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Capitalia

Ordo Pecuniae

Learn finance by trial.

Short lessons on real market data, each sealed by a trial. Answer well to earn sesterces and rise from Traveler to Citizen of the Republic.

Begin freeBrowse the Archives
Lessons
25
Charts on real data
4
Est. study time
about 1.5 hours
Price
Free

Lesson 4 of 25

Illustrating the Difference Between Long-Term Growth and Short-Term Fluctuations

Real U.S. GDP, 1947 to 2025Real GDP, in 2017 dollars, rose from $2.2 trillion in 1947 to $24.0 trillion in 2025. Twelve shaded bands mark the recessions dated by the NBER.
U.S. real GDP, quarterly, chained 2017 dollars. Shaded: NBER recessions.

What is the main source of short-term GDP fluctuations around a long-term growth trend?

The first course

Introduction to Macroeconomics

Understand how entire economies work. From GDP and inflation to monetary policy and business cycles — master the macroeconomic forces that drive every asset class and investment decision.

See the full syllabus

  1. Chapter I: Foundations of Macroeconomics

    5 lessons

    What macro studies and why investors care; long-term growth versus the business cycle, and how policy steadies it.

  2. Chapter II: Understanding GDP

    10 lessons

    What GDP counts and what it misses, and how to compare economies at market rates and in purchasing-power terms.

  3. Chapter III: Measuring GDP

    10 lessons

    GDP built from consumption, investment and government spending; then real versus nominal, inflation and unemployment.

Your instructor

Tigran Gevorkyan

Former Chief Investment Officer, Armbrok Investment Company

  • Former Head of Fixed Income, General Invest AG (Switzerland)
  • Former Portfolio Manager, Central Bank of Armenia
  • LSE and Higher School of Economics

Author of every lesson in the course.

The cursus honorum

Every sealed lesson pays 10 sesterces, and 5 more on the first try. Ranks never fall.

  1. Traveler

    0 sesterces

    Newly arrived at the gates.

  2. Provincial

    50 sesterces

    About four trials in.

  3. Citizen

    250 sesterces

    Finish the course and the Senate seats you.

In the Senate's drafting

Four more tracks are being outlined. Each one says what it will teach; none has lessons or a date yet.

Read the drafts in the Archives

  • The Treasury

    In drafting

    Fixed Income

    Price a bond, read the yield curve, and see why every asset answers to interest rates.

  • The Guilds

    In drafting

    Equity

    Read a company's accounts, value its shares, and understand what moves a stock price.

  • The Mint

    In drafting

    Currency (FX)

    Learn how exchange rates are quoted, what moves them, and how central banks lean on them.

  • The Granary

    In drafting

    Commodities

    Follow oil, metals and grain from a supply shock to the futures price.

The gates are open.

Create a free account and take your first trial. It takes about three minutes.

Begin free