Macroeconomics 1

Macroeconomics

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Macroeconomics 2

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Circulation in macroeconomics.

Macroeconomics (from the Greekprefix makro- meaning "large" andeconomics) is a branch of economicsdealing with the performance,structure, behavior, anddecision-making of an economy as awhole, rather than individual markets.This includes national, regional, andglobal economies. Withmicroeconomics, macroeconomics isone of the two most general fields ineconomics.

Macroeconomists study aggregatedindicators such as GDP,unemployment rates, and price indicesto understand how the whole economyfunctions. Macroeconomists developmodels that explain the relationshipbetween such factors as nationalincome, output, consumption, unemployment, inflation, savings, investment, international trade and internationalfinance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms andconsumers, and how their behavior determines prices and quantities in specific markets.

While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline:the attempt to understand the causes and consequences of short-run fluctuations in national income (the businesscycle), and the attempt to understand the determinants of long-run economic growth (increases in national income).Macroeconomic models and their forecasts are used by both governments and large corporations to assist in thedevelopment and evaluation of economic policy and business strategy.[citation needed]

Macroeconomics 3

Basic macroeconomic conceptsMacroeconomics encompasses a variety of concepts and variables, but there are three central topics formacroeconomic research.[1] Macroeconomic theories usually relate the phenomena of output, unemployment, andinflation. Outside of macroeconomic theory, these topics are also extremely important to all economic agentsincluding workers, consumers, and producers.

Output and incomeNational output is the total value of everything a country produces in a given time period. Everything that isproduced and sold generates income. Therefore, output and income are usually considered equivalent and the twoterms are often used interchangeably. Output can be measured as total income, or, it can be viewed from theproduction side and measured as the total value of final goods and services or the sum of all value added in theeconomy.[2]

Macroeconomic output is usually measured by Gross Domestic Product (GDP) or one of the other national accounts.Economists interested in long-run increases in output study economic growth. Advances in technology, accumulationof machinery and other capital, and better education and human capital all lead to increased economic output overtime. However, output does not always increase consistently. Business cycles can cause short-term drops in outputcalled recessions. Economists look for macroeconomic policies that prevent economies from slipping into recessionsand that lead to faster long-term growth.

Unemployment

A chart using US data showing the relationship between economic growth andunemployment expressed by Okun's law. The relationship demonstrates cyclical

unemployment. Economic growth leads to a lower unemployment rate.

The amount of unemployment in aneconomy is measured by theunemployment rate, the percentage ofworkers without jobs in the labor force.The labor force only includes workersactively looking for jobs. People whoare retired, pursuing education, ordiscouraged from seeking work by alack of job prospects are excludedfrom the labor force.

Unemployment can be generallybroken down into several types that arerelated to different causes. Classicalunemployment occurs when wages aretoo high for employers to be willing tohire more workers. Wages may be toohigh because of minimum wage lawsor union activity. Consistent withclassical unemployment, frictional unemployment occurs when appropriate job vacancies exist for a worker, but thelength of time needed to search for and find the job leads to a period of unemployment.[3]

Structural unemployment covers a variety of possible causes of unemployment including a mismatch betweenworkers' skills and the skills required for open jobs.[4] Large amounts of structural unemployment can occur when aneconomy is transitioning industries and workers find their previous set of skills are no longer in demand. Structural

unemployment is similar to frictional unemployment since both reflect the problem of matching workers with job vacancies, but structural unemployment covers the time needed to acquire new skills not just the short term search

Macroeconomics 4

process.[5]

While some types of unemployment may occur regardless of the condition of the economy, cyclical unemploymentoccurs when growth stagnates. Okun's law represents the empirical relationship between unemployment andeconomic growth.[6] The original version of Okun's law states that a 3% increase in output would lead to a 1%decrease in unemployment.[7]

Inflation and deflationA general price increase across the entire economy is called inflation. When prices decrease, there is deflation.Economists measure these changes in prices with price indexes. Inflation can occur when an economy becomesoverheated and grows too quickly. Similarly, a declining economy can lead to deflation.Central bankers, who control a country's money supply, try to avoid changes in price level by using monetary policy.Raising interest rates or reducing the supply of money in an economy will reduce inflation. Inflation can lead toincreased uncertainty and other negative consequences. Deflation can lower economic output. Central bankers try tostabilize prices to protect economies from the negative consequences of price changes.

