Lecture 2 Outline

Lecture 2 Outline - Lecture 2: Macroeconomic Measurement I....

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Macroeconomic Measurement I. Why Bother Measuring These Things? a. i. Price Indices 1. In the US, first used to adjust soldiers’ pay for costs of living a. Even during the American Rebellion! b. This use continued throughout many wars 2. Also used to analyze tariff impacts during the late 1800s 3. Bureau of Labor Statistics (BLS) started gathering it regularly in  1913 a. Just before WWI…  Hmmm… 4. Lately – sustained inflation since 1973.  Data helps economists  study the issue. ii. National Income Accounts 1. Prior to the World Wars, very little data was gathered.  Occasionally, it was gathered by private individuals to answer  specific questions. 2. Interwar – increasing interest in production information from  governments 3. Great Depression – sparked interest in the US, and US GDP data  goes back to 1929. 4.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Lecture 2 Outline - Lecture 2: Macroeconomic Measurement I....

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online