Week 10: GDP and Its Fluctuations

Read Essentials, chapter 14 "Aggregate Demand and Aggregate Supply", 15 "Fiscal Policy"

M Mar 31: Aggregate Supply and Aggregate Demand

W Apr 2: Getting to Where We Are:

Administrivia
Summing-Up the Income-Expenditure Framework II
Origins of the Lesser Depression
Problem Set 4 due: National Income Accounting and the Circular Flow
Problem Set 5 out: Macroeconomics

Section 10:

Further Reading:

Alan Blinder, After the Music Stopped
Paul Krugman (1998): Baby-Sitting the Economy
Joan Sweeney and Richard James Sweeney (1977): Monetary Theory and the Great Capitol Hill Baby Sitting Co-op Crisis

Further Further Reading:

DeLong, Summers, and Ball: Fiscal Policy and Full Employment http://delong.typepad.com/sdj/2014/04/brad-delong-larry-summers-and-laurence-ball-wednesday-focus-april-2-2014-over-at-cbpp-full-employment-project-and-the.html
Janet Yellen: What the Federal Reserve Is Doing to Promote a Stronger Job Market http://www.federalreserve.gov/newsevents/speech/yellen20140331a.htm

Paper Assignment

Blogging: What to Expect Here

We are going to need more monkeys blogging Google Search

The purpose of this weblog is to be the best possible portal into what I am thinking, what I am reading, what I think about what I am reading, and what other smart people think about what I am reading...

"Bring expertise, bring a willingness to learn, bring good humor, bring a desire to improve the world—and also bring a low tolerance for lies and bullshit..." — Brad DeLong

"I have never subscribed to the notion that someone can unilaterally impose an obligation of confidentiality onto me simply by sending me an unsolicited letter—or an email..." — Patrick Nielsen Hayden

"I can safely say that I have learned more than I ever would have imagined doing this.... I also have a much better sense of how the public views what we do. Every economist should have to sell ideas to the public once in awhile and listen to what they say. There's a lot to learn..." — Mark Thoma

"Tone, engagement, cooperation, taking an interest in what others are saying, how the other commenters are reacting, the overall health of the conversation, and whether you're being a bore..." — Teresa Nielsen Hayden

"With the arrival of Web logging... my invisible college is paradise squared, for an academic at least. Plus, web logging is an excellent procrastination tool.... Plus, every legitimate economist who has worked in government has left swearing to do everything possible to raise the level of debate and to communicate with a mass audience.... Web logging is a promising way to do that..." — Brad DeLong

"Blogs are an outlet for unexpurgated, unreviewed, and occasionally unprofessional musings.... At Chicago, I found that some of my colleagues overestimated the time and effort I put into my blog—which led them to overestimate lost opportunities for scholarship. Other colleagues maintained that they never read blogs—and yet, without fail, they come into my office once every two weeks to talk about a post of mine..." — Daniel Drezner

Grasping Reality with Both Hands: bradford-delong.com:

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