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Videos uploaded by user “Matthew Rafferty”
Structure of Data: Cross-sectional, time-series, and panel data
 
07:09
A brief introduction to the structure of the data that we will use this semester. Most of our examples will use either cross-sectional data or time-series data. If things go well then we may cover the chapter on panel data at the end of the semester.
Views: 39383 Matthew Rafferty
ex ante versus ex post real interest rates
 
05:00
This video briefly describes the difference between ex ante and ex post real interest rates
Views: 8735 Matthew Rafferty
Short Run Aggregate Supply Shifts
 
05:06
This video explains how to shift the short-run aggregate supply curve. The short-run aggregate supply curve is determined by the costs of production. Anything which increases the costs of production (while holding the price level constant) will decrease profits per unit of output and shift the short-run aggregate supply curve to the left. Similarly, anything which decreases the costs of production (while holding the price level constant) will increase profits per unit of output and shift the short-run aggregate supply curve to the right.
Views: 12419 Matthew Rafferty
Shifting the Demand Curve for Loanable Funds
 
08:35
This video explains the intuition behind shifting the demand curve for loanable funds. Anything that increases the amount of investment that households and firms want to undertake (other than a decrease in the real interest rate) will cause the demand curve for loanable funds to shift to the right. Likewise, anything that decreases the amount of investment that households and firms want to undertake (other than an increase in the real interest rate) will cause the demand curve for loanable funds to shift to the left.
Views: 10557 Matthew Rafferty
Supply of Loanable Funds Shifts
 
08:23
This video explains why the supply curve for loanable funds increases. Anything which increases national savings (other than a decrease in the real interest rate) will shift the supply curve of loanable funds to the right. Anything which decreases national savings (other than an increase in the real interest rate) will shift the supply curve of loanable funds to the left.
Views: 6569 Matthew Rafferty
National Savings
 
05:38
This video explains the effect of taxes and transfer payment on national savings and, therefore, on the supply of loanable funds.
Views: 6555 Matthew Rafferty
GDP versus Potential GDP
 
05:02
This video explains the difference between GDP and potential GDP using U.S. real GDP data from 2012.
Views: 7190 Matthew Rafferty
Expenditure Approach to Measuring GDP
 
09:56
This video explains the expenditure approach to measuring GDP.
Views: 19484 Matthew Rafferty
Production Function Shifts part 1
 
05:45
This video explains why the production function shifts.
Views: 1563 Matthew Rafferty
Loanable Funds: Supply Shift Part 1
 
09:20
This video explains how the market moves from one equilibrium to another when the supply of loanable funds shifts.
Views: 6002 Matthew Rafferty
Shifting Bond Demand Curve
 
04:50
This video explains the intuition behind what shifts the demand curve for bonds.
Views: 2888 Matthew Rafferty
Calculating Inflation Using the CPI
 
04:58
This video shows you how to calculate the inflation rate using the CPI as a measure of the average price level.
Views: 56075 Matthew Rafferty
Circular Flow: Government
 
05:26
Very brief introduction to government spending and taxing in the circular flow diagram.
Views: 885 Matthew Rafferty
Aggregate Demand Shifts
 
04:47
This video explains how to shift the aggregate demand curve. The aggregate demand curve represents aggregate expenditure so anything that increases aggregate expenditure (other than a decrease in the price level) will shift the aggregate demand curve to the right. Similarly, anything that decreases aggregate expenditure (other than an increase in the price level) will shift the aggregate demand curve to the left.
Views: 4824 Matthew Rafferty
Experimental and Observational Data
 
04:57
Brief introduction to the difference between experimental and observational data. Experimental data is the best type of data for causal inference. Unfortunately, social sciences such as economics are usually limited to observational data.
Views: 2470 Matthew Rafferty
Bond Supply Curve
 
06:02
Views: 813 Matthew Rafferty
Gross Domestic Product: Real versus Nominal GDP
 
07:41
This video explains the difference between real GDP and nominal GDP. Nominal GDP is GDP calculated using prices from the current year. For example, nominal GDP in 2013 is calculated using prices from 2013, so if an apple costs $1 in 2013 then each apple produced is worth $1 for GDP. Suppose that the price of apples rises to $2 in 2014. Real GDP is GDP calculated using prices from the base year. If 2013 is the base year and we want to calculate real GDP for 2014 then each apple produced in 2014 is worth $1 towards GDP even though apples sell for $2 in 2014. Real GDP uses constant prices, so the only way real GDP can change is if the quantities change. Therefore, the real GDP calculation purges price changes from our measure of GDP.
Views: 4346 Matthew Rafferty
Deriving Bond Demand Curve
 
02:35
This video shows you how to derive the demand curve for bonds
Views: 648 Matthew Rafferty
Equilibrium in the Loanable Funds Model
 
03:08
This video describes the equilibrium in the loanable funds model.
Views: 732 Matthew Rafferty
Rule of 70
 
05:49
This video explains what the Rule of 70 is using the growth rate of U.S. real GDP as an example.
Views: 4340 Matthew Rafferty
Catch Up Explanation
 
05:58
This video uses the aggregate production function to explain why catch-up will occur for some countries.
Views: 1352 Matthew Rafferty
Labor Productivity and the Standard of Living
 
08:51
This video explains why increases in labor productivity is the main source of increases in the standard of living.
Views: 2541 Matthew Rafferty
Circular Flow Financial Markets
 
09:24
I modify the circular flow diagram to explain the role of financial intermediaries.
Views: 1361 Matthew Rafferty
National Savings, Taxes and Transfer Payments
 
