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Markets, Prices, Supply
& Demand 1
EC4004 Lecture 17
Dr S. Kinsella
National Income Accounting
     Y=C+I+G+X-M
National Income Accounting
     Y=C+I+G+X-M



           Solow
  k* = k*[ s, A, n, δ, L(0) ]
          (+) (+) (−) (−)(0)
National Income Accounting
     Y=C+I+G+X-M



           Solow
  k* = k*[ s, A, n, δ, L(0) ]
          (+) (+) (−) (−)(0)...
The Macroeconomy
is the sum of Supply
   and Demand in
 Individual Markets
Today
1. Recap
2. Equilibrium in the Markets
  1. Goods
  2. Rental
  3. Bonds
  4. Money
3. Consumption, Saving, and Inve...
Household Behaviour
Markets
in
the
Macroeconomy




                         7
Markets
in
the
Macroeconomy
Assuming
that
households
perform
all
of
the

func7ons
in
the
economy.





                   ...
Markets
in
the
Macroeconomy
Assuming
that
households
perform
all
of
the

func7ons
in
the
economy.

Each
household
runs
a
f...
Markets
in
the
Macroeconomy
Assuming
that
households
perform
all
of
the

func7ons
in
the
economy.

Each
household
runs
a
f...
Markets
in
the
Macroeconomy
Assuming
that
households
perform
all
of
the

func7ons
in
the
economy.

Each
household
runs
a
f...
Markets
in
the
Macroeconomy




                         8
Markets
in
the
Macroeconomy
The
Goods
Market




                           8
Markets
in
the
Macroeconomy
The
Goods
Market
Households
sell
all
the
goods
they
produce
on
a
goods
market.
Then
households...
Markets
in
the
Macroeconomy
The
Goods
Market
Households
sell
all
the
goods
they
produce
on
a
goods
market.
Then
households...
Markets
in
the
Macroeconomy
The
Goods
Market
Households
sell
all
the
goods
they
produce
on
a
goods
market.
Then
households...
Markets
in
the
Macroeconomy
The
Goods
Market
Households
sell
all
the
goods
they
produce
on
a
goods
market.
Then
households...
Consumption
Markets
in
the
Macroeconomy




                         10
Markets
in
the
Macroeconomy
Labour
Market




                            10
Markets
in
the
Macroeconomy
Labour
Market
Households
supply
labour
on
a
labour market.





                              ...
Markets
in
the
Macroeconomy
Labour
Market
Households
supply
labour
on
a
labour market.

Assume
quan7ty
supplied,
Ls,
is
a
...
Markets
in
the
Macroeconomy




                         11
Markets
in
the
Macroeconomy
The
Rental
Market




                             11
Markets
in
the
Macroeconomy
The
Rental
Market
Each
household
rents
out
all
of
the
capital
it
owns
on
a

rental market.



...
Markets
in
the
Macroeconomy
The
Rental
Market
Each
household
rents
out
all
of
the
capital
it
owns
on
a

rental market.
Cap...
Markets
in
the
Macroeconomy
The
Rental
Market
Each
household
rents
out
all
of
the
capital
it
owns
on
a

rental market.
Cap...
Markets
in
the
Macroeconomy




                         12
Markets
in
the
Macroeconomy
The
Bond
Market




                              12
Markets
in
the
Macroeconomy
The
Bond
Market
A
borrowing
household
receives
a
loan
from
another

household.
A
lending
house...
Markets
in
the
Macroeconomy
The
Bond
Market
A
borrowing
household
receives
a
loan
from
another

household.
A
lending
house...
Markets
in
the
Macroeconomy
The
Bond
Market
A
borrowing
household
receives
a
loan
from
another

household.
A
lending
house...
Markets
in
the
Macroeconomy
The
Bond
Market
A
borrowing
household
receives
a
loan
from
another

household.
A
lending
house...
Markets
in
the
Macroeconomy
The
Bond
Market
A
borrowing
household
receives
a
loan
from
another

household.
A
lending
house...
Money
as
a
Medium
of
Exchange




                           13
Money
as
a
Medium
of
Exchange
Assume
exchanges
in
markets
use
a
single

medium of exchange.




