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ECON 303 (1)
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Department
Economics
Course
ECON 303
Professor
All Professors
Semester
Fall

Description
Class Note SummariesChapter 9CovxyCorrelation coefficient pVarxVaryP is always between 1 and 1P1 means perfect negative correlation which means x and y move in opposite directions Inverse trueA variable with the following correlation with real GDP is as followsP0 is procyclicalP0 is counter cyclicalP0 acyclicalRECALL G CN Y w Z C NY wChange in G cannot cause the business cycle because C is procyclical and GY CChange in z seems a better candidate Since employment is procyclical it seems more important to explain unemployment than movement in hours worked How do we measure z Not observableY1 YzKN z Since Y KN are observable1KN13Chapter10We use the 2 period modelWe have M consumersworkers with the foll
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