After successful completion of the course, students are able to...

• explain key macroeconomic variables (GDP, unemployment rate, inflation rate, etc.) as well as their interrelation
• judge the potential and effectiveness of fiscal and monetary policy, and differentiate between its short und medium-run effects
• analyze important macroeconomic questions by means of simple mathematical models
• contrast different macroeconomic models and verify their validity by comparing to empirical observations
• independently retrieve and prepare macroeconomic data provided by statistical offices

1. Introduction: Evolution of macroeconomic variables in selected countries during the last decades
2. Goods market: national income accounting, multiplier models
3. Financial markets and the IS-LM model: short-run effects of monetary and fiscal policy in a closed economy
4. Labor market, Phillips curve and the IS-LM-PC model: medium-run effects of monetary and fiscal policy in a closed economy
5. Goods and financial markets in an open economy

Introduction and analysis of macroeconomic models with algebraic and graphical means

Presentation and interpretation of statistical data

The preparatory meeting takes place in the first course of the corresponding lecture.

indepedent solution of problem sets and presentation at the blackboard

Olivier Blanchard und Gerhard Illing, Makroökonomie, 7., aktualisierte und erweiterte Auflage, Pearson Studium, 2017