This course provides an introduction to the study of the aggregate national economy. It develops the basic theories of macroeconomics and applies them to topics of current interest. Issues to be explored include: the causes of inflation, unemployment, recessions, and depressions; the role of government fiscal and monetary policy in stabilizing the economy; the determinants of long-run economic growth; the long- and short-run effects of taxes, budget deficits, and other government policies on the national economy; the role of financial frictions in amplifying recessions; and the workings of exchange rates and international finance.
Format: lecture; Prof. Bakija and Prof. LaLumia intend to teach their synchronous class meetings primarily in an in-person, and not hybrid, format. Students who need to participate remotely must enroll in Prof. Casey's sections instead. Prof. Bakija intends to implement some mix of in-person lecture and discussion (maybe outside when the weather permits), pre-recorded video lectures to watch before class, and possibly occasional Zoom-based discussion, depending on public health conditions at the time.
Grading: yes pass/fail option,
yes fifth course option
Depending on instructor, may include: problem sets, short essays, quizzes, reading assignments, either one or two midterms, and a final exam.
First-year students and sophomores.
Course involves mathematical modeling of real-world phenomena, analyzing quantitative results, and describing those results in words.
POEC Required Courses