Drugs of despair
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This document provides an overview of aggregate demand and aggregate supply models. It discusses how recessions can lead to increased drug use and "despair" as unemployment rises and unemployment insurance expires. It then covers classical economic theory, the AD/AS framework, and the factors that can shift the aggregate demand and aggregate supply curves in both the short-run and long-run. The document also examines how monetary and fiscal policy tools can be used to stabilize the economy during fluctuations.
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1: F (9/01)
■ Introduction: the PPC, benefits of trade
■ Introduction; Four key macroeconomic variables;
definitions; policy goals;
2: F 9/08
■ The circular flow of income; injections and
withdrawals
■ Measuring National Income 3: F 9/15
■The limits of growth, resource constraints
■ The business cycle 4: F 9/22
■ Introduction to Demand and Supply
■ First In-class TEST Receive 1st take-home
assignment
■Unemployment – measures causes and types 5: F 9/29
■ Unemployment II – measures causes and types
28
Macroeconomics Tutorial Map (provisional)
Topics Lecture (date)
■ Aggregate Demand and Aggregate Supply II –
what drives National Income?
6: F 10/06
■ Aggregate Demand, Supply and Inflation I
■ Aggregate Demand, Supply and Inflation II 7: F 10/13
■ Inflation – more on inflation
■ Fiscal Policy 8: F 10/20
■ Fiscal Policy
■ Second In-Class Test Receive 2nd take-home
assignment
■ The importance of money. Monetary Policy 9: F 10/27
■ The banking system and interest rates
■ More on monetary policy 10: F 11/03
■ NO CLASS F 11/10
■ Supply-side policy I
■ More on supply side, and productivity II
■ Key Supply-side policy choices
11: F 11/17
29
2nd
Assignment
Due
1st As’mt
Due
Macroeconomics Tutorial Map (provisional)
Topics Lecture (date)
■ NO CLASS 11/24
■ Third In-class TEST Receive 3rd take-home
assignment
13: F 12/01
■ International Trade - Reasons for Trade
■ Evaluating Trade and Trade Policy
■ Balance of Payments
■ Exchange rates
■ Exchange rates and macroeconomic policy
■ Examining policy choices
14: F 12/08
■ FINAL EXAM 9:30AM F 12/15
30
■ Tutorial map
l I reserve the right to change this schedule at any time. I will
need to get used to the pace of the class. I may include or
exclude topics depending upon how we are progressing
l IN THE EVENT OF A CONFLICT BETWEEN THE SCHEDULE
HERE AND THE SYLLABUS, THE MOST RECENT SLIDE PACK
TAKES PRECEDENT
3rd Assignment
Due
Macroeconomics
LECTURES 3 & 4
2
Macroeconomics
■ Last time
l The role of government in managing the economy and
alternative economic systems
l Introduction to the 4 key economic variables
l The Economic Cycle and Circular Flow of Income
l Injections and withdrawals
l An overview of the relationship between the four key
Macroeconomic objectives
l Measuring National Income – real vs. nominal
■ Today – National Income Accounts
l Why growth?
l Measuring National Income
l The limits of growth, resource constraints
l The business cycle
165
Macroeconomics
Assignment:
Read McC & B Ch 7 for National Income Accounting
(read all of the chapter now if you like. We will deal
with the shortcomings of GDP as a measure next time)
165
ANY QUESTIONS ON THE
READING OR THE SLIDES FROM
LAST LESSON?
Macroeconomics
■ The first of the four key economic goals: Economic growth
l Usual ...
Monetary and fiscal policy response and recent developments
The document discusses recent global and domestic developments in the banking industry and their impact on monetary and fiscal policy. It outlines how the 1997 Asian financial crisis, 2008 global financial crisis, and other events have shaped government policies. Domestically, the Philippines' strong economic growth and improving financial markets are noted, alongside the Bangko Sentral ng Pilipinas' moves to tighten monetary policy like raising reserve requirements to manage inflation risks.
