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class="vector-toc-list"> </ul> </li> <li id="toc-Inflation_and_deflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Inflation_and_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Inflation and deflation</span> </div> </a> <ul id="toc-Inflation_and_deflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Open_economy_macroeconomics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Open_economy_macroeconomics"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Open economy macroeconomics</span> </div> </a> <ul id="toc-Open_economy_macroeconomics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-GDP_Equation_Using_Expenditure_Approach" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#GDP_Equation_Using_Expenditure_Approach"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.6</span> <span><b>GDP Equation Using Expenditure Approach</b></span> </div> </a> <ul id="toc-GDP_Equation_Using_Expenditure_Approach-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-GDP_Deflator_Equation_&_Explanation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#GDP_Deflator_Equation_&_Explanation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.7</span> <span><b>GDP Deflator Equation & Explanation</b></span> </div> </a> <ul id="toc-GDP_Deflator_Equation_&_Explanation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Development" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Development"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Development</span> </div> </a> <button aria-controls="toc-Development-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Development subsection</span> </button> <ul id="toc-Development-sublist" class="vector-toc-list"> <li id="toc-Before_Keynes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Before_Keynes"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Before Keynes</span> </div> </a> <ul id="toc-Before_Keynes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Keynes_and_Keynesian_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Keynes_and_Keynesian_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Keynes and Keynesian economics</span> </div> </a> <ul id="toc-Keynes_and_Keynesian_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Monetarism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Monetarism"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Monetarism</span> </div> </a> <ul id="toc-Monetarism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_classical_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#New_classical_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>New classical economics</span> </div> </a> <ul id="toc-New_classical_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_Keynesian_response" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#New_Keynesian_response"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>New Keynesian response</span> </div> </a> <ul id="toc-New_Keynesian_response-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2007–2008_financial_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2007–2008_financial_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>2007–2008 financial crisis</span> </div> </a> <ul id="toc-2007–2008_financial_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Growth_models" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Growth_models"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7</span> <span>Growth models</span> </div> </a> <ul id="toc-Growth_models-sublist" class="vector-toc-list"> <li id="toc-Environmental_and_climate_issues" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Environmental_and_climate_issues"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7.1</span> <span>Environmental and climate issues</span> </div> </a> <ul id="toc-Environmental_and_climate_issues-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Macroeconomic_policy" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Macroeconomic_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Macroeconomic policy</span> </div> </a> <button aria-controls="toc-Macroeconomic_policy-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Macroeconomic policy subsection</span> </button> <ul id="toc-Macroeconomic_policy-sublist" class="vector-toc-list"> <li id="toc-Monetary_policy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Monetary_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Monetary policy</span> </div> </a> <ul id="toc-Monetary_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fiscal_policy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Fiscal_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Fiscal policy</span> </div> </a> <ul id="toc-Fiscal_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Comparison_of_fiscal_and_monetary_policy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Comparison_of_fiscal_and_monetary_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Comparison of fiscal and monetary policy</span> </div> </a> <ul id="toc-Comparison_of_fiscal_and_monetary_policy-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Macroeconomic_models" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Macroeconomic_models"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Macroeconomic models</span> </div> </a> <button aria-controls="toc-Macroeconomic_models-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Macroeconomic models subsection</span> </button> <ul id="toc-Macroeconomic_models-sublist" class="vector-toc-list"> <li id="toc-Specific_models" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Specific_models"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Specific models</span> </div> </a> <ul id="toc-Specific_models-sublist" class="vector-toc-list"> <li id="toc-IS–LM_model" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#IS–LM_model"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.1</span> <span>IS–LM model</span> </div> </a> <ul id="toc-IS–LM_model-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-AD-AS_model" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#AD-AS_model"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2</span> <span>AD-AS model</span> </div> </a> <ul id="toc-AD-AS_model-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Real-Life_Applications_&_Data" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Real-Life_Applications_&_Data"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Real-Life Applications & Data</span> </div> </a> <button aria-controls="toc-Real-Life_Applications_&_Data-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Real-Life Applications & Data subsection</span> </button> <ul id="toc-Real-Life_Applications_&_Data-sublist" class="vector-toc-list"> <li id="toc-Trump's_Proposed_Tariff_Policy_in_Feb_2025" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Trump's_Proposed_Tariff_Policy_in_Feb_2025"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Trump's Proposed Tariff Policy in Feb 2025</span> </div> </a> <ul id="toc-Trump's_Proposed_Tariff_Policy_in_Feb_2025-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-GDP_Deflator_Data_Overview" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#GDP_Deflator_Data_Overview"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>GDP Deflator Data Overview</span> </div> </a> <ul id="toc-GDP_Deflator_Data_Overview-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Macroeconomics</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 98 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-98" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">98 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="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"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%D9%83%D9%84%D9%8A" 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"><span>العربية</span></a></li><li class="interlanguage-link interwiki-as mw-list-item"><a href="https://as.wikipedia.org/wiki/%E0%A6%B8%E0%A6%AE%E0%A6%B7%E0%A7%8D%E0%A6%9F%E0%A6%BF%E0%A6%AC%E0%A6%BE%E0%A6%A6%E0%A7%80_%E0%A6%85%E0%A7%B0%E0%A7%8D%E0%A6%A5%E0%A6%A8%E0%A7%80%E0%A6%A4%E0%A6%BF" 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"><span>অসমীয়া</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Macroeconom%C3%ADa" title="Macroeconomía – Asturian" lang="ast" hreflang="ast" data-title="Macroeconomía" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="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"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D8%A8%D8%A4%DB%8C%D9%88%DA%A9_%D8%A7%DB%8C%D9%82%D8%AA%DB%8C%D8%B5%D8%A7%D8%AF" 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"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%B8%E0%A6%BE%E0%A6%AE%E0%A6%B7%E0%A7%8D%E0%A6%9F%E0%A6%BF%E0%A6%95_%E0%A6%85%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%A8%E0%A7%80%E0%A6%A4%E0%A6%BF" 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"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Ch%C3%B3ng-th%C3%A9-keng-ch%C3%A8-ha%CC%8Dk" 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"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="https://ba.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D0%B8%D2%A1%D1%82%D0%B8%D1%81%D0%B0%D0%B4" title="Макроиҡтисад – Bashkir" lang="ba" hreflang="ba" data-title="Макроиҡтисад" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%B0%D1%8D%D0%BA%D0%B0%D0%BD%D0%BE%D0%BC%D1%96%D0%BA%D0%B0" title="Макраэканоміка – Belarusian" lang="be" hreflang="be" data-title="Макраэканоміка" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%B0%D1%8D%D0%BA%D0%B0%D0%BD%D0%BE%D0%BC%D1%96%D0%BA%D0%B0" 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"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bh mw-list-item"><a href="https://bh.wikipedia.org/wiki/%E0%A4%AE%E0%A5%88%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A5%8B_%E0%A4%87%E0%A4%95%E0%A5%8B%E0%A4%A8%E0%A5%89%E0%A4%AE%E0%A4%BF%E0%A4%95%E0%A5%8D%E0%A4%B8" 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"><span>भोजपुरी</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Макроикономика – Bulgarian" lang="bg" hreflang="bg" data-title="Макроикономика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bo mw-list-item"><a href="https://bo.wikipedia.org/wiki/%E0%BD%86%E0%BD%BA%E0%BC%8B%E0%BD%98%E0%BD%90%E0%BD%BC%E0%BD%84%E0%BC%8B%E0%BD%91%E0%BD%94%E0%BD%A3%E0%BC%8B%E0%BD%A0%E0%BD%96%E0%BE%B1%E0%BD%BC%E0%BD%A2%E0%BC%8D" 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"><span>བོད་ཡིག</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="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"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="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"><span>Català</span></a></li><li class="interlanguage-link interwiki-cv mw-list-item"><a href="https://cv.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Макроэкономика – Chuvash" lang="cv" hreflang="cv" data-title="Макроэкономика" data-language-autonym="Чӑвашла" data-language-local-name="Chuvash" class="interlanguage-link-target"><span>Чӑвашла</span></a></li><li class="interlanguage-link interwiki-ceb mw-list-item"><a href="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"><span>Cebuano</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="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"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Makro%C3%B8konomi" title="Makroøkonomi – Danish" lang="da" hreflang="da" data-title="Makroøkonomi" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Makro%C3%B6konomie" title="Makroökonomie – German" lang="de" hreflang="de" data-title="Makroökonomie" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Makro%C3%B6konoomika" title="Makroökonoomika – Estonian" lang="et" hreflang="et" data-title="Makroökonoomika" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9C%CE%B1%CE%BA%CF%81%CE%BF%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%AF%CE%B1" title="Μακροοικονομία – Greek" lang="el" hreflang="el" data-title="Μακροοικονομία" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Macroeconom%C3%ADa" title="Macroeconomía – Spanish" lang="es" hreflang="es" data-title="Macroeconomía" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="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"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="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"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%DA%A9%D9%84%D8%A7%D9%86" 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"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Macro%C3%A9conomie" title="Macroéconomie – French" lang="fr" hreflang="fr" data-title="Macroéconomie" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Macroeconom%C3%ADa" title="Macroeconomía – Galician" lang="gl" hreflang="gl" data-title="Macroeconomía" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-hak mw-list-item"><a href="https://hak.wikipedia.org/wiki/Ch%C3%BAng-th%C3%AD_K%C3%AEn-chi-ho%CC%8Dk" 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"><span>客家語 / Hak-kâ-ngî</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B1%B0%EC%8B%9C%EA%B2%BD%EC%A0%9C%ED%95%99" title="거시경제학 – Korean" lang="ko" hreflang="ko" data-title="거시경제학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%84%D5%A1%D5%AF%D6%80%D5%B8%D5%A7%D5%AF%D5%B8%D5%B6%D5%B8%D5%B4%D5%AB%D5%AF%D5%A1" title="Մակրոէկոնոմիկա – Armenian" lang="hy" hreflang="hy" data-title="Մակրոէկոնոմիկա" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B8%E0%A4%AE%E0%A4%B7%E0%A5%8D%E0%A4%9F%E0%A4%BF_%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%B6%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%8D%E0%A4%B0" 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"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="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"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="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"><span>Ido</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="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"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-os mw-list-item"><a href="https://os.