Macroeconomics is a branch of economics that deals with the performance,structure,behavior,and decision-making of an economy as a whole. This includes national,regional,and global economies. Macroeconomists study topics such as output/GDP and national income,unemployment,price indices and inflation,consumption,saving,investment,energy,international trade,and international finance.
In economics,inflation is a general increase in the prices of goods and services in an economy. This is usually measured using a consumer price index (CPI). When the general price level rises,each unit of currency buys fewer goods and services;consequently,inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation,a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate,the annualized percentage change in a general price index. As prices faced by households do not all increase at the same rate,the consumer price index (CPI) is often used for this purpose.
Monetarism is a school of thought in monetary economics that emphasizes the role of policy-makers in controlling the amount of money in circulation. It gained prominence in the 1970s but was mostly abandoned as a direct guidance to monetary policy during the following decade because of the rise of inflation targeting through movements of the official interest rate.
Alan Stuart Blinder is an American economics professor at Princeton University and is listed among the most influential economists in the world. He is a leading macro-economist,politically liberal,and a champion of Keynesian economics and policies.
John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University,and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
Ronald MacDonald OBE was born in the West End of Glasgow in 1955,to Duncan and Effie MacDonald and spent his formative years in Glasgow,Fort William and Falkirk. He attended Tinto Road Primary School,Glasgow,Corpach Primary School,Fort William,Comely Bank Primary School,Falkirk,and Falkirk High School,with a gap year in Portree primary and High School,before progressing to his university education. He is a Scottish economist with interests in a wide range of topics in International Finance and Macroeconomics and a considerable amount of his research focuses on the economics of exchange rates and currency regime choice. He is currently Research Professor of Macroeconomics and International Finance at the Adam Smith Business School in the University of Glasgow.
Marian Patricia Bell,CBE is a British consultant economist,and was a member of the Bank of England's Monetary Policy Committee from June 2002 to June 2005.
Modern monetary theory or modern money theory (MMT) is a heterodox macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires. According to MMT,governments do not need to worry about accumulating debt since they can pay interest by printing money. MMT argues that the primary risk once the economy reaches full employment is inflation,which acts as the only constraint on spending. MMT also argues that inflation can be controlled by increasing taxes on everyone,to reduce the spending capacity of the private sector.
The Adam Smith Chair of Political Economy is a chair at the University of Glasgow,named for Adam Smith,pioneering economist,author of The Wealth of Nations,and one of the university's most famous sons. It was established in 1896 from a lectureship which had been endowed in 1892 by Andrew Stewart,founder of Stewarts &Lloyds tube-manufacturers. Occupants are appointed by the University Court acting with a representative of the Merchants' House of Glasgow,the Trades House of Glasgow and the Chamber of Commerce of Glasgow.
Sir Timothy John Besley,is a British academic economist who is the School Professor of Economics and Political Science and Sir W. Arthur Lewis Professor of Development Economics at the London School of Economics (LSE).
Sir Alexander Kirkland Cairncross,known as Sir Alec Cairncross,was a British economist. He was the brother of the spy John Cairncross and father of journalist Frances Cairncross and public health engineer and epidemiologist Sandy Cairncross.
The Council of Economic Advisers (CEA) in Scotland was a group of economists and leading figures from the private sector and academia who advised the Scottish Government. Its principal aims were to advise on improving the competitiveness of the Scottish economy and how to tackle inequality within Scotland. It was established in 2007,meeting for the first time on 21 September. The Council had two formal meetings a year and also carried out engagement and work between meetings. Minutes of its meetings and other reports are available on its website.
Diana Dragutinović is a Serbian economist,who was Minister of Finance in the Government of Serbia from 2008 to 2011.
John Howland Cochrane is an American economist who has served as the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution since 2015. A specialist in financial economics and macroeconomics,he has been a professor of finance and economics by courtesy at the Stanford Graduate School of Business since 2016. From 1994 to 2015,he served as the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.
Adam Simon Posen CBE is an American economist and President of the Peterson Institute for International Economics (PIIE). He became PIIE president on January 1,2013,having first joined the Institute in July 1997.
Carlos A. Végh is a Uruguayan academic economist who,since 2013,is the Fred H. Sanderson Professor of International Economics at the Johns Hopkins School of Advanced International Studies (SAIS),and holds a joint appointment with Johns Hopkins' Department of Economics. He is also a research associate at the National Bureau of Economic Research since 1998. He was the World Bank's chief economist for Latin America and the Caribbean from February 1,2017 to June 30,2019,while on leave from Johns Hopkins. He was previously a professor of economics and vice-chair of undergraduate studies at UCLA (1996-2005) and professor of economics at the University of Maryland (2005-2013). His research work on monetary and fiscal policy in emerging and developing countries has been highly influential in both academic and policy circles. In particular,his work on fiscal procyclicality in emerging markets has been instrumental in generating a copious literature on the subject,which has influenced the adoption of fiscal rules in many emerging markets.
Richard Harris Clarida is an American economist who served as the 21st Vice Chair of the Federal Reserve from 2018 to 2022. Clarida resigned his post on January 14,2022,to return from public service leave to teach at Columbia University for the spring term of 2022. He is the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University and,from 2006 until September 2018 and from October 2022 to the present,a Global Strategic Advisor for PIMCO. He is notable for his contributions to dynamic stochastic general equilibrium theory and international monetary economics. He is a former Assistant Secretary of the Treasury for Economic Policy and is a recipient of the Treasury Medal. He also was a proponent of the theory that inflation was transitory during the COVID-19 pandemic.
Simon Wren-Lewis is a British economist. He is a professor of economic policy at the Blavatnik School of Government at Oxford University and a Fellow of Merton College.
David I. Meiselman was an American economist. Among his contributions to the field of economics are his work on the term structure of interest rates,the foundation today of the implementation of monetary policy by major central banks,and his work with Milton Friedman on the impact of monetary policy on the performance of the economy and inflation.
Christopher J. Waller is an American economist who has been a member of the Federal Reserve Board of Governors since 2020. A nominee of then-President Donald Trump,he was confirmed by the Senate in December 2020,to serve through January 2030.
