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Week 1 notes

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by: Elisa Merten

Week 1 notes ECON1210

Elisa Merten
Brown U

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About this Document

These notes cover the first lessons from the semester, a general overview of the course and notes about the crisis and how it affected world economies
Intermediate Macroeconomics
Assaf Sarid
Class Notes
25 ?




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"Same time next week teach? Can't wait for next weeks notes!"
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This 2 page Class Notes was uploaded by Elisa Merten on Saturday January 30, 2016. The Class Notes belongs to ECON1210 at Brown University taught by Assaf Sarid in Winter 2016. Since its upload, it has received 44 views. For similar materials see Intermediate Macroeconomics in Economcs at Brown University.


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Same time next week teach? Can't wait for next weeks notes!

-Graham Erdman


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Date Created: 01/30/16
Jan 29 th  Book -> macroeconomics Blanchard and Johnson 6 edition  United States o Output 14.7 trillion o Output per capita 47300 o Crisis  Unemployment went up  Inflation went varied up and down  Output went down  Defecit is going down but debt has been rising  Euro Area  subset of EU o Aggregate numbers mask big difference within the euro area o Suffered through many wars o To avoid other wars create an economic interdependency  Creation of Euro  No wars since in Europe o Output per capita 36000 o Euro produce 1/5 of world products o Differences between individual countries  France/Germany are higher Spain is lower o Crisis  Even pre crisis U was high, Y was unimpressive, inflation high  After low growth rate , U higher than before, inflation varied  Issues today  Unemployment  Future of the currency union  Sovereign debt. (Greece)  during crisis this debt rose o Owe money to other countries o Why is Euro Unemployment so high?  Short term effects of the crisis  Macroeconomic policy  high interest rates  Effects all the countries which have different systems  Fiscal policy is different  Labor market institutions and rigidities  Unions (differences between countries unions)  Wages, vacation days  Causes the employers not to hire new workers  But unemployment is not high everywhere  Not seen in US  Same rules, language, easy mobility  Fiscal policy is the same  Cannot happen easily in Europe  China o Output 5.8 trillion o Output per capita 4,300 o Share of world output 9.3% o Labor productivity is LOW o Crisis  Out put growth high  stayed the same and now is growing slower  Unemployment rose during crisis from 2.7  4  Inflation was really high and dropped then during crisis fluctuates  World differences o Until 1820 the world was relatively equal in output per capita o Industrial revolution happened  Math review o Account balance in a year  X * (1 + r) o 2 years  X * (1 + r)^2 o See growth rate with the log scale o


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