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%C3%A6" title="Макроэкономикæ – Ossetic" lang="os" hreflang="os" data-title="Макроэкономикæ" data-language-autonym="Ирон" data-language-local-name="Ossetic" class="interlanguage-link-target"><span>Ирон</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/%C3%9Ej%C3%B3%C3%B0hagfr%C3%A6%C3%B0i" title="Þjóðhagfræði – Icelandic" lang="is" hreflang="is" data-title="Þjóðhagfræði" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="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"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%A7%D7%A8%D7%95-%D7%9B%D7%9C%D7%9B%D7%9C%D7%94" 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"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%AC%E0%B3%83%E0%B2%B9%E0%B2%A6%E0%B2%B0%E0%B3%8D%E0%B2%A5%E0%B2%B6%E0%B2%BE%E0%B2%B8%E0%B3%8D%E0%B2%A4%E0%B3%8D%E0%B2%B0" title="ಬೃಹದರ್ಥಶಾಸ್ತ್ರ – Kannada" lang="kn" hreflang="kn" data-title="ಬೃಹದರ್ಥಶಾಸ್ತ್ರ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%9B%E1%83%90%E1%83%99%E1%83%A0%E1%83%9D%E1%83%94%E1%83%99%E1%83%9D%E1%83%9C%E1%83%9D%E1%83%9B%E1%83%98%E1%83%99%E1%83%90" title="მაკროეკონომიკა – Georgian" lang="ka" hreflang="ka" data-title="მაკროეკონომიკა" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Макроэкономика – Kazakh" lang="kk" hreflang="kk" data-title="Макроэкономика" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Макроэкономика – Kyrgyz" lang="ky" hreflang="ky" data-title="Макроэкономика" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BB%80%E0%BA%AA%E0%BA%94%E0%BA%96%E0%BA%B0%E0%BA%AA%E0%BA%B2%E0%BA%94%E0%BA%A1%E0%BA%B0%E0%BA%AB%E0%BA%B2%E0%BA%9E%E0%BA%B2%E0%BA%81" title="ເສດຖະສາດມະຫາພາກ – Lao" lang="lo" hreflang="lo" data-title="ເສດຖະສາດມະຫາພາກ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="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"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="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"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="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"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Makro%C3%B6kon%C3%B3mia" title="Makroökonómia – Hungarian" lang="hu" hreflang="hu" data-title="Makroökonómia" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%98%D0%B0" title="Макроекономија – Macedonian" lang="mk" hreflang="mk" data-title="Макроекономија" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%B8%E0%B5%8D%E0%B4%A5%E0%B5%82%E0%B4%B2%E0%B4%B8%E0%B4%BE%E0%B4%AE%E0%B5%8D%E0%B4%AA%E0%B4%A4%E0%B5%8D%E0%B4%A4%E0%B4%BF%E0%B4%95%E0%B4%B6%E0%B4%BE%E0%B4%B8%E0%B5%8D%E0%B4%A4%E0%B5%8D%E0%B4%B0%E0%B4%82" title="സ്ഥൂലസാമ്പത്തികശാസ്ത്രം – Malayalam" lang="ml" hreflang="ml" data-title="സ്ഥൂലസാമ്പത്തികശാസ്ത്രം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%D8%A7%D9%84%D9%83%D9%84%D9%89" 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"><span>مصرى</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="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"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE_%D1%8D%D0%B4%D0%B8%D0%B9%D0%BD_%D0%B7%D0%B0%D1%81%D0%B0%D0%B3" 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"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-my mw-list-item"><a href="https://my.wikipedia.org/wiki/%E1%80%99%E1%80%B1%E1%80%81%E1%80%9B%E1%80%AD%E1%80%AF%E1%80%98%E1%80%B1%E1%80%AC%E1%80%82%E1%80%97%E1%80%B1%E1%80%92" title="မေခရိုဘောဂဗေဒ – Burmese" lang="my" hreflang="my" data-title="မေခရိုဘောဂဗေဒ" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target"><span>မြန်မာဘာသာ</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="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"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-new mw-list-item"><a href="https://new.wikipedia.org/wiki/%E0%A4%AE%E0%A5%8D%E0%A4%AF%E0%A4%BE%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A5%8B%E0%A4%87%E0%A4%95%E0%A5%8B%E0%A4%A8%E0%A5%8B%E0%A4%AE%E0%A4%BF%E0%A4%95%E0%A5%8D%E0%A4%B8" title="म्याक्रोइकोनोमिक्स – Newari" lang="new" hreflang="new" data-title="म्याक्रोइकोनोमिक्स" data-language-autonym="नेपाल भाषा" data-language-local-name="Newari" class="interlanguage-link-target"><span>नेपाल भाषा</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%9E%E3%82%AF%E3%83%AD%E7%B5%8C%E6%B8%88%E5%AD%A6" 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"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Makro%C3%B8konomi" 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"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Makro%C3%B8konomi" 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"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="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"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-uz badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="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"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%B8%E0%A8%AE%E0%A9%B1%E0%A8%B8%E0%A8%BC%E0%A8%9F%E0%A9%80_%E0%A8%85%E0%A8%B0%E0%A8%A5%E0%A8%B8%E0%A8%BC%E0%A8%BE%E0%A8%B8%E0%A8%A4%E0%A8%B0" 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"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%84%D9%88%DB%8C_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF" 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"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%98%E1%9F%89%E1%9E%B6%E1%9E%80%E1%9F%92%E1%9E%9A%E1%9E%BC%E1%9E%9F%E1%9F%81%E1%9E%8A%E1%9F%92%E1%9E%8B%E1%9E%80%E1%9E%B7%E1%9E%85%E1%9F%92%E1%9E%85" title="ម៉ាក្រូសេដ្ឋកិច្ច – Khmer" lang="km" hreflang="km" data-title="ម៉ាក្រូសេដ្ឋកិច្ច" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target"><span>ភាសាខ្មែរ</span></a></li><li class="interlanguage-link interwiki-tpi mw-list-item"><a href="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"><span>Tok Pisin</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="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"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="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"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="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"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://ru.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Макроэкономика – Russian" lang="ru" hreflang="ru" data-title="Макроэкономика" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Макроэкономика – Yakut" lang="sah" hreflang="sah" data-title="Макроэкономика" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-sa mw-list-item"><a href="https://sa.wikipedia.org/wiki/%E0%A4%B8%E0%A5%8D%E0%A4%A5%E0%A5%82%E0%A4%B2_%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%B6%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%8D%E0%A4%B0" 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"><span>संस्कृतम्</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="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"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B7%83%E0%B7%8F%E0%B6%BB%E0%B7%8A%E0%B7%80_%E0%B6%86%E0%B6%BB%E0%B7%8A%E0%B6%AE%E0%B7%92%E0%B6%9A_%E0%B7%80%E0%B7%92%E0%B6%AF%E0%B7%8A%E2%80%8D%E0%B6%BA%E0%B7%8F%E0%B7%80" 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"><span>සිංහල</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="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"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Makroekon%C3%B3mia" title="Makroekonómia – Slovak" lang="sk" hreflang="sk" data-title="Makroekonómia" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="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"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%A6%D8%A7%D8%A8%D9%88%D9%88%D8%B1%D9%86%D8%A7%D8%B3%DB%8C%DB%8C_%D8%B2%D9%84" 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"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%98%D0%B0" title="Макроекономија – Serbian" lang="sr" hreflang="sr" data-title="Макроекономија" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="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"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-su mw-list-item"><a href="https://su.wikipedia.org/wiki/%C3%89konomi_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"><span>Sunda</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="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"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="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"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="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"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AE%B0%E0%AF%81%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AF%8A%E0%AE%B0%E0%AF%81%E0%AE%B3%E0%AE%BF%E0%AE%AF%E0%AE%B2%E0%AF%8D" title="பருப்பொருளியல் – Tamil" lang="ta" hreflang="ta" data-title="பருப்பொருளியல்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%B8%E0%B1%8D%E0%B0%A5%E0%B1%82%E0%B0%B2_%E0%B0%86%E0%B0%B0%E0%B1%8D%E0%B0%A5%E0%B0%BF%E0%B0%95_%E0%B0%B6%E0%B0%BE%E0%B0%B8%E0%B1%8D%E0%B0%A4%E0%B1%8D%E0%B0%B0%E0%B0%AE%E0%B1%81" 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"><span>తెలుగు</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%A8%E0%B8%B2%E0%B8%AA%E0%B8%95%E0%B8%A3%E0%B9%8C%E0%B8%A1%E0%B8%AB%E0%B8%A0%E0%B8%B2%E0%B8%84" title="เศรษฐศาสตร์มหภาค – Thai" lang="th" hreflang="th" data-title="เศรษฐศาสตร์มหภาค" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%98%D2%9B%D1%82%D0%B8%D1%81%D0%BE%D0%B4%D0%B8_%D0%BA%D0%B0%D0%BB%D0%BE%D0%BD" 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"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="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"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-tyv mw-list-item"><a href="https://tyv.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Макроэкономика – Tuvinian" lang="tyv" hreflang="tyv" data-title="Макроэкономика" data-language-autonym="Тыва дыл" data-language-local-name="Tuvinian" class="interlanguage-link-target"><span>Тыва дыл</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BA%D1%80%D0%BE%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%96%D0%BA%D0%B0" title="Макроекономіка – Ukrainian" lang="uk" hreflang="uk" data-title="Макроекономіка" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%DA%A9%D9%84%DB%8C%D8%A7%D8%AA%DB%8C_%D9%85%D8%B9%D8%A7%D8%B4%DB%8C%D8%A7%D8%AA" title="کلیاتی معاشیات – Urdu" lang="ur" hreflang="ur" data-title="کلیاتی معاشیات" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kinh_t%E1%BA%BF_h%E1%BB%8Dc_v%C4%A9_m%C3%B4" title="Kinh tế học vĩ mô – Vietnamese" lang="vi" hreflang="vi" data-title="Kinh tế học vĩ mô" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Makroekonomika" title="Makroekonomika – Waray" lang="war" hreflang="war" data-title="Makroekonomika" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E5%AE%8F%E8%A7%82%E7%BB%8F%E6%B5%8E%E5%AD%A6" title="宏观经济学 – Wu" lang="wuu" hreflang="wuu" data-title="宏观经济学" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E5%AD%B8" title="宏觀經濟學 – Cantonese" lang="yue" hreflang="yue" data-title="宏觀經濟學" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-diq 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searchaux" style="display:none">Study of an economy as a whole</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline 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.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><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a class="mw-selflink selflink">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a></li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Circulation_in_macroeconomics.svg" 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="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Circulation_in_macroeconomics.svg/375px-Circulation_in_macroeconomics.svg.png 1.5x, //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> <p><b>Macroeconomics</b> is a branch of <a href="/wiki/Economics" title="Economics">economics</a> that deals with the performance, structure, behavior, and decision-making of an <a href="/wiki/Economy" title="Economy">economy</a> as a whole.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> This includes regional, national, and <a href="/wiki/Global_economies" class="mw-redirect" title="Global economies">global economies</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Macroeconomists study topics such as <a href="/wiki/Output_(economics)" title="Output (economics)">output</a>/<a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a> (gross domestic product) and <a href="/wiki/National_income" class="mw-redirect" title="National income">national income</a>, <a href="/wiki/Unemployment" title="Unemployment">unemployment</a> (including <a href="/wiki/Unemployment#Measurement" title="Unemployment">unemployment rates</a>), <a href="/wiki/Price_index" title="Price index">price indices</a> and <a href="/wiki/Inflation" title="Inflation">inflation</a>, <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a>, <a href="/wiki/Saving" title="Saving">saving</a>, <a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">investment</a>, <a href="/wiki/Energy_economics" title="Energy economics">energy</a>, <a href="/wiki/International_trade" title="International trade">international trade</a>, and <a href="/wiki/International_finance" title="International finance">international finance</a>. </p><p>Macroeconomics and <a href="/wiki/Microeconomics" title="Microeconomics">microeconomics</a> are the two most general fields in economics.