The ten-year moving averages of changes in price level and growth in money supply(using the measure of M2, the supply of hard currency and money held in most types ofbank accounts) in the US from 1875 to 2011. Over the long run, the two series show a

close relationship.

Changes in price level may be result ofseveral factors. The quantity theory ofmoney holds that changes in pricelevel are directly related to changes inthe money supply. Most economistsbelieve that this relationship explainslong-run changes in the pricelevel.[citation needed] Short-runfluctuations may also be related tomonetary factors, but changes inaggregate demand and aggregatesupply can also influence price level.For example, a decrease in demandbecause of a recession can lead tolower price levels and deflation. Anegative supply shock, like an oilcrisis, lowers aggregate supply and cancause inflation.

Macroeconomic models

Aggregate demand–aggregate supply

The AD-AS model has become the standard textbook model for explaining the macroeconomy.[8] This model showsthe price level and level of real output given the equilibrium in aggregate demand and aggregate supply. Theaggregate demand curve's downward slope means that more output is demanded at lower price levels.[9]

The downward slope is the result of three effects: the Pigou or real balance effect, which states that as real prices fall,real wealth increases, so consumers demand more goods; the Keynes or interest rate effect, which states that asprices fall the demand for money declines causing interest rates to decline and borrowing for investment andconsumption to increase; and the net export effect, which states that as prices rise, domestic goods becomecomparatively more expensive to foreign consumers and thus exports decline.[9]

Macroeconomics 5

In the conventional Keynesian use of the AS-AD model, the aggregate supply curve is horizontal at low levels ofoutput and becomes inelastic near the point of potential output, which corresponds with full employment.[8] Sincethe economy cannot produce beyond more than potential output, any AD expansion will lead to higher price levelsinstead of higher output.

A traditional AS–AD diagram showing an shift in AD and the AScurve becoming inelastic beyond potential output.

The AD–AS diagram can model a variety ofmacroeconomic phenomena including inflation. Whendemand for goods exceeds supply there is aninflationary gap where demand-pull inflation occursand the AD curve shifts upward to a higher price level.When the economy faces higher costs, cost-pushinflation occurs and the AS curve shifts upward tohigher price levels.[10] The AS–AD diagram is alsowidely used as pedagogical tool to model the effects ofvarious macroeconomic policies.[11]

IS–LM

The IS–LM model represents the equilibrium ininterest rates and output given by the equilibrium in thegoods and money markets.[12] The goods market is represented by the equilibrium in investment and saving (IS), andthe money market is represented by the equilibrium between the money supply and liquidity preference.[13] The IScurve consists of the points where investment, given the interest rate, is equal to savings, given output.[14]

The IS curve is downward sloping because output and the interest rate have an inverse relationship in the goodsmarket: As output increases more money is saved, which means interest rates must be lower to spur enoughinvestment to match savings.[14] The LM curve is upward sloping because interest rates and output have a positiverelationship in the money market. As output increases, the demand for money increases, and interest ratesincrease.[15]

Macroeconomics 6

In this example of an IS/LM chart, the IS curve moves to the right, causinghigher interest rates (i) and expansion in the "real" economy (real GDP, or

Y).

The IS/LM model is often used to demonstrate theeffects of monetary and fiscal policy.[12]

Textbooks frequently use the IS/LM model, but itdoes not feature the complexities of most modernmacroeconomic models.[12] Nevertheless, thesemodels still feature similar relationships to those inIS/LM.[12]

Growth models

The neoclassical growth model of Robert Solowhas become a common textbook model forexplaining economic growth in the long-run. Themodel begins with a production function wherenational output is the product of two inputs: capitaland labor. The Solow model assumes that laborand capital are used at constant rates without thefluctuations in unemployment and capitalutilization commonly seen in business cycles.[16]

An increase in output, economic growth, can onlyoccur because of an increase in the capital stock, a larger population, or technological advancements that lead tohigher productivity (Total factor productivity). An increase in the savings rate leads to a temporary increase as theeconomy creates more capital, which adds to output. However, eventually the depreciation rate will limit theexpansion of capital: Savings will be used up replacing depreciated capital, and no savings will remain to pay for anadditional expansion in capital. Solow's model suggests that economic growth in terms of output per capita dependssolely on technological advances that enhance productivity.[17]