                          ...
Money
as
a
Medium
of
Exchange
Assume
exchanges
in
markets
use
a
single

medium of exchange.
                   MONEY




 ...
Money
as
a
Medium
of
Exchange
Assume
exchanges
in
markets
use
a
single

medium of exchange.
                   MONEY




 ...
Markets
in
the
Macroeconomy




                         14
Markets
in
the
Macroeconomy
Sum
of
individual
holdings
of
money
equals
the

aggregate
quan7ty
of
money
in
the
economy.



...
Markets
in
the
Macroeconomy
Sum
of
individual
holdings
of
money
equals
the

aggregate
quan7ty
of
money
in
the
economy.



...
Markets
in
the
Macroeconomy
Sum
of
individual
holdings
of
money
equals
the

aggregate
quan7ty
of
money
in
the
economy.


T...
Markets
and
Prices




                     15
Markets
and
Prices
The
Goods
Market




                                15
Markets
and
Prices
The
Goods
Market
The
price
in
this
market,
denoted
by
P,
expresses
the

number
of
euros
that
exchange
f...
Markets
and
Prices




                     16
Markets
and
Prices
The
Goods
Market




                              16
Markets
and
Prices
The
Goods
Market
–Y=
A· F(
K,
L)




                                16
Markets
and
Prices
The
Goods
Market
 –Y=
A· F(
K,
L)
Since
all
of
these
goods
are
sold
on
the
goods
market,
the

variable
...
Markets
and
Prices
The
Goods
Market
 –Y=
A· F(
K,
L)
Since
all
of
these
goods
are
sold
on
the
goods
market,
the

variable
...
Markets
and
Prices
The
Goods
Market
 –Y=
A· F(
K,
L)
Since
all
of
these
goods
are
sold
on
the
goods
market,
the

variable
...
Markets
and
Prices




                     17
Markets
and
Prices
The
Goods
Market




                              17
Markets
and
Prices
The
Goods
Market
For
sellers
of
goods,
the
price
level,
P,
is
the
number
of

euros
obtained
for
each
un...
Markets
and
Prices
The
Goods
Market
For
sellers
of
goods,
the
price
level,
P,
is
the
number
of

euros
obtained
for
each
un...
Markets
and
Prices
The
Goods
Market
For
sellers
of
goods,
the
price
level,
P,
is
the
number
of

euros
obtained
for
each
un...
Markets
and
Prices




                     18
Markets
and
Prices
The
Goods
Market




                              18
Markets
and
Prices
The
Goods
Market
The
expression
1/P is
the
value
of
€1
in
terms
of
the

goods
that
it
buys.




       ...
Markets
and
Prices
The
Goods
Market
The
expression
1/P is
the
value
of
€1
in
terms
of
the

goods
that
it
buys.
 –M euros
e...
Markets
and
Prices
The
Goods
Market
The
expression
1/P is
the
value
of
€1
in
terms
of
the

goods
that
it
buys.
 –M euros
e...
Markets
and
Prices
The
Goods
Market
The
expression
1/P is
the
value
of
€1
in
terms
of
the

goods
that
it
buys.
 –M euros
e...
Markets
and
Prices




                     19
Markets
and
Prices
The
Labour
Market




                              19
Markets
and
Prices
The
Labour
Market
Households
buy
and
sell
labour
in
the
labour
market
at

the
euro
or
nominal wage rate...
Markets
and
Prices
The
Labour
Market
Households
buy
and
sell
labour
in
the
labour
market
at

the
euro
or
nominal wage rate...
Markets
and
Prices




                     20
Markets
and
Prices
The
Rental
Market




                              20
Markets
and
Prices
The
Rental
Market
Households
rent
out
capital,
K,
for
euros
at
the
euro
or

nominal rental price,
R



...
Markets
and
Prices
The
Rental
Market
Households
rent
out
capital,
K,
for
euros
at
the
euro
or

nominal rental price,
R
A
h...
Markets
and
Prices
The
Rental
Market
Households
rent
out
capital,
K,
for
euros
at
the
euro
or

nominal rental price,
R
A
h...
Markets
and
Prices




                     21
Markets
and
Prices
The
Labour
Market




                              21
Markets
and
Prices
The
Labour
Market
Households
buy
and
sell
labour
in
the
labour
market
at

the
euro
or
nominal wage rate...
Markets
and
Prices
The
Labour
Market
Households
buy
and
sell
labour
in
the
labour
market
at

