Macroeconomics I: Fundamentals and Economic Fluctuations
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Macroeconomics I: Fundamentals and Economic Fluctuations
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An overview of key macroeconomic concepts, focusing on economic health indicators and the business cycle. Several Federal Reserve Bank of St. Louis sources define crucial measurements, such as Gross Domestic Product (GDP), explaining its calculation and the distinction between nominal and real GDP, and the concept of inflation, measured by the Consumer Price Index (CPI). The sources describe the business cycle as the fluctuation in economic activity, detailing phases like expansion and contraction, which can lead to a recession or reach a trough, with the National Bureau of Economic Research (NBER) responsible for dating these phases. Furthermore, the documents examine unemployment, defining categories like employed, unemployed, and discouraged workers, and calculating the unemployment rate and labor force participation rate using established metrics and graphical representations. Finally, the role of the Federal Reserve in pursuing its dual mandate of maximum employment and price stability to smooth the business cycle and the use of weekly unemployment insurance claims data as a leading economic indicator are also discussed.
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