Economics for non-economists: Intermediate Macroeconomics

Course Overview:

This two day course builds on the Introductory Economics for non-economists course.

The purpose of this course is to review and analyse current macroeconomic issues and events, from the perspective of the interactions between the private sector and government policymakers. We focus in particular on the keys to economic growth, the determinants of business cycles, the role of fiscal and monetary policies, and the causes and consequences of the Great Recession of 2008.

By the end of the course you should be armed with a structure and general enough economic concepts to understand the interactions between the economy, policymakers and the global environment in a deep and wide-ranging way. The class covers state-of the-art concepts, with extensive use of data-based examples, but minimal formalism and no jargon. It breaks down in four parts. 


Day 1
    • National Accounting
    • GDP, its components, its meaning, its limitations 
    • The underground economy 
    • Real and Nominal Variables, GDP vs. GNI, per capita or in levels
    • The open economy: Savings, Investment, The balance of payments, The trade balance, The 'savings glut'
    • Introduction to exchange rates
    • Economic Growth
    • The long run, Convergence, the Kaldor Facts
    • The key drivers of growth: Innovation, Investment, Institutions, Natural Resources
    • Growth Miracles


Day 2
    • The business cycle
    • Measurement, Predictability, Co-movements, Labour Markets
    • IS-LM and the Aggregate Supply / Aggregate Demand model
    • Some illustrations: Fiscal and Monetary policy in the short run
    • Exchange rate regimes
    • Monetary policy in practice
    • The importance of expectations
    • Fiscal policy in practice
    • Today: The Great Depression (1929) and the Great Recession (2009) 


Course Summary: 

  • Duration: 2 Days
  • Price: £575 + VAT
  • Dates: 1-2 June 2015
  • Code: ECO103

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