Macroeconomics

18 units · 180 lessons · Intermediate · Free

Intermediate macroeconomics: goods and financial markets, the labor market, growth, expectations, the open economy, and policy.

What the course covers

  1. Unit 1 Introduction to Macroeconomics

    What macroeconomics studies, the key variables, and how economies behave over short, medium, and long horizons.

    1. What Macroeconomics Studies
    2. Output: GDP
    3. Unemployment
    4. Inflation
    5. Short, Medium, and Long Run
    6. A Tour of the World Economy
    7. Macro Crises in History
    8. Schools of Thought in Macro
    9. Measurement and Data Challenges
    10. How Macroeconomists Work
    Key terms

  2. Unit 2 The Goods Market

    The IS framework: how aggregate demand determines output in the short run.

    1. Composition of GDP
    2. The Consumption Function
    3. Equilibrium Output
    4. Government in the Goods Market
    5. Investment
    6. The Paradox of Saving
    7. Multipliers in Practice
    8. Beyond the Simple Goods Market
    9. Empirical Aspects of Demand
    10. Policy Implications
    Key terms

  3. Unit 3 Financial Markets I: Money and Interest Rate

    Money demand, money supply, and how the central bank sets the interest rate.

    1. Money and Bonds
    2. Money Demand
    3. Money Supply and Interest Rate
    4. Open Market Operations
    5. Banks and Money Creation
    6. Modern Monetary Policy Implementation
    7. Money in IS-LM
    8. Liquidity Trap
    9. Inflation Targeting Era
    10. Central Bank Independence
    Key terms

  4. Unit 4 The IS-LM Model

    Putting goods and financial markets together: short-run output and interest rate determination.

    1. The IS Curve
    2. The LM Curve Revisited
    3. IS-LM Equilibrium
    4. Fiscal Policy in IS-LM
    5. Monetary Policy in IS-LM
    6. Policy Mix and Coordination
    7. IS-LM and the Great Recession
    8. Limitations of IS-LM
    9. Modern IS-LM with Interest Rate Rule
    10. Beyond IS-LM: Modern Extensions
    Key terms

  5. Unit 5 Financial Markets II: Bonds, Stocks, Risk

    Beyond money: bonds of different maturities, stocks, risk premia, and financial crises.

    1. Bonds and Interest Rates
    2. The Yield Curve
    3. Stocks
    4. Risk and Risk Premia
    5. Bubbles and Crashes
    6. Financial Crises
    7. 2008 Crisis Deep Dive
    8. Quantitative Easing
    9. Eurozone Sovereign Debt Crisis
    10. Macroprudential Policy
    Key terms

  6. Unit 6 The Labor Market

    Wages, employment, the natural rate of unemployment, and how the labor market connects to inflation.

    1. Labor Market Basics
    2. Wage Setting
    3. Price Setting
    4. The Natural Rate of Unemployment
    5. From Labor Market to Inflation
    6. Hysteresis
    7. Matching and Search Models
    8. Labor Market Reforms
    9. Recent Labor Market Trends
    10. Labor Market and Macro Policy
    Key terms

  7. Unit 7 The Phillips Curve

    The inflation-unemployment relationship: original, expectations-augmented, and modern reformulations.

    1. Original Phillips Curve
    2. Expectations-Augmented Phillips Curve
    3. Natural Rate Hypothesis
    4. Recent Phillips Curve Debates
    5. Sacrifice Ratios in History
    6. Inflation Anchoring
    7. Phillips Curve in Open Economies
    8. The Volcker Disinflation
    9. Phillips Curve Today
    10. Implications for Monetary Policy
    Key terms

  8. Unit 8 Aggregate Supply and Demand

    From short to medium run: combining demand and supply to determine prices and output.

    1. From IS-LM to AS-AD
    2. Aggregate Demand Curve
    3. Aggregate Supply Curve
    4. AS-AD Equilibrium
    5. Demand Shocks in AS-AD
    6. Supply Shocks
    7. Stagflation
    8. Adjustment Speed and Sticky Prices
    9. AS-AD and Real-World Episodes
    10. Limits and Extensions of AS-AD
    Key terms

  9. Unit 9 Inflation, Activity, and Money Growth

    Medium-run dynamics: how money, output, and inflation co-evolve.

    1. Okun's Law
    2. Quantity Equation
    3. Money Growth and Inflation
    4. Disinflation Costs
    5. High Inflation and Hyperinflation
    6. Money and Output Comovement
    7. Modern Disinflations
    8. Central Bank Credibility
    9. Optimal Inflation Rate
    10. Implications for Policy
    Key terms

  10. Unit 10 Long-Run Growth: Facts

    Patterns of economic growth across countries and over time — the great enrichment and divergence.

