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G-20: In 1999, the Finance Ministers of the Group of Seven (G-7) leading industrialized nations announced the creation of the Group of Twenty (G-20). This international forum of Finance Ministers and Central Bank Governors represents 19 countries, the European Union and the Bretton Woods Institutions (the International Monetary Fund -IMF-- and the World Bank). The G-20 promotes discussion, and studies and reviews policy issues among industrialized countries and emerging markets with a view to promoting international financial stability. Member countries include: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Korea, Turkey, the United Kingdom, the United States and the European Union.

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Lesson 9: Macro Basics | Unit 2: Macro Problems Page: 6 of 16

Topic: Inflation <=PAGE BACK | PAGE NEXT=>

Inflation is a stability problem that typically results because the four macro sectors of the economy demand more goods that the economy can produce.

Inflation problems:

  • Future prices become increasingly uncertain.
  • Financial assets like money, bank accounts, stocks and bonds decrease in value with higher prices.
  • Income and wealth are haphazardly redistributed because prices change at different rates.
  • Hyperinflation can reduce production because money becomes almost worthless and people revert to barter exchanges.

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BALANCED-BUDGET MULTIPLIER

A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Tokyo Grain Exchange (Japan)
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