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2021_CFA_B2_Economics, Ch.16 Monetary and Fiscal Policy, Ch.15…
2021_CFA_B2_Economics
Ch.16 Monetary and Fiscal Policy
16.1 Money and Inflation
16.a: Introduction
Fiscal policy_Budget surplus & deficit
Monetary policy_expansionary & contractionary
16.b: Money Definition
16.c: Multiple
Money created= new deposit/ reserve requirement
Money multiplier= 1/reserve requirement
Quantity theory of money = money supply
velocity = price
real output
16.e: Fisher effect
Rnom=Rreal+E(I)+RP(risk premium for uncertaintly
16.f: Central bank roles
16.g: High inflation anticipated
16.2 Monetary Policy
16.3 Fiscal Policy
Ch.15 Understanding Business Cycles
210201
15.1: Business Cycle Phases
15.A: Business cycle
Expansion
Peak
Contraction
Trough
15.B: Firm’s tools
Inventory to sales ratios
Firm use physical capital, hiring and laying off employees
Housing sector
Domestic import
15.C: Economists
Neoclassical economists
Keynesian economists
Monetarists
Austrian-school
New classical school
15.2: Inflation and Indicators
E: Inflation
Inflation & inflation rate
Disinflation & [Deflation]
F: inflation Index
CPI(Consumer Price Index)
PPI(Producer Price Index) = wholesale price index
Headline inflation & Core inflation
G: Price Index
Laspeyres Price index: New goods, quality improvements, and consumer’s substitution
Passche Price Index vs. Fisher Price Index
H: Cost-push vs Demand-pull inflation
Cost-push inflation
Demand-pull inflation
NAIRU(Non-accelerating inflation rate of unemployment)
I: Indicators
Leading indicators
Coincident Indicators
Lagging Indicators
Organization: OECD, ECRI
15.D: Unemplyment
Frictional unemployment
Structural unemployment
Cyclical unemployment
Labor force & unemployment rate