This course covers macroeconomics. Course 1A and 1B may be taken in either order. Analysis of the economy as a whole; determinants of the level of income, employment and prices; money and banking, economic fluctuations, international trade, economic development; the role of public policy.
Exchange Rates Continued
We talked about purchasing power parity, the Big Mac index, how central banks can affect the exchange rates, pegging exchange rates and the current account deficit.
Exchange Rates and PPP
We went over exchange rates, who buys and sells foreign currency, and the difference between currency appreciation and depreciation. We also talked about supply and demand in foreign exchange markets. Purchasing power parity was covered.
Monetary Policy and Interest Rates; Exchange Rates
We finished up monetary policy and went over how a central bank can effect an economy. We also examined the equation of exchange. We then started exchange rates.
Money, Banks, and the Federal Reserve
We defined money and talked about how it is measured. We then talked about central banks and their roll in the economy. We also defined bonds and talked about how central banks create money.
AD-AS; Money, Banks and Monetary Policy
We finished up talking about the AD-AS model and Professor Stevens went through a number of examples and took questions. They we started talking about money, banks, the role of the Federal Reserve, and monetary policy.
Multiplier, Philips Curve
We completed the discussion on the multiplier. We then introduced the Philips Curve and discussed why we might think there is a trade off between unemployment and inflation as well as whether or not we actually see such a trade off in the data.
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