Macroeconomics is a core branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. Why do some countries get rich and some others stay poor? Why do economies boom and bust? Why do prices tend to go up over time, sometimes very fast? Why are financial crises so devastating, and why are some people (Sir Jon Cunliffe at the Bank of England for example1) afraid that Bitcoin is going to trigger one? These, and many others, are all macroeconomic questions that this course will help you to answer.
The aim of this course is to equip students with a fundamental conceptual framework and basic analytical skills to understand and investigate macroeconomic phenomena. In possession of these knowledge and skills, students will be able to:
Read and understand what is going on in the economy.
Evaluate the potential macroeconomic impacts of typical government policies.
Understand the powers and pitfalls of economic models, and know how to use the powers and avoid the pitfalls. Also understand why economists disagree.
More easily understand and complete related courses found later in the program and the final thesis. For example, Development Economics and Business Cycle; Money, Banking and Financial Markets; International Finance; Development Finance; etc.
Lecture 1: The science of macroeconomics
Lecture 2: Macroeconomic performance
Lecture 3: Economic growth
Lecture 4: The financial system
Lecture 5: Money
Lecture 6: Business cycle
Lecture 7: Exchange rates
Lecture 8: Capital flows
Lecture 9: Macroeconomic management
Lecture 10: Why do macroeconomists disagree?
The grading scale is 0-100, including 10 from attendance, 20 from in-class discussion, 20 from assignments, and 50 from the final exam.
There main textbook is:
Rudiger Dornbusch, Stanley Fischer, and Richard Startz. 2017. Macroeconomics (13th
edition). New York: McGraw-Hill Education. (DFS)
For those who are not familiar with macroeconomics or whose memories have faded, I recommend
reading the following textbook as a warm-up:
N. Gregory Mankiw. 2018. Principles of Macroeconomics (8th edition). Boston: Cengage
Other readings will be provided during the course.