In the 1980s and 1990s endogenous growth theory arose to challenge neoclassical growth theory. This group ofmodels explains economic growth through other factors, like increasing returns to scale for capital andlearning-by-doing, that are endogenously determined instead of the exogenous technological improvement used toexplain growth in Solow's model.[18]

Macroeconomic policyMacroeconomic policy is usually implemented through two sets of tools: fiscal and monetary policy. Both forms ofpolicy are used to stabilize the economy, which usually means boosting the economy to the level of GDP consistentwith full employment.[19]

Monetary policyCentral banks implement monetary policy by controlling the money supply through several mechanisms. Typically,central banks take action by issuing money to buy bonds (or other assets), which boosts the supply of money andlowers interest rates, or, in the case of contractionary monetary policy, banks sell bonds and takes money out ofcirculation. Usually policy is not implemented by directly targeting the supply of money.Banks continuously shift the money supply to maintain a fixed interest rate target. Some banks allow the interest rateto fluctuate and focus on targeting inflation rates instead. Central banks generally try to achieve high output withoutletting loose monetary policy create large amounts of inflation.

Macroeconomics 7

Conventional monetary policy can be ineffective in situations such as a liquidity trap. When interest rates andinflation are near zero, the central bank cannot loosen monetary policy through conventional means. Central bankscan use unconventional monetary policy such as quantitative easing to help increase output. Instead of buyinggovernment bonds, central banks implement quantitative easing by buying other assets such as corporate bonds,stocks, and other securities.This allows lowers interest rates for broader class of assets beyond government bonds. In another example ofunconventional monetary policy, the United States Federal Reserve recently made an attempt at such as policy withOperation Twist. Unable to lower current interest rates, the Federal Reserve lowered long-term interest rates bybuying long-term bonds and selling short-term bonds to create a flat yield curve.

Fiscal policyFiscal policy is the use of government's revenue and expenditure as instruments to influence the economy. If theeconomy is producing less than potential output, government spending can be used to employ idle resources andboost output. Government spending does not have to make up for the entire output gap. There is a multiplier effectthat boosts the impact of government spending. For example, when the government pays for a bridge, the project notonly adds the value of the bridge to output, it also allows the bridge workers to increase their consumption andinvestment, which also help close the output gap.The effects of fiscal policy can be limited by crowding out. When government takes on spending projects, it limitsthe amount of resources available for the private sector to use. Crowding out occurs when government spendingsimply replaces private sector output instead of adding additional output to the economy. Crowding out also occurswhen government spending raises interest rates which limits investment. Defenders of fiscal stimulus argue thatcrowding out is not a concern when the economy is depressed, plenty of resources are left idle, and interest rates arelow.Fiscal policy can be implemented through automatic stabilizers. Automatic stabilizers do not suffer from the policylags of discretionary fiscal policy. Automatic stabilizers use conventional fiscal mechanisms but take effect as soonas the economy takes a downturn: spending on unemployment benefits automatically increases when unemploymentrises and, in a progressive income tax system, the effective tax rate automatically falls when incomes decline.

ComparisonEconomists usually favor monetary over fiscal policy because it has two major advantages. First, monetary policy isgenerally implemented by independent central banks instead of the political institutions that control fiscal policy.Independent central banks are less likely to make decisions based on political motives. Second, monetary policysuffers fewer lags than fiscal. Central banks can quickly make and implement decisions while discretionary fiscalpolicy may take time to pass and even longer to carry out.

Macroeconomics 8

Development

OriginsMacroeconomics descended from the once divided fields of business cycle theory and monetary theory.[20] Thequantity theory of money was particularly influential prior to World War II. It took many forms including the versionbased on the work of Irving Fisher:

In the typical view of the quantity theory, money velocity (V) and the quantity of goods produced (Q) would beconstant, so any increase in money supply (M) would lead to a direct increase in price level (P). The quantity theoryof money was a central part of the classical theory of the economy that prevailed in the early twentieth century.

