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First day and Chapter 1

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  • Chapter 1. Introduction
  • First Class
  • Figure 1-1 p. 5 Real GDP per person in the US
  • Figure 1-2 p. 6 Inflation In the U.S.
  • Figure 1-3 p. 7 Unmployment in U.S.
  • Epilogue to Mankiw text
  • The four most important unresolved questions in macro
  • Figure 1-4. P. 8. How Models Work
  • Figure 1-5. P. 8 Supply and Demand for Pizza
  • Figure 1-6. P. 8. Changes in Equilibrium
  • Transcript

    • 1. Chapter 1. Introduction Link to syllabus
    • 2. First Class Link to Syllabus Roll, Adds and Drops Exams, homework Macromodel Programs Link to mt’s webpage Goals of the course Major Themes Comments about textbook
    • 3. Intellectual scheme for Econ 301. Macro Econ 301 Labor Econ 321 Money & Banking Econ 311 International Finance Econ 347 Public Finance Econ 481 Industrial Organization Econ 331/333 Microeconomics-Econ 302—is always in the background
    • 4. Figure 1-1 p. 5. Real GDP per person in the US.
    • 5. Figure 1-2 p. 6. Inflation in the U.S.
    • 6. Figure 1-3 p. 7. Unemployment in U.S.
    • 7. Epilogue to Mankiw text Four most important lessons of macroeconomics.   1.    In the long run, a country’s capacity to produce goods and services determines the standard of living of its citizens.   2.    IN the short run, aggregate demand influences the amount of goods that a country produces   3.    In the long run, the rate of money growth determines the rate of inflation, but does not affect the rate of unemployment   4.    In the short run, policymakers who control monetary and fiscal policy face a tradeoff between inflation and unemployment
    • 8. The four most important unresolved questions in macro 1.  How should policymakers try to raise the economy’s natural rate of output?   2.   Should policymakers try to stabilize the economy?   3.   How costly is inflation, and how costly is reducing inflation?   4. How big a problem is government debt?
    • 9. Figure 1-4. P. 8. How Models Work
    • 10.  
    • 11. Figure 1-5. P. 8 Supply and Demand for Pizza
    • 12. Figure 1-6. P. 8. Changes in Equilibrium