I. Introduction |
|
Intro to Macroeconomics |
43:55 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:14 | |
| |
What is Economics? |
1:33 | |
| |
| The Study of How People Seek to Satisfy Their Needs and Wants by Making Choices |
1:40 | |
| |
| Scarcity |
1:56 | |
| |
Four Factors of Production (Resources) |
2:59 | |
| |
| Land |
3:40 | |
| |
| Labor |
3:53 | |
| |
| Capital |
4:06 | |
| |
| Entrepreneurship |
4:50 | |
| |
Needs vs. Wabts |
5:10 | |
| |
Choice and Cost |
11:24 | |
| |
| Opportunity Cost |
12:41 | |
| |
| Trade-Off |
13:20 | |
| |
Opportunity Cost Example |
14:16 | |
| |
Positive Economics vs. Normative Economics |
16:19 | |
| |
| Positive Economics |
16:40 | |
| |
| Normative Economics |
17:26 | |
| |
Is It Normative or Positive? |
18:30 | |
| |
Marginal Analysis |
20:54 | |
| |
| Thinking at the Margin |
21:03 | |
| |
| All or Nothing Propositions |
21:29 | |
| |
| Whether or Not to Consume the Next Unit |
22:01 | |
| |
Marginal Analysis Example |
22:10 | |
| |
Production Possibilities Frontier |
25:00 | |
| |
| Graph |
25:17 | |
| |
| Efficiency |
25:25 | |
| |
| Underutilization |
25:38 | |
| |
| PPF Graphs |
25:45 | |
| |
| Guns or Butter Analogy |
26:03 | |
| |
Increasing Opportunity Cost |
27:48 | |
| |
| Law of Increasing Opportunity Cost |
27:54 | |
| |
| Curve Will Be Concave |
28:04 | |
| |
| Example |
28:08 | |
| |
Constant Opportunity Cost |
33:45 | |
| |
| Definition of Constant Opportunity Cost |
34:07 | |
| |
| Downward-Sloping Line |
34:14 | |
| |
| Example |
34:17 | |
| |
Example 1 |
37:32 | |
| |
Example 2 |
39:12 | |
| |
Example 3 |
40:37 | |
| |
Example 4 |
42:11 | |
|
Comparative Advantage & Trade |
45:14 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:07 | |
| |
Different Types of Economies |
1:30 | |
| |
| Market Economy |
1:41 | |
| |
| Command Economy |
2:28 | |
| |
| Mixed Economies |
3:50 | |
| |
Absolute Advantage |
4:38 | |
| |
| Better In Producing a Particular Product |
4:54 | |
| |
| Example |
5:03 | |
| |
Comparative Advantage |
8:09 | |
| |
| Lower Opportunity Cost in Producing a Particular Product |
8:27 | |
| |
| Example |
8:52 | |
| |
Comparative Advantage and PPF Graph |
14:30 | |
| |
Example 1 |
21:33 | |
| |
Example 2 |
25:57 | |
| |
Example 3 |
28:59 | |
| |
Example 4 |
30:17 | |
| |
Example 5 |
35:21 | |
| |
Example 6 |
40:37 | |
|
Supply & Demand |
48:05 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:09 | |
| |
Supply and Demand |
1:34 | |
| |
| Supply and Demand Model |
1:39 | |
| |
| Demand Curve |
2:19 | |
| |
| Supply Curve |
2:23 | |
| |
| Set of Factors |
2:33 | |
| |
| Equilibrium Price and Quantity |
2:55 | |
| |
Demand Schedule and Demand Curve |
3:09 | |
| |
| Market Demand Schedule |
3:19 | |
| |
| Market Demand Curve |
3:42 | |
| |
| Example |
3:51 | |
| |
Shifts of the Demand Curve |
8:03 | |
| |
| Changes in the Prices of Related Goods |
8:19 | |
| |
| Changes in Income |
12:43 | |
| |
| Changes in Tastes |
14:35 | |
| |
| Changes in Expectations |
15:47 | |
| |
Increase in Demand (Rightward Shift) |
17:25 | |
| |
Decrease in Demand (Leftward Shift) |
18:37 | |
| |
Supply Schedule and Supply Curve |
19:45 | |
| |
| Market Supply Schedule |
19:57 | |
| |
| Market Supply Curve |
20:09 | |
| |
| Example |
20:15 | |
| |
Shifts of the Supply Curve |
23:38 | |
| |
| Changes in Input Prices |
24:04 | |
| |
| Changes in Technology |
24:49 | |
| |
| Changes in Expectations |
25:38 | |
| |
Increase in Supply (Rightward Shift) |
26:56 | |
| |
Decrease in Supply (Leftward Shift) |
28:10 | |
| |
Supply, Demand, and Equilibrium |
29:02 | |
| |
| Equilibrium Price |
29:14 | |
| |
| Equilibrium Quantity |
29:26 | |
| |
| Equilibrium |
29:32 | |
| |
Surplus and Shortage |
30:58 | |
| |
| Surplus |
31:09 | |
| |
| Shortage |
31:17 | |
| |
| Example |
31:22 | |
| |
Example 1 |
34:50 | |
| |
Example 2 |
36:05 | |
| |
Example 3 |
38:09 | |
| |
Example 4 |
41:53 | |
| |
Example 5 |
45:09 | |
|
Changes in Supply and Demand |
30:07 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:17 | |
| |
Shifts of the Demand or Supply Curve |
1:34 | |
| |
| Demand Shift to the Right |
1:47 | |
| |
| Demand Shift to the Left |
2:04 | |
| |
