Macro.Week1.2008 - Macro Week 1 2008 Professor Michael...

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Macro Week 1 2008 Professor Michael Krashinsky II-1/1 New term, more of the same! Grades in ECMA04 were quite high: Overall: 90-100 115 12.1% 80-89 173 18.1% 70-79 192 20.1% 60-69 154 16.1% 50-59 188 19.7% 0-49 132 13.8% Total 954 Note that these grades were obviously a bit high last term. We did not adjust them, but you should anticipate a bit more difficulty this term in getting an “A”, mostly because Macro has traditionally been a bit harder than Micro. Professor: Michael Krashinsky BOOKS - Same as last term: Ragan and Lipsey, Economics, 12 th edition - THE MANUAL WEBSITE:asee Professor Cleveland’s homepage for old exams. (recent exams will be on Intranet)
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II-1/1a Lectures will be available on the web for approximately ONE WEEK following the lecture. You access the website from the intranet as before GRADES this term a 1 TERM EXAM, 1 FINAL a First counts 1/3 a Second counts 2/3 BUT . .. If final exam mark exceeds the midterm, replaces a EXAMPLES CASE 1 CASE 2 Midterm 75% 65% Final 60% 80% Grade in course 70 80
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II-1/2 DATES for MIDTERMS a set centrally MISSED EXAMS a midterm, automatic shift a final petition, rewrite in August TUTORIALS a begin next week t.a. office is MU369 OFFICE HOURS a t.a. is first option a Professors a see me by appointment a 10 minutes before or after class DROPPING COURSES ??? What is Macro economics ? Last term we studied Micro economics, which was about specific markets (automobiles, frisbees, computers, squash racquets, etc.) In contrast Macro economics is about aggregates That is, things like, total level of output, general level of unemployment, general level of prices, etc. But it is not simply a matter of adding things up, because the dynamics are different.
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II - 1/3 eg. #1 a Unemployment: A simple supply and demand microeconomics approach: Insert diagram, supply and demand, no unemployment Micro equilibrium has L 0 a amount of labour demanded and supplied w 0 a equilibrium wage rate SO WHAT !!! WE KNOW ALL THAT. Except: this approach has no unemployment, and we know there is unemployment, and sometimes it can be very serious (Great Depression of 1930's, Recessions of early 1980's and 1990's) UNEMPLOYMENT defined as someone wants a job but can’t get one
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II - 1/4 eg. #2 a Inflation: A simple supply and demand microeconomics approach involving two markets and a shift in demand: Insert 2 S-D diagrams, demand rises in one, falls in the other Micro equilibrium has one price rise and the other fall, no particular change in overall prices SO WHAT !!! WE KNOW ALL THAT. Except: this approach has no inflation, and we know there is inflation,
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This note was uploaded on 06/13/2011 for the course ECON A06 taught by Professor Mk during the Spring '11 term at University of Toronto- Toronto.

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Macro.Week1.2008 - Macro Week 1 2008 Professor Michael...

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