Intermediate Macroeconomic Theory 7.5 credits

This course deals with core macroeconomic theories about both long-term economic growth and short-run economic fluctuations, inflation and unemployment, foreign exchange markets and international trade. The course builds on the basic concepts developed in the introductory courses in micro- and macro-economics. However, it contains a deepened analysis of consumption and investment theory, business cycles, the role of financial markets, wage-setting and unemployment. The course also discusses the possibilities and limitations of economic policy, the importance of norms and institutions, foreign exchange systems and the role of the central bank. **Connection to Research and Practice** The macroeconomic models introduced in the course are based on research. The theories on economic growth and economic policy broadly connects to JIBS research area renewal. Macroeconomic indicators, theories, and models are put into practice through the exercises and the assignment. The purpose of the assignment is to apply theory and process data to understand the causes, cures, and implications of contemporary global economic issues, such as the great financial crisis, climate change and the COVID-19 pandemic.