| Supply Shift to the Right |
2:28 | |
| |
| Supply Shift to the Left |
2:42 | |
| |
Example 1 |
3:36 | |
| |
Example 2 |
5:46 | |
| |
Example 3 |
7:43 | |
| |
Example 4 |
9:37 | |
| |
Shifts of Both the Demand and Supply Curves |
11:53 | |
| |
| Demand and Supply Shift to the Right |
13:24 | |
| |
| Demand and Supply Shift to the Left |
13:36 | |
| |
| Supply Shift to the Left and Demand Shift to the Right |
13:55 | |
| |
| Supply Shift to the Right and Demand Shift to the Left |
14:18 | |
| |
Example 5 |
17:13 | |
| |
Example 6 |
20:21 | |
| |
Example 7 |
22:44 | |
| |
Example 8 |
25:06 | |
II. Measurements of Economic Performances |
|
Gross Domestic Product |
50:25 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:27 | |
| |
National Accounts |
1:20 | |
| |
| National Income and Product Accounts |
1:21 | |
| |
| Macroeconomist Equation |
2:35 | |
| |
Circular Flow of the Economy |
9:23 | |
| |
| Household |
11:52 | |
| |
| Firms |
12:16 | |
| |
| Product Market |
12:31 | |
| |
| Factor Market |
12:40 | |
| |
Expanded Circular Flow Diagram |
22:26 | |
| |
GDP Explained |
30:36 | |
| |
| Gross Domestic Product |
30:43 | |
| |
| First Method of Calculating |
34:01 | |
| |
| Second Method |
35:00 | |
| |
| Third Method |
35:34 | |
| |
Real vs. Nominal GDP |
36:21 | |
| |
| Nominal GDP |
36:36 | |
| |
| Real GDP |
36:51 | |
| |
| Which is a More Accurate Means of Measuring Economic Growth |
38:04 | |
| |
Real GDP Example (2010 Base) |
39:08 | |
| |
Real GDP Per Capita |
47:36 | |
| |
| Real GDP Per Capita |
48:46 | |
| |
| Imperfect Measure but Generally Best Measure of Standard of Living |
49:59 | |
|
Unemployment |
43:39 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:14 | |
| |
Am I Unemployed? |
1:59 | |
| |
Unemployment Measures |
4:43 | |
| |
| Employed |
4:46 | |
| |
| Unemployed |
5:20 | |
| |
| Labor Force |
5:53 | |
| |
| Labor Force Participation |
6:21 | |
| |
| Unemployment Rate |
6:39 | |
| |
Unemployment Example |
7:56 | |
| |
Limitations of the Unemployment Rate |
11:06 | |
| |
| Unemployment Tends to Understand the Employment Situation |
11:16 | |
| |
| Marginally Attached to Labor Force |
11:32 | |
| |
| Discouraged Worker |
12:20 | |
| |
| Underemployed |
13:17 | |
| |
Types of Unemployment |
14:37 | |
| |
| Frictional Unemployment |
14:45 | |
| |
| Structural Unemployment |
16:06 | |
| |
| Cyclical Unemployment |
17:00 | |
| |
Effect of Minimum Wage of Labor Market |
19:00 | |
| |
Natural Unemployment Rate |
22:36 | |
| |
| Natural Unemployment |
22:13 | |
| |
| Actual Unemployment |
23:47 | |
| |
| Full Employment |
24:06 | |
| |
Unemployment Examples |
25:54 | |
| |
US Unemployment Data |
26:16 | |
| |
| Unemployment Rate Declined in November 2013 |
26:59 | |
| |
| Civilian Labor Force Rose |
28:47 | |
| |
| Return of Furloughed Federal Government Worker |
29:10 | |
| |
| 2.1 Million Marginally Attached to the Labor Force Went Down |
29:44 | |
| |
| Reasons to Not Join Labor Force |
30:50 | |
| |
| Average Workweek Increased |
31:17 | |
| |
| Average Hourly Earnings Increased |
31:48 | |
| |
Trends in US Unemployment |
32:20 | |
| |
Unemployment Rate Example |
34:29 | |
|
Inflation |
28:44 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:09 | |
| |
What is Inflation? |
1:11 | |
| |
| Purchasing Power of Your Money Decreases |
1:16 | |
| |
| All Prices Increase |
1:46 | |
| |
| Fed Chairman Paul Volcke's Top Priority |
2:14 | |
| |
| Target Federal Funds Rate |
2:52 | |
| |
| What's Wrong with Inflation |
3:37 | |
| |
Costs of Inflation |
3:48 | |
| |
| Shoe-Leather Costs |
3:57 | |
| |
| Menu Costs |
4:49 | |
| |
| Unit-of-Account Costs |
5:55 | |
| |
Crucifying Mankind on a Cross of Gold |
6:32 | |
| |
Winners and Losers from Inflation |
8:16 | |
| |
| Nominal Interest Rate |
8:21 | |
| |
| Real Interest Rate |
9:10 | |
| |
Real Interest Rate Examples |
11:26 | |
| |
Wage-Price Spiral |
14:29 | |
| |
| Combination of 'Cost-Push' and 'Demand-Pull' Inflation |
14:33 | |
| |
| Demand-Pull Inflation |
14:41 | |
| |
| Wage-Price Spiral |
15:13 | |
| |
| Keynesians Tend to Favor This Model of How Inflation Works |
16:10 | |
| |
Monetarist View of Inflation |
17:04 | |