Austrian SchoolLudwig Von Mises work Theory of Money and Credit published in 1912 was one of the first books from theAustrian School to deal with macroeconomic topics.

Keynes and his followersMacroeconomics, at least in its modern form,[21] began with the publication of John Maynard Keynes's GeneralTheory of Employment, Interest and Money. When the Great Depression struck, classical economists had difficultyexplaining how goods could go unsold and workers could be left unemployed. In classical theory, prices and wageswould drop until the market cleared, and all goods and labor were sold. Keynes offered a new theory of economicsthat explained why markets might not clear, which would evolve (later in the 20th century) into a group ofmacroeconomic schools of thought known as Keynesian economics – also called Keynesianism or Keynesian theory.In Keynes's theory, the quantity theory broke down because people and businesses tend to hold on to their cash intough economic times, a phenomenon he described in terms of liquidity preferences. Keynes also explained how themultiplier effect would magnify a small decrease in consumption or investment and cause declines throughout theeconomy. Keynes also noted the role uncertainty and animal spirits can play in the economy.The generation following Keynes combined the macroeconomics of the General Theory with neoclassicalmicroeconomics to create the neoclassical synthesis. By the 1950s, most economists had accepted the synthesis viewof the macro economy. Economists like Paul Samuelson, Franco Modigliani, James Tobin, and Robert Solowdeveloped formal Keynesian models, and contributed formal theories of consumption, investment, and moneydemand that fleshed out the Keynesian framework.[22]

MonetarismMilton Friedman updated the quantity theory of money to include a role for money demand. He argued that the roleof money in the economy was sufficient to explain the Great Depression and aggregate demand orientedexplanations were not necessary. Friedman argued that monetary policy was more effective than fiscal policy;however, Friedman doubted the government has ability to "fine-tune" the economy with monetary policy. Hegenerally favored a policy of steady growth in money supply instead of frequent intervention.[23]

Friedman also challenged the Phillips curve relationship between inflation and unemployment. Friedman andEdmund Phelps (who was not a monetarist) proposed an "augmented" version of the Phillips curve that excluded thepossibility of a stable, long-run tradeoff between inflation and unemployment. When the oil shocks of the 1970screated a high unemployment and high inflation, Friedman and Phelps were vindicated. Monetarism was particularlyinfluential in the early 1980s. Monetarism fell out of favor when central banks found it difficult to target moneysupply instead of interest rates as monetarists recommended. Monetarism also became politically unpopular whenthe central banks created recessions in order to slow inflation.

Macroeconomics 9

New classicalsNew classical macroeconomics further challenged the Keynesian school. A central development in new classicalthought came when Robert Lucas introduced rational expectations to macroeconomics. Prior to Lucas, economistshad generally used adaptive expectations where agents were assumed to look at the recent past to make expectationsabout the future. Under rational expectations, agents are assumed to be more sophisticated. A consumer will notsimply assume a 2% inflation rate because that has been the average the past few years; she will look at currentmonetary policy and economic conditions to make an informed forecast. When new classical economists introducedrational expectations into their models, they showed that monetary policy could only have a limited impact.Lucas also made an influential critique of Keynesian empirical models. He argued that forecasting models based onempirical relationships would keep producing the same predictions even as the underlying model generating the datachanged.. He advocated models based on fundamental economic theory that would, in principle, be structurallyaccurate as economies changed. Following Lucas's critique, new classical economists, led by Edward C. Prescott andFinn E. Kydland created real business cycle (RBC) models of the macroeconomy.[24]

RBC models were created by combining fundamental equations from neo-classical microeconomics. In order togenerate macroeconomic fluctuations, RBC models explained recessions and unemployment with changes intechnology instead changes in the markets for goods or money. Critics of RBC models argue that money clearlyplays an important role in the economy, and the idea that technological regress can explain recent recessions is alsoimplausible.[25] However, technological shocks are only the more prominent of a myriad of possible shocks to thesystem that can be modeled. Despite questions about the theory behind RBC models, they have clearly beeninfluential in economic methodology.