<sup id="cite_ref-blaug1985_4-0" class="reference"><a href="#cite_note-blaug1985-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> 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. </p><p>Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the <a href="/wiki/Business_cycle" 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="/wiki/Fiscal_policy" title="Fiscal policy">fiscal</a> or <a href="/wiki/Monetary_policy" 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. </p><p>Macroeconomics as a separate field of research and study is generally recognized to start in 1936, when <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> published his <i><a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a></i>, but its intellectual predecessors are much older. Since World War II, various macroeconomic schools of thought like <a href="/wiki/Keynesians" class="mw-redirect" title="Keynesians">Keynesians</a>, <a href="/wiki/Monetarists" class="mw-redirect" title="Monetarists">monetarists</a>, <a href="/wiki/New_classical_economics" class="mw-redirect" title="New classical economics">new classical</a> and <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">new Keynesian economists</a> have made contributions to the development of the <a href="/wiki/Mainstream_economics" title="Mainstream economics">macroeconomic research mainstream</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Basic_macroeconomic_concepts">Basic macroeconomic concepts</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=1" title="Edit section: Basic macroeconomic concepts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Macroeconomics encompasses a variety of concepts and variables, but above all the three central macroeconomic variables are output, unemployment, and inflation.<sup id="cite_ref-Blanchard_5-0" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 39">: 39 </span></sup> Besides, the time horizon varies for different types of macroeconomic topics, and this distinction is crucial for many research and policy debates.<sup id="cite_ref-Blanchard_5-1" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 54">: 54 </span></sup> A further important dimension is that of an economy's openness, economic theory distinguishing sharply between <a href="/wiki/Closed_economies" class="mw-redirect" title="Closed economies">closed economies</a> and <a href="/wiki/Open_economy" title="Open economy">open economies</a>.<sup id="cite_ref-Blanchard_5-2" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 373">: 373 </span></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Circulation_in_macroeconomics.svg" class="mw-file-description"><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" 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-file-width="493" data-file-height="439" /></a><figcaption><a href="/wiki/Circular_flow_of_income" title="Circular flow of income">Circulation in macroeconomics</a></figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Time_frame">Time frame</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=2" title="Edit section: Time frame"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>It is usual to distinguish between three time horizons in macroeconomics, each having its own focus on e.g. the determination of output:<sup id="cite_ref-Blanchard_5-3" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 54">: 54 </span></sup> </p> <ul><li>the short run (e.g. a few years): Focus is on <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a> fluctuations and changes in <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> which often drive them. <a href="/wiki/Stabilization_policy" title="Stabilization policy">Stabilization policies</a> like <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> or <a href="/wiki/Fiscal_policy" 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="/wiki/Labour_market_policies" class="mw-redirect" title="Labour market policies">labour market policies</a> and <a href="/wiki/Competition_policy" 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="/wiki/Economic_growth" title="Economic growth">economic growth</a> like <a href="/wiki/Capital_accumulation" title="Capital accumulation">accumulation</a> of human and physical capital, technological innovations and <a href="/wiki/Demographic_change" class="mw-redirect" title="Demographic change">demographic changes</a>. Potential policies to influence these developments are <a href="/wiki/Education_reform" title="Education reform">education reforms</a>, incentives to change <a href="/wiki/Saving_rate" class="mw-redirect" title="Saving rate">saving rates</a> or to increase <a href="/wiki/R%26D" 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><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=3" title="Edit section: Output and income"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>National <a href="/wiki/Output_(economics)" 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="/wiki/Net_output" title="Net output">net output</a> of the economy is usually measured as <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> (GDP). Adding net <a href="/wiki/Factor_income" title="Factor income">factor incomes</a> from abroad to GDP produces <a href="/wiki/Gross_national_income" 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="/wiki/Net_foreign_assets" title="Net foreign assets">net foreign assets</a> (or debt), the difference may be considerable.<sup id="cite_ref-Blanchard_5-4" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 385">: 385 </span></sup> </p><p>Economists interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a>, and better education and <a href="/wiki/Human_capital" 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="/wiki/Business_cycle" title="Business cycle">Business cycles</a> can cause short-term drops in output called <a href="/wiki/Recession" title="Recession">recessions</a>. Economists look for <a href="#Macroeconomic_policy">macroeconomic policies</a> that prevent economies from slipping into either <a href="/wiki/Recession" title="Recession">recessions</a> or <a href="/wiki/Overheating_(economics)" title="Overheating (economics)">overheating</a> and that lead to higher <a href="/wiki/Productivity" title="Productivity">productivity</a> levels and <a href="/wiki/Standards_of_living" class="mw-redirect" title="Standards of living">standards of living</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Unemployment">Unemployment</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=4" title="Edit section: Unemployment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Okuns_law_differences_1948_to_mid_2011.png" class="mw-file-description"><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" 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-file-width="1103" data-file-height="801" /></a><figcaption>A chart using US data showing the relationship between economic growth and unemployment expressed by <a href="/wiki/Okun%27s_law" 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> <p>The amount of <a href="/wiki/Unemployment" title="Unemployment">unemployment</a> in an economy is measured by the unemployment rate, i.e. the percentage of persons in the <a href="/wiki/Labor_force" 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="/wiki/Discouraged_worker" 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.<sup id="cite_ref-Blanchard_5-5" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 156">: 156 </span></sup> </p><p>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,<sup id="cite_ref-Romer_6-0" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and which is often termed the <a href="/wiki/Natural_rate_of_unemployment" title="Natural rate of unemployment">natural</a><sup id="cite_ref-Romer_6-1" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> or structural<sup id="cite_ref-Sørensen_7-0" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Blanchard_5-6" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 167">: 167 </span></sup> rate of unemployment. </p><p><a href="/wiki/Unemployment#Cyclical_unemployment" title="Unemployment">Cyclical unemployment</a> occurs when growth stagnates. <a href="/wiki/Okun%27s_law" title="Okun's law">Okun's law</a> represents the empirical relationship between unemployment and short-run GDP growth.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in unemployment.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>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="/wiki/Market_failure" title="Market failure">market failure</a>:<sup id="cite_ref-Romer_6-2" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <ul><li><a href="/wiki/Search_unemployment" 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="/wiki/Imperfect_information" class="mw-redirect" title="Imperfect information">imperfect information</a>, generally causing a time-consuming <a href="/wiki/Search_and_matching_theory_(economics)" 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.<sup id="cite_ref-Romer_6-3" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-Mankiw_11-0" class="reference"><a href="#cite_note-Mankiw-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Efficiency_wage" 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<sup id="cite_ref-Mankiw_11-1" class="reference"><a href="#cite_note-Mankiw-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Trade_unions" class="mw-redirect" title="Trade unions">Trade unions</a>, which are important actors in the labor market in some countries, may exercise <a href="/wiki/Market_power" 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="/wiki/Minimum_wage" 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.<sup id="cite_ref-Mankiw_11-2" class="reference"><a href="#cite_note-Mankiw-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> In the case of employers having some <a href="/wiki/Monopsony_power" class="mw-redirect" title="Monopsony power">monopsony power</a>, however, employment effects may have the opposite sign.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Inflation_and_deflation">Inflation and deflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=5" title="Edit section: Inflation and deflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:M2_and_Inflation_USA.svg" class="mw-file-description"><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" 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-file-width="706" data-file-height="513" /></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> <p>A general price increase across the entire economy is called <a href="/wiki/Inflation" title="Inflation">inflation</a>. When prices decrease, there is <a href="/wiki/Deflation" title="Deflation">deflation</a>. Economists measure these changes in prices with <a href="/wiki/Price_index" 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. </p><p><a href="/wiki/Central_bank" title="Central bank">Central bankers</a> conducting <a href="/wiki/Monetary_policy" 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.<sup id="cite_ref-Blanchard_5-7" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Changes in the inflation level may be the result of several factors. Too much <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> in the economy will cause an <a href="/wiki/Overheating_(economics)" title="Overheating (economics)">overheating</a>, raising inflation rates via the <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a> because of a tight labor market leading to large wage increases which will be <a href="/wiki/Pass-through_(economics)" 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="/wiki/Supply_shock" title="Supply shock">supply shocks</a> will also affect inflation, e.g. the <a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">oil crises of the 1970s</a> and the <a href="/wiki/2021%E2%80%932023_global_energy_crisis" 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="/wiki/Inflation_expectations" class="mw-redirect" title="Inflation expectations">inflation expectations</a>, creating a self-fulfilling inflationary or deflationary spiral.<sup id="cite_ref-Blanchard_5-8" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Monetarist" class="mw-redirect" title="Monetarist">monetarist</a> <a href="/wiki/Quantity_theory_of_money" 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="/wiki/Money_supply" title="Money supply">money supply</a>.<sup id="cite_ref-FOOTNOTEMankiw202298_16-0" class="reference"><a href="#cite_note-FOOTNOTEMankiw202298-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-Graff_17-0" class="reference"><a href="#cite_note-Graff-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Open_economy_macroeconomics">Open economy macroeconomics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=6" title="Edit section: Open economy macroeconomics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Open_economy" title="Open economy">Open economy</a> macroeconomics deals with the consequences of <a href="/wiki/International_trade" title="International trade">international trade</a> in <a href="/wiki/Goods" title="Goods">goods</a>, <a href="/wiki/Financial_asset" title="Financial asset">financial assets</a> and possibly <a href="/wiki/Factor_market" title="Factor market">factor markets</a> like <a href="/wiki/Labor_migration" class="mw-redirect" title="Labor migration">labor migration</a> and international relocation of firms (physical capital). It explores what determines <a href="/wiki/Import" title="Import">import</a>, <a href="/wiki/Export" title="Export">export</a>, the <a href="/wiki/Balance_of_trade" title="Balance of trade">balance of trade</a> and over longer horizons the accumulation of <a href="/wiki/Net_foreign_assets" title="Net foreign assets">net foreign assets</a>. An important topic is the role of <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rates</a> and the pros and cons of maintaining a <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">fixed exchange rate</a> system or even a <a href="/wiki/Currency_union" title="Currency union">currency union</a> like the <a href="/wiki/Economic_and_Monetary_Union_of_the_European_Union" 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="/wiki/Optimum_currency_area" title="Optimum currency area">optimum currency areas</a>.