I mentioned in class that changes in the structure of production and inventory management are thought to have contributed to greater economic stability in recent decades. This article from The Southwest Economy delves into the issue beautifully.
I've chosen a (rather long but important) article from The Southwest Economy, a publication of the Federal Reserve Bank of Dallas, as the object of Analysis Paper 2. I have linked the article to our Calendar and here: Social Security and Medicare: No Free Lunch. Here is a link to the assignment: Analysis Paper 2.
With only three weeks left in the semester, we do indeed have four more out-of-class assignments to complete. I have posted Homework 4 on the Assignments page. I will soon (early next week) be posting the second Data Analysis assignment and soon thereafter the second Analysis Paper assignment. Those three assignments total 75 points. Add Homework 6 and you have a cool 100 points in out-of-class work still available to bolster your scores. I know, you're almost overcome with joy. You can thank me later.
Have a great weekend.
I have posted the answer key to Exam 3 on this website. I am about to begin grading the exams (2:45 p.m.); whether I'll have your grades tomorrow is uncertain.
As promised, here is an explanation of the slopes of the IS and LM curves. You can find an algebraic IS-LM problem through our Problem Sets link.
I have posted Homework Set 4. It is due a week from today.
I have posted (with a little prompting) the answer key to Homework 3.
Reminder: If you aren't going to be in class Friday, you should hand in your analysis paper tomorrow or Thursday.
I have posted Homework 3 on our Assignments page. It covers the basic Solow growth model, as well as the topic of convergence, which we will go over in class tomorrow. The homework is due Monday. If you understand the growth model, you will find this to be the easiest homework assignment of the semester (to this point!). If you don't understand it, you know what you will need to study for next Wednesday's exam.
We will spend Monday finishing up our discussion of growth theory, if necessary, and reviewing this section's material.
Since we're talking about economic growth in class, I will provide you with a link to a Nobel laureate's discussion of the subject. Robert E. Lucas, Jr., is an economist at the University of Chicago. This paper appears in a publication of the Federal Reserve Bank of Minneapolis. (Sorry about the missing pictures. But they aren't all that exciting.)
I have posted the answer key to Homework 2. I doubt that I will have the homework graded by tomorrow morning, but you can see how you did on it.
Here are a couple of links to the current balance of payments situation. The first link, a data chart, extends the data in the text through 2002. The dark blue line is Investment, the pink line is Savings, and the red line is Net Exports. The second link is to a Federal Reserve Bank of Cleveland discussion of the current trade imbalance. It's interesting - and slightly scary - reading. Working your way through it should help you understand the discussions we'll be having in class this week.
Here in writing are the assignments I made in class today.
Homework Set 1: Since I had not provided you with the correct way to calculate growth rates, you could not answer question 3 in the manner I wanted. Today in class I gave you the formula for calculating compounded annual growth rates and demonstrated how to use it. Please apply it to question 3 and provide me with your answers Monday.
Exam 1: Was not good. Thus, I have assigned some problems from the text for which I will award up to 25 points of additional credit on the exam. Please answer question 2. a, b, c, d on p. 74 and questions 1. d, e, f and 2 on p. 154. Your answers are due next Friday, 18 February.
Point breakdown: Q2, p. 74: a (3); b (3); c (3); d (3); Q1, p. 154: 1 d (2); e (2); f (2); Q2, p. 154: (7).
Monday we will begin working in dead earnest on the open-economy long-run static model.
Have a nice weekend.
Posted: The answer key to Exam 1 and Homework Set 2 are both available for your viewing pleasure.
Exam 1: As promised, though a day later than I had hoped, here is some more information on tomorrow's exam. The topics covered on the exam include
That's about it. Should be a piece of cake. See you tomorrow.
Announcement: I have posted the answer key to Data Analysis 1. Also, I won't be in my office for office hours this afternoon. I am severely under the weather. I do plan on being in class tomorrow morning. See you then.
Homework Set 1 is now on the web. I've delayed its due date until Monday, 7 February.
Here's a helpful hint for question 3 of Data Analysis 1: I ask you to look at the trends of major RGDP series over the 1992-2002 period. You can find the data by clicking the "Links" link on our 241 home page and then clicking on "Economic Report of the President." When you get there, click on the 2004 ERP (just the data; the bottom set of links). This will open up the links to all the ERP series.
All the data contained here are in Excel spreadsheets. You can copy and paste the data into an Excel worksheet and plot graphs if you wish. This may help you to understand what's going on better than just looking at the numbers. Have fun!
Announcement: The Economics Students Association will be holding their spring semester organizational meeting tomorrow evening, 26 January, at 7:00 in STV 210. Anyone interested in joining this august and incredibly hip group (no editorializing here!) is welcome to show up unannounced.
Greetings, and welcome to my ECO 241 website. Throughout the semester I will post updates, reminders, and links to interesting stuff on the web on this site. You should make a practice of checking this page regularly - as in several times a week. Any communication I want to have with you as a group will show up here.
See you soon.