ECON 20020 Macroeconomics 1

Lecturer Vincent Hogan D205 JHN Office Hours: Tuesday 11–12 and by appointment

Overview This course will build on ECON 10020 Many similar themes But more rigorous treatment

Learning Objectives To understand the workings of the modern macroeconomy in the short run We will place emphasis on how a government can deal with economic shocks especially those that effect a small open economy We will also emphasize the role of expectations, flexibility & the time frame in macroeconomics I will provided empirical evidence to back up (or refute) the conclusions of the models

Reading Material Any Macro book will do. Notes will be posted on Blog (see below) Main Text: Mankiw, Macroeconomics, Macmillan International 8th edition Any Macro book will do. Robert J Gordon, Macroeconomics, Pearson International 11th edn; Blanchard etc There should be lots of second hand books around

Pop Economics Some “pop economics” books are also very useful When Markets Collide: Investment Strategies for the Age of Global Economic Change by Mohamed El-Erian  The Return of Depression Economics and the Crisis of 2008 by Paul Krugman Irrational Exuberance - by Robert J. Shiller Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof and Robert J. Shiller Available on Amazon or audible or iTunes

Websites There are a couple of useful blogs www.irisheconomy.ie http://delong.typepad.com/ The following web sites are useful for data: http:/www.cso.ie http:/www.finance.gov.ie http:/www.centralbank.ie http:/www.ecb.org Online access via the UCD library to OECD and IMF databases

Course Website This blog will be used to present the course material: Course website (Vincenthogan.ie) Old version of course in on blackboard This blog will be used to present the course material: Notes will be posted before each class in powerpoint and pdf exercises will be posted regularly Audio files of each lecture extra readings if applicable announcements relating to the class.

Outline To be amended as necessary What is the Point of Macro and how do we do it? The Closed Economy in the Short Run (IS-LM Model) The Open Economy in the Short Run The Supply Side: how is policy affected by peoples expectations? Inflation and Unemployment: is there a Trade-off? Why is there Unemployment? What determines consumption? Government Debt What determines Investment? Economic Policy and Politics

Assessment The main Exam in May will be worth 70% There will be a mid-term assessment (MCQ) in Feb which will count for 30%