Econ 2

Topics: Gross domestic product, Macroeconomics, Economic growth Pages: 23 (2101 words) Published: December 9, 2013
Lecture 1: Introduction and What is GDP?
Siwei Kwok

September 26, 2013

Kwok

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September 26, 2013

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Motivation

In Econ 1, you studied:
Consumer and rm decisions



supply/demand curves



market

equilibrium under perfect competition
Government action: price ceiling, price oors
Positive and negative externalities
Imperfect competition: monopolies, oligopolies, cartels
Note that all of the above considered, at most, a couple markets at the same time. Imagine a country (such as the U.S.) with thousands of these markets. How can we study the behavior of the U.S.'s economy as a whole?

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Motivation - Why Study An Economy?

By studying the U.S. economy as a whole, we can better understand how policies can aect the U.S. economy and other important aspects such as nancial markets and unemployment.
The performance of the U.S. economy aects how it does in
international markets, and indicates the standard of living in the U.S. In this course, you will study interactions in a whole economy, as an aggregation of individual markets. You will learn the language of macroeconomics and pick up tools to be able to interpret and analyze macroeconomic problems.

Micro-founded approach: you will still see ghosts of Econ 1 in this course.

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Course Schedule

Week

Tuesday

Thursday

0 (9/24, 9/26)

No Lecture

Measuring GDP

1 (10/1, 10/3)

Economic Growth

Capital Accumulation

2 (10/8, 10/10)

Capital Accumulation

Labor

3 (10/15, 10/17)

Business Cycles

Business Cycles

4 (10/22, 10/24)

Saving and Investing

Saving and Investing

5 (10/29, 10/31)

Midterm Exam

Quantity Theory of Money

6 (11/5, 11/7)

Quantity Theory of Money

The Federal Reserve

7 (11/12, 11/14)

Monetary Policy

Monetary Policy

8 (11/19, 11/21)

The Federal Budget

Fiscal Policy

9 (11/26, 11/28)

Fiscal Policy

Happy Thanksgiving!

10 (12/3, 12/5)

International Finance

Course Recap

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Course Structure

2 lectures, 1 discussion section a week
Midterm in class on Tuesday, Oct 29 - 40% of grade
Final at 8 a.m. on Thursday, Dec 12 - 60% of grade
No homeworks. Practice problems will be assigned and discussed in sections.

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Textbook

We will use Cowen and Tabarrok's Modern Principles of Economics, 2nd edition.

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Discussion Sections

In your discussion sections, you will practice the concepts and tools that you pick up in lecture on practice problems
This practice will serve you well in preparation for the midterm and the nal exams for this course, so

go to section.

Your teaching assistant (TA) is your main contact in this course. You should contact them rst about conceptual questions you may have before you contact me.

Kwok

Econ 2

September 26, 2013

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Teaching Assistants

Name

E-mail Address

Sections

Sangyup Choi

rockybalboa@ucla.edu

1C, 1J

Giovanni Nicolo

gnicolo@ucla.edu

1H, 1M

KeyYong Park

keyyongpark@ucla.edu

1D, 1G

Jesper Sorensen

jesper.sorensen@ucla.edu

1E, 1F

Marcus Studart

marcusstudart@ucla.edu

1I, 1K

Sibo Yan

kavanster@ucla.edu

1A, 1B

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Instructor

Instructor: Siwei Kwok
E-mail: sikwok@ucla.edu
Oce Hours: Tuesdays 9:30 a.m.- 10:30 a.m., Thursdays 10:30
a.m.-11:30 a.m. in Bunche 2265

Kwok

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What is GDP?
Reading: Chapter 24

Denition:

the market value of all nal goods and services produced

within a country in a year
For now, let's only consider measuring GDP from the U.S.'s
perspective.
The market value of nal goods and services is determined by demand and supply,...
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