the
euro
or
nominal wage rate...
Markets
and
Prices




                     22
Markets
and
Prices
The
Bond
Market




                              22
Markets
and
Prices
The
Bond
Market
Each
unit
of
bonds
commits
the
borrower
to
repay
€1
to

the
holder
of
the
bond.
This
€1...
Markets
and
Prices
The
Bond
Market
Each
unit
of
bonds
commits
the
borrower
to
repay
€1
to

the
holder
of
the
bond.
This
€1...
Markets
and
Prices
The
Bond
Market
Each
unit
of
bonds
commits
the
borrower
to
repay
€1
to

the
holder
of
the
bond.
This
€1...
Markets
and
Prices




                     23
Markets
and
Prices
The
Bond
Market




                              23
Markets
and
Prices
The
Bond
Market
Each
unit
of
bonds
commits
the
borrower
to
pay
the

holder
a
flow
of
interest
payments
o...
Markets
and
Prices
The
Bond
Market
Each
unit
of
bonds
commits
the
borrower
to
pay
the

holder
a
flow
of
interest
payments
o...
Markets
and
Prices
The
Bond
Market
Each
unit
of
bonds
commits
the
borrower
to
pay
the

holder
a
flow
of
interest
payments
o...
Next
Time
Next
Time
Construc7ng
the
Budget
Constraint
Next
Time
Construc7ng
the
Budget
Constraint
Inter‐temporal
Consump7on
Ec4004 Lecture17
Ec4004 Lecture17
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Transcript of "Ec4004 Lecture17"

