Exam I covers the material to this point.
Self-test material which is linked to above may be useful for later reference, so I repeat the links to the True/False questions and below:
My detailed example of the Fisher Effect -- how inflation affects the distribution of income.
Seeing Inflation Only in the Prices that Go Up
by David Leonhardt, New York Times, May 7, 2008. A good article on why the CPI doesn't always reflect our sense of inflation. See also the graphics attached:
Measurement of Unemployment by Katherine Bradbury, Public Policy Brief No. 06-2 from the Federal Reserve Bank of Boston. Draft of article published in the Palgrave Dictionary of Economics . Good on international measures and how they differ.
The topics in Units 1 and 2 above will be covered in the Midterm examination. Make sure you have a firm grasp of the definitions, and of how to do the problems covered above.
Federal Reserve Policies in the Financial Crisis Speech by Ben Bernanke, Dec. 1, 2008. Clear summary of the actions of the Fed in responding to the crisis -- print and study carefully. Other relevant links to recent policy changes:
Term Auction Facility
Introduced Dec. 12, 2007 to provide longer-term (24 or 84-days) loans than the discount window; became the principal instrument of monetary policy in 2008. See Understanding Fed Lending from the New York Fed for a fuller explanation.