Week_1_-_Introduction - 1 ECMA06 Introduction ECMA06...

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1 ECMA06 – Introduction ECMA06 Introduction to Macroeconomics: A Mathematical Approach Winter 2011
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2 About the Course Professor: Iris Au Recommended Text: Christopher T. S. Ragan and Richard G. Lipsey, Macroeconomics, 13 th Canadian edition, Pearson Addison Wesley, 2011 Class format: *Lecture: 2:00pm – 3:30pm Tutorial: Throughout the week (starting next week) * Same as ECMA04, lectures will be taped and available online. Grading: Midterm 35% of the overall grade Final Exam 65% of the overall grade I do take improvement into consideration. If you do better in the final exam, your midterm marks will be replaced by your final exam marks (i.e., your final exam will count for 100%). Need help for the course?
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3 ECMA06 – Introduction The TAs are your first option. TA office: MW 369 Professor’s office hours: Monday 11:00am – 12:00noon Tuesday 3:00pm – 4:00pm Wednesday 4:00pm – 5:00pm Friday 11:00am – 12:00noon Note: The best way to talk to me is right after class
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4 Outline What is macroeconomics? Unemployment unemployment rate & labour force participation rate Inflation – CPI & GDP Deflator
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5 ECMA06 – Introduction What is Macroeconomics? While microeconomics is about a specific market , macroeconomics is about the economy as a whole (i.e. the aggregates ). Macroeconomics is not simply a matter of adding things up, because the dynamics are different! Macroeconomics sees things in a different way than microeconomics. We need a different way than microeconomics to look at aggregate behaviour. Keep in mind that all behaviour has to have a root in micro! In macroeconomics, we look at the things like: national income, level of unemployment, inflation rate, the exchange rate, etc.
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6 Unemployment We do the “labour force survey” that classifies the adult population (age 15 or above) into 3 groups: 1) Employed (E): those who get a paid job. 2) Unemployed (U): those who currently do not have a job but are looking for one. 3) Not in the labour force (NILF): those who do not have a job and are not looking for one. By classifying the adult populations in these 3 groups, we can calculate the following: Labour force (LF) = # of employed + # of unemployed Unemployment rate (ur) = the percentage of the labour force that is unemployed: Employment rate = the percentage of adult population that is employed: The labour-force participation rate (LFPR) = the percentage of adult population that is in the labour force:
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ECMA06 – Introduction Let’s look at some data. Observations:
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This note was uploaded on 12/21/2011 for the course ECONOMICS ECMA06 taught by Professor Dr.atamazaheri during the Spring '10 term at University of Toronto- Toronto.

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Week_1_-_Introduction - 1 ECMA06 Introduction ECMA06...

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