Macroeconomics Symbols
Symbol
Term
Symbol
g
L
N
Growth rate
Labour force
Employed
W
𝑃𝑒
z
U
u
𝑃𝑡
Unemployed
Unemployment rate
GDP deflator
W|P
A
m
$Y
Y
𝑈𝑛
𝑁𝑛
Z
C
I
G
X
M
Nominal GDP
Real GDP/ output/
production
Total demand for goods
Consumption
Investment
Government spending
Exports
Imports
𝑌𝐷
Disposable income
a
𝑐𝑜
c
Autonomous consumption
MPC
𝜋𝑡𝑒
𝜃
k
i
M
Multiplier
Nominal Interest rate
Money supply/ nominal
money stock
𝜋𝑡−1
$YL(i)
$Y
r
P
𝑃𝑇
𝑖𝑛
f
s
Term
Aggregate nominal wage
Expected price level
All other variables that impact
wage setting
Real wage
Labour productivity
Markup of the of labour price over
the cost of production/ extent of
imperfect competition in the goods
market
Natural rate of unemployment
Natural rate of employment
Demand for money
Nominal income
Real interest rate
Price level
Price level target
Neutral interest rate (medium-run
equilibrium value of interest rate)
Constant, indicating size of central
bank’s response to price changes
Inflation expectations
Parameter capturing effect of last
year’s inflation rate on current year
Last year’s inflation rate
Job-finding rate
Separation rate