Macroeconomists study topics such as GDP (Gross Domestic Product), unemployment (including unemployment rates), national income, price indices, output, consumption, inflation, saving, investment, energy, international trade, and international finance. According to a 2018 assessment by economists Emi Nakamura and Jón Steinsson, economic "evidence regarding the consequences of different macroeconomic policies is still highly imperfect and open to serious criticism." This includes regional, national, and global economies. Macroeconomics (from the Greek prefix makro- meaning "large" + economics) is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole.įor example, using interest rates, taxes, and government spending to regulate an economy’s growth and stability. However, the use of natural resources and the generation of waste (like greenhouse gases) are often excluded in its models. (Production cycle and national income) Macroeconomics takes a big-picture view of the entire economy, including examining the roles of, and relationships between, corporations, governments and households, and the different types of markets, such as the financial market and the labour market.
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