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% Document Info
\author{shazma.n}
\pdfinfo{
  /Title (economics.pdf)
  /Creator (Cheatography)
  /Author (shazma.n)
  /Subject (Economics Cheat Sheet)
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\noindent
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Economics Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{shazma.n} via \textcolor{DarkBackground}{\uline{cheatography.com/149997/cs/32537/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}shazma.n \\
  \uline{cheatography.com/shazma-n} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 16th June, 2022.\\
   Updated 16th June, 2022.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\begin{document}
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{x{1.14425 cm} x{1.69349 cm} x{1.73926 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Topic 1- National Income Accounting \& BOP}}  \tn
% Row 0
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National Income Identity & gross domestic product is given by consumption expenditures, plus investment expenditures, plus government expenditures, plus exports, minus imports & Y=C+I+G+CA \tn 
% Row Count 11 (+ 11)
% Row 1
\SetRowColor{white}
National Savings & the amount of output that is not devoted to private consumption and government spending & S= Y-C(Y-T)-G or S= Sp+Sg or S=I+CA \tn 
% Row Count 18 (+ 7)
% Row 2
\SetRowColor{LightBackground}
Balance of Payments & records a country's international transactions with the rest of the world in a given time period- records its payments and recepits from foreigners and shows demand and supply of a country's currency in FEM & *every international transaction enters the BOP accounts twice, once as a credit and once as debit \tn 
% Row Count 33 (+ 15)
\end{tabularx}
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\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{1.14425 cm} x{1.69349 cm} x{1.73926 cm} }
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\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Topic 1- National Income Accounting \& BOP (cont)}}  \tn
% Row 3
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Credit Entry & any transaction resulting in receiving payments from foreigners & exports of goods, services, assets \tn 
% Row Count 5 (+ 5)
% Row 4
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Debit Entry & any transaction resulting in making payments & imports of goods services, assets \tn 
% Row Count 9 (+ 4)
% Row 5
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\seqsplit{Components} of BOP Accounts & Current Account, Financial Account, Capital Account & \seqsplit{CA+KAnon+CapitalAcc=} -ORT \tn 
% Row Count 13 (+ 4)
% Row 6
\SetRowColor{white}
Current Account & shows the difference b/w exports and imports of goods and services plus net unilateral transfer & CA= EX-IM+ Net Unilateral Transfer \tn 
% Row Count 20 (+ 7)
% Row 7
\SetRowColor{LightBackground}
Financial Account & difference b/w sales \& purchases of assets to foreigners & KA= KAnonres+ORT \tn 
% Row Count 24 (+ 4)
% Row 8
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\seqsplit{Non-reserve} Portion & the purchases \& sales of assets by the private sector &  \tn 
% Row Count 28 (+ 4)
% Row 9
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Reserve Portion & the purchases \& sales of foreign assets by the country's monetary authority & \seqsplit{foreign-currency} denominated assets held by central banks \tn 
% Row Count 34 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
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\begin{tabularx}{5.377cm}{x{1.3731 cm} x{1.60195 cm} x{1.60195 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Topic 4- Price Levels \& Exchange Rate in LR}}  \tn
% Row 0
\SetRowColor{LightBackground}
Purchasing Power Parity & explains movements in the exchange rate between two countries' currencies by changes in the countries' price levels &  \tn 
% Row Count 9 (+ 9)
% Row 1
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Absolute PPP & identical basket of goods should be sold for same amount of money in diff countries when expressed in same currency & E= P/P* \tn 
% Row Count 18 (+ 9)
% Row 2
\SetRowColor{LightBackground}
Relative PPP & \% Δ in exchange rate between 2 currencies over many period equals to the inflation rate differentials between 2 countries & E\textasciicircum{}e\textasciicircum{}-E/E= π-π* \tn 
% Row Count 27 (+ 9)
% Row 3
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Monetary Approach to Exchange Rate & shows factors that affect MS and MD will play a role in determining exchange rate & PPP holds, LR Model, shocks are permanent \tn 
% Row Count 33 (+ 6)
\end{tabularx}
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\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{1.3731 cm} x{1.60195 cm} x{1.60195 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Topic 4- Price Levels \& Exchange Rate in LR (cont)}}  \tn
