ECON 221

Course Code & Number

ECON 221

Course Title

Macroeconomics I

Level

BS

Credit Hours/ ECTS Credits

(3+0+0) 3 TEDU Credits, 6 ECTS Credits

Year of Study:

Sophomore

Semester:

Fall

Type of Course:

Compulsory

Mode of Delivery:

Face-to-face

Language of Instruction:

English

Pre-requisite / Co-requisite:

Catalog Description

Macroeconomics and national income accounting. Keynesian Theory and Classical Theory. Closed economy version of Keynesian macroeconomics under fixed price and variable prices. Labor market and Phillips Curve. Open-economy and Mundell-Fleming analysis. Analysis of basic macroeconomic variables.

Course Objectives

The aim of this course is to introduce students the fundamentals of macroeconomics theory. The course will provide a general introduction to Keynesian Theory, Classical Theory, Labor market, Phillips curve and Mundell-Fleming analysis.

Course Learning Outcomes

Upon succesful completion of this course, a student will be able to
1. Describe national income accounting. 
2. Differentiate Keynesian theory and classical theory. 
3. Explain and compare the impacts of monetary policy and fiscal policy in a closed and open economy. 
4. Explain labor market and Phillips-curve. 
5. Derive the IS and LM curves from equilibria in the asset and goods markets. 
6. Evaluate the relationship between interest rates and income using IS-LM analysis
7. Evaluate the relationship between prices and income using AS-AD analysis. 
8. Analyze Phillips curve and basic macroeconomic variables. 
9. Apply macroeconomics to current policy issues.

Recommended Reading

1. Barro. R., Macroeconomics: A Modern Approach. South-Western College Pub., Cincinnati, 2007.