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IAS 107 (1)
Lecture 1

IAS 107 Lecture 1: A. Introduction outline

2 Pages
14 Views
Spring 2017

Department
International And Area Studies
Course Code
IAS 107
Professor
Mario Muzzi
Lecture
1

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Intermediate Macroeconomics
I. Introduction
A. Economics is a social science
1. Subject matter
2. Foundational assumption: humans are
“rational self-interested utility maximizers.”
3. Models: illustrates the essence of the real
world.
a. Assumptions and exogenous variables
are given
b. Endogenous variables: variables that
the model explains or predicts.
c. Example: supply &demand
i. Assumptions: Law of Demand,
Law of Supply, Equilibrium.
ii. Exogenous: income and price
of inputs
iii. Endogenous: price and
quantity
B. Micro v. Macro
C. The Three Most Important Variables in Macro
1. GDP growth
2. General Prices
3. Unemployment rate
4. Other variables: Govt Debt, Inequality,
Trade Balance
D. Brief Summary of Recent U.S. Economic
History
a. Prior to WWI
b. 1920s: moderate deflation, 4.2%growth,
unemployment rate around 5%
c. Great Depression
d. Post WWII to 1970
e. 1970s: Stagflation and 10.4%
unemployment.
f. 1982- 2007: The great moderation.
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Description
Intermediate Macroeconomics I. Introduction A. Economics is a social science 1. Subject matter 2. Foundational assumption: humans are rational selfinterested utility maximizers. 3. Models: illustrates the essence of the real world. a.Assumptions and exogenous variables are given b. Endogenous variables: variables that the model explains or predicts. c. Example: supply demand i.Assumptions: Law of Demand, Law of Supply, Equilibrium. ii. Exogenous: income and price of inputs iii. Endogenous: price and quantity B. Micro v. Macro C. The Three Most Important Variables in Macro 1. GDP growth 2. General Prices 3. Unemployment rate 4. Other variables: Govt Debt, Inequality, Trade Balance D. Brief Summary of Recent U.S. Economic History a. Prior to WWI b. 1920s: moderate deflation, 4.2growth, unemployment rate around 5 c. Great Depression d. Post WWII to 1970 e. 1970s: Stagflation and 10.4 unemployment. f. 1982 2007: The great moderation.
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