% Row 4
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 & Equilibrium exchange rate & E= (MS/MS{\emph{)(L}}(Y{\emph{,R}})/(L(R,Y) \tn 
% Row Count 3 (+ 3)
% Row 5
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Domestic MS Increases & Exchange rate increases & DC {\bf{depreciates}} \tn 
% Row Count 5 (+ 2)
% Row 6
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Foreign MS Increases & Exchange rate decreases & DC {\bf{appreciates}} \tn 
% Row Count 7 (+ 2)
% Row 7
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Domestic Interest Rate increases & Exchange rate increases & DC {\bf{depreciates}} \tn 
% Row Count 10 (+ 3)
% Row 8
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Foreign Interest Rate increases & Exchange rate decreases & DC {\bf{appreciates}} \tn 
% Row Count 13 (+ 3)
% Row 9
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Domestic Output increases & Exchange rate decreases & DC {\bf{appreciates}} \tn 
% Row Count 16 (+ 3)
% Row 10
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Foreign Output Increases & Exchange rate increases & DC {\bf{depreciates}} \tn 
% Row Count 18 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
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\begin{tabularx}{5.377cm}{x{1.23579 cm} x{1.64772 cm} x{1.69349 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Topic 2- Asset Approach to Exchange Rate}}  \tn
% Row 0
\SetRowColor{LightBackground}
Exchange Rate & the price of one currency in terms of \seqsplit{another(DC/FC)} & E\textasciicircum{}DC/FC\textasciicircum{}=1/E\textasciicircum{}DC/FC\textasciicircum{} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
Forward exchange rates & the exchange rate that is contracted today for the exchange of currencies at a specified date in the future & R= R*+E\textasciicircum{}e\textasciicircum{}-E/E \tn 
% Row Count 12 (+ 8)
% Row 2
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Interest Parity Condition & the condition that the expected returns on deposits of any two currencies are equal when measured in the same currency &  \tn 
% Row Count 21 (+ 9)
% Row 3
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Covered interest Rate Parity & agents can lock in the future exchange rate by getting a forward contract \& eliminating uncertainty & R= R*+ F-E/E \tn 
% Row Count 29 (+ 8)
% Row 4
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Real Rate of Return & the rate at which its value expressed in terms of a \seqsplit{representative} output basket is expected to rise &  \tn 
% Row Count 37 (+ 8)
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\vfill
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\begin{tabularx}{5.377cm}{x{1.23579 cm} x{1.64772 cm} x{1.69349 cm} }
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\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Topic 2- Asset Approach to Exchange Rate (cont)}}  \tn
% Row 5
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Expected ate of return & the rate at which the value of an investment in the asset is expected to rise over time &  \tn 
% Row Count 7 (+ 7)
% Row 6
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Arbitrage & the process of buying a currency cheap and selling it dear &  \tn 
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% Row 7
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Asset Approach & IPR holds \& deals with financial capitals &  \tn 
% Row Count 15 (+ 3)
% Row 8
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 & Focused on money mkt shocks and impacts on exchange rate (SR \& LR) &  \tn 
% Row Count 20 (+ 5)
% Row 9
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R, domestic interest rate & return on DC deposits &  \tn 
% Row Count 23 (+ 3)
% Row 10
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E\textasciicircum{}e\textasciicircum{}-E/E & annualized percentage change in the DC/FC exchange rate &  \tn 
% Row Count 27 (+ 4)
% Row 11
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R*+E\textasciicircum{}e\textasciicircum{}-E/E & expecting DC return on FC deposits &  \tn 
% Row Count 30 (+ 3)
\end{tabularx}
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\vfill
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\begin{tabularx}{5.377cm}{x{1.23579 cm} x{1.64772 cm} x{1.69349 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Topic 2- Asset Approach to Exchange Rate (cont)}}  \tn
% Row 12
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Increase in Domestic Interest & R curve shifts right, invest in DC Deposit & Capital {\bf{inflows}} \& DC {\bf{appreciates}} \tn 
% Row Count 3 (+ 3)
% Row 13
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Increase in Foreign Interest & R* curve shifts right, invest in FC deposit & Capital {\bf{outflows}} \& DC {\bf{depreciates}} \tn 
% Row Count 7 (+ 4)
% Row 14
\SetRowColor{LightBackground}
Expected \seqsplit{Depreciation} of DC & R* curve shifts right, invest in FC deposit & Capital {\bf{outflows}} \& DC {\bf{depreciates}} \tn 
