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1、5HOWTHEECONOMYWORKSWhatIsMacroeconomicsandWhyDoesItMatter?Macroeconomicsisthestudyofthebehaviorofanoveralleconomy.Unlikemicroeconomics,whichexaminesthemarketforparticulargoods,speci?cassets,typesoflabor,andsoon,macroanalysislooksatthebigpicture—thetotaleconom
2、icactivityofacountry,includingproduction,theunemploymentrate,in?ation,interestrates,andthelike.And,crucially,itattemptstounderstandhowthevariouscompo-nentsofthebigpictureinteract.Thetoolsofmicroeconomicanalysisareportablefromgoodtogoodandmarkettomarket.Butwhe
3、nitcomestomacroeconomics,youneedtobecarefulwhenapplyingcon-ceptsthatareusedtounderstandthedynamicsofaneconomysuchastheUnitedStatesto,say,asmallercountrylikeIrelandandsurelytothatofadevelopingeconomy,suchasthatofIndonesia.Ofcourse,thereareconceptsandanalytical
4、techniquesgenerallyapplicabletomostcountries.Indeed,thepurposeofthischapteristopresentthesegeneralideasandshowhowtheycanbeusedtounderstandthedynam-icsofanymacroeconomy.Still,keepinmindthateverycountryneedstobetreatedasaspecialcase.Whydo?xed-incomeinvestorscar
5、eaboutthebehaviorofthemacroeconomy?Thereisalmostnodecisionthey’llhavetomakethat5152?MacroeconomicsforMarketProfessionalsdoesn’trequireanunderstandingofwhat’shappeningintheeconomyandtherepercussionsonthe?xedincomemarkets.Hereareafewexamples:?Theinteractionbetw
6、eenmovementsinthelevelofeconomicactivityandthecentralbank’sresponseistheprimarydeter-minantofshort-terminterestrates.Short-termrates,inturn,determinethecostof?nancingsecuritiesholdingsaswellasserveasaparkingplaceforportfoliocash.?Longerterminterestratesre?ect
7、,amongotherfactors,marketparticipants’viewsconcerningthefuturepathoftheeconomy.?Thereisastronglinkbetweeneconomicactivityandin?ation,bothcurrentandexpected.Bondscontainapremiumtocompensateinvestorsforin?ation.?Thestageofthebusinesscycleisacrucialdeterminantof
8、corporatepro?ts.Thishasimplicationsforcorporatebondcreditspreadsaswellasthevalueofanyinstrumentwithacreditcom-ponent,suchascreditderivatives.?Therelativelevelsofinterestrates,in?ation,and
