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          

Real GDP

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)

SH

Household savings (real)

SG

Government savings (real)

SR

Rest of the world savings (real)

p

Inflation

pe

expected inflation

pw

Wage inflation

pM

Growth in money supply

E

Exchange rate

pE

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, pe, pw and pE apply over a period of time. p, pw and pE are changes in P, W and E during previous time period while pe 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).

Posted Date: 8/14/2013 1:33:01 AM | Location : United States







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