Macroeconomic Trends in the US

Paper Summary:

The paper discusses the change in real GDP, drop in imports and increase in exports in the US economy. The paper looks at the government's budget for fiscal year 2008 and includes a projection/forecast for specific sectors, so that there can be a general understanding of the facets of the general equilibrium model and the expected future changes in the model. The paper discusses the current outlook for the US as one plagued with low growth levels and high inflation.

Outline:
Introduction
Understanding Output in the United States: A Short-Run Forecast
Understanding Inflation & Unemployment in the United States: A Short-Run Forecast
International Economics: The US Economy Trade Outlook
The IS/LM/BP Model: A Comprehensive Look at the Macro-economy of the United States
Conclusion

From the Paper:

"Real Gross Domestic Product (GDP) increased by 2.5 percent over the last quarter of 2006 and by 2.0 percent in the third quarter of 2006("GDP News Release" para 7). GDP is the measure total output in the society, with real GDP being the purchasing power of that output. An increase in real GDP therefore implies that there was economic growth. The increase was primarily driven by increases in consumption, government spending and a decrease in imports.
"When real GDP increases, the society is on a higher production possibility curve, and can produce more of all goods, which is where the concept of economic growth is highlighted."

Sample of Sources Used:

• Barreto, Humberto. Understanding Equilibrium in the IS/LM Model. Wabash College. Retrieved on April 21, 2007 from http://www.wabash.edu/dept/economics/Faculty%20Work/ISLM.pdfBoard of Governors of the Federal Reserve System (2006). "Monetary Policy Report to Congress". Federal Reserve Board Publications. Retrieved April 21, 2007 from http://www.federalreserve.gov/boarddocs/hh/2006/july/fullreport.pdf
• "Consumer Price Index". Bureau of Labor Statistics. United States Department of Labor. Retrieved on April 21, 2007 from http://www.bls.gov/news.release/pdf/cpi.pdf
• "Employment Situation Summary". Bureau of Labor Statistics. United States Department of Labor. Retrieved on April 21, 2007 from http://www.bls.gov/news.release/pdf/empsit.pdf
• "GDP News Release". Bureau of Economic Analysis. US Department of Commerce, March 29, 2007. Retrieved on April 21, 2007 from http://www.bea.gov/newsreleases/national/gdp/2007/pdf/gdp406f_fax.pdf

More papers on Macroeconomic Trends in the US:

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• Analytical Essay # 133299 : "General Equilibruim Model"

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