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Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Macroeconomics, 5/e • Olivier Blanchard
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Macroeconomic Analysis (ECM402)Lecture 2Engelbert Stockhammer 
 
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Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Macroeconomics, 5/e • Olivier Blanchard
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Outline of today‘s lecture
•
Brief review
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Aggregate expenditure function
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Consumption
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Investment
•
IS-Equilibrium in a closed economy
•
The mulitplier 
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Another way to look at the equilibrium
•Paradox of saving•An application: private surpluses and publicdeficits
 
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Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall • Macroeconomics, 5/e • Olivier Blanchard
GDP: expenditures, nominal
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