| |
| Issue of Money Supply |
17:13 | |
| |
| Quantity Theory of Money |
17:28 | |
| |
| Austrian View |
17:53 | |
| |
| Paul Krugman's View |
18:47 | |
| |
Measurement and Calculation of Inflation |
19:37 | |
| |
| Aggregate Price Level |
19:41 | |
| |
| Market Basket |
19:48 | |
| |
| Price Index |
20:02 | |
| |
Consumer Price Index and PPI |
21:51 | |
| |
| Consumer Price Index |
21:58 | |
| |
| Producer Price Index |
23:59 | |
| |
GDP Deflator |
24:35 | |
| |
| GDP Deflator Equation |
24:36 | |
| |
| Shows How Much the Aggregate Price Level Has Increased |
24:55 | |
| |
| Not Based on a Fixed Basket of Good's and Services |
25:05 | |
| |
| Default Basket |
25:24 | |
| |
Price Index Problems |
25:54 | |
III. National Income and Price Determination |
|
Aggregate Demand |
30:20 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:07 | |
| |
What is Aggregate Demand |
1:29 | |
| |
| Aggregate Demand Curve |
1:34 | |
| |
| All Things Equal |
2:10 | |
| |
| Basic Equation of National Income Accounting |
2:35 | |
| |
Aggregate Demand Curve |
3:54 | |
| |
Why is the AD Downward Sloping? |
6:36 | |
| |
| Demand Curve for an Individual Good |
6:56 | |
| |
| Aggregate Demand |
7:32 | |
| |
| Why Does a Rise in Aggregate Price Level Lead to a Fall in the Quantity of All Domestically Produced Goods? |
8:00 | |
| |
The Wealth and Interest Rate Effect |
8:25 | |
| |
| Wealth Effect |
8:34 | |
| |
| Interest Rate Effect |
9:47 | |
| |
Shifts in the Aggregate Demand Curve |
11:01 | |
| |
| Changes in Expectations |
11:30 | |
| |
| Changes in Wealth |
12:47 | |
| |
| Sixe of the Existing Stock of Physical Capital |
13:34 | |
| |
Monetary and Fiscal Policy |
14:13 | |
| |
| Fiscal Policy |
14:26 | |
| |
| Monetary Policy |
16:32 | |
| |
Example 1 |
20:27 | |
| |
Example 2 |
21:52 | |
| |
Example 3 |
24:20 | |
| |
Example 4 |
26:06 | |
|
Aggregate Supply |
24:03 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:12 | |
| |
What is Short-Run Aggregate Supply? |
1:11 | |
| |
| Shows the Relationship |
1:17 | |
| |
| Profit Per Unit of Output |
1:41 | |
| |
Aggregate Supply Curve |
2:35 | |
| |
Nominal Wages and Sticky Wages |
4:05 | |
| |
| Largest Source of Inflexible Production Cost |
4:11 | |
| |
| Nominal Wages Paid to Workers |
5:09 | |
| |
| Sticky Wages |
5:48 | |
| |
| Slow to Fall in Unemployment |
6:04 | |
| |
Shifts in the Aggregate Supply Curve |
9:33 | |
| |
| Changes in Commodity Prices |
10:15 | |
| |
| Changes in Nominal Wages |
10:45 | |
| |
| Changes in Productivity |
11:29 | |
| |
Long-Run Aggregate Supply Curve |
12:24 | |
| |
| Shows the Relationship |
12:30 | |
| |
| Potential Output |
12:47 | |
| |
| What Would Shift the LRAS? |
13:57 | |
| |
Example 1 |
15:10 | |
| |
Example 2 |
18:11 | |
| |
Example 3 |
20:37 | |
| |
Example 4 |
21:41 | |
|
Aggregate Supply & Demand |
43:41 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:11 | |
| |
Long-Run Macroeconomic Equilibrium |
1:06 | |
| |
The AD-AS Model |
3:29 | |
| |
| Short-Run Macroeconomic Equilibrium |
3:34 | |
| |
| Long-Run Macroeconomic Equilibrium |
4:00 | |
| |
| Recessionary Gap |
4:55 | |
| |
| Inflationary Gap |
5:20 | |
| |
The Long-Run Approach |
5:50 | |
| |
| Initial Negative Demand Shock |
6:33 | |
| |
| Higher Unemployment in the Short-Run |
6:52 | |
| |
| Economy Moves Back to Potential Output |
7:12 | |
| |
Self-Correcting Recessionary Gap |
7:54 | |
| |
Expansionary Fiscal Policy |
11:22 | |
| |
| 'In the Long-Run, We Are All Dead' |
12:11 | |
| |
| Increase Government Spending |
13:00 | |
| |
| Decrease Taxes |
13:30 | |
| |
| Increase in Government Transfers |
13:55 | |
| |
Expansionary Fiscal Policy Graph |
14:27 | |
| |
The Long-Run Approach |
18:08 | |
| |
| An Initial Positive Demand Shock |
18:21 | |
| |
| Higher Inflation and Reduced Unemployment |
18:20 | |
| |
| Economy Moves Back to Potential Output |
18:27 | |
| |
Self-Correcting Inflationary Gap |
19:04 | |
| |
Contrationary Fiscal Policy |
22:39 | |
| |
| President Johnson's Temporary Hike on Income Taxes |
22:50 | |
| |
| Decrease Government Spending |
23:16 | |
| |
| Increase Taxes |
23:34 | |
| |
| Decrease in Government Transfers |
23:50 | |
| |
