This module builds on the foundations of macroeconomics. In Intermediate macroeconomics, we discuss and build models to explain the operation of the economy in the long-run (the Classical Model) and the short-run (Keynesian model). In these models, we examine National output, the level of unemployment and the price level and show how government policies such as stabilization policies or investment policies affect the macroeconomy
Describe and distinguish between the main economic indicators.
Identify short-run and long-run issues in macroeconomics
Describe and distinguish between the Keynesian and Classical schools of economic thought.
Analyse economic growth, the natural rate of unemployment and inflation in the long-run, and the effects of savings and government debt.
Construct and manipulate the IS /LM model as a framework for macroeconomic analysis in the short-run
Demonstrate how these models can enhance our understanding of real world experience.