Principles of Macroeconomic
Theory and Policy
The course provides the students with a basic understanding of the principles of macroeconomics, as well as to discuss various macroeconomic models and some most recent concepts of macroeconomic analysis and forecasting. They are also introduced to the real problems and processes of macroeconomic theory, policy and decision making.

Konstantin Kontor
Konstantin Kontor is Director and professor of finance and strategy at AIBEc.
In 2000 – 2009 Mr. Kontor also served as visiting professor of financial strategy at the Stockholm School of Economics in Riga, where he taught courses in finance, strategy, and M&A for BA and EMBA students.

Purpose of this Course
The main goal of this course is to provide the students with a basic understanding of the principles of macroeconomics, as well as to discuss various macroeconomic models and some most recent concepts of macroeconomic analysis and forecasting.

Another goal of the course is to expose the students to the Western standards, terminology, and specific buzzwords used by economists worldwide.

The final goal is to introduce the real problems and processes of macroeconomic theory, policy and decision making.

Course Materials
  • Selected chapters from the textbook: Karl E. Case and Ray C. Fair. Principles of Macroeconomics (later referred to as C&F), 6th Edition, 2002.
  • Nassim Taleb. The Black Swan (later referred to as NNT). New York, 2007.
  • Notes and handouts.

Grading
Grading will be based on assignments, examinations and class participation.

Because the course is heavily discussion-based attendance is mandatory. Failure to attend 40% of classes leads to immediate failure in the course and loss of credit.

During the course the students will have to take the midterm and the final examinations. Failure to take the exams is tantamount to failure in the course.

The course will be graded in accordance with the following schedule:

Class participation __________ 20%
Midterm ____________________ 50%
Final _______________________ 30%
Total ______________________ 100%


Course Topics
  1. Why study macroeconomics?
  2. Introduction to macroeconomics
  3. The planned expenditure model and the is curve
  4. Money demand and supply and the lm curve
  5. From is and lm to aggregate demand and supply
  6. Inflation in the as/ad model
  7. The labor market, unemployment and inflation
  8. Balance of payments accounts and foreign exchange markets
  9. Monetarism, new classical theory, and supply-side economics
  10. Black swans and the unpredictable in macroeconomics

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