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Principles of Macroeconomics
University of Toronto St. George
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PROFESSORS

All Professors

Robert Gazzale

William G. Wolfson

L Brandt

Ho Cheung (Michael) Ho

winter

Verified Documents for Ho Cheung (Michael) Ho

Class Notes

Taken by our most diligent verified note takers in class covering the entire semester.

ECO102H1 Lecture 1: & Texbook: Chapter 6&7

New ideas founded by keynes after the powerful negative consequences of the great depression in the economy. Recessions and slow economic growths are m

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ECO102H1 Lecture Notes - Lecture 2: Employment-To-Population Ratio, Real Wages, Disinflation

A + b not in the labour force. C + d compose the labour force. Are actively working or looking for a job. The labour force participation rate increased

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ECO102H1 Lecture Notes - Lecture 3: Fallacy, Free Trade, Physical Capital

1: same amount of inputs, but more output, squeezing all you can from the inputs c. Increase in efficiency to handle inputs: may be due to technologica

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ECO102H1 Lecture Notes - Lecture 4: Government Spending, Autarky, Human Capital

Increase in human capital and physical capital. The savings-investment spending identity dictates that savings and investment are always equal for the

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ECO102H1 Lecture 5: Chapter 10 Part 2

S = y t + t c. We know that government savings is equal to their fiscal budget position and can be defined as. If t>tr + g, budget surplus positive

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ECO102H1 Lecture Notes - Lecture 6: Parsec

A= the least amount needed to survive (consumption) Because t-tr are given ,the change in gdp comes from change in income. Y: c mp c x y d. Average pro

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ECO102H1 Lecture Notes - Lecture 7: Disposable And Discretionary Income, Consumption Function, Redistribution Of Income And Wealth

The bigger the mpc the larger multiplier. As income goes up, disposable income goes up in every round there will be a larger increase in consumption. I

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ECO102H1 Lecture Notes - Lecture 8: Autarky, Open Economy, Autonomous Consumption

Every round of income expansion, there is a money not spend back on domestic output. In general the format of the multiplier is . If y= c + i + g + nx

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ECO102H1 Lecture Notes - Lecture 9: Fiscal Policy, Stagflation, Government Budget Balance

Last lecture adjustment will eventually reach to yf again. All workers will get the work back. Normally 2 years for a contract, a lot of time. Governme

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ECO102H1 Lecture Notes - Lecture 10: Excess Reserves, Fiat Money, Unemployment

In recession, income and taxes drop, while transfer payments will go up. T goes down and transfer goes up. But it is more likely to run a deficit. If y

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ECO102H1 Lecture Notes - Lecture 11: Commercial Bank, Reserve Requirement, Profit Margin

Desire to reserve ratio of 10: keep reserves because the depositors may want to withdraw their money, assets i. Reserves will be : withdrawals, atm cas

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ECO102H1 Lecture Notes - Lecture 12: Classical Economics, Capital Outflow, Money Supply

P y = v m. How many times on average each 1 dollar changes hands in a period. Everything has enough time to make all necessary adjustments. In the long

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ECO102H1 Lecture Notes - Lecture 13: Phillips Curve, Monetary Policy, Money Supply

Fiscal and monetary policy can change ad. Each sr phillips curve corresponds to a particular sras when we shift the ad around. Since the shift in ad, c

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