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Introductory Macroeconomics Notes

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Covers lectures 14-18. Topics include: aggregate demand/supply, Cobb-Douglass product function

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29 Pages Partial Study Notes > 2 Years old
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Topics this document covers:
Economy Macroeconomics Economics Inflation Monetary policy Unemployment Keynesian economics Macroeconomic policy AD–AS model Disinflation Potential output Taylor rule
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economy Macroeconomics Economics Inflation Monetary policy Unemployment Keynesian economics Macroeconomic policy AD–AS model Disinflation Potential output Taylor rule
Sample Text:
..it assumes that firms vary output according to changes in aggregate D at existing prices But now we know that price level isn’t fixed forever and inflation always happens So new framework allows for continuous variation in price level (inflation) - RBA’s primary role is to control inflation Since 1993, they used cash rate as the instrument of monetary policy to keep inflation rate within 2-3% band (inflation targeting) But there’s a trade-off relationship b/t 1) raising cash rate to decrease private spending (to lower agg D and inflation) and 2) the resulting slower (possibly negative) real rate of GDP growth and higher unemployment We build the new framework with the aggregate D curve, which involves relating 1) PAE and output to 2) rate of inflation Portray relationship on diagram with rate of inflation π on side axis and output y on bottom ...
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