ECON 103 Principles of Macroeconomics Instructor: Bernard Malamud –Office: BEH 502 Phone (702) 895 –3294 Fax: 895 – 1354 »

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Presentation transcript:

ECON 103 Principles of Macroeconomics Instructor: Bernard Malamud –Office: BEH 502 Phone (702) 895 –3294 Fax: 895 – 1354 » Website: Office hours: MTWThF 9:30-11am; and by appointment

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!

The Macroeconomy

Macro Concerns Jobs Growth Price Stability Government Budget Balance of Payments Exchange Value of Dollar

CBS Follies From Alexander Hamilton to Glenn Hubbard 0Ys&eurl= 0Ys&eurl= –Spring 2006

Macro Pictures: Jobs

Macro Pictures: Fluctuations

Macro Pictures: Unemployment

Macro Pictures: Growth

Macro Pictures: Prices

Macro Pictures: Core Prices

Macro Pictures: Exchange Rate

Macro Pictures: Payments Deficit

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

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

Supply Demand Price of Ice-Cream Cone Quantity of Ice-Cream Cones Micro Foundations: A Brief Review Supply and Demand $ Equilibrium

AS AD Price Index Real GDP Macroeconomics: Aggregate Demand and Aggregate Supply Potential Real GDP