B0%25B0%25E0%25B0%25AE%25E0%25B1%2581" title="స్థూల ఆర్థిక శాస్త్రము – Telugu" lang="te" hreflang="te" data-title="స్థూల ఆర్థిక శాస్త్రము" data-language-autonym="తెలుగు" data-language-local-name="Telugu" class="interlanguage-link-target">తెలుగు</a></li> <li class="interlanguage-link interwiki-th mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://th.wikipedia.org/wiki/%25E0%25B9%2580%25E0%25B8%25A8%25E0%25B8%25A3%25E0%25B8%25A9%25E0%25B8%2590%25E0%25B8%25A8%25E0%25B8%25B2%25E0%25B8%25AA%25E0%25B8%2595%25E0%25B8%25A3%25E0%25B9%258C%25E0%25B8%25A1%25E0%25B8%25AB%25E0%25B8%25A0%25E0%25B8%25B2%25E0%25B8%2584" title="เศรษฐศาสตร์มหภาค – Thai" lang="th" hreflang="th" data-title="เศรษฐศาสตร์มหภาค" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target">ไทย</a></li> <li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://tg.wikipedia.org/wiki/%25D0%2598%25D2%259B%25D1%2582%25D0%25B8%25D1%2581%25D0%25BE%25D0%25B4%25D0%25B8_%25D0%25BA%25D0%25B0%25D0%25BB%25D0%25BE%25D0%25BD" title="Иқтисоди калон – Tajik" lang="tg" hreflang="tg" data-title="Иқтисоди калон" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target">Тоҷикӣ</a></li> <li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://tr.wikipedia.org/wiki/Makroekonomi" title="Makroekonomi – Turkish" lang="tr" hreflang="tr" data-title="Makroekonomi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target">Türkçe</a></li> <li class="interlanguage-link interwiki-tyv mw-list-item"><a href="https://translate.google.com/website?sl=auto&tl=en&hl=en-GB&u=https://tyv.wikipedia.org/wiki/%25D0%259C%25D0%25B0%25D0%25BA%25D1%2580%25D0%25BE%25D1%258D%25D0%25BA%25D0%25BE%25D0%25BD%25D0%25BE%25D0%25BC%25D0%25B8%25D0%25BA%25D0%25B0" title="Макроэкономика – Tuvinian" lang="tyv" hreflang="tyv" data-title="Макроэкономика" data-language-autonym="Тыва дыл" data-language-local-name="Tuvinian" class="interlanguage-link-target">Тыва дыл</a></li> <li class="interlanguage-link interwiki-uk mw-list-item"><a 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