0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 753.7 1000 935.2 831.5 h�bbd``b��$\�c�`� r?�� ��H(M����ր30C����@� � << 1584 0 obj <>stream Preface This document takes readers through a series of topics in macronomics. This is one of over 2,200 courses on OCW. MIT OpenCourseWare is a free & open publication of material from thousands of MIT courses, covering the entire MIT curriculum.. No enrollment or registration. /FontDescriptor 21 0 R /Name/F1 endobj /BaseFont/JSRFRY+CMR12 /FirstChar 33 /Encoding 7 0 R /Widths[272 489.6 816 489.6 816 761.6 272 380.8 380.8 489.6 761.6 272 326.4 272 489.6 /Name/F3 /FontDescriptor 15 0 R 545.5 825.4 663.6 972.9 795.8 826.4 722.6 826.4 781.6 590.3 767.4 795.8 795.8 1091 /Widths[285.5 513.9 856.5 513.9 856.5 799.4 285.5 399.7 399.7 513.9 799.4 285.5 342.6 324.7 531.3 590.3 295.1 324.7 560.8 295.1 885.4 590.3 531.3 590.3 560.8 414.1 419.1 799.2 642.3 942 770.7 799.4 699.4 799.4 756.5 571 742.3 770.7 770.7 1056.2 770.7 /Subtype/Type1 1027.8 1027.8 799.4 279.3 1027.8 685.2 685.2 913.6 913.6 0 0 571 571 685.2 513.9 /Type/Encoding endobj 299.2 489.6 489.6 489.6 489.6 489.6 734 435.2 489.6 707.2 761.6 489.6 883.8 992.6 285.5 513.9 513.9 513.9 513.9 513.9 513.9 513.9 513.9 513.9 513.9 513.9 285.5 285.5 Introduction to Macroeconomics Lecture Notes Robert M. Kunst March 2006. /FirstChar 33 >> 255/dieresis] /BaseFont/AYRTHJ+CMR8 By contrast, microeconomics /Subtype/Type1 458.6 510.9 249.6 275.8 484.7 249.6 772.1 510.9 458.6 510.9 484.7 354.1 359.4 354.1 endobj /FirstChar 33 Find materials for this course in the pages linked along the left. 761.6 679.6 652.8 734 707.2 761.6 707.2 761.6 0 0 707.2 571.2 544 544 816 816 272 Macroeconomics studies the economy as a whole. /Type/Font >> 761.6 272 489.6] It is thus not necessary to read all or even most of the ar-ticles on the list. With few exceptions, the articles are also summarized in Romer or Blanchard and Fischer. /LastChar 196 742.3 799.4 0 0 742.3 599.5 571 571 856.5 856.5 285.5 314 513.9 513.9 513.9 513.9 510.9 484.7 667.6 484.7 484.7 406.4 458.6 917.2 458.6 458.6 458.6 0 0 0 0 0 0 0 0 /Differences[33/exclam/quotedblright/numbersign/dollar/percent/ampersand/quoteright/parenleft/parenright/asterisk/plus/comma/hyphen/period/slash/zero/one/two/three/four/five/six/seven/eight/nine/colon/semicolon/exclamdown/equal/questiondown/question/at/A/B/C/D/E/F/G/H/I/J/K/L/M/N/O/P/Q/R/S/T/U/V/W/X/Y/Z/bracketleft/quotedblleft/bracketright/circumflex/dotaccent/quoteleft/a/b/c/d/e/f/g/h/i/j/k/l/m/n/o/p/q/r/s/t/u/v/w/x/y/z/endash/emdash/hungarumlaut/tilde/dieresis/Gamma/Delta/Theta/Lambda/Xi/Pi/Sigma/Upsilon/Phi/Psi/Omega/ff/fi/fl/ffi/ffl/dotlessi/dotlessj/grave/acute/caron/breve/macron/ring/cedilla/germandbls/ae/oe/oslash/AE/OE/Oslash/suppress/Gamma/Delta/Theta/Lambda/Xi/Pi/Sigma/Upsilon/Phi/Psi 13 0 obj << 799.4 799.4 799.4 799.4 799.4 799.4 799.4 799.4 799.4 1027.8 1027.8 799.4 799.4 1027.8 795.8 795.8 649.3 295.1 531.3 295.1 531.3 295.1 295.1 531.3 590.3 472.2 590.3 472.2 295.1 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 295.1 295.1 1 Macroeconomics Macroeconomics (Greek makro = ‘big’) describes and explains economic processes that concern aggregates. x�mUMs�6��W�͘�H>����8�I����Hjʊ�}w��"+=\,�.޾]2)�dk������{�T)�b�_��B�Lk',|���?�zڍa����a /LastChar 196 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 663.6 885.4 826.4 736.8 173/Omega/ff/fi/fl/ffi/ffl/dotlessi/dotlessj/grave/acute/caron/breve/macron/ring/cedilla/germandbls/ae/oe/oslash/AE/OE/Oslash/suppress/dieresis endobj An aggregate is a multitude of economic subjects that share some common features. • Beginning of the XX century: Wicksell, Pigou. 458.6] /Type/Font >> 742.3 742.3 799.4 799.4 628.1 821.1 673.6 542.6 793.8 542.4 736.3 610.9 871 562.7 stream k U(C t+k)(11) where U(C t) is the instantaneous utility obtained at time t, and is a positive number that 667.6 719.8 667.6 719.8 0 0 667.6 525.4 499.3 499.3 748.9 748.9 249.6 275.8 458.6 413.2 590.3 560.8 767.4 560.8 560.8 472.2 531.3 1062.5 531.3 531.3 531.3 0 0 0 0 770.7 628.1 285.5 513.9 285.5 513.9 285.5 285.5 513.9 571 456.8 571 457.2 314 513.9 /LastChar 196 /Widths[1027.8 513.9 513.9 1027.8 1027.8 1027.8 799.4 1027.8 1027.8 628.1 628.1 1027.8 734 761.6 666.2 761.6 720.6 544 707.2 734 734 1006 734 734 598.4 272 489.6 272 489.6 384.3 611.1 611.1 611.1 611.1 611.1 896.3 546.3 611.1 870.4 935.2 611.1 1077.8 1207.4 Phone (401) 863-1584, Fax (401) 863-1970, email:John Driscoll@brown.edu, web:http:nn 324.7 531.3 531.3 531.3 531.3 531.3 795.8 472.2 531.3 767.4 826.4 531.3 958.7 1076.8 MACROECONOMICS 1880 1900 1920 1940 1960 1980 2000 MatthiasDoepke UniversityofChicago AndreasLehnert BoardofGovernorsofthe FederalReserveSystem AndrewW.Sellgren GeorgeMasonUniversity