Upon successful completion of the course, students will:
• understand the basic principles of microeconomic foundation of macroeconomic models
• understand the short-run equilibrium in a closed economy by formulating and solving algebraic models examining the effects of various macroeconomic policies
• point out the basic principles of confrontation between the two basic theoretical perspectives (Classical and Keynesians)
• understand the medium term equilibrium of an economy by highlighting the impact of labor market distortions on the equilibrium income and employment
• understand how the expectations of economic agents affect the results of macroeconomic policies
• understand the long-term path of the economy, the importance of economic growth as well as the economic policies that can ensure long-term economic growth and development
Course Content (Syllabus)
Course objective: The provision of knowledge in the subject of macroeconomic theory and policy at an intermediate level. The deepening of students' knowledge regarding the total demand and supply, the labor market, the dynamic adjustment and the rational expectations and finally the theory of economic growth.
• The short-term equilibrium in a closed economy
• The medium term equilibrium in a closed economy
• Adaptive expectations and dynamics
• Rational expectations
• Theory of economic growth
Additional bibliography for study
2. Μ Σιδηρόπουλος, Μακροοικονομική Θεωρία και Πολιτική, εκδ. Μάρκου Ι. Γ. & Σία, Θεσσαλονίκη, 2016. Κωδικός Βιβλίου στον ΕΥΔΟΞΟ: 50660437.
3. Heijdra Ben, Foundations of Modern Macroeconomics, 2nd Edition, Oxford University Press, 2009.
4. Romer David, Advanced Macroeconomics, 5th Edition, McGraw Hill, 2011.