Contrationary Fiscal Policy Graph |
24:05 | |
| |
Stabilization Policy |
28:10 | |
| |
| Government Policy to Refuce the Severity of Recessions |
28:17 | |
| |
| Should the Government Use Fiscal Policy to Reduce the Severity of Negative Demand Shocks |
28:37 | |
| |
| What Should the Government Due in the Face of a Negative Supply Shock? |
30:19 | |
| |
Example 1 |
31:32 | |
| |
Example 2 |
34:30 | |
| |
Example 3 |
38:22 | |
| |
Example 4 |
39:58 | |
|
Fiscal Policy & The Multiplier |
45:30 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:09 | |
| |
The MPC and MPS |
1:19 | |
| |
| Investment Spending Increases |
1:29 | |
| |
| Increased Output |
2:03 | |
| |
| Marginal Propensity to Consumer and Marginal Propensity to Save |
3:02 | |
| |
| MPC |
3:18 | |
| |
| MPS |
3:28 | |
| |
The Marginal Propensity to Consume |
3:57 | |
| |
| Number Is 0 |
4:55 | |
| |
| Number is 1 |
5:13 | |
| |
| Number is Usually Between 0 and 1 |
6:39 | |
| |
| Number is 0.8 |
7:52 | |
| |
| Formula |
8:15 | |
| |
The Multiplier Effect |
9:51 | |
| |
| Autonomous Change in Aggregate Spending |
9:59 | |
| |
| Multiplier |
10:36 | |
| |
| Size of the Multiplier |
11:36 | |
| |
Consumption Function |
13:15 | |
| |
| Equation Showing How an Individual's Household's Consumer Spending Changes with Disposable Income |
13:45 | |
| |
| Autonomous Consumer Spending |
13:58 | |
| |
| Formula |
14:48 | |
| |
| Example |
15:30 | |
| |
Consumption Function Example |
18:27 | |
| |
Shifts of the Aggregate Consumption Function |
21:31 | |
| |
| Changes in Expected Future Disposable Income |
21:42 | |
| |
| Changes in Aggregate Wealth |
23:22 | |
| |
Investment Spending |
24:12 | |
| |
| If Interest Rates Go Up or Down |
24:36 | |
| |
| Expected Future Growth |
25:07 | |
| |
| Formula |
25:18 | |
| |
| Positive Unplanned Inventory Investment |
25:31 | |
| |
Tax (or Government Transfer) Multiplier |
26:38 | |
| |
Automatic Stabilizers |
31:26 | |
| |
| As the Economy Expands |
32:03 | |
| |
| As the Economy Contracts |
32:42 | |
| |
2008 and 2009 Stimulus Package |
33:20 | |
| |
| 2008 Question of Tax Cuts or Transfer Payments |
33:21 | |
| |
| 2009 American Recovery and Reinvestment Act |
36:16 | |
| |
Example 1 |
38:23 | |
| |
Example 2 |
41:19 | |
| |
Example 3 |
42:33 | |
| |
Example 4 |
43:13 | |
IV. Financial Sector |
|
Saving, Investment & the Financial System |
48:57 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:08 | |
| |
Saving-Investment Spending Identity |
1:49 | |
| |
| Savings-Investment Spending Identity |
2:09 | |
| |
| Imagine a Country with No Government and No Trade |
2:35 | |
| |
Budget Surplus and Deficit |
7:34 | |
| |
| Budget Surplus |
8:19 | |
| |
| Budget Deficit |
10:34 | |
| |
| Budget Balance |
12:19 | |
| |
| National Savings |
12:42 | |
| |
Capital Inflows and Outflows |
14:26 | |
| |
| Cashflow |
15:10 | |
| |
| Capital Inflow |
15:57 | |
| |
| 2008 Example |
16:12 | |
| |
Tasks of a Financial System |
20:43 | |
| |
| Reduce Transaction Costs |
21:25 | |
| |
| Reduce Risk |
21:59 | |
| |
| Provide Liquidity |
24:04 | |
| |
Types of Financial Assets |
25:29 | |
| |
| Bonds |
25:45 | |
| |
| Loan-Backed Securities |
28:39 | |
| |
| Stocks |
30:12 | |
| |
Financial Intermediary |
31:56 | |
| |
| Types of Financial Intermediaries |
32:01 | |
| |
| 75% of Wealth in U.S. is Held by These Four |
32:29 | |
| |
Mutual Funds |
33:08 | |
| |
| Definition of Mutual Funds |
33:17 | |
| |
| Benefit |
34:39 | |
| |
| Downside |
35:03 | |
| |
| Households Owned Over $10 Trillion in Mutual Funds |
37:47 | |
| |
| Fidelity Investments |
38:02 | |
| |
Pension Funds and Life Insurance |
38:16 | |
| |
| Pension Funds |
38:22 | |
| |
| Life Insurance |
40:31 | |
| |
Banks |
42:34 | |
| |
| Accept Funds From Depositors |
42:40 | |
| |
| Keep a Fraction of Customers' Deposits in Cash Form |
42:44 | |
| |
| FDIC |
43:55 | |
| |
Example 1 |
44:10 | |
| |
Example 2 |
45:01 | |
| |
Example 3 |
45:48 | |
| |
Example 4 |
47:34 | |
|
The Definition & Time Value of Money |
34:05 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:21 | |
| |
What is Money? |
1:49 | |
| |
| Assets That Can Be Easily Used to Purchase Goods and Services |
