Brief course outline
The course is divided in four parts. The first part presents a closed economy in the long run with flexible prices and discusses the distribution of income, the flow of goods and services, national income accounting, money creation and the functioning of the labor market. The second part looks at the economy in the very long run with a focus on growth theory. We explain why some countries have increased per capita income in a spectacular way over the last one hundred and fifty years and why other countries have remained poor. The next part discusses an open economy in the short run when prices are sticky. We explain the underlying causes of business cycles, cyclical unemployment and how the balance of payments can influence the domestic economy. The final part looks at important policy areas, namely the efficacy of stabilization policy, government debt, the European Economic and Monetary Union and the reasons for the Great Recession.
Textbook: N. G. Mankiw and M.P. Taylor, "Macroeconomics - European Edition", Worth Publishers, 2nd edition, published in May 2014. (link)
Textbook: N. G. Mankiw and M.P. Taylor, "Macroeconomics - European Edition", Worth Publishers, 2nd edition, published in May 2014. (link)