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notes_macro_ch1 - MACROECONOMICS Georgios Karras University...

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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 Lecture Draft Do not cite without permission
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Macro Notes © G.Karras 2010, p.2 ││ 1 ││ MACROECONOMIC ISSUES 1.1. Inflation The Price Level ( P ): the average level of prices of goods and services Inflation Rate ( π ): the growth rate of the Price Level 1 1 = t t t t P P P π
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