Introduction to Macroeconomics
Seoul, South Korea
Area of Study
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units4
Hours & Credits
Economic theory consists of microeconomics and macroeconomics. The course ‘Introduction to Macroeconomics’ introduces to you the field of macroeconomics which considers economies as a whole. Typical questions in macroeconomics include how can short-run fluctuations be minimized or how can long-run economic growth be sustained. During the course of the semester we will cover topics such as the measurement of national income, economic growth, unemployment, inflation, money, international trade and exchange rates, short-run fluctuations, the effectiveness of monetary and fiscal policy, and the Phillips curve.
At the end of this course, we should have a general understanding of macroeconomic phenomena and theory. We should be able to have a general understanding of the unique perspective taken by macroeconomists in their study of society and human behavior. Also, we should be able to understand the methods used by macroeconomists and how they are applied to everyday decisions.
Text books (please note that you will have to purchase in advance as the campus will not be selling the books):
- Essential: O. Blanchard, A. Amighini and F. Giavazzi, Macroeconomics a European perspective. (Note that the international version is also valid)
- Other advised: N. Gregory Mankiw, Principles of Macroeconomics 6th Edition, South-Western, 2011 (other editions are also valid)
Schedule (Subject to Revision):
1. Introduction to macroeconomic data, where the variables come from?
- a. Some microeconomic foundations
- b. Economic indicators
- c. Current world economic issues
- d. National accounts
2. Macroeconomics in the short run
- a. Markets for goods and fiscal policy
- b. Markets for money and monetary policy
- c. The IS-LM model in a close economy
- d. The IS-LM in an open economy
3. Macroeconomics in the medium run
- a. The labour market
- b. Aggregate supply and aggregate demand
- c. The Phillips curve
- d. Inflation, activity and money growth Mid term test
- a. The basics
- b. Expectations and financial markets
- c. Expectations and macro variables
5. Macroeconomics in the long run
- a. Economic growth
- b. Savings, capital and output
- c. The state of technology and growth
6. Policy and revision
- a. Exchange rate regimes
- b. The 2007-2008 crisis
- c. The Eurozone and its challenges.
Courses and course hours of instruction are subject to change.