第1章节宏观经济学的科学2010课件.ppt

第1章节宏观经济学的科学2010课件.ppt

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* Source: Barry Bluestone and Bennett Harrison, The Deindustrialization of America (New York: Basic Books, 1982), Chapter 3, cited in Robert J. Gordon, Macroeconomics, 4th edition (Boston: Little, Brown and Company), p.334. If you know of more recent estimates, please email me so I can update this slide!!! Thanks! (My email address is roncron@unlv.edu) It might be useful to briefly define the unemployment rate so that students will be able to understand this and the next few slides. * * Macroeconomics helps students understand forces that will affect their financial well-being. Here’s an example. When the unemployment rate is rising, tens or hundreds of thousands of people are losing their jobs. Hopefully our students will not be among them. But the rising unemployment rate even affects those who don’t lose their jobs. As the graph shows, during most years there is a clear negative relationship between the (12-month) change in unemployment and the annual growth rate of real wages. In plain English, rising unemployment is associated with falling (and often negative) wage growth. So when the economy goes into recession, even if our students get to keep their jobs, they will find it much harder to get a raise, and may have to accept a real wage cut. Students find this relationship intuitive. When unemployment is rising, the supply of workers is rising faster than demand, so wages grow more slowly or even fall. Conversely, falling unemployment gives workers more bargaining power over wages, as it becomes increasingly hard for employers to replace their workers, and increasingly easy for workers to find good opportunities with other companies. * Here’s another example of how the macroeconomy directly affects the pocketbooks of most people, including most of our students after they graduate. Interest rates are determined by economic factors and by Federal Reserve policy (all of which students will learn about in your course). Rates, in tur

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