Macroeconomics
Topics covered in a traditional college level introductory macroeconomics course
GDP: Measuring national income
Circular flow of income and expenditure. Gross domestic product.
- Introduction to economics
- GDP and the circular flow of income and expenditures
- Components of GDP
- Real and nominal GDP
- National income and inequality
Inflation - measuring the cost of living
Inflation and deflation. CPI-U. Real and nominal return. Phillips Curve.
- Measuring cost of living --inflation and the consumer price index
- Real and nominal return
- Deflation
- Inflationary and deflationary scenarios
- The Phillips curve: Inflation and unemployment
Aggregate demand and aggregate supply
Aggregate demand and aggregate supply. Keynesian thinking. Demand-pull and cost-push inflation. Fiscal and monetary policy.
- Aggregate demand and aggregate supply
- Historical circumstances explained by AD/AS
- The business cycle
- Monetary and fiscal policy
- Keynesian thinking
The monetary system
Fractional reserve banking and the money supply.
- Fractional reserve banking
- Money supply
- Fractional reserve accounting
- Interest as the price of money
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.