    1. Growth Around the World
    2. Convergence
    3. Measuring Cross-Country Income
    4. Cross-Country Differences in Living Standards
    5. Decomposing Growth: Capital and Labor
    6. Total Factor Productivity (TFP)
    7. Institutions and Growth
    8. Geography and Growth
    9. Population and Demographics
    10. Modern Growth Slowdown
    Key terms

  11. Unit 11 The Solow Model: Saving and Capital

    How saving, capital accumulation, and depreciation determine long-run output and growth.

    1. Production Function in Solow
    2. Capital Accumulation
    3. Steady State
    4. Saving Rate and Output
    5. Golden Rule
    6. Empirical Solow
    7. Beyond Solow Convergence
    8. Saving Determinants
    9. Saving and Investment Linkages
    10. Modern Solow Applications
    Key terms

  12. Unit 12 Growth: Technological Progress

    Technology as the long-run engine of growth — measurement, drivers, and policy implications.

    1. Technology in the Solow Framework
    2. Measuring TFP
    3. R&D and Innovation
    4. Diffusion and Catch-up
    5. Productivity Slowdown Debate
    6. Endogenous Growth
    7. Productivity and Wages
    8. Globalization and Growth
    9. Climate, Energy, and Growth
    10. AI and Future Growth
    Key terms

  13. Unit 13 Expectations: Basic Tools

    Real interest rates, present value, and how expectations shape economic decisions.

    1. Nominal and Real Interest Rates
    2. Expected Real Rate and Decisions
    3. Present Value
    4. Bond Pricing and Yield
    5. Stock Pricing
    6. Rational and Adaptive Expectations
    7. Lucas Critique
    8. Asset Prices and Expectations
    9. Expectations and Inflation
    10. Forward-Looking Macro
    Key terms

  14. Unit 14 Expectations, Consumption, and Investment

    How forward-looking households and firms make consumption and investment decisions.

    1. Permanent Income Hypothesis
    2. Life-Cycle Theory
    3. Consumption Smoothing
    4. Investment Decisions
    5. Tobin's Q in Detail
    6. Financial Frictions
    7. Consumption Empirics
    8. Investment Empirics
    9. Consumption and Investment in the Cycle
    10. Modern Synthesis
    Key terms

  15. Unit 15 Expectations, Output, and Policy

    How forward-looking expectations and central bank rules shape macro outcomes.

    1. Expectations in the IS-LM World
    2. Forward Guidance
    3. Taylor Rule
    4. Inflation Targeting
    5. Credibility and Time Inconsistency
    6. Rules vs Discretion
    7. Modern Central Bank Frameworks
    8. Fiscal Policy and Expectations
    9. Crisis Policy and Expectations
    10. Modern Synthesis
    Key terms

  16. Unit 16 Open Economy: Goods and Exchange Rates

    How exchange rates, trade, and capital flows affect macro outcomes.

    1. Open Economy Basics
    2. Exchange Rates
    3. Marshall-Lerner Condition
    4. Open-Economy IS
    5. Balance of Payments
    6. Exchange Rate Determination
    7. Exchange Rate Dynamics
    8. Open Economy Multipliers
    9. Current Account Issues
    10. Open Economy in Modern Crises
    Key terms

  17. Unit 17 Output, Interest Rate, and Exchange Rate

    The Mundell-Fleming model: how monetary and fiscal policy work under different exchange rate regimes.

    1. Open-Economy IS-LM
    2. Fixed Exchange Rate Regime
    3. Flexible Exchange Rate Regime
    4. Fiscal Policy in Open Economy
    5. Monetary Policy in Open Economy
    6. Impossible Trinity
    7. Currency Unions and Optimum Currency Areas
    8. Currency Crises
    9. Capital Flow Management
    10. Modern Open-Economy Issues
    Key terms

  18. Unit 18 Fiscal and Monetary Policy

    Bringing it all together: stabilization, debt, and policy frameworks for the modern era.

    1. Government Budget Constraint
    2. Debt Sustainability
    3. Ricardian Equivalence
    4. Fiscal Multipliers
    5. Stabilization Policy
    6. Modern Monetary Policy Tools
    7. Macroprudential Policy
    8. Zero Lower Bound and Fiscal Policy
    9. Modern Macro Policy Frameworks
    10. Looking Forward: The Future of Macro Policy
    Key terms

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