<sup id="cite_ref-Blanchard_5-9" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="GDP_Equation_Using_Expenditure_Approach"><b>GDP Equation Using Expenditure Approach</b></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=7" title="Edit section: GDP Equation Using Expenditure Approach"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>One way to calculate Gross Domestic Product, or total net output, is the expenditure method. The GDP essentially tells you how big the economy is. The larger the GDP value, the bigger the economy. The expenditure approach involves looking at four main components: Consumer Spending, Government Spending, Investment Spending, and Net Exports.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Consumer Spending is made up of ordinary consumers spending money on different kinds of products and also investing their money in residential markets. Government Spending involves the government spending money on goods and services and they may assist consumers or businesses with spending as well. For instance, purchasing physical capital for businesses. While transfer payments, which includes things like welfare or social security payments), are things that a government pays, it is not included in the final calculation of the expenditure approach because it is not paying for any final goods and services. Investment spending involves businesses spending money on physical capital/equipment to help with producing goods and services. Lastly, net exports is just exports minus imports. Exports are goods and services that a country is selling to people abroad and imports are goods and services that people from a country are receiving from abroad. </p><p>Hence, the equation for the expenditure approach to calculating the Gross Domestic Product is </p><p>GDP = Consumer Spending(CS) + Government Spending(GS) + Investment Spending(IS) + Net Exports(EXP-IMP). </p> <div class="mw-heading mw-heading3"><h3 id="GDP_Deflator_Equation_&_Explanation"><span id="GDP_Deflator_Equation_.26_Explanation"></span><b>GDP Deflator Equation & Explanation</b></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=8" title="Edit section: GDP Deflator Equation & Explanation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Another concern with measuring a country's economic growth is that even though we see the GDP growing, that does not inherently mean the economy is growing. Most of the increase in GDP may just be due to inflation. To know whether this is the case, we have to calculate the GDP Deflator which adjusts the GDP for inflation. </p><p>GDP Deflator = (Nominal GDP/Real GDP) x 100<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>Nominal GDP is GDP that includes inflation and Real GDP is GDP adjusted for inflation. To adjust for inflation means that the effect of inflation on the value was removed. </p><p>A GDP Deflator of 100 indicates that there is no inflation nor deflation. A GDP Deflator value that is greater than 100 indicates that there is inflation. A GDP Deflator value that is less than 100 indicates that there is deflation. </p> <div class="mw-heading mw-heading2"><h2 id="Development">Development</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=9" title="Edit section: Development"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_macroeconomic_thought" 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="/wiki/File:John_Maynard_Keynes.jpg" class="mw-file-description"><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" srcset="//upload.wikimedia.org/wikipedia/commons/6/66/John_Maynard_Keynes.jpg 1.5x" data-file-width="250" data-file-height="300" /></a><figcaption><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> is considered the initiator of macroeconomics when he published his work <i><a href="/wiki/The_General_Theory_of_Employment,_Interest,_and_Money" class="mw-redirect" title="The General Theory of Employment, Interest, and Money">The General Theory of Employment, Interest, and Money</a></i> in 1936.</figcaption></figure> <p>Macroeconomics as a separate field of research and study is generally recognized to start with the publication of <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>' <i><a href="/wiki/The_General_Theory_of_Employment,_Interest,_and_Money" class="mw-redirect" title="The General Theory of Employment, Interest, and Money">The General Theory of Employment, Interest, and Money</a></i> in 1936.<sup id="cite_ref-Dimand_20-0" class="reference"><a href="#cite_note-Dimand-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Blanchard_5-10" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 526">: 526 </span></sup> The terms "macrodynamics" and "macroanalysis" were introduced by <a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Ragnar Frisch</a> in 1933, and Lawrence Klein in 1946 used the word "macroeconomics" itself in a journal title in 1946.<sup id="cite_ref-Dimand_20-1" class="reference"><a href="#cite_note-Dimand-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> but naturally several of the themes which are central to macroeconomic research had been discussed by thoughtful economists and other writers long before 1936.<sup id="cite_ref-Dimand_20-2" class="reference"><a href="#cite_note-Dimand-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Before_Keynes">Before Keynes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=10" title="Edit section: Before Keynes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In particular, macroeconomic questions before Keynes were the topic of the two long-standing traditions of <a href="/wiki/Business_cycle" title="Business cycle">business cycle theory</a> and <a href="/wiki/Monetary_theory" class="mw-redirect" title="Monetary theory">monetary theory</a>. <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Stanley Jevons</a> was one of the pioneers of the first tradition, whereas the <a href="/wiki/Quantity_theory_of_money" 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="/wiki/Mart%C3%ADn_de_Azpilcueta" title="Martín de Azpilcueta">Martín de Azpilcueta</a> and later discussed by personalities like <a href="/wiki/John_Locke" title="John Locke">John Locke</a> and <a href="/wiki/David_Hume" title="David Hume">David Hume</a>. In the first decades of the 20th century monetary theory was dominated by the eminent economists <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a>, <a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a> and <a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a>.<sup id="cite_ref-Dimand_20-3" class="reference"><a href="#cite_note-Dimand-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Keynes_and_Keynesian_economics">Keynes and Keynesian economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=11" title="Edit section: Keynes and Keynesian economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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="/wiki/Neoclassical_economics" 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 <i>General Theory</i>, initiated what is known as the <a href="/wiki/Keynesian_Revolution" 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="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a>, also called Keynesianism or Keynesian theory.<sup id="cite_ref-Blanchard_5-11" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 526">: 526 </span></sup> </p><p>In Keynes' theory, <a href="/wiki/Aggregate_demand" 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="/wiki/Liquidity_preference" title="Liquidity preference">liquidity preference</a> (his preferred name for what is also known as <a href="/wiki/Money_demand" 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="/wiki/Multiplier_effect" 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="/wiki/Animal_spirits_(Keynes)" title="Animal spirits (Keynes)">animal spirits</a> can play in the economy.<sup id="cite_ref-Blanchard_5-12" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 526">: 526 </span></sup> </p><p>The generation following Keynes combined the macroeconomics of the <i>General Theory</i> with neoclassical microeconomics to create the <a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical synthesis</a>. By the 1950s, most economists had accepted the synthesis view of the macroeconomy.<sup id="cite_ref-Blanchard_5-13" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 526">: 526 </span></sup> Economists like <a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a>, <a href="/wiki/Franco_Modigliani" title="Franco Modigliani">Franco Modigliani</a>, <a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a>, and <a href="/wiki/Robert_Solow" 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.<sup id="cite_ref-Blanchard_5-14" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 527">: 527 </span></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Monetarism">Monetarism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=12" title="Edit section: Monetarism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Milton_Friedman" 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="/wiki/Great_Depression" 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.<sup id="cite_ref-Blanchard_5-15" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 528">: 528 </span></sup> </p><p>Friedman also challenged the original simple <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a> relationship between inflation and unemployment. Friedman and <a href="/wiki/Edmund_Phelps" 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.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> When the <a href="/wiki/1970s_energy_crisis" 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.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="New_classical_economics">New classical economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=13" title="Edit section: New classical economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical macroeconomics</a> further challenged the Keynesian school. A central development in new classical thought came when <a href="/wiki/Robert_Lucas,_Jr." class="mw-redirect" title="Robert Lucas, Jr.">Robert Lucas</a> introduced <a href="/wiki/Rational_expectations" title="Rational expectations">rational expectations</a> to macroeconomics. Prior to Lucas, economists had generally used <a href="/wiki/Adaptive_expectations" 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.<sup id="cite_ref-Blanchard_5-16" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 530">: 530 </span></sup> 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. </p><p>Lucas also made an <a href="/wiki/Lucas_critique" 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="/wiki/Microfoundations" title="Microfoundations">microeconomic foundation</a>) that would, in principle, be structurally accurate as economies changed.<sup id="cite_ref-Blanchard_5-17" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 530">: 530 </span></sup> </p><p>Following Lucas's critique, new classical economists, led by <a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a> and <a href="/wiki/Finn_E._Kydland" title="Finn E. Kydland">Finn E. Kydland</a>, created <a href="/wiki/Real_business_cycle" 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.<sup id="cite_ref-Blanchard_5-18" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 533">: 533 </span></sup><sup id="cite_ref-Romer_6-4" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 195">: 195 </span></sup> </p><p>Despite criticism of the realism in the RBC models, they have been very influential in <a href="/wiki/Economic_methodology" title="Economic methodology">economic methodology</a> by providing the first examples of <a href="/wiki/General_equilibrium" class="mw-redirect" title="General equilibrium">general equilibrium</a> models based on <a href="/wiki/Microfoundations" 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.<sup id="cite_ref-Romer_6-5" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 194">: 194 </span></sup> </p> <div class="mw-heading mw-heading3"><h3 id="New_Keynesian_response">New Keynesian response</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=14" title="Edit section: New Keynesian response"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/New_Keynesian" 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="/wiki/Sticky_(economics)" class="mw-redirect" title="Sticky (economics)">sticky prices and wages</a> due to <a href="/wiki/Imperfect_competition" title="Imperfect competition">imperfect competition</a>,<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> which would not adjust, allowing monetary policy to impact quantities instead of prices. <a href="/wiki/Stanley_Fischer" title="Stanley Fischer">Stanley Fischer</a> and <a href="/wiki/John_B._Taylor" 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="/wiki/Olivier_Blanchard" title="Olivier Blanchard">Olivier Blanchard</a>, <a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a>, <a href="/wiki/Julio_Rotemberg" title="Julio Rotemberg">Julio Rotemberg</a>, <a href="/wiki/Greg_Mankiw" title="Greg Mankiw">Greg Mankiw</a>, <a href="/wiki/David_Romer" title="David Romer">David Romer</a>, and <a href="/wiki/Michael_Woodford_(economist)" 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="/wiki/Efficiency_wage" title="Efficiency wage">efficiency wages</a> or <a href="/wiki/Search_and_matching_theory_(economics)" title="Search and matching theory (economics)">search and matching</a> (SAM) models, or imperfections in credit markets like <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a>.<sup id="cite_ref-Blanchard_5-19" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 532–36">: 532–36 </span></sup> </p><p>By the late 1990s, economists had reached a rough consensus.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> 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="/wiki/Dynamic_stochastic_general_equilibrium" 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="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">new neoclassical synthesis</a>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> These models are now used by many central banks and are a core part of contemporary macroeconomics.