New Keynesian responseNew Keynesian economists responded to the new classical school by adopting rational expectations and focusing ondeveloping micro-founded models that are immune to the Lucas critique. Stanley Fischer and John B. Taylorproduced early work in this area by showing that monetary policy could be effective even in models with rationalexpectations when contracts locked-in wages for workers. Other new Keynesian economists expanded on this workand demonstrated other cases where inflexible prices and wages led to monetary and fiscal policy having real effects.Like classical models, new classical models had assumed that prices would be able to adjust perfectly and monetarypolicy would only lead to price changes. New Keynesian models investigated sources of sticky prices and wages dueto imperfect competition,[26] which would not adjust, allowing monetary policy to impact quantities instead ofprices.By the late 1990s economists had reached a rough consensus. The rigidities of new Keynesian theory were combinedwith rational expectations and the RBC methodology to produce dynamic stochastic general equilibrium (DSGE)models. The fusion of elements from different schools of thought has been dubbed the new neoclassical synthesis.These models are now used by many central banks and are a core part of contemporary macroeconomics.[27]

Macroeconomics 10

Notes[1][1] Blanchard (2011), 32.[2][2] Blanchard (2011), 22.[3][3] Dwivedi, 443.[4] Freeman (2008). http:/ / www. dictionaryofeconomics. com/ article?id=pde2008_S000311.[5] Dwivedi, 444–445.[6] Dwivedi, 445–446.[7] Neely, Christopher J. "Okun's Law: Output and Unemployment. Economic Synopses. Number 4. 2010. http:/ / research. stlouisfed. org/

publications/ es/ 10/ ES1004. pdf.[8][8] Healey 2002, p. 12.[9][9] Healey 2002, p. 13.[10][10] Healey 2002, p. 14.[11][11] Colander 1995, p. 173.[12] Durlauf & Hester 2008.[13][13] Peston 2002, p. 386-387.[14][14] Peston 2002, p. 387.[15][15] Peston 2002, p. 387-388.[16][16] Solow 2002, p. 518-519.[17][17] Solow 2002, p. 519.[18][18] Blaug 2002, p. 202-203.[19][19] Mayer, 495.[20][20] Dimand (2008).[21][21] Blanchard (2011), 580.[22][22] Blanchard (2011), 581.[23] Blanchard (2011), 582–583.[24][24] Blanchard (2011), 587.[25][25] Blanchard (2011), 587.[26] The role of imperfect competition in new Keynesian economics (http:/ / huwdixon. org/ SurfingEconomics/ chapter4. pdf), Chapter 4 of

Surfing Economics (http:/ / huwdixon. org/ SurfingEconomics/ index. html) by Huw Dixon[27][27] Blanchard (2011), 590.

References• Blanchard, Olivier (2000), Macroeconomics, Prentice Hall, ISBN 0-13-013306-X.• Blanchard, Olivier (2011). Macroeconomics Updated (5th ed.). Englewood Cliffs: Prentice Hall.

ISBN 978-0-13-215986-9.• Blaug, Mark (1986), Great Economists before Keynes, Brighton: Wheatsheaf.• Blaug, Mark (2002). "Endogenous growth theory". In Snowdon, Brian; Vane, Howard. An Encyclopedia of

Macroeconomics. Northhampton, Massachusetts: Edward Elgar Publishing. ISBN 978-1-84542-180-9.• Boettke, Peter (2001), Calculation and Coordination: Essays on Socialism and Transitional Political Economy,

Routledge, ISBN 0-415-77109-9.• Bouman, John: Principles of Macroeconomics – free fully comprehensive Principles of Microeconomics and

Macroeconomics texts (http:/ / www. inflateyourmind. com/ ). Columbia, Maryland, 2011• Dimand, Robert W. (2008). "Macroeconomics, origins and history of" (http:/ / www. dictionaryofeconomics.

com/ article?id=pde2008_M000370). In Durlauf, Steven N.; Blume, Lawrence E. The New Palgrave Dictionaryof Economics (Palgrave Macmillan). doi: 10.1057/9780230226203.1009 (http:/ / dx. doi. org/ 10. 1057/9780230226203. 1009).

• Durlauf, Steven N.; Hester, Donald D. (2008). "IS–LM" (http:/ / www. dictionaryofeconomics. com/article?id=pde2008_I000303). In Durlauf, Lawrence E.; Blume. The New Palgrave Dictionary of Economics(Second ed.). Palgrave Macmillan. doi: 10.1057/9780230226203.0855 (http:/ / dx. doi. org/ 10. 1057/9780230226203. 0855). Retrieved 5 June 2012.

