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Introduction To Macroeconomic Accounts, Analysis, And Related Policy Issues

In: MACROECONOMIC ANALYSIS AND POLICY A Systematic Approach

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  • Joshua E Greene

Abstract

Macroeconomics is the study of an entire economy. Macroeconomics assumes the existence of many individual economic sectors and the markets governing them. Thus, the focus is on the behavior of the economy as a whole — the aggregate of all the markets for goods and services, as well as the impact of the public sector (government and government-owned entities, called public or state-owned enterprises) and the rest of the world on the economy. Studying an entire economy requires conceiving of aggregate demand — the total demand for goods and services in the economy — and aggregate supply — the total amount of goods and services made available for sale in the economy. In equilibrium, aggregate demand and aggregate supply should be equal. In practice, aggregate demand and supply can differ, generating a variety of macroeconomic conditions, including short- to medium-term fluctuations in an economy, called business cycles…

Suggested Citation

  • Joshua E Greene, 2018. "Introduction To Macroeconomic Accounts, Analysis, And Related Policy Issues," World Scientific Book Chapters, in: MACROECONOMIC ANALYSIS AND POLICY A Systematic Approach, chapter 1, pages 1-17, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813223837_0001
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    More about this item

    Keywords

    Macroeconomics; Macroeconomic Data; Macroeconomic Policy; Macroeconomic Objectives; Macroeconomic Accounts; Macroeconomic and Structural Policies;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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