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Class Notes for EC140 at Wilfrid Laurier University (WLU)

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WLUEC140Robert JeffersonSpring

EC140 Lecture Notes - Lecture 19: Economic Equilibrium, Money Supply, Financial Market

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Pv= r1/(1+i: the higher the interest rate, the lower the pv of the bond, with the one year bond with a single payment, the yield and the annual market
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WLUEC140Robert JeffersonSpring

EC140 Lecture Notes - Lecture 18: Fiat Money, Aggregate Demand, Money Supply

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Chapter 26- one class notes: money is one of the most important pieces of the macroeconomic puzzle, the bank of canada and the federal department of fi
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WLUEC140Robert JeffersonSpring

EC140 Lecture Notes - Lecture 17: Per Capita Income, Potential Output, Savings Account

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Introduction: economic growth is about how potential output grows, there are three perspectives 1. Growth in the overall level of output: 1. Growth in
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WLUEC140Robert JeffersonSpring

EC140 Lecture Notes - Lecture 16: Output Gap, Potential Output, Phillips Curve

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Potential output: defined potential output as y, the total output that can be produced when all productive resources are being utilized at their normal
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WLUEC140Robert JeffersonSpring

EC140 Lecture Notes - Lecture 15: Potential Output, Government Spending, Price Level

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WLUEC140Robert JeffersonSpring

EC140 Lecture 9: One Class Notes- Chapter 23

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Aggregate demand- consumption: assertion: a rise in the price level for all goods reduces the real value of wealth held by households and thus reduces
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WLUEC140Robert JeffersonSpring

EC140 Lecture Notes - Lecture 8: Price Level, Output Gap, Gdp Deflator

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WLUEC140Robert JeffersonSpring

EC140 Lecture Notes - Lecture 7: Canadian Dollar, Government Spending

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WLUEC140Robert JeffersonSpring

EC140 Lecture 6: Chapters 21/22

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Continued chapter 21 and start of chapter 22 lecture notes . Changes in equilibrium national income: magnitude= size of the change, the multiplier is t
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WLUEC140Robert JeffersonSpring

EC140 Lecture 5: one class notes- chapter 21

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Chapter 21- the simplest short- run macro model: desired expenditures (aggregate demand) = actual expenditure= actual output, actual expenditures= how
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WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 8: Canadian Dollar

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Even over the past year, changes in the exchange rate have made it less desirable for. Canadians to import from the united states and more desirable fo
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WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 7: Excise, Pension, Sales Tax

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Rarer change would be change in slope of ae: The multiplier is the ratio of the change in equilibrium income due to the change in the autonomous compon
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WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 6: Consumption Function, Interest Rate, Aggregate Demand

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An increase in wealth increases consumption at each level of disposable income. An increase in expected future income reduces consumption at each level
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WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 5: Macroeconomics, Autonomous Consumption, Black Market

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Exports are added to gdp to generate a measure of incomes of canadians selling goods outside the country. Imports are subtracted because they are alrea
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WLUEC140David R. JohnsonWinter

EC140 Lecture 4: Lecture 4 - January 16, 2019

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Years are divided into quarters a recession is a period of sustained negative output growth. Conventionally (for example in the 2015 balanced budget le
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WLUEC140David R. JohnsonWinter

EC140 Lecture 3: Lecture 3 - January 14, 2019

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There are many interest rates rates on bonds, treasury bills, on savings accounts, on mortgages, on gics one day, 7-day, 10 year loans. In macroeconomi
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WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 2: Lectionary, Price Level, Real Wages

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Percent change in real income from previous year. The deflator is our first example of a price index. It represents the average price level of a group
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WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 1: Lectionary

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WLUEC140AllWinter

EC140 Study Guide - Final Guide: Reserve Currency, Real Wages, Monetary Policy

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Bank of canada interest rate targeting 29. Is a ride in the average level of prices. Commonly measured as the annual percentage change in cpi. First s
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WLUEC140AllWinter

EC140 Study Guide - Midterm Guide: Creative Destruction, Government Spending, Knowledge Transfer

