ISYLS11 - Rutgers University Spring 2011 Department of...

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Rutgers University Department of Economics Spring 2011 Neil Sheflin Introduction to Macroeconomics 220:103 Section 01 corrected 1/26 Is the great recession over? Could it still become a depression ? What caused it? What did we do about it? Why does it matter? What’s GDP and why is it “gross”? What causes unemployment and what policies can reduce it? What’s inflation , and what harm does it cause? How do interest rates matter? How fast will our economy and our wealth grow ? What is money and what role does it have in the economy? Why do banks matter? What’s the Fed and what is it doing now? What are monetary and fiscal policy? What does China have to do with the U.S. economy? What does China’s exchange rate have to do with anything? What's bad about government deficits and the national debt ? The trade deficit ? How does international trade impact our economy? What are the roles of the stock market and the financial system and how can you make (and lose) a fortune? Macroeconomics studies the behavior of the aggregate economy and deals with the determinants of a nation’s output and income , the determinants of the average level of prices and their rate of change (inflation), and the determinants of growth in an economy. While an Introductory Microeconomics course is highly recommended , it is not required if one is prepared to quickly catch-up (but if you have a choice, take Micro first ). Above all, this is intended to be an interesting, important, useful, and demanding course dealing with issues you will certainly face in your private, public, and professional lives and which will provide you with useful and usable skills and insights (and some cookies ). Instructional Goals: Students who satisfactorily complete Introduction to Macroeconomics will understand and be able to articulate the core principles, concepts and theories of modern macroeconomics (the basic aggregate demand and supply model, the multiplier, the Keynesian, Classical and Monetarist models, the open-economy macro model, neo-classical and new growth theory, etc). Students will begin to develop the ability to interpret and analyze economic data such as aggregate output, inflation, unemployment and growth rates. Through lectures, discussions, assignments and readings students will become familiar with the theoretical framework of macroeconomics and learn to apply it to the analysis of macroeconomic policy issues. Students will also get smarter and more interesting.
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