Economics 311, Winter, 2004

Textbook: Olivier Blanchard, Macroeconomics, 3nd edition.


Homeworks and Answers.

First midterm, and answers. Statistics.

Second midterm and answers, Statistics.

Figure for January 6 lecture.

Figure for January 13 lecture. Household asset numbers for January 13 lecture taken from here.

Figure for January 15 lecture.See also.

Figures 1 and 2 for January 27 lecture (Figure 2data taken from Bureau of Economic Analysis website).

Figure for January 22 lecture. The figures are used to argue that the proximate cause of the 2001 recession was an exogenous (from the perspective of our model), negative shock to investment (like our I-bar shock).. The figures show why the recovery from this recession is called a 'jobless recovery'. That the recovery is like this is explained as reflecting that (i) in the short run, output is demand determined, and (ii) there were technological improvements in the workplace. The latter made it possible to satisfy demand with fewer workers. For further elaboration, see the November 6, 2003 article by Fed Governor Ben Bernanke in the articles section below. Although this may ultimately be the best explanation for the 2001 recession and the period afterward, it does have weaknesses. In particular, the loose monetary policy adopted by the Fed since the recession should have created enough demand to keep everyone working. I figure that there normally would be 1.5 - 3.5 million more people in the workplace drawing paychecks (the upper range is explained in the figures, the lower point assumes that a 'normal' labor force participation rate is 66 percent, not the 67 percent figure used in the figures.)

Great Depression Figures and Angus Maddison Figure (Dynamic Forces in Capitalist Development, Oxford University Press, 1991, pp. 54-55) for February 17 lecture.

February 26 lecture. Japanese Exchange Rate and US, Japanese Interest Rates. Current Account, Argentina Capital Flows Data

Answers to Email Questions from students in previous quarters

I will post answers to email questions from students as I receive them here.

Quizzes and answers to quizzes. Quiz #1A, 1/16/2004, answers. Quiz #1B, 1/19/2004, answers. Quiz #2A, Quiz #2B, Quiz #3A, Quiz #3B. Quiz #4a, Answers to Quiz #4a, Quiz #4b, Answers to Quiz #4b, Answers to Quiz #5

Links of interest to this course: Growth; Nouriel Roubini's web site; Krugman; Brad DeLong

Economic Data:

bullet Nice overview of main aggregate US time series, but not easily downloaded - Appendix B in Economic Report of the President:
bullet Fabulous, downloadable source of US data: Federal Reserve Bank of St Louis 
bullet Lot's of great charts from Dr. Yardeni
bullet Particularly good for Historical Data - National Bureau of Economic Research
bullet Downloadable source of US National Income and Product data, in many cases going back to 1929 - Bureau of Economic Analysis
bullet Data on Assets and Liabilities of Various Sectors of the Economy, not convenient for downloading: Flow of Funds Accounts
bullet Tons of data for lots of countries: economagic (for most of these data, you need
bullet gateway to all US government statistics
bullet Bureau of Labor Statistics
bullet other data.

Articles on current events.

Excellent sources for economic news and analysis include the New York Times, the Economist Magazine, as well as some of the speeches of federal reserve governors.

Answers to questions by N.Gregory Mankiw, Chairman of the Council of Economic Advisors. This website presents the Bush administration's perspective on the economy, written by an economist with the best academic credentials.

Past Exams:



1997, Winter

1997, Fall