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Macroeconomics 11

• Friedman, Milton (1953), Essays in Positive Economics, London: University of Chicago Press,ISBN 0-226-26403-3.

• Haberler, Gottfried (1937), Prosperity and depression, League of Nations.• Leijonhufvud, Axel The Wicksell Connection: Variation on a Theme (http:/ / www. econ. ucla. edu/

workingpapers/ wp165. pdf). UCLA. November, 1979.• Healey, Nigel M. (2002). "AD-AS model". In Snowdon, Brian; Vane, Howard. An Encyclopedia of

Macroeconomics. Northhampton, Massachusetts: Edward Elgar Publishing. pp. 11–18. ISBN 978-1-84542-180-9.• Heijdra, B. J.; Ploeg, F. van der (2002), Foundations of Modern Macroeconomics, Oxford University Press,

ISBN 0-19-877617-9.• Mises, Ludwig Von (1912), Theory of Money and Credit, Yale University Press.• Mayer, Thomas (2002). "Monetary polic: role of". In Snowdon, Brian; Vane, Howard. An Encyclopedia of

Macroeconomics. Northhampton, Massachusetts: Edward Elgar Publishing. pp. 495–499.ISBN 978-1-84542-180-9.

• Mishkin, Frederic S. (2004), The Economics of Money, Banking, and Financial Markets, Boston:Addison-Wesley, p. 517

• Peston, Maurice (2002). "IS-LM model: closed economy". In Snowdon, Brian; Vane, Howard R. AnEncyclopedia of Macroeconomics. Edward Elgar.

• Solow, Robert (2002). "Neoclassical growth model". In Snowdon, Brian; Vane, Howard. An Encyclopedia ofMacroeconomics. Northhampton, Massachusetts: Edward Elgar Publishing. ISBN 978-1-84542-180-9.

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Article Sources and Contributors 12

