Introductory macroeconomics

Macroeconomic relationships explain the aggregate behaviour of economic agents -- individuals and firms -- for various levels of income, assets, liquidity, interest rates, relative prices, and other economic variables. This textbook Introductory Macroeconomics aims to help you understand recent developments in Macroeconomics using graphic analysis and basic calculus. We will study the stylised facts of business cycle fluctuations, economic growth and unemployment, trade theory and trade policy. Furthermore, we will discuss what light modern macroeconomics can shed on these facts; and finally evaluate the scope for policy to improve macroeconomic performance. The topics covered are: aggregate demand and aggregate supply, consumption and investment, the determinants of long-run economic growth, money growth and inflation, unemployment; economic pathologies such as persistent unemployment and high inflation, the cyclical behaviour of the economy, the influence of monetary and fiscal policy and the impacts of international trade in an open economy.