Macroeconomics

科目授業名: Macroeconomics

授業内容: This course introduces a unified and global view of macroeconomics, enabling students to see the connections between goods markets, financial markets, and labor markets worldwide. We examine the determination of aggregate output, unemployment, prices, interest rates, inflation and open economy topics, in the short-run, medium-run and long-run markets. Throughout the course, we consider macroeconomic policies and economic issues of current interest form the major economic crisis and monetary policy in the United States, to the problem of Euro area and growth in China. Models and tools taught in a class help students employ and develop their analytical and evaluative skills.

授業の狙い: You will finish the course equipped with a basic understanding of news relating to economy as a whole.

教科書 Textbook:

• Oliver Blanchard (2020). Macroeconomics, 8th Edition, Pearson.

參考文献 References:

• [ALL] Acemoglu D., Laibson, D., and List. J. (2018). Macroeconomics, 2nd Edition, Pearson.
• [C] Chetty, R. (2019). Using big data to solve economic and social problems. Harvard University. https://opportunityinsights.org/course/

授業計画[30回]:

1. The principles and practice of economics [ALL]
2. Economic methods and economic questions + Constructing and interpreting graphs [ALL]
3. A tour of the world and macroeconomic terminologies
4. The goods market – the demand for goods and equilibrium output
5. Financial markets I – the demand for money and interest rate
6. Goods and financial markets – the IS-LM model – the goods market and the IS
7. Goods and financial markets – the IS-LM model – financial markets and the LM
8. Financial markets II – the extended IS-LM model – nominal versus real interest rates, risk premium
9. The labor market – wage and price determination, the natural rate of unemployment
10. The Philips curve, unemployment, and inflation – part I
11. The Philips curve, unemployment, and inflation – part II
12. From the short to the medium run: the IS-LM-PC model – dynamics
13. From the short to the medium run: the IS-LM-PC model – fiscal consolidation
14. Review
15. Midterm
16. The facts of growth – time, space, and production function
17. Saving, capital accumulation, and output
18. Technological progress and growth
19. Solow growth model and the endogenous growth model (the AK model)
20. The challenges of growth
21. Why isn’t the whole world developed? [ALL]
22. Institutions and economic development – big data perspectives [C]
23. Upward mobility, innovation, and economic growth – big data perspectives [C]
24. Income taxation – big data perspectives [C]
25. Financial markets and expectations
26. Expectations, output, and policy
27. Expectations, consumption, and investment
28. Openness in goods and financial markets
29. Epilogue: the story of macroeconomics
30. Final examination

Evaluation Components

• class evaluation  (20%)
• midterm (40%)
• final exam (40%)