Roman Hardgrave
Principles of Macroeconomics (Video)Episodes
Episodes of Principles of Macroeconomics
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In response to the 2008 financial crisis, the Fed employed some new instruments and approaches to getting the economy back on track. In this video we explore three of these: quantitative easing, paying interest on reserves, and conducting repur
In the United States, the Federal Reserve controls the supply of money. This makes it a pretty massive player in the US – and world – economy.The Fed can use the money supply and interest as tools to influence aggregate demand. But how the Fed
As we've covered previously, the aggregate-demand aggregate-supply model is a useful tool for helping us understand what's going on in an economy. But it can get pretty complicated.In this video, we're going to take a look at the following rea
We’re going to explore the mechanics of the aggregate-demand aggregate-supply (AD-AS) model. In our example, we’ll measure the economy’s inflation rate as well as the real GDP growth rate on the vertical and horizontal axes.A country’s normal
There’s an old analogy about blind men grasping an elephant.Elephants are huge creatures. If you’re touching the trunk, but you can’t see the whole elephant, you’re going to have a very different perspective from someone touching a leg. It doe
The Austrian school of economic thought emphasizes market price signals and how they communicate decentralized information in an economy. The Austrian business cycle theory focuses on how central banks can distort those price signals.When cent
So far in our business cycles deep dive, we’ve covered two of the four main theories: Keynesian and monetarist. Now, we’re going to move away from aggregate demand and monetary policy to check out the supply side of things in real business cycl
Meet the monetarists! This business cycle theory emphasizes the effect of the money supply and the central bank on the economy. Formulated by Nobel Laureate Milton Friedman, it’s a “goldilocks” theory that argues for a steady rate of fairly low
One point of contention among economists is the causes of business cycles and recessions. And if you disagree on the causes, chances are that you disagree on the solutions.In this video series, we’re going to explore some of the major business
Effective fiscal policy has to be timely, targeted, and temporary. But how the central bank, businesses, and consumers respond to fiscal policy also plays a role in how effective it is.When expansionary fiscal policy is enacted, what happens t
In the early 2000s, Argentina’s debt reached 150% of GDP, leading to what was the largest government default in the history of the world.But Argentina is not alone. Other countries before and since have also defaulted on their debts: Thailand,
In this video, we explore when and why the government might engage in expansionary fiscal policy. Specifically, we’ll discuss why the government might increase spending, or decrease taxes, to combat a recession.Think about an economy during a
The best case for fiscal policy happens during a recession caused by an aggregate demand shock. Even so, it’s hard to get it right because the U.S. economy is massive and complex.An ideal stimulus is:1. Timely2. Targeted3. TemporaryAll of
What is fiscal policy? Very simply, it’s a government’s policies on taxes, spending, and borrowing. But how it’s practiced is a little more complicated. Fiscal policy can be used in an effort to mitigate fluctuations in the business cycle – to
If you think through all of the variables that shape a country’s economy, it’s no wonder that monetary policy is difficult. It should also come as no surprise that the Federal Reserve doesn’t always get it right. In fact, sometimes the Fed’s ac
As we’ve seen, it can be difficult for the Federal Reserve to course-correct when dealing with a sluggish economy suffering from an aggregate demand shock. Now we’re going to see what happens when a negative real shock hits.For instance, suppo
Imagine that you’re the Fed and monetary policy is your domain. The economy has been doing fine: inflation isn’t too high, GDP is growing at a reasonable rate. But then something happens. Consumer confidence drops. The economy shrinks.What do
If you heard a rumor that your bank was insolvent (in other words, it had more liabilities than assets), what would you do?A typical reaction is to panic. What if you can’t get your money out? Your next step would likely be to try and get all
When you deposit money into a bank, do you know what happens to it? It doesn’t simply sit there. Banks are actually allowed to loan out up to 90% of their deposits. For every $10 that you deposit, only $1 is required to stay put.This practice
What is money?That may seem like a really simple question, but it’s actually kind of complicated. Paper bills and coins, or currency, is obviously money. But it doesn’t end there.Technically, “money” is anything that is a widely accepted mean
Spider-Man fans likely recall Uncle Ben advising his nephew, Peter Parker, that “With great power, comes great responsibility.”As it turns out, that sage wisdom is also pretty applicable to the U.S. Federal Reserve System (aka the Fed). The Fe
Economic growth doesn’t happen at a steady pace; there are ebbs and flows. Prosperity on the national level depends on a country having good institutions in place. The factors of production – human capital, physical capital, and ideas – are als
Throughout this section of the course, we’ve been trying to solve a complicated economic puzzle—why are some countries rich and others poor?There are various factors at play, interacting in a dynamic, and changing environment. And the final an
Alex Tabarrok’s TED talk showed you that ideas can trump nearly every crisis. Now, since ideas are so important, we have to ask: is the future of ideas a bright one?To answer that, we’ll look at something we call the Idea Equation.It goes lik
Unemployment rates ebb and flow with business cycle phases. We all saw this when unemployment rates increased in the United States during the 2008 recession. What we observed was called cyclical unemployment, and it usually accompanies slow eco
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