This course aims to help you understand recent developments in macroeconomics using graphic analysis and simple algebra. We will study the stylised facts of business cycle fluctuations, economic growth and unemployment; discuss what light modern macroeconomics can shed on these facts; and finally evaluate the scope for policy to improve macroeconomic performance.
The first part of the course will cover the performance of the economy in the long-run and in particular the determination of national income, the determinants of long-run economic growth, inflation and unemployment, and economic pathologies such as persistent unemployment and hyperinflation. The second part of the course will cover the behaviour of economy in the short-run, including business cycle fluctuations, the design and effects of monetary and fiscal policy, budget deficits and government debt. Throughout the course, the macroeconomic concepts introduced will be used to shed light on real world phenomena such as the Great Recession and Growth Miracles.
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, Macroeconomics, Sixth 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