Notes_macro_mid_rev - MACROECONOMICS Georgios Karras University of Illinois at Chicago Macro Notes G.Karras 2010 Lecture Draft Do not cite without

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Macro Notes © G.Karras 2010 MACROECONOMICS Georgios Karras* University of Illinois at Chicago * Professor of Economics; Mailing Address: Department of Economics, University of Illinois at Chicago, 601 S. Morgan St., Chicago, IL 60607-7121; e-mail: [email protected] . Lecture Draft Do not cite without permission
Background image of page 1

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

View Full DocumentRight Arrow Icon
Macro Notes © G.Karras 2010, p.2 MIDTERM REVIEW UNIT #1 (Chapters 1 & 2): Measurement National Income Identity: T S C Y p + + National Expenditure Identity: NX G I C Y + + + National Saving: G p p S S G T S S + = + = ) (
Background image of page 2
Macro Notes © G.Karras 2010, p.3 Real vs Nominal Variables Variables measured in monetary units: P × = Real Nominal P GDP GDP Nominal Real = P C C Nominal Real =
Background image of page 3

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

View Full DocumentRight Arrow Icon
Macro Notes © G.Karras 2010, p.4 In Practice: “Current Prices” Nominal “Constant Prices” Real Variables measured in percent: π + = Real Nominal () ( ) + = growth real growth nominal + = r i
Background image of page 4
Macro Notes © G.Karras 2010, p.5 UNIT #2 (Chapter 3): Production Function & Labor Market Production Function { { { { ) , ( labor capital ty productivi r multifacto GDP real N K F A Y = Example: A “Cobb-Douglas” Production Function 7 . 0 3 . 0
Background image of page 5

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

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/08/2010 for the course ECON econ218 taught by Professor Tom during the Spring '10 term at University of Illinois, Urbana Champaign.

Page1 / 21

Notes_macro_mid_rev - MACROECONOMICS Georgios Karras University of Illinois at Chicago Macro Notes G.Karras 2010 Lecture Draft Do not cite without

This preview shows document pages 1 - 6. Sign up to view the full document.

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