|Lecture handout: Macro Trends: what’s going on?|
This lecture provides an overview of the global economy, an explanation of the main ways that policymakers affect macro indicators, and identifies the most important current issues.
You can find the latest global growth forecasts from the institutions mentioned in the lecture here:
📖 Recommended reading:
- “Are we really going to have to do all this again?” Ben Southwood, Nov 7th 2022
- “Liz Truss didn’t break the economy. It was like that when she found it“, Chris Snowdon, October 19th 2022
- “How bond market mayhem set off a pension ‘time bomb’” Financial Times, October 8th 2022
- “The end of free-lunch economics” Rajan Raghuram, Project Syndicate, January 31st 2022
- “Experts are Making Their Bets on Inflation. Here’s Mine” Bruce Yandle, November 23rd 2021
✍️ What I’ve been writing:
- “A quick and clear growth recipe” Kaleidic Economics, October 2022
- “Does the UK look on the verge of a currency crisis?” Kaleidic Economics, October 2022
- “Verdict on the mini budget” Kaleidic Economics, September 2022
- “The higher inflation survival guide” Kaleidic Economics, December 2021
- To keep up to date with my thoughts on economic issues either follow me on Twitter or see Kaleidic Economics.
🎧 Suggested podcast:
- Macro Musings, by David Beckworth at the Mercatus Center
ℹ️ Background resources:
- The best way to keep on top of macroeconomic trends are to subscribe to the Financial Times or The Economist.
- “An Inflation Primer” Patrick Horan, Mercatus Center Policy Brief, July 2022 – a good background primer on inflation
- Evans, A.J., 2020, “Economics: A Complete Guide for Business” London Publishing Partnership – my managerial economics textbook is intended to provide a thorough but readable overview of the most important elements of macroeconomics
📺 Recommended videos:
This is a good explanation of the difference between nominal and real GDP:
This is a good explanation of current Fed policy:
@kylascan Reply to @joelsephs what does the federal reserve do? #federalreserve #monetarypolicy #inflation #economics #fyp #foryou #LIKEABOMBSHELL ♬ Spooky, quiet, scary atmosphere piano songs – Skittlegirl Sound
For an overview of the markets response to the UK mini budget of September 2022 see this ABC news report.
✨ Key references
- “Late to disinflate”, The Economist, April 2nd 2022
- “The strange world of energy prices” by Martin Sandbu, Financial Times, August 25th 2022
- “The pandemic has sent public debt rocketing across the world”, The Economist, May 5th 2020
- “The Economics of Covid and Brexit”, Julian Jessop, 15th January 2021
- “Truss Sets 2.5% Growth Target for UK and Vows to Revisit BOE’s Mandate”, by Philip Aldrick, Bloomberg, July 29th 2022
- “How do we move the needle on progress?” Eli Dourado, September 2019 – Eli provides a detailed and illuminating look at the sectors most likely to contribute to higher future economic growth, with specific examples of technological possibilities.