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EC102: Introductory Macroeconomics


Course Content

This course takes both a short and a long-term view of the economy, and aims to help you understand recent developments in macroeconomics using graphic analysis and simple algebra.

It focusesonthe stylised facts of business cycle fluctuations, economic growth and unemployment; discusses what light modern macroeconomics can shed on these facts; and finally evaluates the scope for policy to improve macroeconomic performance.

The economy in the long run

This first part of the course introduces the building blocks of the macro economy, and provides an overview of the performance of the economy in the long-run. Topics focus on the determination of national income, the determinants of long term economic growth, inflation and unemployment and economic pathologies such as persistent unemployment and hyperinflation

Topics list:

  • General equilibrium
  • Money and inflation
  • Labour markets and unemployment
  • Economic growth
  • The open economy

The economy in the short run

An overview of the behaviour of economy in the short term. This part of the course reviews business cycle fluctuations, the design and effects of monetary and fiscal policy, budget deficits and government debt and the open economy.

Topics list:

  • Economic fluctuations and stabilisation policy
  • The evolution of stabilisation policy
  • Government debt
  • Financial intermediation
  • The credit crunch

The course will conclude with a review of the European Monetary Union and the Euro Crisis, and the Great Recession.

World-class LSE teaching              

The LSE Department of Economics is one of the biggest and best in the world, with expertise across the full spectrum of mainstream economics. A long-standing commitment to remaining at the cutting edge of developments in the field has ensured the lasting impact of its work on the discipline as a whole.

It is a leading research department, consistently ranked in the top 20 economics departments worldwide. This is reflected in the 2014 Research Assessment exercise which recognised the Department's outstanding contribution to the field.


Texts *

The main textbook for this course is:
N. Gregory Mankiw, Macroeconomics, McMillan, Eighth Edition (International Edition), 2012.

Another useful textbook for browsing data and case studies is:
Olivier Blanchard, MacroeconomicsSixth Edition, (Pearson International Edition), 2012.

*A more detailed reading list will be supplied prior to the start of the programme

**Course content, faculty and dates may be subject to change without prior notice



Session: Two

Dates: 11 - 29 July 2016

Session: Three

Dates: 1 - 19 August 2016

(Due to popularity, this course is repeated and can be taken in either of the sessions outlined above.)

Dr Francesco Zanetti
Dr Nicola Gennaioli

Level: 100 Level

Fees: Click here for information

Prerequisites: Working knowledge of mathematics (i.e. elementary calculus)

Lectures: 36 hours 

Classes: 18 hours

Assessment*: Two written examinations

Typical credit**: 3 credits (US) 7.5 ECTS points (EU) 

How to apply?

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*assessment is optional – see FAQs

**You will need to check with your home institution. Read more about credit transfer here.