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January 19 - Intermediate Macroeconomics 220:321 Spring...

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Intermediate Macroeconomics 220:321 Spring 2012 January 19, 2012 Intro to Macro economics - The study of aggregate economic behavior o Macro: aggregate price (P) and output (Y): eg. CPI and GDP o Micro: price and output of an individual good (P apple , Y apple ) - Dynamics (behavior of economic variables over time) o Short run vs. Long run Long run = perfect world Assume prices are flexible Short run = more realistic Prices are sticky (an increase in supply would result excess supply) Issues: economic growth, business cycles, employment & unemployment, inflation, macroeconomic policy, international Long-run economic growth - Why it’s important: generally rising standard of living - US Experience: strong trend of growth, interrupted by recessions - Sources of growth o More inputs: population and labor force growth, increased capital o More efficient use of inputs: productivity growth - Productivity growth is a source of true growth in average standards of living Short-run economic fluctuations -
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