Chapter 7
- Deriving AD from IS-LM model
- Explaining AD slope and shifts
- Labor market
- Labor supply
- Labor demand
- Marginal productivity of labor
- real wages
- Production function
- Deriving SRAS from Labor Demand and Production
Function
- Deriving LRAS
- Classical vs. Keynesian economics
- Keynesian arguments for why IS-LM might lead to a vertical
AD
- Liquidity trap
- r as a transmission mechnaism
- Pigou and real balance effects
- Contractionary effects of falling prices
- Empirical Evidence on great depression & real wages,
prices, etc.
Chapter 8
- Causes of inflation
- Short R un Philips Curve
- Long Run Philips Curve
- Adaptive Expectations
- Rational Expectations
- Sacrifice Ratio
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Chapter 9
- Equation of exchange
- Quantity theory of money
- Seigniorage
- Monetizing the debt
- Fisher Effect
- Ex post & Ex ante real interest rates
- Inflation and redistribution
- Inflation and transactions costs
- Classical dichotomy
- Three types of unemployment, causes costs, and cures
- What makes up the "natural rate" of unemployment
- What determines the "natural rate" of unemployment
- Costs of Unemployment
Chapter 10
- Classical Growth model
- Per-person production function
- Steady State
- Steady state Investment function
- Cobb-Douglas production function
- Solow Growth model
- Labor augmenting technological change
- neutral technological change
- effective labor
- Problems with growth model
- Convergence
- Golden Rule
- Endogenous growth
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