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Lecture 1 - Intro.pdf - Intermediate Macroeconomics An...

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Intermediate Macroeconomics An Introduction & Course Overview David Prescott, University of Guelph, Ontario, Canada 1. Course Outline Please read the outline carefully and take particular note of test dates and how students will be evaluated. The two term tests will take place in the regular classroom. The date and location of the final exam are determined by the Registrar’s Office 2. Weekly Exercises Weekly exercises will be provided to help students focus on and understand the relevant material. Most exercises will be numerical and algebraic, illustrated by diagrams. Others will involve the collection and analysis of data to provide an understanding of Canada’s macroeconomic experience over the past few decades. Students are strongly encouraged to complete these exercises since they will form the basis of tests and the final exam. 3. Course Overview The text organizes the course material into time frames: (a) the short run (b) the medium run (c) the long run. The Short Run corresponds to a concept rather than a specific length of time. It could span several quarters or several years. The key idea is that it is long enough to cover periods of recession and expansion or, as in the 1930s, a lengthy depression. The type of economic models relevant to the short run are based on the writings of J. M. Keynes who was dissatisfied with the accepted models of the time since they could not explain why unemployment could remain so high for such long periods of time (the 1930s in Canada, the USA, Europe and elsewhere).
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