<sup id="cite_ref-Blanchard_5-20" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 535–36">: 535–36 </span></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2007–2008_financial_crisis"><span id="2007.E2.80.932008_financial_crisis"></span>2007–2008 financial crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=15" title="Edit section: 2007–2008 financial crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, which led to the <a href="/wiki/Great_Recession" 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="/wiki/Financial_institution" title="Financial institution">financial institutions</a> in the economy. After the crisis, macroeconomic researchers have turned their attention in several new directions: </p> <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="/wiki/Macroprudential_regulation" title="Macroprudential regulation">macroprudential tools</a> and the dangers of an <a href="/wiki/Fiscal_sustainability" title="Fiscal sustainability">unsustainable</a> public debt<sup id="cite_ref-Blanchard_5-21" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 537">: 537 </span></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup></li> <li>increased emphasis on <a href="/wiki/Applied_economics" title="Applied economics">empirical work</a> as part of the so-called <a href="/wiki/Credibility_revolution" title="Credibility revolution">credibility revolution</a> in economics, using improved methods to distinguish between <a href="/wiki/Correlation_does_not_imply_causation" title="Correlation does not imply causation">correlation and causality</a> to improve future policy discussions<sup id="cite_ref-:0_29-0" class="reference"><a href="#cite_note-:0-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup></li> <li>interest in understanding the importance of <a href="/wiki/Heterogeneity_in_economics" 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="/wiki/HANK_model" class="mw-redirect" title="HANK model">HANK models</a>), which may potentially also improve understanding of the impact of macroeconomics on the <a href="/wiki/Income_distribution" title="Income distribution">income distribution</a><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup></li> <li>understanding the implications of integrating the findings of the increasingly useful <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavioral economics</a> literature into macroeconomics<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> and behavioral finance</li></ul> <div class="mw-heading mw-heading3"><h3 id="Growth_models">Growth models</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=16" title="Edit section: Growth models"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Research in the economics of the determinants behind long-run <a href="/wiki/Economic_growth" title="Economic growth">economic growth</a> has followed its own course.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Harrod-Domar" 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.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan model</a> worked out by <a href="/wiki/Robert_Solow" title="Robert Solow">Robert Solow</a> and, independently, <a href="/wiki/Trevor_Swan" 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.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> The model operates with a <a href="/wiki/Production_function" 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.<sup id="cite_ref-FOOTNOTESolow2002518–19_35-0" class="reference"><a href="#cite_note-FOOTNOTESolow2002518–19-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> 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="/wiki/Total_factor_productivity" 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.<sup id="cite_ref-FOOTNOTESolow2002519_36-0" class="reference"><a href="#cite_note-FOOTNOTESolow2002519-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> The Solow model can be interpreted as a special case of the more general <a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" 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="/wiki/Utility_function" class="mw-redirect" title="Utility function">utility function</a>. </p><p>In the 1980s and 1990s <a href="/wiki/Endogenous_growth_theory" 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="/wiki/Learning-by-doing_(economics)" 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.<sup id="cite_ref-FOOTNOTEBlaug2002202–03_37-0" class="reference"><a href="#cite_note-FOOTNOTEBlaug2002202–03-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> Another type of endogenous growth models endogenized the process of technological progress by modelling <a href="/wiki/Research_and_development" title="Research and development">research and development</a> activities by profit-maximizing firms explicitly within the growth models themselves.<sup id="cite_ref-Sørensen_7-1" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 280–308">: 280–308 </span></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Environmental_and_climate_issues">Environmental and climate issues</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=17" title="Edit section: Environmental and climate issues"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Diagram_of_natural_resource_flows-en.svg" class="mw-file-description"><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" 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-file-width="794" data-file-height="834" /></a><figcaption>Natural resources flow through the economy and end up as waste and pollution.</figcaption></figure> <p>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="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a> and <a href="/wiki/Robert_Solow" title="Robert Solow">Robert Solow</a> introduced <a href="/wiki/Non-renewable_resource" 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.<sup id="cite_ref-Sørensen_7-2" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 201–39">: 201–39 </span></sup> More recently, the issue of <a href="/wiki/Climate_change" title="Climate change">climate change</a> and the possibilities of a <a href="/wiki/Sustainable_development" title="Sustainable development">sustainable development</a> are examined in so-called <a href="/wiki/Integrated_assessment_modelling" title="Integrated assessment modelling">integrated assessment models</a>, pioneered by <a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a>.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> In macroeconomic models in <a href="/wiki/Environmental_economics" title="Environmental economics">environmental economics</a>, the economic system is dependant upon the environment. In this case, the <a href="/wiki/Circular_flow_of_income" 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="/wiki/Ecosystem_services" class="mw-redirect" title="Ecosystem services">environmental services</a> which are then used as units of <a href="/wiki/Production_(economics)" 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.<sup id="cite_ref-Harris2006_39-0" class="reference"><a href="#cite_note-Harris2006-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 8">: 8 </span></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Macroeconomic_policy">Macroeconomic policy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=18" title="Edit section: Macroeconomic policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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="/wiki/Stabilization_policy" title="Stabilization policy">stabilization policy</a>) and medium- and long-run policies targeted at improving the structural levels of macroeconomic variables.<sup id="cite_ref-Sørensen_7-3" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 18">: 18 </span></sup> </p><p>Stabilization policy is usually implemented through two sets of tools: fiscal and monetary policy. Both forms of policy are used to <a href="/wiki/Stabilization_policy" 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="/wiki/Recession" title="Recession">recession</a> or contractive policy in the case of <a href="/wiki/Overheating_(economics)" title="Overheating (economics)">overheating</a>.<sup id="cite_ref-Blanchard_5-22" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Mayer,_495_40-0" class="reference"><a href="#cite_note-Mayer,_495-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-Sørensen_7-4" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 19">: 19 </span></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Monetary_policy">Monetary policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=19" title="Edit section: Monetary policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></div> <p><a href="/wiki/Central_bank" title="Central bank">Central banks</a> conduct monetary policy mainly by adjusting short-term <a href="/wiki/Interest_rates" class="mw-redirect" title="Interest rates">interest rates</a>.<sup id="cite_ref-RBA_41-0" class="reference"><a href="#cite_note-RBA-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> 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="/wiki/Open_market_operations" class="mw-redirect" title="Open market operations">open market operations</a>.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>Via the <a href="/wiki/Monetary_transmission_mechanism" title="Monetary transmission mechanism">monetary transmission mechanism</a>, interest rate changes affect <a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">investment</a>, <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a>, <a href="/wiki/Asset_prices" class="mw-redirect" title="Asset prices">asset prices</a> like <a href="/wiki/Stock_price" class="mw-redirect" title="Stock price">stock prices</a> and <a href="/wiki/Real_estate_appraisal" title="Real estate appraisal">house prices</a>, and through <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a> reactions <a href="/wiki/Export" title="Export">export</a> and <a href="/wiki/Import" title="Import">import</a>. In this way <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>, <a href="/wiki/Employment" title="Employment">employment</a> and ultimately inflation is affected.<sup id="cite_ref-Fed_goals_II_43-0" class="reference"><a href="#cite_note-Fed_goals_II-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-nationalbanken_44-0" class="reference"><a href="#cite_note-nationalbanken-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p><p>In developed countries, most central banks follow <a href="/wiki/Inflation_targeting" 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="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> and the <a href="/wiki/European_Central_Bank" 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.<sup id="cite_ref-Holdingline_45-0" class="reference"><a href="#cite_note-Holdingline-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> In practice, an official inflation targeting often leaves room for the central bank to also help stabilize <a href="/wiki/Output_(economics)" title="Output (economics)">output</a> and employment, a strategy known as "flexible inflation targeting".<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> Most <a href="/wiki/Emerging_economies" class="mw-redirect" title="Emerging economies">emerging economies</a> focus their monetary policy on maintaining a <a href="/wiki/Fixed_exchange_rate" 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="/wiki/US_dollar" class="mw-redirect" title="US dollar">US dollar</a> or the <a href="/wiki/Euro" title="Euro">euro</a>.<sup id="cite_ref-IMF_47-0" class="reference"><a href="#cite_note-IMF-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p><p>Conventional monetary policy can be ineffective in situations such as a <a href="/wiki/Liquidity_trap" 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="/wiki/Quantitative_easing" 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="/wiki/Yield_curve" title="Yield curve">yield curve</a>, known in the US as <a href="/wiki/Operation_Twist" class="mw-redirect" title="Operation Twist">Operation Twist</a>.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Fiscal_policy">Fiscal policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=20" title="Edit section: Fiscal policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal policy</a></div> <p>Fiscal policy is the use of government's revenue (<a href="/wiki/Tax" title="Tax">taxes</a>) and <a href="/wiki/Government_spending" title="Government spending">expenditure</a> as instruments to influence the economy. </p><p>For example, if the economy is producing less than <a href="/wiki/Potential_output" 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="/wiki/Output_gap" title="Output gap">output gap</a>. There is a <a href="/wiki/Fiscal_multiplier" 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. </p><p>The effects of fiscal policy can be limited by partial or full <a href="/wiki/Crowding_out_(economics)" 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="/wiki/Private_sector" 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.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p><p>Some fiscal policy is implemented through <a href="/wiki/Automatic_stabilizers" 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="/wiki/Discretionary_policy" 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="/wiki/Tax_revenue" title="Tax revenue">tax revenues</a> decrease, which shelters private income and consumption from part of the fall in market income.<sup id="cite_ref-Sørensen_7-5" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 657">: 657 </span></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Comparison_of_fiscal_and_monetary_policy">Comparison of fiscal and monetary policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=21" title="Edit section: Comparison of fiscal and monetary policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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).