1. Chapter 1: A Tour of the WorldBlanchard: Macroeconomics Slide #1 EC0 301 Intermediate Income Theory Professor Malamud BEH 502 Email: malamud@ccmail.nevada.edumalamud@ccmail.nevada.edu Website: http://www.unlv.edu/faculty/bmalamud

2. Chapter 1: A Tour of the WorldBlanchard: Macroeconomics Slide #2 Course Objectives Refresh your command of Macroeconomic terminology  eco-talk Facts Schools of thought

3. Chapter 1: A Tour of the WorldBlanchard: Macroeconomics Slide #3 Course Objectives Master MODELS  Demand Side Models  AD Multiplier IS – LM  Supply Side Models  AS Wage setting – Price setting Phillips Curve  Expectations … in theory and practice

4. Chapter 1: A Tour of the WorldBlanchard: Macroeconomics Slide #4 Introduction  What’s up … What’s down? The U.S. expansion of the 1990’s Our recent recession and jobless expansion The Euro Eurosclerosis Recession in Japan The Issues and Approach of Macroeconomics

5. Chapter 1: A Tour of the WorldBlanchard: Macroeconomics Slide #5 Variables of Variables of Output Unemployment Inflation  Time-frames of macroanalysis Short-run Medium-run Long-run Variables of Macroeconomics

6. Chapter 1: A Tour of the WorldBlanchard: Macroeconomics Slide #6 Looking Ahead We will develop tools to address the macroeconomic questions.  What determines expansions and recessions?  What are the interactions between the stock market, foreign exchange market, and economic activity?  Why was inflation so much lower since the 1990s?  Can the unemployment rate be too low?  What causes unemployment?  Why do growth rates differ?

7. Chapter 1: A Tour of the WorldBlanchard: Macroeconomics Slide #7 Where to Find the Numbers www.stls.frb.org/fred/index.html www.bls.gov/data/ www.economist.com www.yardeni.com www.bea.doc.gov www.accessgpo.gov/eop/ www.oecd.org