  1. 1. Markets, Prices, Supply & Demand 1 EC4004 Lecture 17 Dr S. Kinsella
  2. 2. National Income Accounting Y=C+I+G+X-M
  3. 3. National Income Accounting Y=C+I+G+X-M Solow k* = k*[ s, A, n, δ, L(0) ] (+) (+) (−) (−)(0)
  4. 4. National Income Accounting Y=C+I+G+X-M Solow k* = k*[ s, A, n, δ, L(0) ] (+) (+) (−) (−)(0) Barro Model
  5. 5. The Macroeconomy is the sum of Supply and Demand in Individual Markets
  6. 6. Today 1. Recap 2. Equilibrium in the Markets 1. Goods 2. Rental 3. Bonds 4. Money 3. Consumption, Saving, and Investment
  7. 7. Household Behaviour
  8. 8. Markets
in
the
Macroeconomy 7
  9. 9. Markets
in
the
Macroeconomy Assuming
that
households
perform
all
of
the
 func7ons
in
the
economy.
 7
  10. 10. Markets
in
the
Macroeconomy Assuming
that
households
perform
all
of
the
 func7ons
in
the
economy.
 Each
household
runs
a
family
business
and
uses
 labour,
L,
and
capital,
K,
to
produce
goods,
Y,
 through
the
produc7on
func7on. 7
  11. 11. Markets
in
the
Macroeconomy Assuming
that
households
perform
all
of
the
 func7ons
in
the
economy.
 Each
household
runs
a
family
business
and
uses
 labour,
L,
and
capital,
K,
to
produce
goods,
Y,
 through
the
produc7on
func7on. 7
  12. 12. Markets
in
the
Macroeconomy Assuming
that
households
perform
all
of
the
 func7ons
in
the
economy.
 Each
household
runs
a
family
business
and
uses
 labour,
L,
and
capital,
K,
to
produce
goods,
Y,
 through
the
produc7on
func7on. Y=
A· F(
K,
L) 7
  13. 13. Markets
in
the
Macroeconomy 8
  14. 14. Markets
in
the
Macroeconomy The
Goods
Market 8
  15. 15. Markets
in
the
Macroeconomy The
Goods
Market Households
sell
all
the
goods
they
produce
on
a
goods market.
Then
households
buy
back
from
this
market
the
 goods
that
they
want.
 8
  16. 16. Markets
in
the
Macroeconomy The
Goods
Market Households
sell
all
the
goods
they
produce
on
a
goods market.
Then
households
buy
back
from
this
market
the
 goods
that
they
want.
 Household
buys
goods
for
 8
  17. 17. Markets
in
the
Macroeconomy The
Goods
Market Households
sell
all
the
goods
they
produce
on
a
goods market.
Then
households
buy
back
from
this
market
the
 goods
that
they
want.
 Household
buys
goods
for
 • consumption.
 8
  18. 18. Markets
in
the
Macroeconomy The
Goods
Market Households
sell
all
the
goods
they
produce
on
a
goods market.
Then
households
buy
back
from
this
market
the
 goods
that
they
want.
 Household
buys
goods
for
 • consumption.
 to
increase
the
stock
of
goods
in
the
form
of
capital
used
for
 produc7on,
called
investment. 8
  19. 19. Consumption
  20. 20. Markets
in
the
Macroeconomy 10
  21. 21. Markets
in
the
Macroeconomy Labour
Market 10
  22. 22. Markets
in
the
Macroeconomy Labour
Market Households
supply
labour
on
a
labour market.
 10
  23. 23. Markets
in
the
Macroeconomy Labour
Market Households
supply
labour
on
a
labour market.
 Assume
quan7ty
supplied,
Ls,
is
a
constant,
L. 10
  24. 24. Markets
in
the
Macroeconomy 11
  25. 25. Markets
in
the
Macroeconomy The
Rental
Market 11
  26. 26. Markets
in
the
Macroeconomy The
Rental
Market Each
household
rents
out
all
of
the
capital
it
owns
on
a
 rental market. 11
  27. 27. Markets
in
the
Macroeconomy The
Rental
Market Each
household
rents
out
all
of
the
capital
it
owns
on
a
 rental market. Capital
offered
on
the
rental
market
is
the
supply
of
 capital
services,
Ks.
 11
  28. 28. Markets
in
the
Macroeconomy The
Rental
Market Each
household
rents
out
all
of
the
capital
it
owns
on
a
 rental market. Capital
offered
on
the
rental
market
is
the
supply
of
 capital
services,
Ks.
 Assume
have
Ks =
K. 11
  29. 29. Markets
in
the
Macroeconomy 12
  30. 30. Markets
in
the
Macroeconomy The
Bond
Market 12
  31. 31. Markets
in
the
Macroeconomy The
Bond
Market A
borrowing
household
receives
a
loan
from
another
 household.
A
lending
household
provides
a
loan
to
another
 household. 12
  32. 32. Markets
in
the
Macroeconomy The
Bond
Market A
borrowing
household
receives
a
loan
from
another
 household.
A
lending
household
provides
a
loan
to
another
 household. A
household
making
loan
gets
a
piece
of
paper
called
a
bond. 12
  33. 33. Markets
in
the
Macroeconomy The
Bond
Market A
borrowing
household
receives
a
loan