20120930 mankiw economics chapter34
This document discusses macroeconomic concepts related to monetary policy, fiscal policy, and their influence on aggregate demand. It covers topics such as:
- How monetary policy influences aggregate demand through interest rate changes affecting consumption, investment, and net exports.
- How fiscal policy influences aggregate demand through changes in government spending and taxes, which can have multiplier or crowding out effects on the economy.
- Arguments for and against active use of policy tools to stabilize the economy in response to fluctuations in aggregate demand. The document also discusses automatic stabilizers as a less active alternative.
Fiscal Policy
Amidst such difficult domestic and external
conditions, the Government’s revenue
mobilization efforts have been successful in
the first eight months of 2021
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Does the us still make anything unemployment
This document discusses unemployment statistics such as the labor force, unemployment rate, and natural rate of unemployment. It defines key terms like cyclical unemployment and structural unemployment. It also notes disparities in unemployment rates between demographics and provides unemployment rates and labor force participation rates for groups like whites, blacks, those with different education levels, and by sex. Graphics show unemployment rates and labor force participation rates over time and by county. The document discusses factors like trade and duration of unemployment.
Does the us still make anything gdp to dist
GDP measures the market value of all final goods and services produced within a country in a given period. It includes consumption (C), investment (I), government spending (G), and net exports (NX). While GDP indicates total output, real GDP corrects for inflation to measure changes in the quantity of output produced. Per capita GDP further adjusts for population size to serve as a measure of a country's standard of living.
China overview
China has a large population concentrated in the eastern half of the country due to lack of water and arable land in the west. It has transitioned from a command economy to a more market-based mixed economy through reforms, but still retains significant state control over large companies. The Great Leap Forward policy in the 1950s led to massive famine and over 25 million deaths before being abandoned. China has emphasized international trade and special economic zones to encourage growth, and joined the WTO to further integrate its economy globally.
Shift and share slides for dist
Shift-share analysis decomposes regional economic growth into three components: national growth, industrial mix, and regional competitiveness. It divides growth between the national growth rate, differences due to the region's initial industry composition, and factors like infrastructure that attract industries. While the data is generally available, identifying the appropriate industry level and determining the causes of competitive differences can be challenging, as local industries may differ and past performance does not guarantee future growth.
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This document discusses regional economics and rural economic decline. It begins with an outline and definitions of key topics such as rural communities and metropolitan vs non-metropolitan areas. It then discusses the significant economic decline seen in many rural communities across the country in recent decades, as shown by data on uneven growth and recovery across places. The document poses the question of what, if anything, states and localities should do to intervene when communities are struggling economically.
LQs
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Defining a region for dist
There are three main types of regions: homogeneous regions which have internal similarity in culture or economics; administrative regions which are formed for management purposes and define service areas; and functional regions which are integrated economic areas not defined by official boundaries. Core Based Statistical Areas are one way regions are officially defined and measured based on population thresholds around urban cores for statistical analysis.
Macroeconomic effects of war
The document discusses the macroeconomic effects of war. It explores whether war is good for the economy by analyzing the impacts of war on economic growth, government spending, consumption, investment, debt, taxation, and inflation. While war temporarily increases GDP growth and reduces unemployment through higher government spending, it shifts resources away from private consumption and investment. War also results in higher debt, taxation, inflation, as well as deaths and destruction of capital. The document concludes that while war provides some economic benefits in the short-run, it imposes greater costs and is not beneficial for long-term economic welfare.
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This document discusses how capitalism and free trade continue to dominate the global economic system. It explains that voluntary exchange through markets is usually the most efficient way to organize economic activity because it allows for decentralized decision making based on prices. However, governments can sometimes improve market outcomes by addressing issues like market failures from externalities or lack of competition. While markets may not distribute resources in the most equal way, tax and welfare policies can be used to alter the distribution, though this risks reducing efficiency. Overall, allowing individual creativity and incentives guided by market prices, i.e. free enterprise, has proven most efficient so far, but continued tweaking may be needed to also promote fairness.
