This preview shows pages 1–25. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full DocumentThis preview has intentionally blurred sections. Sign up to view the full version.
View Full Document
Unformatted text preview: Lecture 9 Econ 2 What I Learned from the Shiller Lecture A) Nothing, I did not go B) Nothing, I did go C) I learned about mayonnaise D) Animals seem to be running the world What I Learned from the Shiller Lecture C) mayonnaise What I Learned from the Shiller Lecture And about instant coffee Tracking the Economy Tracking the Economy Tracking the Economy Q4 GDP: worst quarterly decline since Q1 1982 Drop in GDP from Q3 to 2008 to Q1 2009: largest since 19571958 recession Tracking the Economy Consumer confidence: Shiller claims quite important Tracking the Economy Wages and Income As we know, real per capita income has increased substantially U.S. per capita GDP and Trend 8 x i n c r e a s e Who Has Gained? How have the gains been distributed across the population? Who Has Gained What we have learned so far: Lowest percentiles have not had much real wage growth For men in the bottom percentileszero or negative since 1973 Who Has Gained What we have learned so far: Women in the lower percentiles have done slightly better than men Who Has Gained What we have learned so far: Relative wage of women to men has been increasing Who Has Gained? Basic picture: Incomes are becoming more unequal Inequality Inequality measures Inequality Many measures of inequality Ratios of various percentiles in the earnings distribution Gini coefficients .many more Ratios of Percentiles Find the earnings at different percentiles of the earnings distribution Line everyone up according to their income Find out the earnings of those who are at the 1 st , 10 th , 50 th , 95 th etc Note: 50 th is the median Inequality Then look at, say, the relative earnings of someone at the 95 th percentile to that at the 50 th That is the 95 / 50 See how it has changed over time Inequality...
View
Full
Document
This note was uploaded on 11/01/2009 for the course ECON ECON2 taught by Professor Rupert during the Spring '09 term at UCSB.
 Spring '09
 Rupert
 Macroeconomics

Click to edit the document details