lec ch6 part (1)

lec ch6 part (1) - Growth & Cycles Costs and Benefits...

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Costs and Benefits Growth & Cycles
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Economic Growth Long-Term Increase in Real GDP 1. Increase in Production Factors 2. Technological Progress Benefits Standards of Living Employment Costs?
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Unemployment Costs of Unemployment Economic Costs Social Costs
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Hysteresis < Greek: deficiency, state of being behind or late, hence inferior> (Online Dictionary) Long-lasting erosion of skills and incomes Long-lasting changes in consumption habits
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1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 Till Marco von Wachter, et. al. Study 30% 20% Year
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Unemployment Benefits of Unemployment Inflation Efficiency Balance of Payments
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Inflation Level (Rate) Volatility
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0% 5% 10% 15% 20% 25% 30% 1 5 9 13 17 21 25 29 High & Less Volatile Low & Less Volatile High & Volatile
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1. Effect on Lenders and Borrowers Correctly anticipated inflation will not hurt either lenders or borrowers Why not? Need to understand the concept of
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lec ch6 part (1) - Growth &amp; Cycles Costs and Benefits...

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