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Macroeconomics is a little abstract, but worth studying because it explains so many concepts that we deal with every day. It is resource allocation, but at a national scale.

Here, we plot the Normal and T-distributions together to compare their properties. We see that a t(2) has fatter tails, but also make a sequential x-axis, calculate y-axis values with dnorm() and dt(), and visualize the graphs. The R file is available at www.github.com/hegerty/ECON346.

Here, I use R to generate values from an F-distribution. I loop through all combinations from (1,1) to (15,15) degrees of freedom and plot the distribution as well as the 95% critical value. The shape changes with every iteration. More information and R files available at www.github.com/hegerty/ECON346.

Here, we use R to calculate the Poisson distribution for different values of lambda and k. This helps us understand the underlying concepts and formula better. At the same time, we run a loop and apply a number of data visualization techniques. File and more information available at www.github.com/hegerty/ECON346.

This model extends the traditional IS-LM/AS-AD model into a more modern approach where interest rates are set by the central bank rather than purely in the market. The IS, MP, and PC curves represent the goods market, monetary policy, and the Phillips Curve, respectively. Fiscal and monetary policy have an impact on output, prices, and employment in the economy.

Federal Reserve Economic Data is a useful tool for finding time-series data from around the world. Students can generate their own graphs, change the frequency or measurement of a variable, or download the series to use in other software. Because the graphs are clearly labeled with a citation, they are often used directly in reports.

Geography is a degree that opens a world of possibilities! This video from the American Association of Geographers explains why. At Northeastern Illinois University, the Geography and Environmental Studies department includes majors and minors in Geography, GIS, and Environmental Studies as well as an MA in Geography & Environmental Studies and a Graduate GIS certificate. Go to ges.neiu.edu for...

I take three time series (changes in exchange rates, foreign reserves, and interest-rate differentials) and combine them into a single series of "Exchange Market Pressure" for each of eight different countries. I compare them to an alternative index, which deflates each sub-series by its own standard deviation, and find that the two methods do not always produce similar results. I include code ...

Using some real data for more than 2,000 Chicago block groups, we use logistic regression to uncover the determinants of whether a given block group has at least one bank. Here, the focus is on the sign and significance of coefficients, as well as pseudo-R-squared, and we find the vacancy rate to be generally (negatively significant although none of our "example" models have much explanatory po...

Using some simulated data in R, we run an OLS regression and interpret its output. The coefficient and standard errors generate the t-statistic, which is a measure of the distance from zero on the distribution. Large t-statistics leave less probability that the coefficient could really be zero and that it is all due to random variation, so the p-value is low. The associated .R file and more inf...

Nonparametric measures do not make assumptions about statistical distributions and are robust to outliers Here, I cover two nonparametric measures of association (Spearman's rho and Kendall's tau), as well as the Kruskall-Wallis test for differences among means. I use both the R commands as well as generate ranks to plug into the textbook formulas. Adding an outlier changes the "traditional" Pe...

Products with high fixed costs and low variable costs might be a challenge to provide when consumers want low prices. Here, the efficiency of a "free" movie is discussed, as well as ways for the creators to cover their costs. More information is available at bit.ly/2yO4GUS .

Taxes can be used to influence behavior and to raise government revenue. The costs, changes in quantity, and welfare implications of a tax are drawn on a Supply and Demand graph. Tax incidence whether producers or consumers pay more of the tax are compared for inelastic and elastic demand. More information is available at bit.ly/2yO4GUS .

Depending on the elasticity of demand for a product, changes in price can increase or decrease a firm's revenue. Here, we compare inelastic and elastic demand curves by slope, by calculating revenue, and by calculating percentage changes in price and quantity. We also look at cross-price and income elasticity. More information available at bit.ly/2yO4GUS .

Principles of Microeconomics: Market Structure

Principles of Economics: Understanding Cost Formulas and Cost Curves

Basic LaTeX Example for Economics Writing

Principles of Microeconomics: Revenue, Elasticity, and Profit

Principles of Microeconomics: Production, Costs and Cost Curves

Visualizing the Binomial Distribution Using R

Regression Concepts Explained

Factor Movements in International Trade Models

Large-Country Tariffs and Small-Country Export Subsidies

Tariffs and Quotas in a Small Open Economy

International Trade Models: Standard and Specific Factors

International Trade: Mathematical Analysis of Welfare

Calculating a Simple (Nonparametric) Regression Slope Coefficient in R

Comparative Advantage: Numerical Example

Creating Annual Averages from Monthly Data Using an R Loop