This course is an introduction to macroeconomics, the branch of economics that studies the economy as a whole. It examines key macroeconomic concepts, including national income, economic growth, inflation, unemployment, monetary and fiscal policy, and international trade. Students will develop a foundational understanding of macroeconomic theories and their applications to real-world issues.
Learning Objectives
By the end of this course, students should be able to:
Understand the distinction between microeconomics and macroeconomics
Measure and interpret key macroeconomic indicators
Analyse the determinants of economic growth
Examine the causes and consequences of unemployment and inflation
Explain the causes of demand-pull and cost-push inflation.
Understand the role of aggregate demand and aggregate supply in economic fluctuations
Evaluate the role of monetary and fiscal policy in macroeconomic stabilization
Discuss international trade, exchange rates, and global economic interactions
Apply macroeconomic concepts to current economic issues
Main Textbook
Case, K. E., Fair, R. C., & Oster, S. M. (2020). Principles of economics (13th ed.). Pearson.
Supplementary Books:
Chang, H.-J. (2014). Economics: The user's guide. Bloomsbury.
CORE Team. (2023). The Economy: Macroeconomics. CORE Economics Education.
https://www.core-econ.org/the-economy/macroeconomics/0-3-contents.html
Course slides and supplementary readings can be accessed on Marmara Cloud (password-protected)
Additional readings by chapter:
Measuring National Output and National Income:
Fox, J. (2012). The economics of well-being. Harvard Business Review.
Lepenies, P. (2016). Why GDP? Project Syndicate.
Coffey, K. (2022). GDP doesn’t actually tell us whether the economy is good or not. Vox.
Unemployment:
Rodrik, D. (2023). Better jobs mean better development. Project Syndicate
Inflation:
Phillips Curve:
Cecchetti, S. G., & Schoenholtz, K. L. (2017). The Phillips Curve: A Primer. Money and Banking
Hendrickson, J. R. (2023). Lessons from the Phillips Curve. American Institute for Economic Research.
Ng, M., Wessel, D., & Sheiner, L. (2018). The Hutchins Center Explains: The Phillips Curve. The Brookings Institution.
Yglesias, M. (2014) The NAIRU, explained: why economists don’t want unemployment to drop too low, Vox
Long-Run Growth:
World Bank – World Development Indicators (WDI)
International Monetary Fund (IMF) – World Economic Outlook (WEO)
United Nations (UN) – National Accounts Main Aggregates Database
National Accounts of OECD Countries
Eurostat – Stats for the European Union