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Recitation_1_handout - Intermediate Macro W3213.001...

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Unformatted text preview: Intermediate Macro W3213.001 Instructor Information Miguel Morin [email protected] Office Hours: Mondays, 2:30 -4:00pm, IAB 1006A (TA Room on 10th floor) Recitations: Tuesdays, 1-2pm, IAB 410 Key dates: Problem set 1: due Thursday 2 February Midterm: in class on 8 March Purpose of recitation - - - a small environment, safe to ask questions and interact, learn math tools for the lectures and problem sets, learn to think critically. Active learning: please ask questions! This class will be a lot more fun for all of us if you ask questions. What matters is not what I teach, but what you learn. The best way to have knowledge is to construct it, rather than receive it. Together, we will create knowledge. For that purpose, you will have a "learning partner" with whom you'll do exercises. Furthermore, class participation in recitations may also affect the grade at the margin. Ground rules Grading: one TA grades the problem sets for students in all sections. In some cases, I will refer you to another TA to help you. If you feel you were under-graded by me, come to my Office Hours and I will review it with you. But note that the grade may go up or down. Attendance: I consider you are adults and will not keep tabs if you don't come to class. But I consider you adults and expect you to be adults if you do come to class. In particular, please arrive on time. Technology: Technology will be used at my discretion, not yours. Unless I ask you, please refrain from using any technology, laptops or phones. Just pretend this is an airplane! If you need to text or take a call, you have to exit the classroom. E-mails: I check e-mail twice a day and reply immediately. Feedback: At the end of each class, I will take a minute to ask you to fill an anonymous form to provide me with feedback on the material. Resources Writing Center: 310 Philosophy, M-Th 10-8, F 10-5 Counseling center: 8th floor Lerner, M-Th 8-6.30, F 8-4.30 Ombuds office: 660 Schermerhorn, M-F, 9-5 Why I find economics fascinating Wall St Journal: Man vs. Machine, a Jobless Recovery "In no other U.S. recovery since World War II have companies been simultaneously faster to boost spending on machines and software, while slower to add people to run them. Part of this is the old story of substituting capital for labor. But a combination of temporary tax breaks that allowed companies in 2011 to write off 100% of investments in the first year and historically low short- and long-term interest rates have pushed that process into overdrive. Hiring, meanwhile, is too slow to bring the unemployment rate down rapidly. Employers have added workers at a monthly rate of 142,000 for the past six months, half the pace needed to significantly reduce unemployment, which is now at 8.5%." The power of a simple idea: When the technology for network carriers got better, governments were wondering how to allocate spectrum rights to companies. Maybe give them away for free? Give them to the largest operators? Some economists had a simple idea which had a huge impact: to make a market. Here is the account by Charles Plott, in the book "Better living through economics": "The idea that broadcast licenses could be auctioned off and that the outcome would be in the public interest was first advanced in the economics literature in the 1970s. [...] By all accounts, the results were successful, with benefits that far exceed all research funding for economics summed over all of history." Objectives today 1. 2. 3. 4. 5. 6. Get to know one another Optimization with constraints: plug-in method Partial derivatives Optimization with constraints: Lagrangean Linear approximations Optimization with constraints: variations ...
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