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Department of Professor: Rapach Summer 2009 ECON 312 Intermediate Macroeconomics Chapter Outline for “Chapter 1—The Science of Macroeconomics,” N. Gregory Mankiw, Macroeconomics, Sixth Edition ( 1-1 What Macroeconomists Study Macroeconomics
Case Study: The Historical Performance of the Real GDP (see Figure 1-1)
Recessions
Depressions
Inflation rate (see Figure 1-2)
Deflation
Unemployment rate (see Figure 1-3) 1-2 How Economists Think Theory as Models
Endogenous variables
Exogenous variables
See Figure 1-4
Qd = D(P,Y)
Qs = S(P,Pm)
Qs = Qd See Figure 1-5
See Figure 1-6
FYI: Using Functions to Express Relationships Among
Variables
Qd = D(P,Y)
Qd = 60 – 10P 2Y
D(P,Y) = 60 – 10P + 2Y
A Multitude of Models Prices: Flexible Versus Sticky Market clearing
Flexible
Sticky
Microeconomic Thinking and Macroeconomic Models Microeconomics
FYI: Nobel Macroeconomists 1-3 How This Book Proceeds Questions for Review: 2 Problems and Applications: 1 (in-class), 2 (in-class), 3, 4 |
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Disclaimer: pages.slu.edu is a service of Saint Louis University, Saint Louis University does not control, monitor or guarantee the information contained in these sites. For more information » |