The macroeconomy of a country is a complex network consisting of millions of interacting pieces such as consumers, firms, banks, and government institutions. This course introduces students to some of the key models economist employ to understand how these pieces interact to generate economic growth, the business cycle, and inflation.
The course covers models of aggregate income determination in open economies; theories of aggregate economic behaviour with respect to consumption, investment expenditures, and financial transactions; balance of payments and exchange rate analysis; theories of inflation and unemployment; introductory dynamic analysis; and theories of growth and business cycles. The models will be applied to the data and used to analyse the observed growth patterns across the world. Macroeconomics 2 develops the tools, skills and knowledge base necessary to operate as a practicing macroeconomist. The course leads on from the first year macroeconomics course and provides a smooth transition for those intending to pursue macroeconomics in later years.
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