Highlights
This course examines macroeconomic performance in the short and long run based on the economy's institutional and policy environment. First, we will develop a model of macroeconomy in the short run when the price level has its own momentum and does not respond much to supply and demand forces. Then, we'll begin analyzing the long-run equilibrium by examining the foreign exchange market. The third module examines the drivers of aggregate output in the long run and the mechanisms of adjustment from the short run to the long run. Finally, we will discuss the characteristics of desirable macroeconomic policies and the reasons why actual policies deviate from them.
You will be able to:
- Understand how the market for aggregate goods and services interacts with the money market to shape the macroeconomic equilibrium which determines income, interest rate, and exchange rate in the short run
- Assess the dynamic effects of macroeconomic policies and understand the roles of globalization, government policies, institutions, and expectations in macroeconomic outcomes
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