<sup id="cite_ref-Sørensen_7-6" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 657">: 657 </span></sup> 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="/wiki/Inside_lag" title="Inside lag">inside lags</a> and <a href="/wiki/Outside_lag" title="Outside lag">outside lags</a> than fiscal policy.<sup id="cite_ref-Mayer,_495_40-1" class="reference"><a href="#cite_note-Mayer,_495-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-Sørensen_7-7" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 659">: 659 </span></sup> Secondly, in the case of a very low interest level, the economy may be in a <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a> in which monetary policy becomes ineffective, which makes fiscal policy the more potent tool to stabilize the economy.<sup id="cite_ref-Blanchard_5-23" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Thirdly, in regimes where monetary policy is tied to fulfilling other targets, in particular <a href="/wiki/Fixed_exchange_rate" 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.<sup id="cite_ref-nationalbanken_44-1" class="reference"><a href="#cite_note-nationalbanken-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Macroeconomic_models">Macroeconomic models</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=22" title="Edit section: Macroeconomic models"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></div> <p>Macroeconomic teaching, research and informed debates normally evolve around formal (<a href="/wiki/Diagrammatic" class="mw-redirect" title="Diagrammatic">diagrammatic</a> or <a href="/wiki/Equation" title="Equation">equational</a>) <a href="/wiki/Macroeconomic_model" 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="/wiki/Exogenous_factor" class="mw-redirect" title="Exogenous factor">exogenous factors</a> or as a basis for making <a href="/wiki/Economic_forecasting" title="Economic forecasting">economic forecasting</a>.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>Well-known specific theoretical models include short-term models like the <a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a>, the <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM model</a> and the <a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming model</a>, medium-term models like the <a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS model</a>, building upon a <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a>, and long-term growth models like the <a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a> model, the <a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans model</a> and <a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a>'s <a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">overlapping generations model</a>. Quantitative models include early <a href="/wiki/Large-scale_macroeconometric_model" title="Large-scale macroeconometric model">large-scale macroeconometric model</a>, the new classical <a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">real business cycle models</a>, microfounded <a href="/wiki/Computable_general_equilibrium" title="Computable general equilibrium">computable general equilibrium</a> (CGE) models used for medium-term (structural) questions like international trade or tax reforms, <a href="/wiki/Dynamic_stochastic_general_equilibrium" 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="/wiki/Integrated_assessment_modelling" title="Integrated assessment modelling">integrated assessment</a> models like <a href="/wiki/DICE_model" title="DICE model">DICE</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Specific_models">Specific models</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=23" title="Edit section: Specific models"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="IS–LM_model"><span id="IS.E2.80.93LM_model"></span>IS–LM model</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=24" title="Edit section: IS–LM model"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Islm.svg" class="mw-file-description"><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" 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-file-width="400" data-file-height="400" /></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> <p>The <a href="/wiki/IS%E2%80%93LM" class="mw-redirect" title="IS–LM">IS–LM</a> model, invented by <a href="/wiki/John_Hicks" 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.<sup id="cite_ref-FOOTNOTEDurlaufHester2008_51-0" class="reference"><a href="#cite_note-FOOTNOTEDurlaufHester2008-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> 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="/wiki/Money_supply" title="Money supply">money supply</a> and <a href="/wiki/Liquidity_preference" title="Liquidity preference">liquidity preference</a> (equivalent to money demand).<sup id="cite_ref-FOOTNOTEPeston2002386–87_52-0" class="reference"><a href="#cite_note-FOOTNOTEPeston2002386–87-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-FOOTNOTEPeston2002387_53-0" class="reference"><a href="#cite_note-FOOTNOTEPeston2002387-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-FOOTNOTEPeston2002387_53-1" class="reference"><a href="#cite_note-FOOTNOTEPeston2002387-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-FOOTNOTEPeston2002387–88_54-0" class="reference"><a href="#cite_note-FOOTNOTEPeston2002387–88-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-FOOTNOTEDurlaufHester2008_51-1" class="reference"><a href="#cite_note-FOOTNOTEDurlaufHester2008-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-Romer_6-6" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 262">: 262 </span></sup> 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.<sup id="cite_ref-Romer_6-7" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 194">: 194 </span></sup><sup id="cite_ref-Blanchard_5-24" class="reference"><a href="#cite_note-Blanchard-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 113">: 113 </span></sup> </p> <div class="mw-heading mw-heading4"><h4 id="AD-AS_model">AD-AS model</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=25" title="Edit section: AD-AS model"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:AS_%2B_AD_graph.svg" class="mw-file-description"><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" 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-file-width="368" data-file-height="288" /></a><figcaption>A traditional AD–AS diagram showing a shift in AD, and the AS curve becoming inelastic beyond potential output</figcaption></figure> <p>The <a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS model</a> is a common textbook model for explaining the macroeconomy.<sup id="cite_ref-FOOTNOTEHealey200212_55-0" class="reference"><a href="#cite_note-FOOTNOTEHealey200212-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> The original version of the model shows the price level and level of real output given the equilibrium in <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> and <a href="/wiki/Aggregate_supply" title="Aggregate supply">aggregate supply</a>. The aggregate demand curve's downward slope means that more output is demanded at lower price levels.<sup id="cite_ref-FOOTNOTEHealey200213_56-0" class="reference"><a href="#cite_note-FOOTNOTEHealey200213-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> The downward slope can be explained as the result of three effects: the <a href="/wiki/Pigou_effect" 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="/wiki/Keynes_effect" 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.<sup id="cite_ref-FOOTNOTEHealey200213_56-1" class="reference"><a href="#cite_note-FOOTNOTEHealey200213-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>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="/wiki/Potential_output" title="Potential output">potential output</a>, which corresponds with <a href="/wiki/Full_employment" title="Full employment">full employment</a>.<sup id="cite_ref-FOOTNOTEHealey200212_55-1" class="reference"><a href="#cite_note-FOOTNOTEHealey200212-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> Since the economy cannot produce beyond the potential output, any AD expansion will lead to higher price levels instead of higher output. </p><p>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,<sup id="cite_ref-Romer_6-8" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 263">: 263 </span></sup><sup id="cite_ref-Mankiw_11-3" class="reference"><a href="#cite_note-Mankiw-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 399–428">: 399–428 </span></sup><sup id="cite_ref-Sørensen_7-8" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 595">: 595 </span></sup> making it easier to relate the diagram to real-world policy discussions.<sup id="cite_ref-Sørensen_7-9" class="reference"><a href="#cite_note-Sørensen-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: vii">: vii </span></sup> 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="/wiki/Inflation_target" 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="/wiki/Phillips_curve" 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.<sup id="cite_ref-Romer_6-9" class="reference"><a href="#cite_note-Romer-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 263">: 263 </span></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Real-Life_Applications_&_Data"><span id="Real-Life_Applications_.26_Data"></span>Real-Life Applications & Data</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=26" title="Edit section: Real-Life Applications & Data"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Trump's_Proposed_Tariff_Policy_in_Feb_2025"><span id="Trump.27s_Proposed_Tariff_Policy_in_Feb_2025"></span>Trump's Proposed Tariff Policy in Feb 2025</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=27" title="Edit section: Trump's Proposed Tariff Policy in Feb 2025"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In early February of 2025, United States of America President Donald Trump stated that he would be imposing a 25% tariff on imported goods from Mexico and Canada and a 10% tariff on imported goods from China for US consumers.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> A tariff in this case is essentially a tax on imported goods and services. US consumers will be less likely to buy imports from those three countries due to the higher price they would have to pay. This was projected to reduce US imports by 15% and generate federal revenue of $100 billion.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p><p>While imports from Mexico and Canada are important to the US, the US does not rely as much on Canadian and Mexican imports compared to Mexico's and Canada's economies being highly reliant on their exports to the USA. There would be higher production and grocery costs for the US but Mexico would have its economy reduced by 16% as the US takes in 80% of their car exports and 60% of their petroleum exports. In addition, Canada would have its economy reduced by similar amounts as the US takes in 70% of all of their exports.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> </p><p>Going back to our earlier expenditure approach to calculating GDP, we can see that (Exports - Imports) would reduce significantly due to reduced exports which means a negative Net Exports and a lower GDP. Hence, we see the projections showing that Canada's and Mexico's economies would be reduced greatly. </p> <div class="mw-heading mw-heading3"><h3 id="GDP_Deflator_Data_Overview">GDP Deflator Data Overview</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=28" title="Edit section: GDP Deflator Data Overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When looking at data presented by the Bureau of Economic Analysis, with a base year of 2017, we see that the GDP deflator has been trending upwards since then.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> The base year serves as the standard year to which we can compare whether GDP increased or decreased. The base year's prices are used when calculating Real GDP for a specific year. For instance, calculating 2020's GDP Deflator would be = 2020's Nominal GDP/2020's Real GDP(Using 2017 Prices). The GDP Deflator has risen from 100 to 126.22 in 2024 Q4. So we see with real-life data that there has been a lot of inflation over the past decade. This trend was followed during the COVID-19 pandemic as well.   </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=29" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1266661725">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></span><span class="portalbox-link"><a 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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"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"> <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="/wiki/Robert_J._Samuelson" title="Robert J. Samuelson">Samuelson, Robert</a> (2020). <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/opinions/2020/09/13/robert-samuelson-goodbye-column/?arc404=true">"Goodbye, readers, and good luck — you'll need it"</a>. <i>The Washington Post</i>.</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"></span> This article was an opinion piece expressing despondency in the field shortly before his retirement, but it is still a good summary.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFO'SullivanSheffrin2003" class="citation book cs1"><a href="/wiki/Arthur_O%27Sullivan_(economist)" title="Arthur O'Sullivan (economist)">O'Sullivan, Arthur</a>; Sheffrin, Steven M. (2003). <i>Economics: Principles in Action</i>. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 57. