Part 2.1: Revisiting and developing macroeconomic theory

Full employment

Economic growth

Aggregate demand

Aggregate supply

Fiscal policy

Unemployment

Inflation

Macroeconomic policy

Monetarist

Money supply

Supply-side policies

Recession

Monetary policy

Bank Rate

Quantitative Easing / Asset Purchase Scheme

Budget deficit

Budget surplus

National debt

Balancing the budget

Circular flow of income

Macroeconomic equilibrium

Injections

Withdrawals

Cyclical unemployment

Multiplier

Gross Domestic Product

Short-run aggregate supply

Exchange rate

Long-run aggregate supply

Disinflation

Output gap

Positive output gap

Negative output gap

Short-run economic growth

Long-run economic growth

Frictional unemployment

Structural unemployment

Real wages

Real-wage unemployment

Deflation

Quantity theory of money

Demand-pull inflation

Fisher equation of exchange

Cost-push inflation

Phillips curve

Short-run Phillips curve

Long-run Phillips curve

Natural rate of unemployment