Link to presentation
The tasks to meet these objectives are in the packet you received last class. https://thecuriouseconomist.com/cost-push-inflation-is-driving-up-prices-throughout-the-indian-economy/ https://thecuriouseconomist.com/deflation-in-canada-why-economists-will-tell-you-that-falling-prices-is-not-something-to-be-happy-about/
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Yes.... that is a 100,000,000,000,000 Zimbabwe dollar note! The product of extreme hyperinflation in Zimbabwe in the first decade of the 21st century. You can read about it here. By November 2008 the rate of inflation was a massive 89,700,000,000,000,000,000,000%!!!
Hungary has actually suffered a higher rate of inflation than that.... in July 1946 the rate of inflation was Jul. 1946, 41.9 quadrillion percent! See here for more details. Current inflation details for Hungary can be found here. This is a great infographic detailing these two cases and three others: https://commodity.com/blog/hyperinflation/ The US Inflation calculator can be found here... how much would it cost you in 2014 to buy something that was priced at $20 in the year you were born and what is the cumulative inflation rate? Venezuela is currently experiencing high levels of inflation http://www.bbc.com/capital/gallery/20180918-the-people-making-bags-out-of-worthless-money You will receive a packet to achieve the objectives above. Those learning from home https://docs.google.com/document/d/1zRDFvslBldv6u2-lGQAtSZuVLfWMASgNEGi6DXnoRlY/edit?usp=sharing Instead of moving on with inflation today, I will let you have a choice:
For revision.... let the syllabus objectives be your revision guide... and here are a couple of example questions: a. Explain the difficulties involved in measuring the level of unemployment. [10] b. Examine the reasons why the maintenance of a low level of unemployment is considered to be an important macroeconomic objective. [15] a. Explain the following different types of unemployment: • Frictional unemployment • Structural unemployment • Demand-deficient [10] b. Evaluate the effectiveness of the different measures available to government to deal with the types of unemployment in (a). [15]
The meaning of unemployment
You will receive a packet to meet these objectives (or linked here) 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
You will get a packet via Google Classroom to address the objectives above.
Monetary policy by Maree Spraggon
Interest rate determination and the role of the central bank
You'll be given a packet to work through these objectives... also linked here: https://docs.google.com/document/d/1Siqa-eTCE59uk9NqAOfQrlyHTgwCA7j1DgSKf6KuSGg/edit?usp=sharing
You will receive a packet to work through these objectives... also linked here. This will take approximately three lessons. If you are finished everything... How good are you at determining fiscal policy... https://fiscalship.org/index.php "The Fiscal Ship challenges you to put the federal budget on a sustainable course. Measured as a share of gross domestic product, the federal debt is higher than at any time since the end of World War II and projected to climb to unprecedented levels. America is looking at a permanent, growing mismatch between revenues and spending, and policymakers are faced with difficult decisions about how to reconcile important government priorities—including retirement and health benefits promised to the growing number of old folks—with the tax revenues that the current tax code will yield. Today’s tax code won’t yield enough revenue to pay for basic services of government plus the retirement and health benefits promised to the growing number of old folks. So your mission is to pick from a menu of tax and spending options to reduce the debt from projected levels over the next 25 years. Small changes to spending and taxes won’t suffice. The choices are difficult, but the goal is achievable. But budget decisions aren’t only about fiscal sustainability. They also shape the kind of country we live in. To win the game, you need to find a combination of policies that match your values and priorities AND set the budget on a sustainable course." This is where I post things... each blog entry starts with a bullet pointed list of objectives copied from the IB syllabus. There will also be videos, links to podcasts, presentations, packets, things to download etc. If you are away, always come here first to see what we are working on... you may also be directed to Google Classroom (which we will set up today). I also post relevant things on the HOME page - often things which we are not covering at the present time but which have some relevance to the IB syllabus (including a lot of real life examples.... which are essential to include in IB examinations)... including articles, podcasts, infographics. Recently I've posted the links to Planet Money Summer School... these are each about half an hour long and are great revision for topics you have already done or ones we will be doing this year... an intern at Planet Money also started making TikToks to accompany these podcasts and I've linked one of those as well. Another podcast, The Indicator, is a great one to subscribe to... each episode is only 10 minutes long and a lot have direct relevance to the syllabus.
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March 2021
Maree SpraggonTeacher of IB Economics at the American School of Budapest Categories |