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ECON 20020 Macroeconomics 1

ECON 20020 Macroeconomics 1. Lecturer. Vincent Hogan D205 JHN Office Hours: Thursday 9–11 and by appointment. Overview. This course will build on ECON 10020 Many similar themes But more rigorous treatment. Learning Objectives.

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ECON 20020 Macroeconomics 1

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  1. ECON 20020Macroeconomics 1

  2. Lecturer • Vincent Hogan • D205 JHN • Office Hours: Thursday 9–11 and by appointment

  3. Overview • This course will build on ECON 10020 • Many similar themes • But more rigorous treatment

  4. Learning Objectives • To understand the workings of the modern macroeconomy in the short run • We will place emphasis on how a government can deal with economic shocks especially those that effect a small open economy • We will also emphasize the role of expectations, flexibility & the time frame in macroeconomics • I will provided empirical evidence to back up (or refute) the conclusions of the models

  5. Reading Material • Notes will be posted on Blog (see below) • Main Text: Mankiw, Macroeconomics, Macmillan International 8th edition • Any Macro book will do. • Robert J Gordon, Macroeconomics, Pearson International 11thedn; • Blanchard etc • There should be lots of second hand books around

  6. Pop Economics Some “pop economics” books are also very useful • When Markets Collide: Investment Strategies for the Age of Global Economic Change by Mohamed El-Erian • The Return of Depression Economics and the Crisis of 2008 by Paul Krugman • Irrational Exuberance - by Robert J. Shiller • Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay • Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof and Robert J. Shiller • Available on Amazon or audible or iTunes

  7. Websites • There are a couple of useful blogs • www.irisheconomy.ie • http://delong.typepad.com/ • The following web sites are useful for data: • http:/www.cso.ie • http:/www.finance.gov.ie • http:/www.centralbank.ie • http:/www.ecb.org • Online access via the UCD library to OECD and IMF databases

  8. Course Website • Course website (Vincenthogan.ie) • Old version of course in on blackboard • This blog will be used to present the course material: • Notes will be posted before each class in powerpoint and pdf • exercises will be posted regularly • Audio files of each lecture • extra readings if applicable • announcements relating to the class.

  9. Outline To be amended as necessary • What is the Point of Macro and how do we do it? • Review of the basics • The Closed Economy in the Short Run (IS-LM Model) • The Open Economy in the Short Run • The Supply Side: how is policy affected by peoples expectations? • Inflation and Unemployment: is there a Trade-off? • Why is there Unemployment? • What determines consumption? • Government Debt • What determines Investment? • Economic Policy and Politics

  10. Assessment • The main Exam in May will be worth 70% • There will be a mid-term assessment (MCQ) in Feb which will count for 30%

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