1:52 | |
| |
| Money in Savings Accounts, CDs or Money Market Accounts |
3:02 | |
| |
Roles of Money |
5:37 | |
| |
| Medium of Exchange |
5:53 | |
| |
| Store of Value |
6:56 | |
| |
| Unit of Account |
9:15 | |
| |
Types of Money |
9:56 | |
| |
| Commodity Money |
10:16 | |
| |
| Commodity-Backed Money |
10:50 | |
| |
| Fiat Money |
12:20 | |
| |
M1 and M2 |
16:29 | |
| |
| M1 |
16:34 | |
| |
| M2 |
16:40 | |
| |
| 2010 Facts |
17:01 | |
| |
A Penny Doubled |
18:59 | |
| |
Present vs. Future Value |
20:26 | |
| |
| Formula |
20:35 | |
| |
| Future Value |
20:42 | |
| |
| Present Value |
20:49 | |
| |
| Interest Rate |
20:54 | |
| |
| Time Period of Investment |
20:57 | |
| |
$0.01 = ????? |
23:25 | |
| |
Winning the Lottery Example |
24:52 | |
| |
Example 1 |
27:06 | |
| |
Example 2 |
28:33 | |
| |
Example 3 |
29:34 | |
| |
Example 4 |
31:21 | |
|
Banking & Money Creation |
32:00 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:12 | |
| |
What Do Banks Do? |
1:09 | |
| |
| What Are Banks |
1:13 | |
| |
| Restrictions |
1:52 | |
| |
| Federal Reserve |
2:24 | |
| |
Assets and Liabilities of Park's Place Bank |
2:39 | |
| |
The Problem of Bank Runs |
6:36 | |
| |
| Financial Trouble Rumors Lead to Depositors Withdrawing Funds |
7:17 | |
| |
| Panic |
7:30 | |
| |
| Self-Fulfilling Prophecy |
8:02 | |
| |
Bank Regulation |
8:37 | |
| |
| Deposit Insurance |
8:56 | |
| |
| Capital Requirement |
9:46 | |
| |
| Reserve Requirements |
10:21 | |
| |
| Discount Window |
11:23 | |
| |
Money Creation Process |
12:24 | |
| |
Money Multiplier Formula |
15:20 | |
| |
| Required Reserve Ratio |
15:23 | |
| |
| Example |
15:31 | |
| |
Real World Money Multiplier |
17:11 | |
| |
| Some People Hold Onto Cash |
17:16 | |
| |
| Monetary Base |
17:37 | |
| |
| Money Supply |
18:20 | |
| |
| Money Multiplier |
18:33 | |
| |
| Normally It Is About 1.9 |
19:08 | |
| |
| 2008: It Was About 0.8 |
19:35 | |
| |
| Venn Diagram |
20:06 | |
| |
Example 1 |
22:28 | |
| |
Example 2 |
23:57 | |
| |
Example 3 |
26:30 | |
| |
Example 4 |
29:05 | |
|
The Federal Reserve & Monetary Policy |
25:42 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:08 | |
| |
History of the Federal Reserve |
1:23 | |
| |
| Established in 1913 |
1:27 | |
| |
| Private Institution with a Public Component |
2:22 | |
| |
| Board of Governors |
3:10 | |
| |
The Federal Reserve Structure |
3:54 | |
| |
| 12 Federal Reserve Banks |
3:57 | |
| |
| Federal Open Market Committee |
4:50 | |
| |
Functions of the Federal Reserve |
5:22 | |
| |
| Provide Financial Services |
5:35 | |
| |
| Supervise and Regular Banking Institutions |
6:14 | |
| |
| Maintain the Stability of the Financial System |
6:34 | |
| |
| Conduct Monetary Policy |
7:20 | |
| |
Reserve Requirement and Discount Rate |
8:00 | |
| |
| Reserve Requirement |
8:10 | |
| |
| Discount Rate |
10:24 | |
| |
Open Market Operations |
10:55 | |
| |
| Fed Buys or Sells U.S. Treasury Bills Through a Commercial Bank |
11:25 | |
| |
| How Do They Purchase It? |
12:36 | |
| |
The Financial Crisis of 2008 |
13:31 | |
| |
| Subprime Lending and the Housing Bubble |
13:36 | |
| |
| Fed Chair Alan Greenspan |
14:01 | |
| |
| Low Interest Rates |
14:23 | |
| |
| 2003-2006 Suprime Lending Increased in Popularity |
14:52 | |
| |
Crisis and Response |
16:19 | |
| |
| Housing Collapse |
16:24 | |
| |
| Fed Bailed Our Bear Stearns and Insurance Giant AIG |
16:37 | |
| |
| Widespread Panic in the Financial System |
16:55 | |
| |
| Quantitative Easing |
17:48 | |
| |
Example 1 |
18:45 | |
| |
Example 2 |
19:25 | |
| |
Example 3 |
20:07 | |
| |
Example 4 |
22:57 | |
|
The Money Market |
33:52 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:04 | |
| |
Opportunity Cost of Holding Money |
0:57 | |
| |
| Can't Be Used to Invest in Other Assets |
1:02 | |
| |
| 2007 Federal Funds Rate |
2:24 | |
| |
| 2008 Federal Funds Rate |
2:35 | |
| |
| 2009 Federal Funds Rate |
2:42 | |
| |
The Money Demand Curve |
5:01 | |
| |
Shifts of the Money Demand Curve |
6:29 | |
| |
| Changes in the Aggregate Price Level |
7:18 | |
| |
| Changes in Real GDP |
8:54 | |
| |
| Changes in Technology |
9:44 | |
| |
