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ECON 103 Principles of Macroeconomics Instructor: Bernard Malamud –Office: BEH 502 Phone (702) 895 –3294 Fax: 895 – 1354 »Email: bernard.malamud@unlv.edu Website: www.unlv.edu/faculty/bmalamudwww.unlv.edu/faculty/bmalamud Office hours: MTWThF 9:30-11am; and by appointment
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Macro Objectives Talk’n’ Economics –Vocabulary: GDP, Inflation, Debt, Supply, Demand…and much, much more Economic Facts –Descriptions of the US and world economies Economic Models –Simplifying a complex reality Economic Policy Analysis –Laissez – faire vs. activism The Economic Way of Thinking From micro: Incentives matter!
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The Macroeconomy
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Macro Concerns Jobs Growth Price Stability Government Budget Balance of Payments Exchange Value of Dollar
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CBS Follies From Alexander Hamilton to Glenn Hubbard http://www.youtube.com/watch?v=NOQ4rwr- 0Ys&eurl=http://www0.gsb.columbia.edu/students/organizations/follies/Follies_Videos//Spring_07_files/widget1_markup.htmlhttp://www.youtube.com/watch?v=NOQ4rwr- 0Ys&eurl=http://www0.gsb.columbia.edu/students/organizations/follies/Follies_Videos//Spring_07_files/widget1_markup.html http://www.cbsfollies.com/ –Spring 2006
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Macro Pictures: Jobs
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Macro Pictures: Fluctuations
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Macro Pictures: Unemployment
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Macro Pictures: Growth
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Macro Pictures: Prices
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Macro Pictures: Core Prices
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Macro Pictures: Exchange Rate
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Macro Pictures: Payments Deficit
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What We’ll Cover Macro measurement: output, income, employment, prices, inflation, interest rates Aggregate demand: C,I,G,NX … what’s bought Money … what’s spent Demand-side policies Aggregate supply: Short-run responses to prices Adjustment to long-run output potential Policy Debates Economic Growth
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Micro Foundations: A Brief Review Production Possibilities Frontier Quantity of Computers Produced Quantity of Cars Produced A 0 B Feasible but Inefficient C D Production Possibilities Frontier Efficient Points
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Supply Demand Price of Ice-Cream Cone Quantity of Ice-Cream Cones Micro Foundations: A Brief Review Supply and Demand 2134567891012110 $3.00 2.50 2.00 1.50 1.00 0.50 Equilibrium
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AS AD Price Index Real GDP Macroeconomics: Aggregate Demand and Aggregate Supply 2134567891012110 3.00 2.50 2.00 1.50 1.00 0.50 Potential Real GDP
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