宏观经济学(2008CCER,鄢萍).ppt

* * * source: Quarterly Labor Force Statistics of the OECD Data reflect only civilian labour force. Non-civilian employed were 235,000. * The labor force participation in the U.S. is much higher, at around 68%. * * 日本通货紧缩的成因及其影响 2000-6-7来源：中国论文下载中心????[ 08-06-22 10:18:00 ]????作者：赵晋平???? * * If your students have taken principles of economics, they will probably be familiar with the material on this slide. It might be worthwhile, though, to take an extra moment to be sure that students understand that the definition of store of value (an item that transfers purchasing power from the present to the future) simply means that money retains its value over time, so you need not spend all your money as soon as you receive it. * Again, this material should be review for most students. Note: Many students have seen the film The Shawshank Redemption starring Tim Robbins and Morgan Freeman. Most of this film takes place in a prison. The prisoners have an informal “underground economy” in which cigarettes are used as money, even by prisoners who don’t smoke. The textbook has a case study on cigarettes being used as money in POW camps during WWII. * Again, this is mostly review. * Again, this is mostly review. * Each successive measure of the money supply is BROADER and LESS LIQUID than the one it follows. I.e., Current account deposits (in M1 but not C) are less liquid than currency. Money market funds shares (in M3 but not M2) are less liquid than demand deposits or other deposits included in M2. * * * * You might ask students if they know the difference between nominal GDP and the value of transactions. Answer: nominal GDP includes the value of purchases of final goods; total transactions also includes the value of intermediate goods. Even though they are different, they are highly correlated. Also, our models focus on GDP, and there’s lots of great data on GDP. So from here on out, we’ll use the income version of velocity. * * * * * *