Eric Kim 3/31/2022 Econ 110B Week 1 Reflection 1. One thing I didn’t know during the start of the week was the idea of procyclical. I didn’t know the idea of variables being procyclical or counter-cyclical. After seeing some examples of the two definitions, like investment and consumption being both procyclical and unemployment being counter-cyclical, it made it easier to understand the difference between the two. 2. I guess one thing I would like clarification on is the definition of Nominal Interest Rates are. I understand why interest rates would go down during a recession, but I don’t understand the actual definition of a Nominal Interest Rate. 3. As someone who hasn’t taken Long-run macro it definitely felt daunting to take short-run but as the week went on, I feel like I was able to grasp a lot of the concepts that we learned, especially the material we learn on Thursday, with how the recession affects different things. Hopefully, as the quarter goes on, I’ll still be confident in my overall learning.
