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Principles of Macroeconomics
University of Connecticut
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Class Notes

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ECON 1202 Lecture Notes - Lecture 1: Friedrich Hayek

Main ideas: economics studies our material world, economics studies how societies provide for the material well being of their members. Society"s wealt

ECON 1202 Lecture Notes - Lecture 2: Microeconomics, Capitalism, Federal Reserve System

Econ 1202 - lecture #2 - principles of macroeconomics. What do we study in macroeconomics: we study the aggregate economy. The level and changes in a n

ECON 1202 Lecture Notes - Lecture 3: Federal Funds Rate, Federal Reserve System, January 30

Central bank of the united states is the federal reserve. Regulates the quantity of money in the economy and determines/controls short term interest ra

ECON 1202 Lecture Notes - Lecture 3: Federal Reserve System, Money Supply, Federal Reserve Note

ECON 1202 Lecture Notes - Lecture 4: Opportunity Cost, Capital Good, Capital Accumulation

Right now economy : has gone from trough to expansion, it is in expansionary phase and at its peak (however this could be bad, question is where we are

ECON 1202 Lecture 5: Markets, Supply & Demand

ECON 1202 Lecture Notes - Lecture 6: Market Clearing, Opportunity Cost, Shortage

Topics: price and output determination, value and cost, equilibrium price and quantity. Demand: one"s ability and willingness to pay in relation to the

ECON 1202 Lecture 7: Tariffs and Smith

Assume that the world price is lower than the domestic price for higher levels of domestic output. World price: price of good that prevails in the worl

ECON 1202 Lecture 8: Demand:Supply for Bonds & Calculating GDP

Demand and supply: bonds a increase in demand raises prices a decrease in demand lowers price. Demand and supply exists for nancial assets: stocks. Us

ECON 1202 Lecture Notes - Lecture 9: Gross Domestic Product, Negative Number, Transfer Payment

Total value of the output of goods and services produced equals total expenditure of or on those goods and services equals total incomes earned from th

ECON 1202 Lecture Notes - Lecture 10: Time 100, Deflation, Federal Open Market Committee

ECON 1202 Lecture Notes - Lecture 11: Business Cycle, Loanable Funds, United States Treasury Security

Connections between business cycle, in ation, unemployment: see higher rates of in ation during expansion of economy, see lower rates during trough. No

ECON 1202 Lecture Notes - Lecture 13: Nominal Interest Rate, Real Interest Rate, Economy Picking

Nominal interest rate = real interest rate + in ation rate + risk of default. Current economic landscape: rgdp: 4. 2% (2018 q2), and 3. 4% (2018 q3) (g

ECON 1202 Lecture Notes - Lecture 14: Ob River, Red Tape, Nairu

Structural unemployment: two forces that drive it. Economic structure of the economy: long term mismatch between the skills and attributes of workers a

ECON 1202 Lecture 18: Robert Malthus

ECON 1202 Lecture Notes - Lecture 19: Human Capital, Industrial Revolution, Skilled Worker

Dev; d/l econ of scale/hc: longer life expectancy -> human capital formulation. Increase: higher fertility rate -> human capital formulation. Dec

ECON 1202 Lecture Notes - Lecture 20: Creative Destruction, Human Capital, Production Function

Original growth technologically critical: no real explanation of how technological change occurs. New growth: same framework, seek better understanding

ECON 1202 Lecture Notes - Lecture 21: Fitch Ratings, Investment Banking, Capital Market

Financial markets: critical to economic growth, encourages greater savings, encourages greater investments, e ciently channels savings into investments

ECON 1202 Lecture 22: Aggregate Demand and Supply

Capital market: primary: initial sale of stocks and/or bonds and the issuers get the dough, secondary: reselling of existing stock and/or bonds; issuer

ECON 1202 Lecture Notes - Lecture 23: Aggregate Demand, Aggregate Supply, Demand Curve

Y = c + i + g + nx: total income = total expenditure, total expenditure = total or aggregate demand (ad, ad = c + i + g + nx. Already have been talking

ECON 1202 Lecture Notes - Lecture 24: Aggregate Demand, Aggregate Supply, Nominal Rigidity

What kind of economic stu : supply shocks, errors in expected in ation, wage rigidity, wages don"t go up as fast as prices, they are sticky, they do no

ECON 1202 Lecture Notes - Lecture 25: Productive Forces, Dialectic, Dynamite Entertainment

ECON 1202 Lecture Notes - Lecture 26: Policy Review, Aggregate Demand, Aggregate Supply

Policies when there are economic shocks: aggregate demand and/or supply shocks. Fiscal and monetary policies: short run stabilization policies. Crowdin

ECON 1202 Lecture Notes - Lecture 27: Bank Reserves, Money Supply, Reserve Requirement

Fomc (where monetary policy is formulated: 7 members of the board of governors, 5 of the 12 regional bank presidents, meets every 6 weeks, discusses th

ECON 1202 Lecture Notes - Lecture 28: United States Treasury Security, Business Cycle, Aggregate Demand

Quantity theory of money: direct connection in the long run between supply of money and in ation, if production is limited/ xed and we have more money,

ECON 1202 Lecture Notes - Lecture 29: Phillips Curve, Monetarism, Aggregate Demand

Note: when in ation is expected: people take it into account in terms of their contracts, results in new sr phillips curve with higher in ation expecta