Article Sources and ContributorsMacroeconomics  Source: http://en.wikipedia.org/w/index.php?oldid=573281195  Contributors: 155ws, 160.94.235.xxx, 235bender, 5 albert square, 90, A More Perfect Onion, APH, Afelton,Against the current, Ajantac, Alarics, Amandus74, Amanski, AnakngAraw, Andrejj, Andres, Anne, Ansumang, Antandrus, Anthony.atherton, Apotheon, Appraiser, Aqueous id, Aristolaos,Avoided, Awesomegroup2013, Baronnet, BaseballDetective, BeachComber1972, Beetstra, Bellstarr, Ben.c.roberts, Beyond silence, Bkwillwm, Blood sliver, Blue, Bodnotbod, Bomac,Bongwarrior, Bronx Discount Liquor, Bucinka, Buldri, Buttle, Byelf2007, Byronmercury, C8to, Charles Matthews, CharlotteWebb, Chefollie, Chimi doma, Cholmes75, Chrishmt0423,Christian75, Clucz, Cmskog, Conversion script, Corebreeches, Cretog8, Cupco, DLKDLKDLK, DMS, DVD R W, Danheac, DerHexer, Dhart, Discotropico, Don4of4, Dorftrottel, Dstrube, Dupz,Ebyabe, Economics1055, Edgarde, El C, El Jogg, Elendal, Eman2129, Enchanter, Epbr123, Eric Sellars, EricWink, Erweinstein, Eschuldt, Espenrh, Esurnir, EvilPizza, Exeunt,FelixtheMagnificent, Ferdy.adam, Financestudent, Flood fan, FonsScientiae, Fylbecatulous, Gabbe, Gary King, Gary123, Gigs, Gilliam, Golbez, Grampion76, Greg Ransom, Gryffon, Guest2625,H@r@ld, Hairy Dude, HappyCamper, Hectorthebat, Hefaistos, Ignatzmice, ImperfectlyInformed, Improv, Innovation200, Isfisk, Isis, Itheodore, Ixfd64, J. Milch, J.delanoy, JLaTondre, Jac16888,Jasper Chua, Jauerback, Jd.leiser, Jdevine, Jean.julius, Jeanphi, Jerryseinfeld, Jezhotwells, Jgold03, Joel Kincaid, John Quiggin, John Reaves, John of Reading, JohnCD, Johnnybbad27, JonasMur, Jonkerz, Joseph Solis in Australia, Joshmarq, Jsubha, Julesd, Jusdafax, Jwissick, Kajasudhakarababu, Karlwick, Kiensvay, Koyaanis Qatsi, Krymson, Kurtwz, KyraVixen, La goutte depluie, Lambiam, Lawrencekhoo, Lee Daniel Crocker, Leebo, Leszek Jańczuk, Levineps, Liberlogos, Lordmetroid, M3taphysical, MER-C, MWIGA BENARD KARIUKI, Macrocompassion,Mahej, Manishearth, Manop, Marcika, Mark, Martin451, Mast3rj3di, Mdhurley, Mentifisto, Mic, Michaelbusch, MistyMorn, Mleal001, Morphh, Mschlindwein, Mydogategodshat, NJGW,NawlinWiki, Nay Min Thu, Neo Poz, Noisy, Nsevs, Nzd, Omnipaedista, OnBeyondZebrax, Orange Suede Sofa, Oscarjquintana, Pablosecca, Passportguy, Paul August, Pederbl, Pinkadelica,Pion, Pit, Pmanderson, Pokrajac, Polmandc, Pranavkm, ProfSadiq, Pseudomonas, Pyb, Qwe, Qwerty Binary, Qwertyuvi, Rama's Arrow, Rd232, Rec syn, Revan ltrl, Rick Block, Rinconsoleao,Ringan, Rmachenw, Robertson-Glasgow, Robinbanerjee, Rollo, SPECIFICO, Sanchom, Sarah.roberts1985, Saromus, Simem007, SineWave, Smallman12q, Smellycow123, South Bay,Speedoflight, Spiff, Steven Zhang, Stirling Newberry, Stonewhite, Storm Rider, Surreal, Tabletop, Tarotcards, Taxa, Terjepetersen, Tesfatsion, Teslawlo, The Anome, The Consigliere, TheEnslaver, The-verver, TheTrojanHought, Thingg, Thomasmeeks, Thorsen, Togo, Tony1, Tpbradbury, Traxs7, Trusilver, Turgan, Typelighter, Ucanlookitup, Unschool, Utcursch, Verdatum,Victuallers, Vision Thing, Volunteer Marek, Warriorplatypus, Wedgeline, WikHead, Williamlindgren, WojPob, Woohookitty, Yahel Guhan, Yonidebest, Youssefsan, Zixtor, Александър, පසිඳුකාවින්ද, 502 anonymous edits

Image Sources, Licenses and Contributorsfile:Gdpercapita.PNG  Source: http://en.wikipedia.org/w/index.php?title=File:Gdpercapita.PNG  License: Creative Commons Attribution-Sharealike 3.0  Contributors: User:QuandapandaFile:Emblem-money.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Emblem-money.svg  License: GNU General Public License  Contributors: perfectska04Image:Circulation in macroeconomics.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Circulation_in_macroeconomics.svg  License: Public Domain  Contributors: Beyond silence/svg by LadyofHatsFile:Okuns law differences 1948 to mid 2011.png  Source: http://en.wikipedia.org/w/index.php?title=File:Okuns_law_differences_1948_to_mid_2011.png  License: Creative CommonsAttribution-Sharealike 3.0  Contributors: BkwillwmFile:M2andInflation.png  Source: http://en.wikipedia.org/w/index.php?title=File:M2andInflation.png  License: Creative Commons Attribution-Sharealike 3.0  Contributors: BkwillwmFile:AS + AD graph.svg  Source: http://en.wikipedia.org/w/index.php?title=File:AS_+_AD_graph.svg  License: Creative Commons Attribution-Sharealike 3.0  Contributors: User:SyedFile:Islm.svg  Source: http://en.wikipedia.org/w/index.php?title=File:Islm.svg  License: GNU Free Documentation License  Contributors: Derivative: Thomas Steiner; Islm.png: Originaluploader was Vikingstad at en.wikipedia. Later version(s) were uploaded by Jdevine at en.wikipedia.

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