Course Outline--Principles of Economics II (Macro)
Philip Leatherwood, Senior Lecturer of Economics
Kazakh Institute of Management, Economics, and Forecasting
Introduction
How to approach the study of Macroeconomics
Macro vs. MicroeconomicsNational Income Accounts
Circular Flow of income
Injections and leaks
Income, expenditure, output
Definitions
Gross vs. net
National vs. domestic
Real vs. nominal
Total vs. per capita
Factor cost
Market prices
Limits of national inome accounts
Measurements over time
International comparisons
Measurements
Gross vs. net
National vs. domestic
Real vs. nominal
Total vs. per capita
Factor cost
Market prices
Macroeconomic Policy Objectives
Growth and development
Full employment
Price stability
External equilibrium
Macroeconomic models
Aggregate Demand
fiscal policy
monetary policy
foreign income changes
external shocks
Aggregate Supply
Macroequilibrium
Legislation
Investment
labor market effects
supply side policies
controversy over the character of aggregate supply
The components of demand
consumption
investment
government spending
net exports
The Keynesian Model
diagram
multiplier
accelerator
conflicts of policy objectives
Unemployment and Inflation
definitions
measurement
causes
solutions
Modeling the macro policy debate
testing fiscal policy
supply side economics
Money and Banking
How banks create money
Fractional Reserve System
Monetary Policy
The Macroeconomic debate
Keynesian-monetarist
limits of policy
crowding out
Phillips curve
Laffer curve
Modeling