| Changes in Institutions |
12:55 | |
| |
Money and Interest Rates |
13:24 | |
| |
| FOCM Sets up the Target Federal Funds Rate |
13:28 | |
| |
| Lower Federal Funds Rate |
15:11 | |
| |
| 0% Federal Funds Rate Era |
16:10 | |
| |
Liquidity Preference Model |
16:56 | |
| |
| Liquidity Preference Model of the Interest Rate |
17:09 | |
| |
| Open Market Operations |
18:21 | |
| |
| Changing Reserve Requirements |
18:52 | |
| |
| Lending Through the Discount Window |
19:22 | |
| |
Equilibrium in the Money Market |
19:52 | |
| |
Example 1 |
21:19 | |
| |
Example 2 |
23:21 | |
| |
Example 3 |
26:22 | |
| |
Example 4 |
30:14 | |
|
The Market for Loanable Funds |
32:55 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:05 | |
| |
Loanable Funds Market |
0:57 | |
| |
| Loanable Funds Markets |
1:17 | |
| |
| Savers |
1:46 | |
| |
| Borrowers |
2:26 | |
| |
| Equilibrium in the Loanable Funds Market |
3:27 | |
| |
Equilibrium in Loanable Funds Market |
3:45 | |
| |
Shifts of Demand for Loanable Funds |
5:47 | |
| |
| Changes in Perceived Business Opportunities |
5:59 | |
| |
| Changes In the Government's Borrowing |
7:10 | |
| |
Shifts of the Supply of Loanable Funds |
8:35 | |
| |
| Changes in Private Savings Behavior |
8:44 | |
| |
| Changes in Capital Inflows |
10:24 | |
| |
Inflation and Interest Rates |
11:07 | |
| |
| Real Interest Rate |
12:01 | |
| |
| A Good Hedge Against Inflation |
14:21 | |
| |
| Fisher Effect |
14:54 | |
| |
Increase in Supply of Loanable Funds |
15:38 | |
| |
Interest Rate in the Short Run |
16:57 | |
| |
| Fall in Interest Rates |
17:00 | |
| |
| Increase in the Money Market |
17:14 | |
| |
| Short Run |
17:26 | |
| |
Interest Rate in the Long Run |
18:16 | |
| |
| Increase in Money Supply in Long Run |
18:41 | |
| |
| Supply of Loanable Funds |
19:42 | |
| |
| Supply and Demand for Loanable Funds Determines the Interest Rate |
20:12 | |
| |
Example 1 |
20:20 | |
| |
Example 2 |
23:40 | |
| |
Example 3 |
28:18 | |
| |
Example 4 |
29:29 | |
V. Inflation, Unemployment, and Stabilization Policies |
|
Budget Deficits & the National Debt |
40:08 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:07 | |
| |
The Budget Balance |
1:20 | |
| |
| Formula |
1:54 | |
| |
| Rule of Thumb |
4:07 | |
| |
| Generally, Contractionary Fiscal Policies Will Increase the Budget Balance |
6:02 | |
| |
Cyclically Adjusted Budget Balance |
9:35 | |
| |
| Estimate if Real GDP was Equal to Potential Output |
9:56 | |
| |
| Economic Expansion |
10:13 | |
| |
| Contractions |
10:44 | |
| |
Should the Budget Be Balanced? |
11:35 | |
| |
| Balanced Budget Amendment |
13:00 | |
| |
| Restricts a Country's Ability to Run a Budget Deficit During Recessions |
13:40 | |
| |
| National Debt |
15:50 | |
| |
Problems of a Rising Government Debt |
16:15 | |
| |
| Crowding Out Effect |
16:28 | |
| |
| Today's Deficits Increases the Public Debt |
18:17 | |
| |
Historical Debt-GDP Ratio |
20:33 | |
| |
Trends in Debt-GDP Ratio |
24:03 | |
| |
| U.S. Trends to Run a Budget Deficit During War |
24:05 | |
| |
| U.S. Total Debt-GDP Ratio Exceeded 100% During Relative Peace |
24:30 | |
| |
| Debt Grows Larger with Projected Budget Deficits Continuing |
25:06 | |
| |
Implicit Liabilities |
26:35 | |
| |
| Spending Promises Made by the Government |
26:45 | |
| |
| Three Largest Implicit Liabilities of the American Gov |
27:27 | |
| |
| Net Present Value of Debt |
28:26 | |
| |
Example 1 |
29:25 | |
| |
Example 2 |
33:40 | |
| |
Example 3 |
35:28 | |
| |
Example 4 |
37:59 | |
|
Inflation & Unemployment |
32:24 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:09 | |
| |
The Short-Run Phillips Curve |
1:05 | |
| |
| High Unemployment Rate |
1:24 | |
| |
| Low Unemployment Rate |
1:49 | |
| |
Short-Run Phillips Curve Graph |
3:20 | |
| |
Inflation Expectations |
6:24 | |
| |
| Increase in Expected Inflation |
6:47 | |
| |
| Expectations Based on Experience |
6:58 | |
| |
Inflation and Unemployment in the Long Run |
7:39 | |
| |
| Most Economists Believe There is No Trade-Off Between Unemployment and Inflation |
7:48 | |
| |
| Nonaccelerating Inflation Rate of Unemployment NAIRU |
8:27 | |
| |
| Long-Run Phillips Curve |
9:01 | |
