ECON 1951: Principles of Macroeconomics
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
Unit 1: Measurement
Unit 2: The Aggregate Demand Side
Unit 3: The Aggregate Supply Side
Module 3: The Monetary Sector
Unit 1: Money and Banking
Unit 2: Inflation
Unit 3: The Interest Rate
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 should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact firstname.lastname@example.org with any questions about this.
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 *||60%|
Open Learning Faculty Member Information
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.