15 NOTE All course information can be found on Nestor in the course manual see

15 note all course information can be found on nestor

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15 NOTE: All course information can be found on Nestor in the course manual [see folder “Course information”]!
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| Date 14-11-2016 faculty of economics and business Course organization (3) 16 Guest lecture Prof dr. Lex Hoogduin December 15th, 2016 19:00h – 21:00h Aletta Jacobs Hall Lecture content is part of the Midterm Exam
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| Date 14-11-2016 faculty of economics and business Learning objectives: 17 › At the end of the course you can… 1. explain and discuss basic macroeconomic concepts. 2. work with aggregate open- and closed macroeconomic models. 3. distinguish between short-run, medium-run and long-run macroeconomic analysis. 4. apply the method of comparative statics using graphs and simple linear mathematical models.
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| Date 14-11-2016 faculty of economics and business Some fatherly advice › Learn definitions by heart › Engage in problem solving Homework Practicals › Dig deeper to understand the economic rational (!) of exercises/problem sets › Be careful with supporting material from other sources. 18
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| Date 14-11-2016 faculty of economics and business Peer instruction (next weeks) 19 Peer instruction protocol I ask a question You vote (in silence) I show the distribution of votes You convince each other about the correct answer.
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| Date 14-11-2016 faculty of economics and business More peer instruction › Questions about (un) discussed course material-exercises/tests can be posted on Nestor in the Forum › Students are highly encouraged to (try to) provide answers. › The Macro-team moderates if necessary 20
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| Date 14-11-2016 faculty of economics and business The book In this book we study: - (the growth in) aggregate output - unemployment - inflation Governments use fiscal policy and central banks use monetary policy to influence these variables. 21
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| Date 14-11-2016 faculty of economics and business Structure of the book (1) Week 1: Introduction of macroeconomic concepts + (closed) goods market economy Week 2: + money market (the IS-LM model) Week 3: + international trade (i.e., open economy) Week 1-3 focus on aggregate demand , i.e., the short-run economy Week 4: Labor market + aggregate supply Week 5: Aggregate supply & aggregate demand (the AD-AS model) Week 4-5 focus on the medium-run economy Week 6: Economic growth I Week 7: Economic growth II (the Solow model) Week 6-7 focus on the long-run economy 22
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| Date 14-11-2016 faculty of economics and business Real GDP comparison 23 6,6 7,6 8,6 9,6 10,6 1950 1952 1954 1956 1958 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 China Germany USA Netherlands Note: vertical axis shows the natural logarithm of real GDP per capita. Source: Groningen Growth & Development Center ()
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| Date 14-11-2016 faculty of economics and business Aggregate output (1) › GDP (Gross domestic product) › There are 3 ways to measure GDP: 1.
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