Week 1 lectures 1 2 measuring macroeconomic

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Week 1 Lectures 1 & 2 Measuring Macroeconomic Performance: Output and Prices Reference: Bernanke, Olekalns and Frank - Chapter 3 Key Issues Indicators of macroeconomic performance Measuring output (GDP) Measuring prices and inflation
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2 Criteria for Evaluating Macroeconomic Performance 1. Rising Living Standards – economic growth Tendency for the level of output (i.e. quantity and quality of goods and services) to increase over time.
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