• Explain fully the basic concepts, models, theories and tools used in this macroeconomics course and use them to analyze economic decisions by individuals and by firms.
• Explain how and what we measure economics agggregates. Explain why economics focuses on economic growth and develop models that help us to understand what factors aid in economics growth. Explain why we care aout growth and how knowledge of personal finance ands stock markets can lead to growth in aggregate and indiovidual wealth.
• Predict the typical general effects of the business cycle on inflation and unemployment. Display clear knowledge of the correct countercylical monetary and fiscal policies in an economic contraction and an economic expansion.
• Articulate and explain the origins, workings, and potential problems in monetary systems.
• Analyze economic outcomes in terms of their effects on aggregate income and income distribution.
• Outline the major themes of international trade and international finance in an economic analytical framework.

The Principles of Macroeconomics is the introductory, foundational course that gives students a comprehensive overview of macroeconomic theory. It provides the framework for subsequent intermediate macroeconomic theory courses and is any student's introduction to the analysis of economies at the aggregated (national or state) level.

Macroeconomics is the study of the behavior of an entire economy aggregated across all of the individual decision-making units. It deals primarily with those factors affecting production, employment, and price levels. Topics which we will cover include: economic growth, business cycles, the national debt, interest rates, government spending, the measurement of economic aggregates, monetary policy, and fiscal policy. We will also introduce international economics and policies along with international finance. 

There is relatively wide agreement on the goals of macroeconomic policy: growth in real output, full employment, and price stability. However, macroeconomic theory is marked by diverse perspectives concerning the appropriate policy actions required to achieve these goals. A number of alternative schools of thought exist including Keynesianism, Monetarism, and Rational Expectations. Each stresses different paths and perspectives on the proper path(s) to achieving the goals of macroeconomic success.

Students are encouraged to follow the economic and financial news over the period of the course – the course will provide the background necessary for formulating informed opinions on the workings of a macroeconomy.

The primary focus of this course is on the development of analytical prowess or "critical thinking." The discipline of economics originated within philosophy, rhetoric, logic and mathematics and transitioned through political economy in the 19th century into modern economics.  As a result, economics is a very broad social science drawing upon the interconnectedness of human action. We model human behaviors within particular institutional arrangements.

This course focuses on the macroeconomy including government policies designed to influence, direct, and coordinate economics behavior.  The two major categories of policies covered here are fiscal policy and monetary policy.  We will address how we recognize the business cycle, why we may want to use policy to adjust that cycle, and what polices would be called from in both the fiscal and monetary policy actions spheres. We will also develop an understanding of the monetary system. 

The Preliminary Assignment is to read an article by RA Radford entitled “The economics organization of a POW camp,” (Economica, 1945) and be prepared to participate in the discussion in the first class. The Mid-term Assignment will be a take-home examination covering course materials up to Class 6 and will be similar to the final examination. Its format will be multiple choice and short answer. 

Preliminary Assignment: To help students get maximum value from ISUP courses, instructors provide a reading or a small number of readings or video clips to be read or viewed before the start of classes with a related task scheduled for class 1 in order to 'jump-start' the learning process.

Feedback Activity: A feedback activitity defined by the course instructor will take place app. half-way through the course. 
 

The timetable is available on  http://www.cbs.dk/files/cbs.dk/isup_timetable_2016_updated.pdf

Modern Principles: Macroeconomics

Authors: Tyler Cowen and Alex Tabarrok

Publisher: Worth Publishers

ISBN-13: 9781429278409