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Principles of Macroeconomics ECON 401

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Presentation on theme: "Principles of Macroeconomics ECON 401"— Presentation transcript:

1 Principles of Macroeconomics ECON 401
Dr. Andrew L. H. Parkes “A Macroeconomic Understanding for use in Business” 卜安吉

2 Principles of Macroeconomics, Day 2
Chapter 2 NIPA Accounts – Income and Expenditures – real GDP, more next week Growth rate calculations The required textbook Principles of Macroeconomics, Day 2

3 Principles of Macroeconomics, Day 2
Chapter 2 continued Midterm Exam: Values of the indicators of the 3 Goals of Any Macroeconomy For example: 6.3% for the CPI for China, 10.4% for GDP (today 4.9% CPI) Problem Set #1 is on the webpage, download it and complete it for next class. Federal Reserve did what? Principles of Macroeconomics, Day 2

4 Principles of Macroeconomics, Day 2
Chapter 2 Pay attention to the definition of the CPI in class! CPI in U.S. is what? Cost of Living is measured by the CPI U.S. Department of Labor Bureau of Labor Statistics Principles of Macroeconomics, Day 2

5 SEE MY WEBSITE: andrewparkes.com
Four problems with using the CPI for a Perfect measure of a COLA Substitution Bias Introduction of new goods Unmeasured quality changes Typical Average Family Principles of Macroeconomics, Day 2


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