An understanding of modern macroeconomic thought is gained through the way in which the economic events of the 20th century influenced the development of the most important ideas and theories.
The broad field of macroeconomics is concerned with the structure, performance and behaviour of the overall domestic and international economy. The course lectures will examine the evolution of conventional economic thought, emphasizing the fundamental principles and policy proposals of orthodox Keynesian and monetarist approaches, new classical economics, real business cycles theory, the new Keynesian school, and new consensus economics.
Students will be able to examine and evaluate the key assumptions of the models and systems of thought and their ability to produce policy based on realistic assumptions.