CN_EC140_09_public_19

CN_EC140_09_public_1 - Introductionto Macroeconomics Winter 2009 CourseEvaluation Class participation 5 6 On-Line Quizzes 5 Using MyEconLab 2

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Introduction to  Macroeconomics Winter 2009
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Christine Neill, January 2009 Course Evaluation Class participation: 5% Using clickers 6 On-Line Quizzes: 5% Using MyEconLab 2 Mid-terms: 45% Friday Jan 30 Friday Mar 6 Final Exam: 45%
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Christine Neill, January 2009 Other administrative matters Office hours: Tue: 9:30-11 Thurs: 2.30-4pm Need to know how to use WebCT Clickers MyEconLab SI Deferred mid-terms Academic misconduct Clickers Exams
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Christine Neill, January 2009 Clickers We will be using clickers in this class The marking will be: 2 out of 5 points per class for attendance, 3 for correct answering of questions. The grade will be based on your best X scores X selected so students can miss a couple of lectures without being penalised
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Introduction to  Macroeconomics Chapter 19
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Christine Neill, January 2009 Introduction to Macroeconomics What is macroeconomics? Tools Empirical testing Graphs Data Theories
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Christine Neill, January 2009 What is macroeconomics? Microeconomics Deals with a particular part of the economic system Can be quite big – eg international trade Macroeconomics the study of economic aggregates – total output, total employment, the price level, the rate of economic growth – and of how government policy may influence these aggregates These aggregates are the result of actions of many different individuals in many different markets
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Christine Neill, January 2009 What is macroeconomics? Key variables of interest GDP Unemployment rates Inflation rates Interest rates The exchange rate Two broad topic areas: Short run fluctuations in the overall economy: the business cycle Long run growth
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Christine Neill, January 2009 Tools - theory Simplifications of the world that are designed to explain some particular thing Used to predict how the economy will respond to various shocks; or Predict how one or more endogenous variables will change in response to changes in one or more exogenous variables “If X, then Y, ceteris paribus How you use the predictions depends on who you are
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Christine Neill, January 2009 Tools – empirical testing Need to have some way of testing theories Reject theory if predictions are inconsistent with the tests In economics, tests are usually done by comparing predictions with real world data But in the real world, have many things changing at once – ceteris paribus assumption broken Can use complicated statistical techniques Correlation does not imply causation
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Christine Neill, January 2009 Tools – graphs of theories Two main types of graphs used in economics Data Summarises a mountain of statistical information very quickly Theories Summarises a set of theoretical relationships Provides a neat way to describe predictions without using complicated mathematics
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Christine Neill, January 2009 Tools – graphs General functional form: Y = f(X) Simplest graph: Y = a + bX
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Christine Neill, January 2009 Tools – graphs a b Y X
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This note was uploaded on 12/12/2011 for the course ECON 101 taught by Professor Bi during the Spring '11 term at York University.

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CN_EC140_09_public_1 - Introductionto Macroeconomics Winter 2009 CourseEvaluation Class participation 5 6 On-Line Quizzes 5 Using MyEconLab 2

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