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The Power of Macroeconomics: Economic Principles in the Real World

Approx. 16 hours to complete

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Course Summary

Learn the fundamental principles of macroeconomics and how they affect global economies. Understand the role of governments, central banks, and international organizations in shaping economic policies.

Key Learning Points

Understand the basic principles of macroeconomics
Analyze economic data and interpret economic indicators
Explore government policies and the role of central banks in shaping the economy

Learning Outcomes

Understand the basic principles of macroeconomics and how they affect global economies
Analyze economic data and interpret economic indicators
Explore government policies and the role of central banks in shaping the economy

Prerequisites or good to have knowledge before taking this course

Basic knowledge of microeconomics
Familiarity with basic algebraic concepts

Course Difficulty Level

Intermediate

Course Format

Online self-paced course
Video lectures
Quizzes and assignments

Similar Courses

Principles of Microeconomics
International Trade

Related Education Paths

Notable People in This Field

Paul Krugman
Joseph Stiglitz

Related Books

Description

In this course, you will learn all of the major principles of macroeconomics normally taught in a quarter or semester course to college undergraduates or MBA students.

Perhaps more importantly, you will also learn how to apply these principles to a wide variety of situations in both your personal and professional lives. In this way, the Power of Macroeconomics will help you prosper in an increasingly competitive and globalized environment. This course is also available in Portuguese. To join the fully translated Portuguese version, visit this page: https://www.coursera.org/learn/macroeconomia-pt/

Outline

Welcome
An Overview of Modern Macroeconomics
Syllabus
Check Your Economics Knowledge (Ungraded)

An Overview of Modern Macroeconomics
The Big Four Macroeconomic Issues
Major Macroeconomic Policy Tools
The Major Schools of Macroeconomics
Demand-Pull Inflation Versus Cost-Push Inflation, The Keynesian Dilemma & Rise of Monetarism
From Supply Side Economics and The New Classicals Back to Keynesianism
Module Overview
An Overview of Modern Macroeconomics

The Aggregate Supply-Aggregate Demand Model and the Classical-Keynesian Debate
Keynesian Economics is Born
The Two Pillars of Classical Economics
Why Classical Economics Failed
The AS-AD Framework
Why the AS and AD Curves Shift
Three Ranges of the Economy
Module Overview
The Aggregate Supply-Aggregate Demand Model and the Classical-Keynesian Debate

The Keynesian Model and Fiscal Policy
Introduction to the Keynesian Model
Analysis of the Keynesian Model
The Keynesian Expenditures Functions
The Keynesian Multiplier and Closing Recessionary or Inflationary Gaps
Strengths and Weakness of the Keynesian Model
Module Overview
The Keynesian Model and Fiscal Policy

The Federal Reserve and Monetary Policy
The Federal Reserve and Monetary Policy
All About Money
All About Interest Rates
Determinants of Money Demand
How Paper Money is Created and the Money Multiplier
An Example of a Central Bank- The U.S. Federal Reserve
Monetary Versus Fiscal Policy
Module Overview
The Federal Reserve and Monetary Policy

Unemployment, Inflation, and Stagflation
Some Basic Unemployment Concepts
Unemployment Defined and Measured
Okun's Law
Demand-Pull Versus Cost-Push Inflation and the Keynesian Dilemma
Inflation, Inflationary Expectations, and the Phillips Curve
The Natural Rate of Unemployment and Inflationary Spirals
Monetarist Versus Keynesian Cures for Inflation
Supply Side Economics and the "Laffer Curve"
Module Overview
Unemployment, Inflation, and Stagflation

The Warring Schools of Macroeconomics
A "Mid-Course" Appraisal by Prof Navarro
New Classical Economics and Rational Versus Adaptive Expectations
The Great Recession of 2007 and Quantitative Easing
How to Forecast the Business Cycles and Structural Trade Imbalances
What Causes Macroeconomic Instability and is the Economy "Self-Correcting"?
Rules Versus Discretion
A Balanced Budget Rule, Crowding Out, and Where the Warring Schools Converge
Module Overview
The Warring Schools of Macroeconomics

Economic Growth and Productivity
Overview of the Four Wheels of Growth
The Four Wheels of Growth in Detail
The Growth Models of Adam Smith and Thomas Malthus
Solow's Neoclassical Growth Model
The Pros and Cons of Growth and How to Stimulate Growth
Module Overview
Economic Growth and Productivity

Budget Deficits and the Public Debt
Budget Deficits and the Public Debt Defined
The Debt-to-GDP Ratio, Real Versus Nominal Deficit, Structural Versus Cyclical Deficit
Calculating the Structural and Cyclical Parts of the Budget Deficit
Financing Budget Deficits and Associated Problems; The Balanced Budget Multiplier
Budget Deficit Pros and Cons
Impacts of Budget Deficits and Debt on Investment and Productivity?
Module Overview
Budget Deficits and the Public Debt

International Trade and Protectionism
Absolute Versus Comparative Advantage
The Nuts and Bolts of Comparative Advantage and the Gains from Trade
Tariff, Quotas, Trade Barriers, Protectionism, and the Dead Weight Loss
The Pros and Cons of Protectionism
The Limitations of Ricardian Free Trade in the Real World and the Case of China
Module Overview
International Trade and Protectionism

Exchange Rates, The Balance of Payments, and Trade Deficits
Are Trade Deficits a Problem?
Some Balance of Payments Accounting
Exchange Rates Defined and Why They Move
Floating Versus Fixed Echange Rates, the Gold Standard, and Hume's Gold Specie Flow Adjustment Mechanism
The Dollar Standard and Its Collapse
Today's Hybrid Exchange Rate System, Currency Blocs, and Fixed Pegs
How Chronic Trade Deficits Can Persist, the Multiplier Link and Global Coordination of Fiscal and Monetary Policies
The European Monetary System, Germany as a Case Study, and the Benefits of Policy Coordination
Module Overview
Exchange Rates, The Balance of Payments, and Trade Deficits

The Economics of Developing Countries
The Four Elements of Development
Human Resources, Natural Resources, and Land Ownership Patterns
The Importance of Capital Formation and Technological Change
Why Some Countries Prosper, the Cycle of Poverty, and Nine Policies to Promote Growth
Closing Remarks
Module Overview
The Economics of Developing Countries

Final Exam
Learning Resources
Final Exam

Summary of User Reviews

Read reviews for Principles of Macroeconomics course on Coursera. Users are impressed with the course's depth of knowledge and practical applications. However, some users found the course content to be too dense and challenging to follow.

Key Aspect Users Liked About This Course

The course provides a comprehensive understanding of macroeconomics principles and their practical applications.

Pros from User Reviews

The course covers a wide range of macroeconomic theories and concepts.
The course provides practical applications of macroeconomics principles.
The course is taught by knowledgeable instructors.
The course offers various resources and materials to support the learning process.

Cons from User Reviews

Some users found the course content to be too dense and challenging to follow.
Some users felt that the course lacked sufficient opportunities for interaction and engagement.
Some users experienced technical difficulties with the course platform.
Some users found the course assessments to be too difficult and time-consuming.

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