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-13-063085-8" 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"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Steve Williamson, <a rel="nofollow" class="external text" href="http://www.econ.yale.edu/smith/econ510a/notes99.pdf">Notes on Macroeconomic Theory</a>, 1999</span> </li> <li id="cite_note-blaug1985-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-blaug1985_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBlaug,_Mark1985" class="citation cs2">Blaug, Mark (1985), <i>Economic theory in retrospect</i>, Cambridge: <a href="/wiki/Cambridge_University_Press" title="Cambridge University Press">Cambridge University Press</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-521-31644-6" 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"></span></span> </li> <li id="cite_note-Blanchard-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-Blanchard_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Blanchard_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Blanchard_5-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Blanchard_5-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Blanchard_5-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Blanchard_5-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-Blanchard_5-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-Blanchard_5-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-Blanchard_5-8"><sup><i><b>i</b></i></sup></a> <a href="#cite_ref-Blanchard_5-9"><sup><i><b>j</b></i></sup></a> <a href="#cite_ref-Blanchard_5-10"><sup><i><b>k</b></i></sup></a> <a href="#cite_ref-Blanchard_5-11"><sup><i><b>l</b></i></sup></a> <a href="#cite_ref-Blanchard_5-12"><sup><i><b>m</b></i></sup></a> <a href="#cite_ref-Blanchard_5-13"><sup><i><b>n</b></i></sup></a> <a href="#cite_ref-Blanchard_5-14"><sup><i><b>o</b></i></sup></a> <a href="#cite_ref-Blanchard_5-15"><sup><i><b>p</b></i></sup></a> <a href="#cite_ref-Blanchard_5-16"><sup><i><b>q</b></i></sup></a> <a href="#cite_ref-Blanchard_5-17"><sup><i><b>r</b></i></sup></a> <a href="#cite_ref-Blanchard_5-18"><sup><i><b>s</b></i></sup></a> <a href="#cite_ref-Blanchard_5-19"><sup><i><b>t</b></i></sup></a> <a href="#cite_ref-Blanchard_5-20"><sup><i><b>u</b></i></sup></a> <a href="#cite_ref-Blanchard_5-21"><sup><i><b>v</b></i></sup></a> <a href="#cite_ref-Blanchard_5-22"><sup><i><b>w</b></i></sup></a> <a href="#cite_ref-Blanchard_5-23"><sup><i><b>x</b></i></sup></a> <a href="#cite_ref-Blanchard_5-24"><sup><i><b>y</b></i></sup></a></span> <span class="reference-text">Blanchard (2021).</span> </li> <li id="cite_note-Romer-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-Romer_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Romer_6-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Romer_6-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Romer_6-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Romer_6-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Romer_6-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-Romer_6-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-Romer_6-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-Romer_6-8"><sup><i><b>i</b></i></sup></a> <a href="#cite_ref-Romer_6-9"><sup><i><b>j</b></i></sup></a></span> <span class="reference-text">Romer (2019).</span> </li> <li id="cite_note-Sørensen-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-Sørensen_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Sørensen_7-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Sørensen_7-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Sørensen_7-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Sørensen_7-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Sørensen_7-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-Sørensen_7-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-Sørensen_7-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-Sørensen_7-8"><sup><i><b>i</b></i></sup></a> <a href="#cite_ref-Sørensen_7-9"><sup><i><b>j</b></i></sup></a></span> <span class="reference-text">Sørensen and Whitta-Jacobsen (2022).</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Dwivedi, 445–46.</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://research.stlouisfed.org/publications/es/10/ES1004.pdf.">"Neely, Christopher J. "Okun's Law: Output and Unemployment. <i>Economic Synopses</i>. 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Retrieved <span class="nowrap">2025-02-25</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=PBS+News&rft.atitle=Analysis%3A+The+potential+economic+effects+of+Trump%27s+tariffs+and+trade+war%2C+in+9+charts&rft.date=2025-02-02&rft_id=https%3A%2F%2Fwww.pbs.org%2Fnewshour%2Feconomy%2Fanalysis-the-potential-economic-effects-of-trumps-tariffs-and-trade-war-in-9-charts&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></span></span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://apps.bea.gov/iTable/?reqid=19&step=3&isuri=1&1921=survey&1903=11&_gl=1*o5p0nu*_ga*MTAyOTMzODIxOS4xNzQwMDYyMjU5*_ga_J4698JNNFT*MTc0MDA2MjI1OS4xLjAuMTc0MDA2MjI2MC41OS4wLjA.">"BEA Interactive Data Application"</a>. <i>apps.bea.gov</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2025-02-25</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=apps.bea.gov&rft.atitle=BEA+Interactive+Data+Application&rft_id=https%3A%2F%2Fapps.bea.gov%2FiTable%2F%3Freqid%3D19%26step%3D3%26isuri%3D1%261921%3Dsurvey%261903%3D11%26_gl%3D1%2Ao5p0nu%2A_ga%2AMTAyOTMzODIxOS4xNzQwMDYyMjU5%2A_ga_J4698JNNFT%2AMTc0MDA2MjI1OS4xLjAuMTc0MDA2MjI2MC41OS4wLjA.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=31" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <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="/wiki/Wikipedia:The_Wikipedia_Library" title="Wikipedia:The Wikipedia Library">Library resources</a> about <br /> <b>Macroeconomics</b> <hr /></div> <div class="side-box-flex"> <div class="side-box-text plainlist"><ul><li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Macroeconomics">Resources in your library</a></li> </ul></div></div> </div> <ul><li>Blanchard, Olivier. (2009). "<a rel="nofollow" class="external text" href="https://www.nber.org/papers/w14259">The State of Macro</a>." <i>Annual Review of Economics</i> 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). <i>Macroeconomics</i> (Eighth, global ed.). Harlow, England: Pearson. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-134-89789-9" 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"></span></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.). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediaofma00bria"><i>An Encyclopedia of Macroeconomics</i></a></span>. Northampton, Massachusetts: Edward Elgar Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84542-180-9" 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"></span></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://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.). <i>The New Palgrave Dictionary of Economics</i>. Palgrave Macmillan UK. pp. <span class="nowrap">236–</span>44. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1057%2F9780230226203.1009">10.1057/9780230226203.1009</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-333-78676-5" 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=%3Cspan+class%3D%22nowrap%22%3E236-%3C%2Fspan%3E44&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"></span></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="http://www.dictionaryofeconomics.com/article?id=pde2008_I000303">"IS–LM"</a>. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). <i>The New Palgrave Dictionary of Economics</i> (2nd ed.). Palgrave Macmillan. pp. <span class="nowrap">585–</span>91. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1057%2F9780230226203.0855">10.1057/9780230226203.0855</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-333-78676-5" 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=%3Cspan+class%3D%22nowrap%22%3E585-%3C%2Fspan%3E91&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"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFDwivedi2001" class="citation book cs1">Dwivedi, D.N. (2001). <i>Macroeconomics: theory and policy</i>. New Delhi: Tata McGraw-Hill. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-058841-7" 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"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFGärtner2006" class="citation book cs1">Gärtner, Manfred (2006). <i>Macroeconomics</i>. Pearson Education Limited. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-273-70460-7" title="Special:BookSources/978-0-273-70460-7"><bdi>978-0-273-70460-7</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&rft.pub=Pearson+Education+Limited&rft.date=2006&rft.isbn=978-0-273-70460-7&rft.aulast=G%C3%A4rtner&rft.aufirst=Manfred&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHealey2002" class="citation book cs1">Healey, Nigel M. (2002). "AD-AS model". In Snowdon, Brian; Vane, Howard (eds.). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediaofma00bria"><i>An Encyclopedia of Macroeconomics</i></a></span>. Northampton, Massachusetts: Edward Elgar Publishing. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediaofma00bria/page/11">11–18</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84542-180-9" 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"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLevi2014" class="citation book cs1">Levi, Maurice (2014). <i>The Macroeconomic Environment of Business (Core Concepts and Curious Connections)</i>. New Jersey: World Scientific Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-981-4304-34-4" title="Special:BookSources/978-981-4304-34-4"><bdi>978-981-4304-34-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Macroeconomic+Environment+of+Business+%28Core+Concepts+and+Curious+Connections%29&rft.place=New+Jersey&rft.pub=World+Scientific+Publishing&rft.date=2014&rft.isbn=978-981-4304-34-4&rft.aulast=Levi&rft.aufirst=Maurice&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMankiw2022" class="citation book cs1">Mankiw, Nicholas Gregory (2022). <i>Macroeconomics</i> (Eleventh, international ed.). New York, NY: Worth Publishers, Macmillan Learning. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-319-26390-4" title="Special:BookSources/978-1-319-26390-4"><bdi>978-1-319-26390-4</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=New+York%2C+NY&rft.edition=Eleventh%2C+international&rft.pub=Worth+Publishers%2C+Macmillan+Learning&rft.date=2022&rft.isbn=978-1-319-26390-4&rft.aulast=Mankiw&rft.aufirst=Nicholas+Gregory&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMacroeconomics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMayer2002" class="citation book cs1">Mayer, Thomas (2002). "Monetary policy: role of". In Snowdon, Brian; Vane, Howard R. (eds.). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediaofma00bria"><i>An Encyclopedia of Macroeconomics</i></a></span>. Northampton, Massachusetts: Edward Elgar Publishing. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediaofma00bria/page/495">495–99</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84542-180-9" 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"></span></li> <li>Nakamura, Emi and Jón Steinsson. (2018). "<a rel="nofollow" class="external text" href="https://www.aeaweb.org/articles?id=10.1257/jep.32.3.59">Identification in Macroeconomics.</a>" <i>Journal of Economic Perspectives</i> 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.). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediaofma00bria"><i>An Encyclopedia of Macroeconomics</i></a></span>. Edward Elgar. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781840643879" 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"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFRomer2019" class="citation book cs1">Romer, David (2019). <i>Advanced macroeconomics</i> (Fifth ed.). New York, NY: McGraw-Hill. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-260-18521-8" 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"></span></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.). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/encyclopediaofma00bria"><i>An Encyclopedia of Macroeconomics</i></a></span>. Northampton, Massachusetts: Edward Elgar Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1840643870" 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"></span></li> <li>Snowdon, Brian, and Howard R. Vane, ed. (2002). <i>An Encyclopedia of Macroeconomics</i>, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110722004651/http://www.e-elgar.co.uk/bookentry_mainUS.lasso?id=2106">Description</a> & scroll to Contents-preview <a rel="nofollow" class="external text" href="https://books.google.com/books?id=OJM2mqWI-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). <i>Modern Macroeconomics: Its Origins, Development And Current State</i>. Edward Elgar Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1845421809" 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"></span></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). <i>Introducing advanced macroeconomics: growth and business cycles</i> (Third ed.). Oxford, United Kingdom New York, NY: Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-885049-6" 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"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFWarsh2006" class="citation book cs1">Warsh, David (2006). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/knowledgewealtho00wars"><i>Knowledge and the Wealth of Nations</i></a></span>. Norton. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-393-05996-0" 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"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Macroeconomics&action=edit&section=32" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://direct.mit.edu/books/oa-monograph/5894/Macroeconomic-ModelingThe-Cowles-Commission">Macroeconomic Modeling: The Cowles Commission Approach by Ray C. Fair</a></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 .