Describe the macroeconomic variables, Macroeconomics

Q. Describe the macroeconomic variables?

In this section we have summarizes all the macroeconomic variables. The first column denotes the symbol we use for variable whereas column 2 shows the name of variable.

Variable	Variable name
Y	Real GDP
P	Price level
P.Y	Nominal GDP
U	Unemployment
L	Hours worked
K	Amount of capital
W	Nominal wage
W/P	Real wage
M	Money supply (nominal)
R	Nominal interest rate
r	Real interest rate
C	Private consumption (real)
I	Investments (real)
G	Government expenditure (real)
NT	Net tax (real)
X	Exports (real)
Im	Imports (real)
NX	Net exports (real)
S_H	Household savings (real)
S_G	Government savings (real)
S_R	Rest of the world savings (real)
p	Inflation
p^e	expected inflation
p_w	Wage inflation
p_M	Growth in money supply
E	Exchange rate
p_E	Depreciation in exchange rate

Two of the variables are stock variables: K and M. Prices can't be characterized as a stock or flow variable. P, W, R, r and E apply at a given point in time whereas p, p^e, p_w and p_E apply over a period of time. p, p_w and p_E are changes in P, W and E during previous time period while p^e is the expected change in P during next time period. All the other variables are flow variables measured in some unit per unit of time (for instance, L is the number of hours worked per year or per any other unit of time).

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