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Principles of Macroeconomics
Ohio State University
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Browse the full collection of course materials, past exams, study guides and class notes for ECON 2002.01 - Principles of Macroeconomics at Ohio State University verified by our …

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Darcy A Hartman

Darcy A. Hartman

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Class Notes

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ECON 2002.01 Lecture 2: Introduction to Macroeconomics

ECON 2002.01 Lecture 2: Lecture 1

ECON 2002.01 Lecture 3: Lecture 2

ECON 2002.01 Lecture Notes - Lecture 3: Opportunity Cost, Human Capital

ECON 2002.01 Lecture Notes - Lecture 4: Mineral Industry Of Colombia, Autarky, Absolute Advantage

Property rights and the enforcement of those rights via law system. With autarky the ppc (production possibilities curve) is also the cpc (consumption.

ECON 2002.01 Lecture 4: Econ 2002.01 Lecture 4

ECON 2002.01 Lecture 6: Supply & Demand

Demand : consumer side of market, willingness of people to purchase g/s (goods/services) over a range of prices. Quantity demanded: willingness to purc

ECON 2002.01 Lecture 6: Econ 2002.01 Lecture 6

ECON 2002.01 Lecture Notes - Lecture 7: Gross Domestic Product, Longrun, Retained Earnings

Total market value of all final newly produced goods & services produced within an economy"s borders by firms & individuals during a certain pe

ECON 2002.01 Lecture 9: GDP

ECON 2002.01 Lecture 10: Unemployment

Population mm gage epinwssninm 4a. in1 non in a. Unwillingto work onmaternitypalenity leave elderlyetc bortorce employed unemployed. Unemployed: willin

ECON 2002.01 Lecture Notes - Lecture 12: Gdp Deflator, Carnitine Palmitoyltransferase Ii, Market Basket

A general increase in average price level; percent change in price index. A general decrease in average price level. The reduction in average in rate o

ECON 2002.01 Lecture 13: Economic Growth (and Inflation)

Substitution bias: one good becomes expensive so we buy something that"s relatively cheaper instead. Availability of new goods; takes time for new good

ECON 2002.01 Lecture 14: Economic Growth & Aggregate Demand and Aggregate Supply

Economic growth & aggregate demand and aggregate supply. An increase in labor productivity is caused by an increase in capital. In a closed economy

ECON 2002.01 Lecture 15: Aggregate Supply and Aggregate Demand

We are assuming g is fixed here. Why is ad downward sloping? because more g/s are demanded at lower pi. Wealth effect (c) : pi decreases raises real va

ECON 2002.01 Lecture Notes - Lecture 16: Nominal Rigidity, Aggregate Demand, Exchange Rate

Changes in components of the formula above. Transfer payments (tr) increase (more money to spend), ad increases. Changes in variables relative to other

ECON 2002.01 Lecture Notes - Lecture 17: Money Market Account, Money Market Fund, Savings Account

Money: assets that people use to buy goods and services and that sellers are willing to accept. Asset: anything of value owned by a person or a firm. M

ECON 2002.01 Lecture Notes - Lecture 18: Fractional-Reserve Banking, Excess Reserves, Reserve Requirement

Review on the shifters of the three curves. Ad = c + i + g + nx (impacts one of these, ad changes) Changes in taxes or transfer payments (like welfare,

ECON 2002.01 Lecture Notes - Lecture 21: Federal Funds Rate, Dual Mandate, United States Treasury Security

Bank run : everyone tries to take their money out of a bank at the same time. Bank panic : when a bank run happens to multiple banks at the same time.

ECON 2002.01 Lecture Notes - Lecture 23: Federal Open Market Committee, Open Market Operation, Money Supply

Monetary policy (actions of the fed) - managing the money supply and interest rates (i), strives to achieve economic goals. Dual mandate of the fed: go

ECON 2002.01 Lecture Notes - Lecture 24: United States Treasury Security, Retained Earnings, Money Supply

Ms increases: buying treasury securities (i decreases); done in a recession [ms shifts right, i decreases] If i decreases, c, i, nx all increase (ad in

ECON 2002.01 Lecture Notes - Lecture 26: Phillips Curve, Real Wages

ECON 2002.01 Lecture Notes - Lecture 27: Phillips Curve, Adaptive Expectations, Real Wages

Real wages = nominal wages/pi * 100. Actual inflation > expected, then real wage < expected, ur decreases (cheaper labor) Actual inflation < e

ECON 2002.01 Lecture Notes - Lecture 28: Foreign Direct Investment, Capital Account, Interest Rate

ECON 2002.01 Lecture Notes - Lecture 29: Federal Funds Rate, Monetary Policy, Discount Window

If interest rates increase here, abroad/foreign investors want to invest, money to demand increases. Effect of a budget deficit on i i n. Public saving