Course Description

Basic economics concepts

Introduction to macroeconomics: Basic economics concepts
Opportunity cost and the Production Possibilities Curve: Basic economics concepts
Comparative advantage and the gains from trade: Basic economics concepts
Demand: Basic economics concepts
Supply: Basic economics concepts
Markets: Basic economics concepts

Economic indicators and the business cycle

Gross Domestic Product: Economic indicators and the business cycle
Limitations of GDP: Economic indicators and the business cycle
Unemployment: Economic indicators and the business cycle
Inflation: Economic indicators and the business cycle
Costs of Inflation: Economic indicators and the business cycle
Real vs. nominal GDP: Economic indicators and the business cycle
Business cycles: Economic indicators and the business cycle

National income and price determination

Aggregate demand: National income and price determination
Multipliers: National income and price determination
Short-run aggregate supply: National income and price determination
Long-run aggregate supply: National income and price determination
Equilibrium in the AD-AS Model: National income and price determination
Changes in the AD-AS model in the short run: National income and price determination
Long run self-adjustment: National income and price determination
Fiscal policy: National income and price determination
Automatic stabilizers: National income and price determination

Financial sector

Financial assets: Financial sector
Nominal v. real interest rates: Financial sector
Definition, measurement, and functions of money: Financial sector
Banking and the expansion of the money supply: Financial sector
The money market: Financial sector
Monetary policy: Financial sector
The market for loanable funds: Financial sector
Interest rates and the time value of money: Financial sector

Long-run consequences of stabilization policies

Fiscal and Monetary Policy Actions in the Short Run: Long-run consequences of stabilization policies
The Phillips curve: Long-run consequences of stabilization policies
Money growth and inflation: Long-run consequences of stabilization policies
Crowding out: Long-run consequences of stabilization policies
Deficits and debts: Long-run consequences of stabilization policies
Economic growth: Long-run consequences of stabilization policies

Open economy: international trade and finance

The balance of payments: Open economy: international trade and finance
Exchange rates: Open economy: international trade and finance
The foreign exchange market: Open economy: international trade and finance
Effect of changes in policies and economic conditions on the foreign exchange market: Open economy: international trade and finance
Real interest rates and international capital flows: Open economy: international trade and finance

Keynesian approaches and IS-LM

The consumption function: Keynesian approaches and IS-LM
The Keynesian cross: Keynesian approaches and IS-LM
IS-LM: Keynesian approaches and IS-LM
Keynesian economics and its critiques: Keynesian approaches and IS-LM

Contemporary macroeconomic issues

Analysis of income inequality in the United States (in partnership with the New York Times): Contemporary macroeconomic issues
National income and inequality: Contemporary macroeconomic issues
The 2008 Financial Crisis: Contemporary macroeconomic issues