Describe the macroeconomic variables, Macroeconomics

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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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