| |
Long-Run Phillips Curve and NAIRU |
9:24 | |
| |
The Costs of Disinflation |
12:03 | |
| |
| Harder to Bring Inflation Down Than to Increase It |
13:10 | |
| |
| Disinflation |
13:38 | |
| |
| Long-Term Benefit of Controlling Double-Digit Inflation |
14:13 | |
| |
| Announcing Policy of Disinflation |
14:55 | |
| |
The Costs of Deflation |
15:21 | |
| |
| Deflation is the Fall in the Aggregate Price Level |
15:53 | |
| |
| Why is Deflation Bad? |
16:35 | |
| |
| Lenders Gain and Borrowers Lose |
17:31 | |
| |
| Effect of Deflation |
17:43 | |
| |
Japan's Liquidity Trap of the 1990s |
19:30 | |
| |
| Liquidity Trap |
22:13 | |
| |
| Japan Example |
22:58 | |
| |
Example 1 |
23:48 | |
| |
Example 2 |
25:14 | |
| |
Example 3 |
27:05 | |
| |
Example 4 |
28:31 | |
VI. Economic Growth and Productivity |
|
Economic Growth |
32:28 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:07 | |
| |
Real GDP Per Capita |
1:17 | |
| |
| Real GDP Per Capita |
1:23 | |
| |
| How Do You Find the Real GDP Per Capita |
1:34 | |
| |
| Many Countries Have Lower Standard of Living Than U.S.A. 100 Years Ago |
4:29 | |
| |
Long Run Economic Growth |
5:36 | |
| |
| Growth Rate |
6:00 | |
| |
| Physical Capital |
8:09 | |
| |
| Human Capital |
8:27 | |
| |
| Technology |
9:17 | |
| |
Economic Growth on a PPF Graph |
10:37 | |
| |
Investment vs. Consumer Good |
15:31 | |
| |
Long-Run Growth and the LRAS Curve |
19:08 | |
| |
Short-Run to Long-Run: Example 1 |
21:07 | |
| |
Short-Run to Long-Run: Example 2 |
24:01 | |
| |
Example 1 |
26:09 | |
| |
Example 2 |
27:33 | |
| |
Example 3 |
29:48 | |
| |
Example 4 |
31:09 | |
|
Balance of Payments |
36:56 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:06 | |
| |
Balance of Payments Account |
1:01 | |
| |
| Current Account |
1:09 | |
| |
| Sales and Purchases of Goods and Services |
1:54 | |
| |
| Factor Income |
2:58 | |
| |
| International Transfers |
3:48 | |
| |
Sales, Factor and Transfers |
4:13 | |
| |
Financial Account |
7:58 | |
| |
| Official Asset Sales and Purchases |
8:29 | |
| |
| Private Sale and Purchases of Assets |
9:01 | |
| |
| Financial Account |
10:19 | |
| |
Current Account = -Financial Account |
12:10 | |
| |
| Formula |
12:30 | |
| |
| What a Country's Financial Account Measures |
13:37 | |
| |
Financial Account and Loanable Supplies |
14:30 | |
| |
| Foreign Direct Investment |
14:40 | |
| |
| Exchanges Rates |
15:20 | |
| |
| Assume Equilibrium Interest Rate is 4% |
15:30 | |
| |
The Loanable Funds Model: Example 1 |
15:50 | |
| |
The Loanable Funds Model: Example 2 |
16:49 | |
| |
GDP, GNP, and the Current Account |
21:33 | |
| |
| Basic Equation for National Income Accounting |
21:45 | |
| |
| Why Doesn't the National Income Equation Use the Current Account as a Whole? |
22:23 | |
| |
| Gross National Product Includes International Factor Income |
22:54 | |
| |
| Why Do We Use GDP and Not GNP |
23:03 | |
| |
Global Savings Glut |
24:07 | |
| |
| U.S. Entered in a Massive Current Account Deficit |
24:14 | |
| |
| U.S. Takes in a Lot of Capital Inflow from the Rest of the World |
24:50 | |
| |
| How Did This Happen? |
25:06 | |
| |
Example 1 |
27:05 | |
| |
Example 2 |
28:10 | |
| |
Example 3 |
30:43 | |
| |
Example 4 |
33:01 | |
VII. Open Economy: International Trade and Finance |
|
Foreign Exchange Market |
40:31 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:06 | |
| |
Understanding Exchange Rates |
1:19 | |
| |
| Items Produced in a Country Will be Paid for In That Country's Currency |
1:24 | |
| |
| Foreign Exchange Market |
2:12 | |
| |
The Foreign Exchange Market: Dollar Example |
5:33 | |
| |
The Foreign Exchange Market: Euro Example |
9:44 | |
| |
Inflation and Real Exchange Rates |
15:34 | |
| |
| Real Exchange Rates |
16:32 | |
| |
| Current Account Responds Only to Changes in the Real Exchange Rate |
17:01 | |
| |
Purchasing Power Parity |
18:02 | |
| |
| Concept for Analyzing Interest Rates |
18:10 | |
| |
| Purchasing Power Parity Between Two Countries Currencies |
18:24 | |
| |
| In Theory, You 'Should' Be Able to Buy $100 Worth of Stuff in Any Country |
19:01 | |
| |
Burgernomics |
21:03 | |
| |
| Big Mac Index |
21:13 | |