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Chapter 23: aggregate demand and aggregate supply and macroeconomic. Chapter 24: adjustment of factor prices and fiscal policy. Chapter 27: money, inte
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WLUEC140AllWinter

EC140 Study Guide - Midterm Guide: Transfer Payment, Counting Measure, Gdp Deflator

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Chapter 21: the simplest short-run macro model. Chapter 22: adding government and trade and the simple macro model. Chapter 23: aggregate demand and ag
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WLUEC140AllWinter

EC140 Study Guide - Midterm Guide: Kuznets Curve, Knowledge Transfer, Cheque Clearing

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Chapter 23: aggregate demand and aggregate supply and macroeconomic. Chapter 24: adjustment of factor prices and fiscal policy. Chapter 27: money, inte
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WLUEC140AllWinter

EC140 Study Guide - Midterm Guide: Gdp Deflator, Opportunity Cost, Workforce Productivity

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Chapter 21: the simplest short-run macro model. Chapter 22: adding government and trade and the simple macro model. Production of goods and services ge
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WLUEC140AllWinter

EC140 Study Guide - Final Guide: Overnight Rate, Unemployment Benefits, General Equilibrium Theory

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Bank of canada interest rate targeting 29. Is a ride in the average level of prices. Commonly measured as the annual percentage change in cpi. First s
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 20: Real Interest Rate, Potential Output, Deficit Spending

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Net tax revenue (t) = taxes collected total transfers. Government spending, g, is part of aggregate expenditure. So far, budget surplus defined as taxe
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 18: Stagflation, Money Supply, Aggregate Demand

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Is a ride in the average level of prices. Commonly measured as the annual percentage change in cpi. First step- add sustained/ constant inflation to th
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 22: The Canadian Press, Demand Curve, Capital Account

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Exchange rate: amount of domestic currency needed to purchase a unit of foreign currency. Note: canadian media report the u. s- canada exchange rate. D
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 19: Aggregate Demand, Nairu, Potential Output

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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 24: Market Clearing, Business Cycle, Nairu

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Key to understanding macroeconomics- feedback effects are critical. Most variables are endogenous (determined within the model) Course is designed to c
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 21: Monetary Transmission Mechanism, Frictional Unemployment, Nairu

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Real gross domestic product: changes in real gdp indicate changes in total economic activity, strongly tied to changes in (un)employment. Employment an
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 23: Foreign Exchange Risk, The Canadian Press, Demand Curve

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Records transactions between canada and the rest of the world. Buying and selling of goods, services and assets. Payment to canada recorded as a debit.
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WLUEC140Ken JacksonSpring

EC140- Final Exam Guide - Comprehensive Notes for the exam ( 57 pages long!)

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Nominal national income: calculated in current dollars. Total production of goods and services valued at market price (where possible) Real national in
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 12: Creative Destruction, Structural Unemployment, Market Structure

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Rising living standards: normally measured by real per capita gdp, median income may be better measure of common living standards. Higher incomes lead
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 16: Overnight Rate, Aggregate Demand, Money Supply

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Does a drop in interest rates lead to an increase in investment (and consumption/net exports) How fast do input prices adjust, eliminating any gain fro
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 14: Bond Market, Market Price, Demand For Money

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Lecture 14: money, interest rates, and economic activity. Two forms of financial wealth in our model, bonds and money. Simplifying assumption- money do
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 15: Interest Rate, Aggregate Supply, Aggregate Demand

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Lecture 15: money, interest rates and economic activity. As interest rates go up people choose to hold their money, they leave it in bonds so they can
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 13: Fiat Money, Money Supply, Commercial Bank

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Money as a medium of exchange: widely accepted in exchange for goods/services, eliminates need for barter/double coincidence of wants, easily recogniza
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 11: Aggregate Demand, Government Spending, Potential Output

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Lecture 11: from short run to the long run- fiscal policy and investment. No change in price level or real output. Which of the following would cause a
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 10: Output Gap, Unemployment, Potential Output

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Real gdp determined by intersection of supply and demand. Technology and factor supplies are assumed constant. Total output if all productive resources
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 9: Diminishing Returns, Aggregate Demand, Government Spending