from
another
 household.
A
lending
household
provides
a
loan
to
another
 household. A
household
making
loan
gets
a
piece
of
paper
called
a
bond. Call
the
market
on
which
households
borrow
or
lend
the
bond market. 12
  34. 34. Markets
in
the
Macroeconomy The
Bond
Market A
borrowing
household
receives
a
loan
from
another
 household.
A
lending
household
provides
a
loan
to
another
 household. A
household
making
loan
gets
a
piece
of
paper
called
a
bond. Call
the
market
on
which
households
borrow
or
lend
the
bond market. 12
  35. 35. Markets
in
the
Macroeconomy The
Bond
Market A
borrowing
household
receives
a
loan
from
another
 household.
A
lending
household
provides
a
loan
to
another
 household. A
household
making
loan
gets
a
piece
of
paper
called
a
bond. Call
the
market
on
which
households
borrow
or
lend
the
bond market. The
holder
of
a
bond,
the
lender,
has
a
claim
to
the
amount
 owed
by
the
borrower. 12
  36. 36. Money
as
a
Medium
of
Exchange 13
  37. 37. Money
as
a
Medium
of
Exchange Assume
exchanges
in
markets
use
a
single
 medium of exchange. 13
  38. 38. Money
as
a
Medium
of
Exchange Assume
exchanges
in
markets
use
a
single
 medium of exchange. MONEY 13
  39. 39. Money
as
a
Medium
of
Exchange Assume
exchanges
in
markets
use
a
single
 medium of exchange. MONEY 13
  40. 40. Markets
in
the
Macroeconomy 14
  41. 41. Markets
in
the
Macroeconomy Sum
of
individual
holdings
of
money
equals
the
 aggregate
quan7ty
of
money
in
the
economy.
 14
  42. 42. Markets
in
the
Macroeconomy Sum
of
individual
holdings
of
money
equals
the
 aggregate
quan7ty
of
money
in
the
economy.
 14
  43. 43. Markets
in
the
Macroeconomy Sum
of
individual
holdings
of
money
equals
the
 aggregate
quan7ty
of
money
in
the
economy.
 The
total
money
held
by
all
households
must
end
up
 equaling
this
constant. 14
  44. 44. Markets
and
Prices 15
  45. 45. Markets
and
Prices The
Goods
Market 15
  46. 46. Markets
and
Prices The
Goods
Market The
price
in
this
market,
denoted
by
P,
expresses
the
 number
of
euros
that
exchange
for
one
unit
of
goods.
We
 call
P the
price level. 15
  47. 47. Markets
and
Prices 16
  48. 48. Markets
and
Prices The
Goods
Market 16
  49. 49. Markets
and
Prices The
Goods
Market –Y=
A· F(
K,
L) 16
  50. 50. Markets
and
Prices The
Goods
Market –Y=
A· F(
K,
L) Since
all
of
these
goods
are
sold
on
the
goods
market,
the
 variable
Y will
also
represent
the 16
  51. 51. Markets
and
Prices The
Goods
Market –Y=
A· F(
K,
L) Since
all
of
these
goods
are
sold
on
the
goods
market,
the
 variable
Y will
also
represent
the Quan7ty
of
goods
per
year
sold
and
bought
on
the
goods
 market.
 16
  52. 52. Markets
and
Prices The
Goods
Market –Y=
A· F(
K,
L) Since
all
of
these
goods
are
sold
on
the
goods
market,
the
 variable
Y will
also
represent
the Quan7ty
of
goods
per
year
sold
and
bought
on
the
goods
 market.
 The
quan7ty
PY is
the
euro
value
per
year
of
the
goods
bought
 and
sold
on
the
goods
market. 16
  53. 53. Markets
and
Prices 17
  54. 54. Markets
and
Prices The
Goods
Market 17
  55. 55. Markets
and
Prices The
Goods
Market For
sellers
of
goods,
the
price
level,
P,
is
the
number
of
 euros
obtained
for
each
unit
of
goods
sold.
 17
  56. 56. Markets
and
Prices The
Goods
Market For
sellers
of
goods,
the
price
level,
P,
is
the
number
of
 euros
obtained
for
each
unit
of
goods
sold.
 For
buyers,
P is
the
number
of
euros
paid
per
unit
of
 goods.
 17
  57. 57. Markets
and
Prices The
Goods
Market For
sellers
of
goods,
the
price
level,
P,
is
the
number
of
 euros
obtained
for
each
unit
of
goods
sold.
 For
buyers,
P is
the
number
of
euros
paid
per
unit
of
 goods.
 Since
P euros
buy
1
unit
of
goods,
€1
buys
1/P units
of
 goods.
 17
  58. 58. Markets
and
Prices 18
  59. 59. Markets
and
Prices The
Goods
Market 18
  60. 60. Markets
and
Prices The
Goods
Market The
expression
1/P is
the
value
of
€1
in
terms
of
the
 goods
that
it
buys. 18
  61. 61. Markets
and
Prices The
Goods
Market The
expression
1/P is
the
value
of
€1
in
terms
of
the
 goods
that
it
buys. –M euros
exchange
for
 18
  62. 62. Markets
and
Prices The
Goods
Market The
expression
1/P is
the
value
of
€1
in
terms
of
the
 goods
that
it
buys. –M euros
exchange
for
 













