Monday, January 27, 2020

There’s a new text from MIT Press targeted at Macro I in graduate programs.† These charts from Chapter 1 are a good addition to what we’ve been covering so far:


Do note that both of these are showing the log of real GDP per capita, rather than real GDP, as I have been doing in class. When trying to get a sense of the ups and downs, and the trend, this probably doesn’t make too much difference. Since the economy grows with some volatility, but population does not, these are probably tracking the log of real GDP fairly well. I am thinking that they look less smooth than the charts in Barro due merely to the fineness of the lines in this text.
† Alogoskoufis, G. S., Dynamic Macroeconomics, MIT Press, 2020.

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