% Row Count 11 (+ 4)
% Row 15
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Forward Trading & parties agree to exchange currencies on some future date at a \seqsplit{pre-negotiated} exchange rate &  \tn 
% Row Count 18 (+ 7)
% Row 16
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Spot Trading & trades are settled immediately &  \tn 
% Row Count 21 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
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\begin{tabularx}{5.377cm}{x{1.05271 cm} x{1.78503 cm} x{1.73926 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Generalized Approach (real exchange rate, q)}}  \tn
% Row 0
\SetRowColor{LightBackground}
Real exchange rate, q & measures the purchasing power of a country's currency relative to another country's currency & shows how many baskets of domestic goods are needed to exchange one basket of foreign goods q= E(P/P*) \tn 
% Row Count 7 (+ 7)
% Row 1
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If q \seqsplit{increases} & real {\bf{depreciation}} of DC &  \tn 
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% Row 2
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If q \seqsplit{decreases} & real {\bf{appreciation}} of DC &  \tn 
% Row Count 11 (+ 2)
% Row 3
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q=1 & Absolute PPP & q= E(P/P*) \tn 
% Row Count 12 (+ 1)
% Row 4
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q=0 & Relative PPP & q\textasciicircum{}e\textasciicircum{}-q/q=0 \tn 
% Row Count 13 (+ 1)
% Row 5
\SetRowColor{white}
If AD \seqsplit{increases-domestic} & domestic goods are more valuable & PPP of DC increases and real {\bf{appreciation}} of DC \tn 
% Row Count 17 (+ 4)
% Row 6
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If AD* \seqsplit{increases-foreign} & domestic goods are less valuable & PPP of DC decreases and real {\bf{depreciation}} of DC \tn 
% Row Count 21 (+ 4)
% Row 7
\SetRowColor{white}
\seqsplit{Generalized} Approach & considers how changes in both monetary and real sides of the economy affect LR exchange rate & in the LR changes in q, changes in P and P* lead to a change in E \tn 
% Row Count 28 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
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\begin{tabularx}{5.377cm}{x{1.14425 cm} x{1.73926 cm} x{1.69349 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Topic 3- Money, Interest Rate \& Exchange Rate}}  \tn
% Row 0
\SetRowColor{LightBackground}
Money Supply & the total amount of currency and checking deposits held by households and firms & Currency in \seqsplit{circulation+Demand} Deposit \tn 
% Row Count 6 (+ 6)
% Row 1
\SetRowColor{white}
Aggregate Money Demand & the toal demand for money by all households and firms in the economy & M\textasciicircum{}d\textasciicircum{}= L(R,Y) \tn 
% Row Count 11 (+ 5)
% Row 2
\SetRowColor{LightBackground}
L(R,Y) & liquidity function &  \tn 
% Row Count 13 (+ 2)
% Row 3
\SetRowColor{white}
R & nominal interest rate & opportunity cost of holding money \tn 
% Row Count 16 (+ 3)
% Row 4
\SetRowColor{LightBackground}
Y & real income= real GDP & when income increases, consumption increases, volume of transaction increases \tn 
% Row Count 22 (+ 6)
% Row 5
\SetRowColor{white}
 & Interest rate- fisher & R= r+Π \tn 
% Row Count 24 (+ 2)
% Row 6
\SetRowColor{LightBackground}
Money market \seqsplit{equilibrium} & MS/P= L(R,Y) & R adjusts to ensure the money market is in equilibrium in SR \tn 
% Row Count 29 (+ 5)
% Row 7
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If MS increases & Pressure for R to fall to initial level &  \tn 
% Row Count 32 (+ 3)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{1.14425 cm} x{1.73926 cm} x{1.69349 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Topic 3- Money, Interest Rate \& Exchange Rate (cont)}}  \tn
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If real income Y increases & Consumption increases and we hold more money & L(R,Y) increases and R increases \tn 
% Row Count 3 (+ 3)
% Row 9
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In the long run & P= MS/L(R,Y) & P{\emph{= MS}}/L{\emph{(R}},Y*) \tn 
% Row Count 5 (+ 2)
% Row 10
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 & Quantity Theory of Money & \%Δ MS+\%ΔV= \%ΔP+\%ΔY \tn 
% Row Count 7 (+ 2)
% Row 11
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 & Level change in MS doesn't impact \%Δ in MS & no change in MS means no change in Π \tn 
% Row Count 10 (+ 3)
% Row 12
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Exchange Rate \seqsplit{Overshooting} & immediate response to a disturbance is greater than its long-run response &  \tn 
% Row Count 15 (+ 5)
% Row 13
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Exchange Rate \seqsplit{Undershooting} & the immediate depreciation of a currency to a shock is greater than its long run response &  \tn 
% Row Count 21 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}