Macroeconomics (Advanced Level)
- attempt to look at it from a macroeconomist’s point of view and evaluate different economic policies enacted around the world.
- dive into the world of macroeconomic data and the economic blogosphere, which debates current events.
- Understand the main mechanisms operating in the economy
- Know the basic building blocks of short-run macroeconomic theory
- Be able to describe the process of the economy’s adjustment towards equilibrium after a shock
- Have an understanding of the monetary policy conducted under Taylor Rule
- Be able to derive consumption and investment functions in simple settings, as well as understand the concept of the optimal monetary policy
- Understand the need for stabilization policy, and the methods it is conducted by the government (fiscal policy) and the Central Bank (monetary policy)
- What is macroeconomics? Macro for short and long run.
- Business cycles facts.
- Short run model of the economy: building blocks.a. Investment and asset prices. b. Consumption, income, wealth. c. Monetary policy and AD. d. Inflation, Unemployment, Phillips curve, and AS.
- Short run model of the economy and policy: closed economy.a. Explaining business cycles with AS and AD. b. Stabilization policy: why and how? c. Stabilization policy with rational expectations. d. Stabilization policy under uncertainty and imperfect credibility.
- Short run model of the economy and policy: open economy.a. * Open economy version of AS/AD model.
- Interim assessment (2 module)0.1 * class participation + 0.6 * final exam + 0.3 * in-class tests
- Homburg, S. (2017). A Study in Monetary Macroeconomics. Corby: OUP Oxford. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1546730
- Richard Barwell. (2017). Macroeconomic Policy after the Crash. Springer. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.spr.sprbok.978.3.319.40463.9