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Description
In the lecture, the usage of
For instance, in the class Samuelson
, we used
α : scalar
Marginal propensity to consume
β : scalar
Accelerator coefficient
but in the main text, we defined:
- $a$ is the marginal propensity to consume in the Keynesian
consumption function $C_t = a Y_{t-1} + \gamma$.
- $b$ is the "accelerator coefficient" in the "investment
accelerator" $I_t = b (Y_{t-1} - Y_{t-2})$.
This is being fixed in the Chinese version.