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The document summarizes sources of revenue for different levels of government and taxes in the US and North Carolina. It notes that the federal government receives 48% of revenue from individual income taxes, 9% from corporate income tax, and 35% from payroll taxes. States rely heavily on sales and income taxes, while local governments rely most on property taxes, sales taxes, and intergovernmental transfers from states. It then focuses on sales and property taxes in more detail.
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Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
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Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
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Notable American Ponzi Schemes
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2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
International Sustainability Standards Board
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New standard for reporting sustainability on lines of tcfd
一比一原版宾夕法尼亚大学毕业证(UPenn毕业证书)学历如何办理
挂科购买【微信号:176555708】【挂科购买(UPenn毕业证书)】【微信号:176555708】《成绩单、外壳、offer、真实留信官方学历认证（永久存档/真实可查）》采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【我们承诺采用的是学校原版纸张（纸质、底色、纹路）我们拥有全套进口原装设备，特殊工艺都是采用不同机器制作，仿真度基本可以达到100%，所有工艺效果都可提前给客户展示，不满意可以根据客户要求进行调整，直到满意为止！】
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三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
留信网服务项目：
1、留学生专业人才库服务（留信分析）
2、国（境）学习人员提供就业推荐信服务
3、留学人员区块链存储服务
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：客户在留信官方认证查询网站查询到认证通过结果后付款，不成功不收费！
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessLabour Market Information Council | Conseil de l’information sur le marché du travail
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.欧洲杯投注-欧洲杯投注买球-欧洲杯投注买球网|【网址🎉ac22.net🎉】
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University of North Carolina at Charlotte degree offer diploma Transcript
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Drugs of despair
- 1. Drugs of Despair Business Cycles and Economic Policy 1
- 4. Drugs of Despair ▪ Drug use from despair or addiction ▪ Recessions → Unemployment and Despair ▪ Unemployment Insurance runs out → Disability / medications, etc. ▪ Attempt to crack down on pill mills raised price of prescription opioids → substitutes ▪ Markets will meet demand… 4
- 6. 6 Classical Economics ▪ Until Now: ▪ Been thinking long run - “Eventually” ▪Prices adjust and markets clear ▪Increases in money → inflation ▪ Short run (couple years): ▪ Can have recessions ▪ Changes in money can have an influence on output ▪ We need another (new) model!
- 10. Aggregate Demand ▪ AD curve: the quantity of “ALL” g&s demanded at any given price level. ▪ AD = C + I + G + NX ▪ Assume G fixed by govt policy. ▪ Slope of AD ▪ must determine how a change in P affects C, I, and NX. 10
- 11. Aggregate Demand ▪ Aggregate Demand = C + I + G + NX ▪ Suppose the price level increases: ▪ Wealth Effect ▪ Real value of money falls ▪ Consumers are poorer, purchase less (C) ▪ Interest Rate Effect ▪ Requires more “dollars” ▪ Less saved → interest rate increases ▪ Less investment (I) ▪ Exchange Rate Effect ▪ Increase in price level, less sold abroad (NX) ▪ Downward sloping
- 12. Wealth and I-Rate Effects 12
- 14. C H A P T E R Moving on to the Aggregate Supply 20
- 15. Aggregate Supply ▪ AS curve - total quantity of g&s produced at any given price level. ▪ Two versions: ▪Long Run ▪Short Run 15
- 16. Why the Slope of AS Matters 16
- 17. Why the Slope of SRAS Matters In the short run, prices AND output increase In the long run, prices increase (by more than in the short run) and output is unchanged (it reverts back to long-run levels of output
- 18. Why LRAS Is Vertical
- 19. 19 Why the LRAS Curve Might Shift
- 20. Three Theories of SR Aggregate Supply
- 21. Three Theories of Aggregate Supply ▪ Decisions based on expectations ▪ Expectations of price, PE ▪ Expectations are incorrect → output deviates from LRAS
- 22. Three Theories of Aggregate Supply ▪ Sticky wages ▪ If P>PE then firms profit until wages catch up ▪Produce more ▪ Sticky Prices ▪ If P>PE then firms slow to adjust see increased demand ▪Produce more ▪ Misperceptions ▪ Mistake inflation for increase in D ▪Produce more
- 23. If P>PE, Produce More 23
- 24. Sticky Wages 24
- 25. Sticky Prices and Misperceptions 25
- 26. 26 SRAS and LRAS ▪ Imperfections are temporary, eventually: ▪ sticky wages and prices become flexible ▪ misperceptions are corrected ▪ In the LR, ▪ PE = P ▪ AS curve is vertical
- 27. Short Run Aggregate Supply ▪ Shifters of SRAS ▪ Everything that shifts LRAS also shifts SRAS ▪ AND change in expected prices (input prices) 27
- 28. Using the Model Economic Fluctuations
- 30. 30
- 33. ▪ Use AD/AS to analyze the US Economy ▪ Suppose a boom occurs in Canada. ▪ What happens to P? Y? ▪ In Short Run? ▪ In Long Run? Working with the model 33
- 34. Answers
- 35. 35 John Maynard Keynes, 1883-1946 The long run is a misleading guide to current affairs. In the long run, we are all dead.
