The meaning of unemployment
Link to presentation There is another document waiting for you in the Google Classroom. OECD stats https://data.oecd.org/unemp/unemployment-rate.htm#indicator-chart https://www.visualcapitalist.com/charts-historic-u-s-job-losses-perspective/ ...COVID Recent news.... https://edition.cnn.com/2020/06/03/business/europe-unemployment-coronavirus/index.html
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Interest rate determination and the role of the central bank
" A young Venetian merchant named Marco Polo wrote a remarkable book chronicling his travels in China around 750 years ago. The Book of the Marvels of the World was full of strange foreign customs Marco claimedto have seen. One, in particular, was so extraordinary, Mr Polo could barely contain himself: “tell it how I might,” he wrote, “you never would be satisfied that I was keeping within truth and reason”. Marco Polo was one of the first Europeans to witness an invention that remains at the very foundation of the modern economy: paper money. Tim Harford tells the gripping story of one of the most successful, and important, innovations of all human history: currency which derives value not from the preciousness of the substance of which it is made, but trust in the government which issues it"
Listen to the podcast here www.bbc.co.uk/programmes/p059c7g1#play
The Fiscal Ship... https://fiscalship.org
1 /(MPS+MRT+MPM)
Short-run equilibrium
Task: Short run equilibrium occurs where AD=SRAS, this may or may not coincide with the full employment level of equilibrium. If AD or SRAS change then so will the price level and the level of real income/output/GDP. You will be given a packet to show short run equilibrium and some tasks in which you will analyse the impact of various scenarios on the economy using AD/SRAS analysis. Equilibrium in the monetarist/new classical model
Task: These objectives are also addressed in the packet and will be practicing drawing graphs and using them to explain long-run equilibrium positions. Alternative views of aggregate supply - this is where there is controversy...
Once again you will be working from the Aggregate Supply packet to address the objectives above.
The meaning of aggregate supply - we will watch the video above and you will be given a handout to complete
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