Students examine how the economy behaves at the aggregate level and how national income is
measured and determined. Topics include an overview of macroeconomics; measuring gross domestic
product, inflation and unemployment; demand including the multiplier process; supply, business
cycles, long-term growth; money, banking and monetary policy; inflation; interest rates;
stagflation; deficits and fiscal policy; exchange rates and balance of payments; exchange rate
policy; purchasing power and interest rate parity.
- Understand the forces determining macroeconomic variables such as inflation, unemployment,
interest rates, and the exchange rate;
- Formulate and assess macroeconomic policy suggestions;
- Define macroeconomic terminology, such as the multiplier, monetarism, the natural level of
unemployment, and fiscal policy;
- Interpret and evaluate media reports on the macroeconomy.
Module 1: Background and Overview
Module 2: Macroeconomic Basics
Module 3: The Monetary Sector
Module 4: Stagflation and Deficits
Unit 1: Stagflation
Unit 2: Deficits
Module 5: The International Sector
Unit 1: The Exchange Rate and the Balance of Payments
Unit 2: Policy in an Open Economy
Unit 3: Purchasing Power Parity and Interest Rate Parity
Required text and materials
Kennedy, P. E., & Prag, J. (2017). Macroeconomic essentials: Understanding economics in
the news. (4th ed.). Cambridge, MA: MIT Press.
Computer with Internet is required.
Please be aware that due to COVID-19 safety guidelines all in-person exams have been suspended. As such, all final exams are currently being delivered through ProctorU, which has an approximate fee of $35 involved. There will be more information in your course shell, on how to apply, if your course has a final exam.
To successfully complete this course, students must achieve a passing grade of 50% or higher on
the overall course, and 50% or higher on the final mandatory examination.
|Final exam *
Open Learning Faculty Member
An Open Learning Faculty Member is available to assist students. Primary communication is
through the Learning Environment’s “Mail” tool or by phone. Students will receive the necessary
contact information at the start of the course.