- 36. Short Run Policies ▪ Monetary Policy – the setting of the money supply by policymakers in the central bank ▪ Fiscal Policy – the setting of the level of government spending and taxation by policymakers 36
- 37. Policy to Increase AD
- 38. 1. Multiplier Effect $12 $9 $6 $3 ∆Y = $12 + $9 + $6 + $3 +...
- 39. 39 1. Multiplier Effect P Y AD SRAS PE LRAS YN AD2 AD3 AD4 Gov’t Purchases Boeing Employees purchase gas Gas station employees purchase clothes …
- 40. 40 1. Multiplier Effect ▪ 1. Multiplier effect - additional shifts in AD that result when fiscal policy increases income and thereby increases consumer spending
- 41. 41 2. The Crowding-Out Effect ▪ Problem: Money from somewhere! ▪ Crowding-Out Effect ▪ Works in the opposite direction of multiplier ▪ A fiscal expansion: → reduces savings → raises interest rates, → reduces investment → reduces the net increase in agg. demand
- 42. 42 2. Crowding Out P Y AD AD2 AD3 AD4AD5 Net Effect AD → AD5 = multiplier = crowding out
- 43. 43 Monetary Policy and Aggregate Demand ▪ To increase AD, the Fed: ▪ Buys bonds, increasing the money supply ▪ Lowering interest rates ▪ Which increases investment, I ▪ To reduce AD, the Fed: ▪ Sells bonds, decreasing the money supply ▪ Increasing interest rates ▪ Which reduces investment, I ▪ Monetary policy acts with a lag, ~6 months
- 44. For each of the events below, - determine the short-run effects on output - determine how the Fed and/or Federal Government should react A. A recession takes hold in Europe B. A stock market boom increases household wealth. Stabilization Policy 44
- 47. 47 The Case for Active Stabilization Policy ▪ Keynes: “Animal spirits” cause waves of pessimism and optimism, shifting AD ▪ Other factors: ▪ booms and recessions abroad ▪ stock market booms and crashes ▪ Fluctuations are destabilizing → Policymakers should do something
- 48. 48 The Case Against Active Stabilization Policy ▪ Long lags means policies hit too late ▪ Fiscal policy requires “an act of congress” ▪ Monetary policy may take 6 months to affect output ▪ Active Stabilization Policy messes up price signals businesses and consumers rely on. ▪ Policymakers should focus on long-run goals like economic growth and low inflation.
- 49. 49 Automatic Stabilizers ▪ Automatic stabilizers: changes in fiscal policy that stimulate agg demand without policymakers having to take any deliberate action ▪ Tax System – taxes fall automatically as incomes fall ▪ Gov’t spending – public assistance increases as more people apply, stimulating economy
- 50. 50 Automatic Stabilizers: Examples ▪ The tax system ▪ In recession, taxes fall automatically, which stimulates agg demand. ▪ Govt spending ▪ In recession, more people apply for public assistance (welfare, unemployment insurance). ▪ Govt spending on these programs automatically rises, which stimulates agg demand.
- 52. 52