Economics: Macroeconomic Analysis
　　This study session covers fundamental macroeconomic concepts. The first reading provides the building blocks of aggregate output and income measurement, aggregate demand and supply analysis, and the analysis of the factors affecting economic growth. The second reading explains fluctuations in economic activity, known as business cycles, which have important effects on businesses and investment markets. The third reading discusses monetary and fiscal policy and how they are used by central banks and governments to mitigate the severity of economic fluctuations and to achieve other policy goals.
　　READING ASSIGNMENTS
　　Reading 17 Aggregate Output, Prices, and Economic Growth by Paul Kutasovic, CFA, and Richard G. Fritz
　　Reading 18 Understanding Business Cycles by Michele Gambera, CFA, Milton Ezrati, and Bolong Cao, CFA
　　Reading 19 Monetary and Fiscal Policy by Andrew Clare, PhD, and Stephen Thomas, PhD
　　LEARNING OUTCOMES
　　READING 17. AGGREGATE OUTPUT, PRICES, AND ECONOMIC GROWTH
　　The candidate should be able to:
　　a calculate and explain gross domestic product (GDP) using expenditure and income approaches;
　　b compare the sum-of-value-added and value-of-final-output methods of calcu?lating GDP;
　　c compare nominal and real GDP and calculate and interpret the GDP deflator;
　　d compare GDP, national income, personal income, and personal disposable income;
　　e explain the fundamental relationship among saving, investment, the fiscal bal?ance, and the trade balance;
　　f explain the IS and LM curves and how they combine to generate the aggregate demand curve;
　　g explain the aggregate supply curve in the short run and long run;
　　h explain causes of movements along and shifts in aggregate demand and supply curves;
　　i describe how fluctuations in aggregate demand and aggregate supply cause short-run changes in the economy and the business cycle;
　　j explain how a short-run macroeconomic equilibrium may occur at a level above or below full employment;
　　k analyze the effect of combined changes in aggregate supply and demand on the economy;
　　l describe sources, measurement, and sustainability of economic growth;
　　m describe the production function approach to analyzing the sources of eco?nomic growth;
　　n distinguish between input growth and growth of total factor productivity as components of economic growth.
　　READING 18. UNDERSTANDING BUSINESS CYCLES
　　The candidate should be able to:
　　a describe the business cycle and its phases;
　　b describe how resource use, housing sector activity, and external trade sector activity vary as an economy moves through the business cycle;
　　c describe theories of the business cycle;
　　d describe types of unemployment and measures of unemployment;
　　e explain inflation, hyperinflation, disinflation, and deflation;
　　f explain the construction of indices used to measure inflation;
　　g compare inflation measures, including their uses and limitations;
　　h distinguish between cost-push and demand-pull inflation;
　　i describe economic indicators, including their uses and limitations;
　　READING 19. MONETARY AND FISCAL POLICY
　　The candidate should be able to:
　　a compare monetary and fiscal policy;
　　b describe functions and definitions of money;
　　c explain the money creation process;
　　d describe theories of the demand for and supply of money;
　　e describe the Fisher effect;
　　f describe roles and objectives of central banks;
　　g contrast the costs of expected and unexpected inflation;
　　h describe tools used to implement monetary policy;
　　i describe qualities of effective central banks;
　　j explain the relationships between monetary policy and economic growth, infla?tion, interest, and exchange rates;
　　k contrast the use of inflation, interest rate, and exchange rate targeting by central banks;
　　l determine whether a monetary policy is expansionary or contractionary;
　　m describe limitations of monetary policy;
　　n describe roles and objectives of fiscal policy;
　　o describe tools of fiscal policy, including their advantages and disadvantages;
　　p describe the arguments about whether the size of a national debt relative to GDP matters;
　　q explain the implementation of fiscal policy and difficulties of implementation;
　　r determine whether a fiscal policy is expansionary or contractionary;
　　s explain the interaction of monetary and fiscal policy.
　　　
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