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Lecture 9: output and prices in the short run. Price level change has larger effect on output. Countries like luxenberg, which are very small, will hav
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 3: Counting Measure, Gdp Deflator, Environmental Quality

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If all production was sold and consumed, gdp would be easily measured. Outputs of one company are imputes for others. Measuring value of output counts
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 2: Output Gap, Potential Output, Business Cycle

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Nominal national income: calculated in current dollars. Total production of goods and services valued at market price (where possible) Real national in
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 4: Autonomous Consumption, Expenditure Function, Consumption Function

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Gdp measured in expenditure is made up of. Autonomous: expenditure does not change when income changes. Induced: expenditure changes when income change
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 5: Consumption Function, Expenditure Function

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Governments have two functions in this model. Purchase goods and services, g, this is assumed to be autonomous with respect to income. Net tax revenues
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 6: Real Gross Domestic Product, Gross Domestic Product, Nominal Interest Rate

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Expenditure on output produced this year (or month or quarter) Nominal gross domestic product- value of current output calculated at current prices. Re
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WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 8: Aggregate Demand, Price Level, Aggregate Supply

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Lecture 8: output and prices in the short run. The money that people hold can buy fewer goods. Ad curve shows level of real gdp for each price level wh
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WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 1: Lectionary

OC25267834 Page
0
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WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 2: Lectionary, Price Level, Real Wages

OC25267835 Page
0
Percent change in real income from previous year. The deflator is our first example of a price index. It represents the average price level of a group
View Document
WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 8: Canadian Dollar

OC25267835 Page
0
Even over the past year, changes in the exchange rate have made it less desirable for. Canadians to import from the united states and more desirable fo
View Document
WLUEC140David R. JohnsonWinter

EC140 Lecture 4: Lecture 4 - January 16, 2019

OC25267837 Page
0
Years are divided into quarters a recession is a period of sustained negative output growth. Conventionally (for example in the 2015 balanced budget le
View Document
WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 7: Excise, Pension, Sales Tax

OC252678311 Page
0
Rarer change would be change in slope of ae: The multiplier is the ratio of the change in equilibrium income due to the change in the autonomous compon
View Document
WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 8: Aggregate Demand, Price Level, Aggregate Supply

OC5374883 Page
0
Lecture 8: output and prices in the short run. The money that people hold can buy fewer goods. Ad curve shows level of real gdp for each price level wh
View Document
WLUEC140David R. JohnsonWinter

EC140 Lecture 3: Lecture 3 - January 14, 2019

OC25267835 Page
0
There are many interest rates rates on bonds, treasury bills, on savings accounts, on mortgages, on gics one day, 7-day, 10 year loans. In macroeconomi
View Document
WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 5: Macroeconomics, Autonomous Consumption, Black Market

OC25267836 Page
0
Exports are added to gdp to generate a measure of incomes of canadians selling goods outside the country. Imports are subtracted because they are alrea
View Document
WLUEC140Robert JeffersonSpring

EC140 Lecture Notes - Lecture 19: Economic Equilibrium, Money Supply, Financial Market

OC25660624 Page
0
Pv= r1/(1+i: the higher the interest rate, the lower the pv of the bond, with the one year bond with a single payment, the yield and the annual market
View Document
WLUEC140David R. JohnsonWinter

EC140 Lecture Notes - Lecture 6: Consumption Function, Interest Rate, Aggregate Demand

OC25267837 Page
0
An increase in wealth increases consumption at each level of disposable income. An increase in expected future income reduces consumption at each level
View Document
WLUEC140Robert JeffersonSpring

EC140 Lecture 9: One Class Notes- Chapter 23

OC25660623 Page
0
Aggregate demand- consumption: assertion: a rise in the price level for all goods reduces the real value of wealth held by households and thus reduces
View Document
WLUEC140Ken JacksonSpring

EC140 Lecture Notes - Lecture 3: Counting Measure, Gdp Deflator, Environmental Quality

OC5374884 Page
0
If all production was sold and consumed, gdp would be easily measured. Outputs of one company are imputes for others. Measuring value of output counts
View Document
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