1. intro 2009-1 - UGBA 101B: Macroeconomics Macroeconomics...

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Unformatted text preview: UGBA 101B: Macroeconomics Macroeconomics David I. Levine Haas Schol of Business UGBA 101B: Macroeconomics UGBA What is macroeconomics? Requirements Business Class representatives Class I) What is Macroeconomics? I) A-D: Long-term determinants of output and living A-D: standards. standards. E-K: Persistently high or low unemployment and/ or inflation. or L-O: Interest rates, money supply, and central L-O: bank policies. P-S: Exchange rates, trade deficits, or capital P-S: mobility T-Z: Government macroeconomic economic T-Z: policy and/or corruption. Korean Peninsula Korean Real GDP / capita in Korea Real $25,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 $1,700 South Korea North Korea Recessions Recessions US GDP Growth Rate 1971-2008 IMF forecasts, 10/2008 IMF 12 10 8 6 4 2 0 World 6 5 3 2 0.1 US 2 0.2 2 0.5 Africa China India 5 2005-8 2009 11 9 9 7 Euroland Japan Politics & Policy Politics “Under ordinary circumstances, it would Under be preferable to allow the free market to take its course and correct over time. But the Government has a responsibility to But safeguard the broader health and stability of our economy. of Economic Report of The President, Jan. 2009 Zimbabwe Central Bank Zimbabwe “Our Mission: leadership in… fighting inflation Zimbabwe Price Level Zimbabwe CPI (2001=100) 100000000 1000000 10000 100 1 2001 2002 2003 2004 2005 2006 2007 Zimbabwe inflation Zimbabwe year on year price increase July year 2007-8: 231,150,888 % 2007-8: Something that cost $Z1 in 2007 Something cost Z$2 million in 2008! cost Recently 90 sextillion%/year Recently 90 Yahoo finance says Jan 13, Yahoo 2009: 10 million Z$ per US$ 2009: The exchange rate calculator was The missing 3 zeroes! Exchange rate: Yen / US$ Exchange 180 160 140 120 100 80 60 40 20 0 1985 1995 1998 2009 85 90 160 140 II) Requirements II) Section Section Homework Homework Class participation ii>clicker >clicker Bspace Etiquette Materials Materials Textbook Financial Times Section Section Required Homework Homework Required May not always be graded Turn in on bSpace Working together is ok, but turn in your Working own version own Class participation Class Attendance Attendance Responses when I call on you Voting with the i>clicker Good questions & comments In class In section In office hours In bSpace Class participation: Caption contest Class i>clicker An i>clicker remote is required for this course. • You can purchase it through the bookstore. through • How will we use the clicker? • • • • • • I ask questions on the ask screen You answer using your You i>clicker remote i>clicker Class results are tallied I display a graph with the display class results We discuss the questions We and answers and You get points for You participating and/or answering correctly! answering How do you vote? How 1.Turn on the clicker 1.Turn by pressing the bottom “On/Off” button. button. 1.A blue “Power” blue light will appear at the top of the remote. How do you vote? How 1. When I ask a question in 1. When class (and start the timer), select A, B, C, D, or E as your vote. I may also invite you to talk about possible answers with your neighbors How do you know your vote was How received? Status” Light: received? Check your “Vote Check Green light = your vote was sent AND received. Red flashing light = you need to vote again. **Not sure you saw the light? Just **Not vote again. vote **Want to change your vote? You can vote again as long as the timer is still going. still Registering your i>clicker Registering i>clicker responses earn points for participation and/or correct answers Until you register your i>clicker, your responses are tied to your clicker remote ID (located on the back of your clicker) When you do register, your previously recorded voting responses will be assigned to you Register your i>clicker before class Register Jan. 28 at www.iclicker.com www.iclicker.com Go to www.iclicker.com. Click “REGISTER.” 3. Enter these 4 details and click “submit.” 1. 2. You MUST enter your IMPORTANT!! STUDENT ID to ensure proper crediting. First vote First A) I have my i>clicker B) I will get my i>clicker soon C) Lemme see if I clear the waitlist Not graded… bSpace bSpace bSpace bSpace bSpace bSpace Core of the course Be sure you are on it Visit to Visit Turn in homework See updated syllabus Participate in discussions Ask questions Ask Post readings Caption contest … Used bSpace before? Used A) Yes B) No Etiquette Etiquette You beep, I keep $10 Challenge for Charity redemption fee Laptops are for notes only Sit in the front half Come on time Tardies enter as a group 10 minutes late and Tardies sit in front. sit The required textbook is The required textbook is Gregory Mankiw’s Macroeconomics, Sixth Edition (2006, Worth Publishers) Financial Times Financial Our case studies are from the real-time Our events of early 2009 events Required 5 or more times a week III) Business: Class representatives III) 2 per section Next class Next "The Data of Macroeconomics," Mankiw Chapter "The 2 Homework #1: Due before class Monday Jan. Due 26 (hand in using bSpace): 26 List three ways in which GDP over- or understates a List nation's typical standard of living. List 2 reasons why the CPI might over- or understate List the true inflation rate. What are 3 reasons why it matters if the CPI is What accurate? ...
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