Lecture11 - Announcements Economic Growth: Readings for...

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Announcements Economic Growth: Readings for this week and next week • Mankiw, Chapters 7-8 • House, Chapters 10-11 (supplementary) • Lectures will follow Mankiw’s treatment of Solow model Announcements Previous two lectures • Inflation in long run • Unemployment in equilibrium Review readings and lectures, esp. if you neglected these topics because of exams and break Announcements • PS #4 available on CTOOLS (due Oct 26 ) – Reviews/drills concepts from first third of course
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Comments on midterm #1 Midterm #1 Statistics Midterm #1 Curve Important notices: •This curve is advisory only. Final curve is based on cumulative scores as described in course outline. •Generally, the first midterm is tougher for students, so there is room for improvement. Approximate mapping of MT1 scores to letter grades (cutoffs are approximate): •Score 88-63: A+ to A- •Score 63-51: B+ to B- •Score 51-39: C+ to C- •Score 39-0: D- to E
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Do your homework! • Relative to those who did no homework – Completing 2 of 3 problem sets • Added 10.1 points to MT1 performance – Completing 3 of 3 problem sets • Added 15.6 points to MT1 performance • Not doing homework a disaster for grades – Zero effort gives zero points on cumulative score – Poor performance on tests Solow model • Stationary model of capital accumulation(no growth) • Growth model (population growth, technological change) I = S(Y) equilibrium • Same equilibrium relations as chapter 3 – Will, however, set interest elasticity of saving to zero • “Economics is the art of remembering what you learned in the beginning of the term.” – Saul Levmore, former dean, Chicago Law School (and Prof Shapiro’s Econ 10a teacher)
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Lecture11 - Announcements Economic Growth: Readings for...

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