Principles of Economics: Macroeconomics

Discipline: Economics
Instructor: Allard
Credits: 3
Day: B
Start: 1050
End: 1205
Field Work: Day 1 - Tuesday, 6 October | Greece Download Syllabus

In the wake of the global financial crisis, questions regarding what drives output and incomes and how government policy can influence national economies have come to the forefront of public debate.  This course will analyze the main macroeconomic indicators (GDP, inflation and unemployment), explore the determinants of aggregate economic activity, and outline how fiscal, monetary and structural policies can influence economic outcomes.  It will also explore the implications of the international economy for domestic demand and policymaking.  Students will apply the principles to all of the countries visited on the SAS voyage.

Field Work

Country: Greece
Day: 1 - Tuesday, 6 October

Students of Macroeconomics will visit the Bank of Greece and IMF offices in Athens to discuss the severe recession suffered by the Greek economy beginning in the Eurozone crisis, and the demands by lenders for harsh austerity measures to reduce the massive public debt, which the government is now resisting.  They will gain a local perspective on the reasons for the crisis and the options which Greece has to exit it successfully. Academic objectives:

  1. To understand the financial crisis that hit the Eurozone, and with special severity Greece, beginning in 2010
  2. To link the crisis with the flaws in the design of the euro
  3. To evaluate Greece´s options as it faces the future:  default, exit from the euro, continued austerity
  4. To explore what policy or institutional changes might be needed in Europe to avoid similar situations in the future
  5. To observe the effects of recession, sharply restrictive fiscal policies and credit constraints on the Greek economy