This course provides an introduction to macroeconomics as the study of the economy in its entirety. The objective is to foster an understanding of how output, employment, unemployment, wages, inflation, financial systems, and government policies interact to determine overall economic performance. The course focuses on conceptual reasoning, real-world data interpretation, and policy analysis rather than formal mathematical derivations. Students will learn to interpret macroeconomic indicators, understand the functioning of labour and product markets, analyze the interactions between aggregate demand and supply, and evaluate fiscal and monetary policy responses to economic shocks. By the end of the course, students should be able to connect macroeconomic theory with real-world economic developments and critically assess policy debates.

Lectures

By the end of this course, students will be able to: 1. Explain how the economy functions at the aggregate level. 2. Define and interpret key macroeconomic indicators such as GDP, unemployment, inflation, and real wages. 3. Distinguish between nominal and real variables and explain why the distinction matters. 4. Analyze how labour and product markets determine employment and wages using the WS–PS framework. 5. Explain the concept of structural unemployment and its determinants. 6. Describe how aggregate demand influences output and employment. 7. Identify and distinguish between demand shocks and supply shocks. 8. Explain the role and mechanisms of fiscal policy and monetary policy. 9. Understand the basic functioning of the financial sector and its macroeconomic importance. 10. Compare macroeconomic performance across countries and explain differences using institutional and structural factors. 11. Discuss long-run economic growth and the role of productivity, technology, and institutions. 12. Critically evaluate macroeconomic policy debates using economic reasoning.

Seminars

By the end of the course, students will be able to: 1. Interpret and analyze macroeconomic data from international statistical sources (e.g., World Bank, OECD, Eurostat). 2. Construct and interpret basic macroeconomic graphs, including trends in GDP, unemployment, inflation, and wages. 3. Compare macroeconomic performance across countries using employment, participation, and inflation indicators. 4. Apply the WS–PS framework to explain changes in real wages and unemployment. 5. Identify and classify macroeconomic shocks as demand-side or supply-side. 6. Evaluate the likely effects of fiscal and monetary policy measures using economic reasoning. 7. Analyze real-world economic events (such as financial crises or inflation episodes) using the theoretical models studied in class. 8. Formulate structured economic arguments supported by data. 9. Work effectively in small groups to solve applied macroeconomic problems. 10. Present and defend economic reasoning in short discussions and case analyses.

Knowledge of microeconomics