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Aims: To provide students with a thorough understanding of core concepts and methods of macroeconomics as a foundation for subsequent study of macroeconomic topics within the degree programme, and as one of the key elements in the professional training of an economist.听In the first half of the course, you will study economic variables such as a country鈥檚 income per capita, unemployment, inflation, and the interest rate. The course will cover the basic frameworks you need to understand contemporary debates about fiscal and monetary policies.听The second half (*International Macroeconomics鈥�) will cover chapters 1 to 10 of the book 鈥淚nternational Macroeconomcs, a modern approach鈥� by Schmitt-Groh茅, Uribe and Woodford, 2022, Princeton University Press.听

Indicative topics: (please note that these are subject to possible changes) First Term: Consumption and Investment, Wage and Price Setting, Monetary Policy Rules and the Role of Central Banks, Expectations and the Effectiveness of Policy, Debt Dynamics and Sustainability, the Financial Sector and the Global Financial Crisis.听Second Term Global Imbalances, Current Account sustainability - An Intertemporal Theory of the Current Account - Terms of Trade, the World Interest Rate and the Current Account - Current Account in a Production Economy - Uncertainty and the Current Account - The Twin Deficits - The Real Exchange Rate and Purchasing Power Parity - Determinants of the Real Exchange Rate.听

Teaching delivery: The course duration is 10 weeks in the first term and 10 weeks in the second term. All students meet weekly with the professor for a lecture of two hours. Starting on the fourth week of each term, there will be weekly tutorial/practice sessions. Seminar sessions will be used to discuss in more depth the topics studied, to learn to relate the acquired knowledge to everyday economic issues and to solve problems that students have previously worked on.

Suitable for: Compulsory for 2nd year BSc Economics (L100, L101 and L102), Economics and Geography (LL17) and Philosophy and Economics (VL51) students. Also BSc Politics, Philosophy and Economics (4V86) students on the Economics and Politics concentration, and BA European Social and Political Studies (R990) students (if taking the Economics Specialisation route).

Prerequisites: ECON0002 or equivalent.听

Assumed knowledge: Students coming in to the course should have a sound knowledge of the supply and demand side models of the macro-economy covered in ECON0002 (Units 6, 7, 9, 10, 13-16 of The Economy https://core-econ.org/the-economy/ ), including the micro-foundations of the labour market and of credit constraints using principal agent models of the labour and credit markets.听Students should also have a good command of basic microeconomics (production function, utility maximisation)