| |
| Not the Best Measure |
21:54 | |
| |
| U.S. Cost of Big Macs |
22:38 | |
| |
| Overvalued Big Macs |
23:10 | |
| |
| Undervalued Big Macs |
24:09 | |
| |
| Chart: Buns For Your Buck |
25:12 | |
| |
Floating vs. Fixed Exchange Rate Regime |
26:31 | |
| |
| Fixed Exchange Rate |
26:40 | |
| |
| Floating Exchange Rate |
27:50 | |
| |
Exchange Rate Dilemma |
29:40 | |
| |
| Fixed Rate Regimes Give Predictability to Trade |
29:44 | |
| |
| Every Choice Has a Cost |
30:30 | |
| |
Example 1 |
32:21 | |
| |
Example 2 |
33:55 | |
| |
Example 3 |
35:25 | |
| |
Example 4 |
37:30 | |
VIII. AP Test |
|
Major Graphs Review |
21:51 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:08 | |
| |
The Scenario |
1:07 | |
| |
The Inflationary Gap |
3:27 | |
| |
The Money Market Graph |
7:51 | |
| |
Higher Interest Rate = Decreased Investment |
14:52 | |
| |
Exchange Market Graph |
17:32 | |
|
AP Practice Exam: Multiple Choice |
46:02 |
| |
Intro |
0:00 | |
| |
Multiple Choice 1 |
0:30 | |
| |
Multiple Choice 2 |
6:21 | |
| |
Multiple Choice 3 |
7:33 | |
| |
Multiple Choice 4 |
9:54 | |
| |
Multiple Choice 5 |
12:04 | |
| |
Multiple Choice 6 |
14:49 | |
| |
Multiple Choice 7 |
17:11 | |
| |
Multiple Choice 8 |
19:11 | |
| |
Multiple Choice 9 |
20:17 | |
| |
Multiple Choice 10 |
22:55 | |
| |
Multiple Choice 11 |
24:25 | |
| |
Multiple Choice 12 |
27:56 | |
| |
Multiple Choice 13 |
29:08 | |
| |
Multiple Choice 14 |
30:00 | |
| |
Multiple Choice 15 |
31:26 | |
| |
Multiple Choice 16 |
32:57 | |
| |
Multiple Choice 17 |
33:44 | |
| |
Multiple Choice 18 |
36:12 | |
| |
Multiple Choice 19 |
38:11 | |
| |
Multiple Choice 20 |
40:40 | |
| |
Multiple Choice 21 |
42:55 | |
|
AP Practice Exam: Free Response, 2012 |
23:14 |
| |
Intro |
0:00 | |
| |
Free Response 1 |
0:10 | |
| |
Free Response 2 |
11:19 | |
| |
Free Response 3 |
17:05 | |
|
AP Practice Exam: Free Response, 2013 |
22:39 |
| |
Intro |
0:00 | |
| |
Free Response 1 |
0:14 | |
| |
Free Response 2 |
9:56 | |
| |
Free Response 3 |
15:34 | |
|
AP Practice Exam: Full-Length Multiple Choice |
1:16:21 |
| |
Intro |
0:00 | |
| |
Multiple Choice 1 |
0:19 | |
| |
Multiple Choice 2 |
1:09 | |
| |
Multiple Choice 3 |
2:34 | |
| |
Multiple Choice 4 |
3:19 | |
| |
Multiple Choice 5 |
4:36 | |
| |
Multiple Choice 6 |
5:54 | |
| |
Multiple Choice 7 |
7:08 | |
| |
Multiple Choice 8 |
8:37 | |
| |
Multiple Choice 9 |
9:36 | |
| |
Multiple Choice 10 |
10:29 | |
| |
Multiple Choice 11 |
11:57 | |
| |
Multiple Choice 12 |
12:52 | |
| |
Multiple Choice 13 |
14:09 | |
| |
Multiple Choice 14 |
16:52 | |
| |
Multiple Choice 15 |
19:14 | |
| |
Multiple Choice 16 |
20:48 | |
| |
Multiple Choice 17 |
21:46 | |
| |
Multiple Choice 18 |
22:57 | |
| |
Multiple Choice 19 |
24:20 | |
| |
Multiple Choice 20 |
26:09 | |
| |
Multiple Choice 21 |
27:02 | |
| |
Multiple Choice 22 |
28:10 | |
| |
Multiple Choice 23 |
28:52 | |
| |
Multiple Choice 24 |
29:36 | |
| |
Multiple Choice 25 |
30:24 | |
| |
Multiple Choice 26 |
31:31 | |
| |
Multiple Choice 27 |
32:44 | |
| |
Multiple Choice 28 |
33:39 | |
| |
Multiple Choice 29 |
35:40 | |
| |
Multiple Choice 30 |
37:02 | |
| |
Multiple Choice 31 |
38:10 | |
| |
Multiple Choice 32 |
38:49 | |
| |
Multiple Choice 33 |
39:40 | |
| |
Multiple Choice 34 |
40:30 | |
| |
Multiple Choice 35 |
41:50 | |
| |
Multiple Choice 36 |
42:19 | |
| |
Multiple Choice 37 |
44:37 | |
| |
Multiple Choice 38 |
46:09 | |
| |
Multiple Choice 39 |
48:33 | |
| |
Multiple Choice 40 |
49:20 | |
| |
Multiple Choice 41 |
50:24 | |
| |
Multiple Choice 42 |
52:47 | |
| |
Multiple Choice 43 |
53:54 | |
| |
Multiple Choice 44 |
55:15 | |
| |
Multiple Choice 45 |
56:47 | |
| |
Multiple Choice 46 |
57:48 | |
| |
Multiple Choice 47 |
60:37 | |
| |
Multiple Choice 48 |
61:40 | |
| |
Multiple Choice 49 |
62:41 | |
| |
Multiple Choice 50 |
63:17 | |
| |
Multiple Choice 51 |
64:09 | |
| |
Multiple Choice 52 |
65:04 | |
| |
Multiple Choice 53 |
66:20 | |
| |
Multiple Choice 54 |
68:32 | |
| |
Multiple Choice 55 |
69:07 | |
| |
Multiple Choice 56 |
69:50 | |
| |
Multiple Choice 57 |
71:26 | |
| |
Multiple Choice 58 |
72:38 | |
| |
Multiple Choice 59 |
73:19 | |
| |
Multiple Choice 60 |
74:36 | |