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.
Learning outcomes
- 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.
Course topics
Module 1: Background and Overview
Module 2: Macroeconomic Basics
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Unit 1: Measurement
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Unit 2: The Aggregate Demand Side
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Unit 3: The Aggregate Supply Side
Module 3: The Monetary Sector
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Unit 1: Money and Banking
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Unit 2: Inflation
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Unit 3: The Interest Rate
Module 4: Stagflation and Deficits
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Unit 1: Stagflation
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Unit 2: Deficits
Module 5: The International Sector
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Unit 1: The Exchange Rate and the Balance of Payments
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Unit 2: Policy in an Open Economy
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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.
ISBN: 978-0-262-53334-8
Additional requirements
Computer with Internet is required.
Assessments
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 exams@tru.ca 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.
| Assignment 1 | 10% |
| Assignment 2 | 10% |
| Assignment 3 | 10% |
| Assignment 4 | 10% |
| Final exam * | 60% |
| Total | 100% |
* Mandatory
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.