(
M)
· (
1/
P)
=
M/
P 18
  63. 63. Markets
and
Prices The
Goods
Market The
expression
1/P is
the
value
of
€1
in
terms
of
the
 goods
that
it
buys. –M euros
exchange
for
 













(
M)
· (
1/
P)
=
M/
P An
expression
like
M/P is
in
real terms,
in
units
of
 goods,
whereas
a
quan7ty
like
M is
in
euro
or
nominal
 terms. 18
  64. 64. Markets
and
Prices 19
  65. 65. Markets
and
Prices The
Labour
Market 19
  66. 66. Markets
and
Prices The
Labour
Market Households
buy
and
sell
labour
in
the
labour
market
at
 the
euro
or
nominal wage rate,
w. 19
  67. 67. Markets
and
Prices The
Labour
Market Households
buy
and
sell
labour
in
the
labour
market
at
 the
euro
or
nominal wage rate,
w. The
real wage rate is
w/P. 19
  68. 68. Markets
and
Prices 20
  69. 69. Markets
and
Prices The
Rental
Market 20
  70. 70. Markets
and
Prices The
Rental
Market Households
rent
out
capital,
K,
for
euros
at
the
euro
or
 nominal rental price,
R 20
  71. 71. Markets
and
Prices The
Rental
Market Households
rent
out
capital,
K,
for
euros
at
the
euro
or
 nominal rental price,
R A
household
that
rents
the
amount
of
capital
Kd pays
the
 nominal
amount
RKd per
year
and
then
gets
to
use
the
capital
 as
an
input
to
produc7on. 20
  72. 72. Markets
and
Prices The
Rental
Market Households
rent
out
capital,
K,
for
euros
at
the
euro
or
 nominal rental price,
R A
household
that
rents
the
amount
of
capital
Kd pays
the
 nominal
amount
RKd per
year
and
then
gets
to
use
the
capital
 as
an
input
to
produc7on. The
real rental price is
R/P. 20
  73. 73. Markets
and
Prices 21
  74. 74. Markets
and
Prices The
Labour
Market 21
  75. 75. Markets
and
Prices The
Labour
Market Households
buy
and
sell
labour
in
the
labour
market
at
 the
euro
or
nominal wage rate,
w. 21
  76. 76. Markets
and
Prices The
Labour
Market Households
buy
and
sell
labour
in
the
labour
market
at
 the
euro
or
nominal wage rate,
w. The
real wage rate is
w/P. 21
  77. 77. Markets
and
Prices 22
  78. 78. Markets
and
Prices The
Bond
Market 22
  79. 79. Markets
and
Prices The
Bond
Market Each
unit
of
bonds
commits
the
borrower
to
repay
€1
to
 the
holder
of
the
bond.
This
€1
is
the
principal of
each
 bond.
 22
  80. 80. Markets
and
Prices The
Bond
Market Each
unit
of
bonds
commits
the
borrower
to
repay
€1
to
 the
holder
of
the
bond.
This
€1
is
the
principal of
each
 bond.
 The
principal
is
the
ini7al
amount
advanced
on
a
loan. 22
  81. 81. Markets
and
Prices The
Bond
Market Each
unit
of
bonds
commits
the
borrower
to
repay
€1
to
 the
holder
of
the
bond.
This
€1
is
the
principal of
each
 bond.
 The
principal
is
the
ini7al
amount
advanced
on
a
loan. All
bonds
have
very
short
maturity, 22
  82. 82. Markets
and
Prices 23
  83. 83. Markets
and
Prices The
Bond
Market 23
  84. 84. Markets
and
Prices The
Bond
Market Each
unit
of
bonds
commits
the
borrower
to
pay
the
 holder
a
flow
of
interest
payments
of
€i per
year.
 23
  85. 85. Markets
and
Prices The
Bond
Market Each
unit
of
bonds
commits
the
borrower
to
pay
the
 holder
a
flow
of
interest
payments
of
€i per
year.
 The
variable
i is the interest rate,
which
is
the
ra7o
of
 the
interest
payment,
€i,
to
the
principal
€1.
 23
  86. 86. Markets
and
Prices The
Bond
Market Each
unit
of
bonds
commits
the
borrower
to
pay
the
 holder
a
flow
of
interest
payments
of
€i per
year.
 The
variable
i is the interest rate,
which
is
the
ra7o
of
 the
interest
payment,
€i,
to
the
principal
€1.
 The
interest
rate,
i,
can
vary
over
7me. 23
  87. 87. Next
Time
  88. 88. Next
Time Construc7ng
the
Budget
Constraint
  89. 89. Next
Time Construc7ng
the
Budget
Constraint Inter‐temporal
Consump7on
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