Macroeconomics Topics covered in a traditional college level introductory macroeconomics course Community Questions GDP: Measuring national income Circular flow of income and expenditure. Gross domestic product. Inflation - measuring the cost of living Inflation and deflation. CPI-U. Real and nominal return. Phillips Curve. Aggregate demand and aggregate supply Aggregate demand and aggregate supply. Keynesian thinking. Demand-pull and cost-push inflation. Fiscal and monetary policy. The monetary system Fractional reserve banking and the money supply. Income and expenditure: Keynesian cross and IS-LM model Consumption function. Marginal propensity to consume and multiplier. Keynesian Cross and IS-LM model. Foreign exchange and trade Balance of payments. Current account. Capital account. Currency reserves and speculative attacks.