Textbook Notes (368,401)
Canada (161,862)
Economics (705)
ECO1102 (145)
David Gray (37)
Chapter 1

Chapter 1 - Overview of Macroeconomics.docx

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Department
Economics
Course
ECO1102
Professor
David Gray
Semester
Winter

Description
ECO1102D Overview of Macroeconomics YUJIE YI (Nicole) #7038840 ECO 1104D – Introduction to Macroeconomics  Outline of Course Content  Descriptive information on Canadian macroeconomy    Macroeconomic history   Macroeconomic institutions (commercial / central bank) and policy (fiscal / monetary  policy)   Models designed to show the workings of the macroeconomy  Descriptive Information on Canadian Macroeconomy   Unemployment rate: 6.9% in November, down from a peak of 8.7% in mid­2009.  ­ All of the jobs that were lost during the recession have been recovered and then some  ­ Relative to the working­age population, far more people are employed than in the  USA and most other industrialized countries (Australia)  ­ The unemployment rate had dipped below 6% (5.8%) in early 2008 to the lowest rate  in 30 years.   Weekly earnings grew by 1.4% between Oct. of 2013 and Oct. of 2012, which slightly  exceeds the consumer price inflation rate of 0.9%  ­ Average = $47, 736 per year  ECO1102D Overview of Macroeconomics YUJIE YI (Nicole) #7038840 ­ Average work week = 32.9 hours / week   Inflation rate: 0.9% from Nov. 2012 to Nov. 2013  ­ Between 1­3% annually over the past 20 or so years   Level of Gross Domestic Product (GDP) is approximately $1.8 trillion per year  ­ $1, 800, 000, 000, 000  ­ Will be defined presently – it is aggregate output  ­ $1.6 trillion at 2007 prices ($1.6 trillion 
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