07:41
This video explains the relationship between taxes, transfer payments, and national savings.
Views: 2127 Matthew Rafferty
Real versus Nominal Interest Rates
 
06:27
This video describes the difference between real and nominal interest rates.
Views: 6459 Matthew Rafferty
Equilibrium and the Self Correcting Mechanism
 
09:38
This video explains the difference between the short-run equilibrium and the long-run equilibrium. It also explains how the labor market adjusts to move the economy to the long-run equilibrium.
Views: 1939 Matthew Rafferty
Intuitive Explanation for Nominal and Real Variables
 
06:57
This video explains the intuitive difference between real and nominal variables. Nominal variables are measured in dollars and we experience the world in nominal terms. In contrast, real varaibles are measured in quantities and we have to adjust for the price level to convert from nominal to real variables (when the variables such as wages are measured in dollars) or we have to adjust for the inflation rate to convert from nominal to real variables (when the variables such as interest rattes are measured in percentage points).
Views: 2104 Matthew Rafferty
Causal Inference Part 1
 
04:51
Part 2 of our first discussion of causal inference
Views: 1759 Matthew Rafferty
Long-Run Costs of Budget Deficits
 
07:21
This video uses the loanable funds model and the aggregate production function to explain the long-run costs of budget deficits.
Views: 430 Matthew Rafferty
Labor Market Calculations
 
07:01
This short video shows you how to calculate the unemployment rate, the labor-force participation rate, and the employment-population ratio using data from the March 2013 Household Survey for the United States
Views: 1317 Matthew Rafferty
Production Function Shifts part 2
 
03:09
This video continues the explanation for why the production function shifts and also explains the effect of the shift on the marginal product of capital.
Views: 1403 Matthew Rafferty
Price Level versus Inflation
 
04:18
This video explains the difference between the price level and inflation.
Views: 1174 Matthew Rafferty
Loanable Funds Demand Shift
 
08:00
This video explains the movement from one equilibrium to another when the demand curve shifts.
Views: 863 Matthew Rafferty
Gross Domestic Product: Adding Apples and Oranges
 
05:50
This video explains how economists come up with a single number (Gross Domestic Product) to represent the size of the economy. Representing the size of the economy with a single number allows us to compare the size of an economy over time (Is the U.S. economy larger in 2013 than in 2000?) and across countries (Is the U.S. economy larger than the Chinese economy?).
Views: 88 Matthew Rafferty
Circular Flow: Fiscal Policy
 
11:59
This video briefly introduces fiscal policy and some of its limitations using the circular flow diagram.
Views: 391 Matthew Rafferty
CPI and Cost of Living
 
10:49
This video explains some of the limitations with using the Consumer Price Index as a measure of the cost of living.
Views: 3214 Matthew Rafferty
Calculating Real GDP
 
06:48
This video shows you how to calculate U.S. real GDP for the year 2012.
Views: 18140 Matthew Rafferty
Calculating Real Variables
 
08:12
This video shows you how to calculate a real variable using the nominal variable and the price level. We used a similar procedure to calculate real GDP and this procedure will work anytime that the variable you are interested in is measured in dollars. If the variable you are interested in is measured in percentage points then you should watch the video on real versus nominal interest rates to learn how to do the calculation.
Views: 325 Matthew Rafferty
Real GDP and the Standard of Living
 
14:56
This video uses gapminder.org data to show the phenomenon of convergence or catch-up and to show the relationship between real GDP per capita and measures of the standard of living such as life expectancy and infant mortality.
Views: 2757 Matthew Rafferty
Calculating Growth Rates
 
08:55
This video shows you how to calculate the one-period growth rate for the price level and real GDP. However, the formula is quite general can you can use it to calculate the one period growth rate for any variable.
Views: 29647 Matthew Rafferty
Demand for Loanable Funds Derivation
 
06:00
This video shows you how to derive the demand curve for loanable funds. For simplicity we assume that all investment is financed by borrowing in financial markets.
Views: 86 Matthew Rafferty
Stability of Equilibrium
 
10:49
This video explains why the equilibrium in the loanable funds model is stable. In other words, if you are not in equilibrium then why do you return to equilibrium and if you are in equilibrium then why do you tend to stay there.
Views: 756 Matthew Rafferty
Alternative Measures of the Unemployment Rate
 
07:48
This video explains how the standard unemployment rate measure (U-3) is bias downward due to 1) discouraged worker effect and 2) how part-time workers are treated.
Views: 219 Matthew Rafferty
Short Run Aggregate Supply Derivation
 
03:27
This video explains how to derive the short-run aggregate supply curve.
Views: 2881 Matthew Rafferty
Schematic of Aggregate Production
 
02:43
This video provides a very brief overview of the model that economists use for aggregate production. This model is the basis for how economists think about the aggregate supply side of the economy.
Views: 118 Matthew Rafferty
Price and Yield to Maturity
 
05:58
This video describes the relationship between the price of a bond and the yield to maturity of the bond.
Views: 986 Matthew Rafferty
Aggregate Demand Derivation
 
09:44
This video explains how to derive the aggregate demand curve.
Views: 291 Matthew Rafferty
Loanable Funds Model: Preliminaries
 
03:29
This video discusses the preliminaries behind the loanable funds model: 1. We simplify the financial system into one market called the market for loanable funds. 2. All borrowing and lending happens within this market. 3. As a result, our model has one real interest rate when, in reality, actual financial systems have many different real interest rates. 4. The real interest rate is simultaneously the reward for savings to households who delay consumption and the cost of borrowing to finance investment.
Views: 50 Matthew Rafferty
Causal Inference Part 3
 
10:34
This is the third part of our initial discussion of causal inference.
Views: 549 Matthew Rafferty

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