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    Macroeconomics

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    Álisson López
    The document provides an overview of the Part I Paper 2 Macroeconomics course at the University of Cambridge. It outlines the aims, objectives, lecture courses, reading materials, supervisions, and examination for the course, which introduces macroeconomic systems and analysis of economies in both closed and open market conditions in the short and long run.

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    Macroeconomics

    Uploaded by

    Álisson López
    6 views2 pages
    The document provides an overview of the Part I Paper 2 Macroeconomics course at the University of Cambridge. It outlines the aims, objectives, lecture courses, reading materials, supervisions, and examination for the course, which introduces macroeconomic systems and analysis of economies in both closed and open market conditions in the short and long run.

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    The document provides an overview of the Part I Paper 2 Macroeconomics course at the University of Cambridge. It outlines the aims, objectives, lecture courses, reading materials, supervisions, and examination for the course, which introduces macroeconomic systems and analysis of economies in both closed and open market conditions in the short and long run.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    6 views2 pages

    Macroeconomics

    Uploaded by

    Álisson López
    The document provides an overview of the Part I Paper 2 Macroeconomics course at the University of Cambridge. It outlines the aims, objectives, lecture courses, reading materials, supervisions, and examination for the course, which introduces macroeconomic systems and analysis of economies in both closed and open market conditions in the short and long run.

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    © All Rights Reserved
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    Part I Paper 2 Macroeconomics

    Paper Co-ordinator: Dr C Brendon


    cfb46@cam.ac.uk

    Paper content
    Macroeconomics studies the behaviour of the aggregate economy in the short and long run,
    in closed as well as open economies.

    Aims
    The paper introduces students to macroeconomic systems, providing them with an
    understanding of the interdependency between key economic variables and a set of tools
    enabling them to undertake systematic macroeconomic analysis.

    Objectives
    Upon completion of this paper, students should have:
    • an understanding of macroeconomic systems and the way they work;
    • a critical understanding of the importance of key assumptions;
    • the capacity to undertake comparative static analysis;
    • a basic understanding of the determinants of national income (in the short and long
    run; as well as in open and closed economies), business cycle fluctuations and
    economic growth;
    • a basic understanding of principles and knowledge of current topics of
    macroeconomic policy.

    Lecture Courses
    This paper focuses on the macro economy as a general equilibrium system and discusses
    how goods, money and factor markets interact to determine national income and its
    components. The paper first introduces the main concepts of macroeconomic analysis,
    including how to measure macroeconomic data. It then analyses macroeconomic outcomes
    for a closed economy in the long run, followed by short run fluctuations and business cycle.
    Next, the paper introduces macroeconomic analysis in an open economy in both the short
    and the long run. Last, the paper presents facts about the UK economy and current topics in
    macroeconomic policy. The lecture courses for this paper are:
    Macroeconomics Principles I (Dr Chryssi Giannitsarou, 16 lectures, weeks 1-8, Michaelmas
    Term). The topics to be covered are: Measuring macroeconomic data; the classical model of
    the long run; economic growth; labour market and the natural rate of unemployment;
    monetary system and the central bank; money and inflation; introduction to the short run
    macro, the great recession and the COVID-19 shock.

    Macroeconomics Principles II (Dr Charles Brendon, 16 lectures, weeks 1-8, Lent Term). The
    topics to be covered are: The short run model; IS, LM and MP curves; aggregate demand in
    the short run; monetary policy in the short run model; theories of short run aggregate
    supply; AD-AS framework and policy; the short run model, the great recession and the
    pandemic recession; small open economies in the long and short run; macroeconomic policy
    in open economies;

    Reading
    The core lectures will be structured around two key textbooks:
    Jones, C. Macroeconomics, International edition (4th edition 2018, or 5th edition 2020).
    Mankiw, N. G. and M.P. Taylor, Macroeconomics, European Edition, (2nd edition, 2014).

    Supervisions
    Course outlines will be posted at the beginning of term at the Faculty teaching website. To
    facilitate coordination between lectures and supervisions, eight suggested supervision
    assignments will be posted on the course website, corresponding to one assignment per
    four hours of lectures. These will be accompanied by a recommended supervision
    programme that follows the course structure and lectures. Supervisions are organised by
    your Director of Studies.

    Examination
    Please refer to the Form and Conduct Notice pages on Moodle.

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