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EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
EC6012 Lecture 1Introduction
Dr Stephen Kinsella
Dept. Economics,University of [email protected]
January 14, 2008
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Outline
Hello
Course Outline
Blogs, Grading, & Group Work
Stock Flow Consistent Modeling: Introduction
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Hello
Layout of the Course
Layout
Week 1 2 3 4 5Lecture Lecture Lecture Lecture Lecture
Tutorial Tutorial TutorialWeek 6 7 8 9 10
Lecture Lecture Lecture Lecture LectureTutorial Tutorial Tutorial Presentation PresentationSample Exam out
Week 11 12 13 14Lecture Lecture ExamPresentation Recap
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Accessing Materials
! Visit stephenkinsella.net regularly.
! Coursepack Online Now
! Get textbook: Godley and Lavoie (2006)
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
My Expectations
! Read material before class
! Email me whenever, don’t send me text messages
! Discussion preferred to Lecturing
! Handouts, podcasts, etc, on the site after class
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Blogs
! Go to Blogger.com
! Set up a blog
! Email me the link
! Roles in the Group: { Reporter, Researcher, Recorder}
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Grading
! Blogs: 10%
! 2 Problem Sets: 10% each
! Group Presentation: 20%
! Final Exam: 50%
Questions?
Figure: caption
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Stocks and Flows
Definitions
Stocks Cumulative flow: eg. the country’s net foreign assetposition is the sum over time of its current accountsurpluses.
Flows flows of funds: eg. GDP is the sum of payments tolabour, payments for ’surplus’ (profits) and paymentsfor indirect taxes
SFC All stocks have a corresponding Flow
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Introduction to SFC
Method
! Structuralist vs. Neoclassical Macro
SFC Characteristics
! di!erences in behaviour of di!erent income groupsmatter
! di!erences in available technologies in di!erentcountries matter.
! social relations between broad groups of economicactors matter
! Fundamental assumption: the economy’s institutionsand social groups play causal roles in determiningoverall behaviour of the economy.
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Handout
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Next Week
ReadLeddin and Walsh (2003, Chapters 2 and 3),Lavoie, (2006) A Primer on Endogenous Credit Money
BringLaptops
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
Thanks
EC6012 Lecture 1
Dr StephenKinsella
Hello
Course Outline
Blogs, Grading, &Group Work
Stock FlowConsistentModeling:Introduction
References
References
Wynne Godley and Marc Lavoie. Monetary Economics AnIntegrated Approach to Credit, Money, Income,Production and Wealth. Palgrave-Macmillan, 2006. URLhttp://www.palgrave.com/products/Catalogue.aspx?is=0230500552.
Anthony J. Leddin and Brendan M. Walsh. TheMacroeconomy of the Eurozone: An Irish Perspective.Gill and Macmillan, 1st edition, 2003. URLhttp://www.gillmacmillan.ie/Ecom/Library3.nsf/CatalogByCategory/DA55B901FD6459BB80256C1C003FEE1F?OpenDocument.