E C6012 2008 Lecture1 Beamer

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  • 1. EC6012 Lecture 1 Dr Stephen Kinsella Hello EC6012 Lecture 1 Course Outline Blogs, Grading, & Introduction Group Work Stock Flow Consistent Modeling: Dr Stephen Kinsella Introduction References Dept. Economics, University of Limerick. stephen.kinsella@ul.ie January 14, 2008
  • 2. Outline EC6012 Lecture 1 Dr Stephen Kinsella Hello Hello Course Outline Blogs, Grading, & Group Work Stock Flow Consistent Course Outline Modeling: Introduction References Blogs, Grading, & Group Work Stock Flow Consistent Modeling: Introduction
  • 3. Hello EC6012 Lecture 1 Dr Stephen Kinsella Hello Course Outline Blogs, Grading, & Group Work Stock Flow Consistent Modeling: Introduction References
  • 4. Layout of the Course Layout Week 1 2 3 4 5 Lecture Lecture Lecture Lecture Lecture Tutorial Tutorial Tutorial Week 6 7 8 9 10 Lecture Lecture Lecture Lecture Lecture Tutorial Tutorial Tutorial Presentation Presentatio Sample Exam out Week 11 12 13 14 Lecture Lecture Exam Presentation Recap
  • 5. Accessing Materials EC6012 Lecture 1 Dr Stephen Kinsella Visit stephenkinsella.net regularly. Hello Coursepack Online Now Course Outline Get textbook: Godley and Lavoie (2006) Blogs, Grading, & Group Work Stock Flow Consistent Modeling: Introduction References
  • 6. My Expectations EC6012 Lecture 1 Dr Stephen Kinsella Read material before class Hello Email me whenever, don’t send me text messages Course Outline Discussion preferred to Lecturing Blogs, Grading, & Group Work Handouts, podcasts, etc, on the site after class Stock Flow Consistent Modeling: Introduction References
  • 7. Blogs EC6012 Lecture 1 Dr Stephen Kinsella Go to Blogger.com Hello Set up a blog Course Outline Email me the link Blogs, Grading, & Group Work Roles in the Group: { Reporter, Researcher, Recorder} Stock Flow Consistent Modeling: Introduction References
  • 8. Grading EC6012 Lecture 1 Dr Stephen Kinsella Blogs: 10% Hello 2 Problem Sets: 10% each Course Outline Group Presentation: 20% Blogs, Grading, & Group Work Final Exam: 50% Stock Flow Consistent Modeling: Introduction References
  • 9. Questions?
  • 10. Stocks and Flows EC6012 Lecture 1 Dr Stephen Kinsella Definitions Hello Stocks Cumulative flow: eg. the country’s net foreign asset Course Outline position is the sum over time of its current account Blogs, Grading, & Group Work surpluses. Stock Flow Consistent Flows flows of funds: eg. GDP is the sum of payments to Modeling: Introduction labour, payments for ’surplus’ (profits) and payments References for indirect taxes SFC All stocks have a corresponding Flow
  • 11. Introduction to SFC EC6012 Lecture 1 Dr Stephen Kinsella Method Hello Structuralist vs. Neoclassical Macro Course Outline Blogs, Grading, & Group Work SFC Characteristics Stock Flow Consistent differences in behaviour of different income groups Modeling: Introduction matter References differences in available technologies in different countries matter. social relations between broad groups of economic actors matter Fundamental assumption: the economy’s institutions and social groups play causal roles in determining overall behaviour of the economy.
  • 12. Handout EC6012 Lecture 1 Dr Stephen Kinsella Hello Course Outline Blogs, Grading, & Group Work Stock Flow Consistent Modeling: Introduction References
  • 13. Next Week EC6012 Lecture 1 Dr Stephen Kinsella Read Hello Leddin and Walsh (2003, Chapters 2 and 3), Course Outline Lavoie, (2006) A Primer on Endogenous Credit Money Blogs, Grading, & Group Work Bring Stock Flow Consistent Laptops Modeling: Introduction References
  • 14. Thanks EC6012 Lecture 1 Dr Stephen Kinsella Hello Course Outline Blogs, Grading, & Group Work Stock Flow Consistent Modeling: Introduction References
  • 15. References EC6012 Lecture 1 Dr Stephen Kinsella Wynne Godley and Marc Lavoie. Monetary Economics An Hello Integrated Approach to Credit, Money, Income, Course Outline Production and Wealth. Palgrave-Macmillan, 2006. URL Blogs, Grading, & http://www.palgrave.com/products/Catalogue. Group Work aspx?is=0230500552. Stock Flow Consistent Modeling: Anthony J. Leddin and Brendan M. Walsh. The Introduction Macroeconomy of the Eurozone: An Irish Perspective. References Gill and Macmillan, 1st edition, 2003. URL http://www.gillmacmillan.ie/Ecom/Library3.nsf/ CatalogByCategory/ DA55B901FD6459BB80256C1C003FEE1F?OpenDocument.