Macroeconomics - ECO 151 - Course of Record - LibGuides at St. Louis Community College

Foundational Definitions

The Routledge Dictionary of Economics by D. Rutherford (2013)
Access provided through Credo Reference database. View Contents, and search for terms, images, people.

Images, figures from The Routledge Dictionary of Economics

An Encyclopedia of Macroeconomics, B. Snowdon, & H. R. Vane, Eds. (2002)
This reference source on macroeconomics embraces definitions of terms and concepts, conflicting ideological approaches and the contributions of major thinkers

Macroeconomics: search results from Credo Reference
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opportunity cost: search results from Credo Reference database.
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MJFoodie's YouTube Channel
A community college instructor's video lessons on macroeconomics.

Macroeconmic Models

What is a model/theory, and why do economists use them?

Source: "Episode 5A: Models and Theories" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

aggregate demand: search results from Credo Reference
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aggregate supply: search results from Credo Reference
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AD-AS Model
Healey, N. M. (2002). AD-AS model. In B. Snowdon, & H. R. Vane (Eds.), An encyclopedia of macroeconomics. Edward Elgar Publishing. Credo Reference.
Econometric Models, Macroeconomic
Kapuria-Foreman, V. (2013). Econometric models, macroeconomic. In T. Cate (Ed.), An encyclopedia of Keynesian economics (2nd ed.). Edward Elgar Publishing. Credo Referenc

Demand and Supply

"Episode 11: Demand" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License

Source: Supply and Demand: Crash Course Economics #4. The popular Crash Course Economics series on YouTube with Jacob Clifford and Adriene Hill has millions of views.

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Gross Domestic Product (GDP)

The third macroeconomic goal is 'High & Sustained Growth,' but growth of what? This video explains what GDP is, and the expenditure approach to GDP. "(Macro) Episode 20: GDP" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

11 Global Debates: #7 - GDP growth — is it “good enough” or does it distort policymaking? Income plus well-being: New measures of human progress.
Experts are realizing that GDP is not a sufficient tool for measuring prosperity and well-being and that, since people rarely behave as “rational actors,” we may need to give subjective well-being measures more due. With rapid technological change, key variables in GDP like cars and factories are over-weighted, while cell phones and green technologies are under-weighted.
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Carol Graham, Leo Pasvolsky Senior Fellow and Research Director - Global Economy and Development
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Production Possiblity Frontier (PPF)

If an economy is not producing the maximum that it could and there are unemployed resources, the economy's actual output is below its potential output. In terms of Figure 6.18.1 below, the economy is producing inside production possibility frontier I, say at point X. Starting from X, output can be increased by measures that utilise unemployed resources. But even full employment of an economy's resources (as would be the case actually on the production-possibility frontier) does not necessarily mean that the economy will grow. Growth occurs over the long run where the potential full-employment output of the economy increases over time.

Economic growth means that, over time, production possibility frontier I is pushed outwards to II and III. Increases in the productive capacity in the economy over time are usually measured by calculating the rate of change of real GNP per head of the population.

Source: Figure 6.18. In Jowsey, E. (2014). Economic growth (6.18). In E. Jowsey (Ed.), Real estate concepts: a handbook. Routledge. Credo Reference.

production possibility frontier definition
production possibility frontier. (2013). In D. Rutherford, Routledge Dictionary of Economics (3rd ed.). Routledge. Credo Reference
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Unemployment

"(Macro) Episode 18: Unemployment" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

"(Macro) Episode 19: Types of Unemployment" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

Employment and Unemployment, U.S. Department of Labor
Few economic data are as closely watched as measures of employment and unemployment. The Bureau of Labor Statistics provides a broad range of statistics covering jobs and joblessness. Total unemployment measures are prepared monthly by the Bureau of Labor Statistics (BLS) in the U.S. Department of Labor. The data are published in a news release and in the BLS monthly journal Monthly Labor Review.
The Local Area Unemployment Statistics (LAUS), Bureau of Labor Statistics
The Local Area Unemployment Statistics (LAUS) program produces monthly and annual employment, unemployment, and labor force data for Census regions and divisions, States, counties, metropolitan areas, and many cities, by place of residence.
Monthly Labor Review, BLS
Bureau of Labor Statistics (BLS). U.S. Department of Labor
21 metropolitan areas had unemployment rates of at least 10.0 percent in January 2021
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily. 25 March 2021.
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Fiscal Policy

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Monetary Policy

Monetary Policy Report(s), Board of Governors of the Federal Reserve System
Monetary Policy, Board of Governors of the Federal Reserve System
Monetary policy in the United States comprises the Federal Reserve's actions and communications to promote maximum employment, stable prices, and moderate long-term interest rates--the economic goals the Congress has instructed the Federal Reserve to pursue.
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Inflation

"(Macro) Episode 16: Inflation & Price Indexes" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

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