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Week 2: Incomes and Long Run
Lecture Slides [ch03 pptx]
II. Income and Price Determination in the Long-Run
A. Static Model
1. Production and Employment
2. Demand and the Interest Rate
Required
Readings:
Mankiw: ch. 3 National Income: Where It Comes From and Where
It Goes
http://research.stlouisfed.org/publications/net/20040801/cover.pdf
Active Learning:
Production Function: Book making experiment