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output 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navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics" title="Template:Macroeconomics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics" title="Template talk:Macroeconomics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics" title="Special:EditPage/Template:Macroeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Macroeconomics288" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Macroeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Basic concepts</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Models</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a></li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related fields</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Mainstream</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Heterodox</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></div></div></div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Notable <a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">macroeconomists</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Critique</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold;"><div><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">Category</a></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788" /></div><div role="navigation" class="navbox" aria-labelledby="Economics681" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics" title="Template:Economics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics" title="Template talk:Economics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics" title="Special:EditPage/Template:Economics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economics681" style="font-size:114%;margin:0 4em"><a href="/wiki/Economics" title="Economics">Economics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Theoretical_research" title="Economics">Theoretical</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a> <ul><li><a href="/wiki/Decision_theory" title="Decision theory">Decision theory</a></li> <li><a href="/wiki/Price_theory" class="mw-redirect" title="Price theory">Price theory</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a></li> <li><a href="/wiki/Mechanism_design" title="Mechanism design">Mechanism design</a></li></ul></li> <li><a class="mw-selflink selflink">Macroeconomics</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li> <li><a href="/wiki/Complexity_economics" title="Complexity economics">Complexity economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a> <ul><li><a href="/wiki/Agent-based_computational_economics" title="Agent-based computational economics">Agent-based computational economics</a></li></ul></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a></li> <li><a href="/wiki/Pluralism_in_economics" title="Pluralism in economics">Pluralism in economics</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Empirical_research" title="Economics">Empirical</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a> <ul><li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li></ul></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Economic history</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agriculture</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographic</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">History</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutions</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Management</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organization</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public sector</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a></li> <li><a href="/wiki/Social_choice" class="mw-redirect" title="Social choice">Social choice</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Resources</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Transport_economics" title="Transport economics">Transport</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Attention_economy" title="Attention economy">Attention</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /></div><div role="navigation" class="navbox" aria-labelledby="Social_sciences710" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Social_sciences" title="Template:Social sciences"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Social_sciences" title="Template talk:Social sciences"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Social_sciences" title="Special:EditPage/Template:Social sciences"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Social_sciences710" style="font-size:114%;margin:0 4em"><a href="/wiki/Social_science" title="Social science">Social sciences</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Outline_of_social_science" title="Outline of social science">Outline</a></li> <li><a href="/wiki/History_of_the_social_sciences" title="History of the social sciences">History</a></li> <li><a href="/wiki/Index_of_sociology_articles" title="Index of sociology articles">Index</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Primary</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Anthropology" title="Anthropology">Anthropology</a> <ul><li><a href="/wiki/Archaeology" title="Archaeology">archaeology</a></li> <li><a href="/wiki/Cultural_anthropology" title="Cultural anthropology">cultural</a></li> <li><a href="/wiki/Social_anthropology" title="Social anthropology">social</a></li> <li><a href="/wiki/Physical_anthropology" class="mw-redirect" title="Physical anthropology">physical</a></li></ul></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Microeconomics" title="Microeconomics">microeconomics</a></li> <li><a class="mw-selflink selflink">macroeconomics</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">econometrics</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">mathematical</a></li></ul></li> <li><a href="/wiki/Geography" title="Geography">Geography</a> <ul><li><a href="/wiki/Physical_geography" title="Physical geography">physical</a></li> <li><a href="/wiki/Human_geography" title="Human geography">human</a></li> <li><a href="/wiki/Technical_geography" title="Technical geography">technical</a></li> <li><a href="/wiki/Integrated_geography" title="Integrated geography">integrated</a></li></ul></li> <li><a href="/wiki/History" title="History">History</a> <ul><li><a href="/wiki/Cultural_history" title="Cultural history">cultural</a></li> <li><a href="/wiki/Auxiliary_sciences_of_history" title="Auxiliary sciences of history">auxiliary sciences</a></li> <li><a href="/wiki/Economic_history" title="Economic history">economic</a></li> <li><a href="/wiki/World_history_(field)" title="World history (field)">human</a></li> <li><a href="/wiki/Military_history" title="Military history">military</a></li> <li><a href="/wiki/Political_history" title="Political history">political</a></li> <li><a href="/wiki/Social_history" title="Social history">social</a></li></ul></li> <li><a href="/wiki/Law" title="Law">Law</a> <ul><li><a href="/wiki/Jurisprudence" title="Jurisprudence">jurisprudence</a></li> <li><a href="/wiki/Legal_history" title="Legal history">legal history</a></li> <li><a href="/wiki/List_of_national_legal_systems" title="List of national legal systems">legal systems</a></li> <li><a href="/wiki/Public_law" title="Public law">public law</a></li> <li><a href="/wiki/Private_law" title="Private law">private law</a></li></ul></li> <li><a href="/wiki/Linguistics" title="Linguistics">Linguistics</a> <ul><li><a href="/wiki/Semiotics" title="Semiotics">semiotics</a></li></ul></li> <li><a href="/wiki/Political_science" title="Political science">Political science</a> <ul><li><a href="/wiki/International_relations" title="International relations">international relations</a></li> <li><a href="/wiki/Comparative_politics" title="Comparative politics">comparative</a></li> <li><a href="/wiki/Political_philosophy" title="Political philosophy">philosophy</a></li> <li><a href="/wiki/Public_policy" title="Public policy">public policy</a></li> <li><a href="/wiki/Public_administration" title="Public administration">public administration</a></li></ul></li> <li><a href="/wiki/Psychology" title="Psychology">Psychology</a> <ul><li><a href="/wiki/Abnormal_psychology" title="Abnormal psychology">abnormal</a></li> <li><a href="/wiki/Cognitive_psychology" title="Cognitive psychology">cognitive</a></li> <li><a href="/wiki/Developmental_psychology" title="Developmental psychology">developmental</a></li> <li><a href="/wiki/Personality_psychology" title="Personality psychology">personality</a></li> <li><a href="/wiki/Social_psychology" title="Social psychology">social</a></li></ul></li> <li><a href="/wiki/Sociology" title="Sociology">Sociology</a> <ul><li><a href="/wiki/Criminology" title="Criminology">criminology</a></li> <li><a href="/wiki/Demography" title="Demography">demography</a></li> <li><a href="/wiki/Sociology_of_the_Internet" title="Sociology of the Internet">internet</a></li> <li><a href="/wiki/Rural_sociology" title="Rural sociology">rural</a></li> <li><a href="/wiki/Urban_sociology" title="Urban sociology">urban</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Interdisciplinary</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>Administration <ul><li><a href="/wiki/Business_administration" title="Business administration">business</a></li> <li><a href="/wiki/Public_administration" title="Public administration">public</a></li></ul></li> <li><a href="/wiki/Anthrozoology" title="Anthrozoology">Anthrozoology</a></li> <li><a href="/wiki/Area_studies" title="Area studies">Area studies</a></li> <li><a href="/wiki/Business_studies" title="Business studies">Business studies</a></li> <li><a href="/wiki/Cognitive_science" title="Cognitive science">Cognitive science</a></li> <li><a href="/wiki/Communication_studies" title="Communication studies">Communication studies</a></li> <li><a href="/wiki/Community_studies" title="Community studies">Community studies</a></li> <li><a href="/wiki/Criminology" title="Criminology">Criminology</a></li> <li><a href="/wiki/Cultural_studies" title="Cultural studies">Cultural studies</a></li> <li><a href="/wiki/Development_studies" title="Development studies">Development studies</a></li> <li><a href="/wiki/Education" title="Education">Education</a></li> <li>Environmental <ul><li><a href="/wiki/Environmental_social_science" title="Environmental social science">social science</a></li> <li><a href="/wiki/Environmental_studies" title="Environmental studies">studies</a></li></ul></li> <li><a href="/wiki/Food_studies" title="Food studies">Food studies</a></li> <li><a href="/wiki/Gender_studies" title="Gender studies">Gender studies</a></li> <li><a href="/wiki/Global_studies" title="Global studies">Global studies</a></li> <li><a href="/wiki/Historical_sociology" title="Historical sociology">Historical sociology</a></li> <li><a href="/wiki/History_of_technology" title="History of technology">History of technology</a></li> <li><a href="/wiki/Human_ecology" title="Human ecology">Human ecology</a></li> <li><a href="/wiki/Information_science" title="Information science">Information science</a></li> <li><a href="/wiki/International_relations" title="International relations">International studies</a></li> <li><a href="/wiki/Linguistics" title="Linguistics">Linguistics</a></li> <li><a href="/wiki/Management" title="Management">Management</a></li> <li><a href="/wiki/Media_studies" title="Media studies">Media studies</a></li> <li>Philosophies <ul><li><a href="/wiki/Philosophy_of_science" title="Philosophy of science">science</a></li> <li><a href="/wiki/Philosophy_and_economics" title="Philosophy and economics"> economics</a></li> <li><a href="/wiki/Philosophy_of_history" title="Philosophy of history">history</a></li> <li><a href="/wiki/Philosophy_of_psychology" title="Philosophy of psychology">psychology</a></li> <li><a href="/wiki/Philosophy_of_social_science" title="Philosophy of social science">social science</a></li></ul></li> <li>Planning <ul><li><a href="/wiki/Land-use_planning" title="Land-use planning">land use</a></li> <li><a href="/wiki/Regional_planning" title="Regional planning">regional</a></li> <li><a href="/wiki/Urban_planning" title="Urban planning">urban</a></li></ul></li> <li><a href="/wiki/Political_ecology" title="Political ecology">Political ecology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Political_sociology" title="Political sociology">Political sociology</a></li> <li><a href="/wiki/Public_health" title="Public health">Public health</a></li> <li><a href="/wiki/Regional_science" title="Regional science">Regional science</a></li> <li><a href="/wiki/Science_and_technology_studies" title="Science and technology studies">Science and technology studies</a></li> <li><a href="/wiki/Science_studies" title="Science studies">Science studies</a> <ul><li><a href="/wiki/History_of_science" title="History of science">historical</a></li> <li><a href="/wiki/Quantum_social_science" title="Quantum social science">Quantum social science</a></li></ul></li> <li><a href="/wiki/Social_work" title="Social work">Social work</a></li> <li><a href="/wiki/Vegan_studies" title="Vegan studies">Vegan studies</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">List</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_social_science_journals" title="List of social science journals">List of social science journals</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other categorizations</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_sciences" class="mw-redirect" title="Behavioral sciences">Behavioral sciences</a></li> <li><i><a href="/wiki/Geisteswissenschaft" title="Geisteswissenschaft">Geisteswissenschaft</a></i></li> <li><a href="/wiki/Human_science" title="Human science">Human science</a></li> <li><a href="/wiki/Humanities" title="Humanities">Humanities</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Social_sciences" title="Category:Social sciences">Category</a></b></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" 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