Macroeconomics I (1 º Sem 2020/2021)

1. Short-run macroeconomics: basic concepts and stylized facts

     1.1. Cycle and trend

     1.2. Variables and measurement

     1.3. Volatility and cyclicality

     1.4. Stylized facts

2. Open economies with excess capacity: the IS-LM model

     2.1. Equilibrium in the goods and services market: the IS curve

     2.2. Equilibrium in the money market: the LM curve

     2.3. Exchange-rate regimes and capital mobility

     2.4. Global equilibrium with flexible exchange rates and without capital mobility

     2.5. Fiscal and monetary policies

     2.6. Global equilibrium with fixed exchange rates and without capital mobility

     2.7. Exchange-rate policy

     2.8. Global equilibrium with fixed exchange rates and perfect capital mobility

     2.9. Global equilibrium with flexible exchange rates and perfect capital mobility

3. Inflation and unemployment in open economies: the AD-AS model

     3.1. Introduction to the AD-AS model

     3.2. Equilibrium in the labour market and asymmetric information

     3.3. Production function and expectations: the AS curve

     3.4. Global equilibrium with flexible exchange rates and without capital mobility

     3.5. Inflation and unemployment: the Phillips curve

     3.6. Purchasing power parity and the uncovered interest parity

     3.7. Global equilibrium with fixed exchange rates

     3.8. Global equilibrium with flexible exchange rates, undershooting, and overshooting

4. Introduction to the microeconomic foundations of macroeconomics

     4.1. Consumption, intertemporal choice, and liquidity constraints

     4.2. Investment and capital stock: the flexible accelerator model

     4.3. The IS-LM model with rational expectations: monetary policy and non-Keynesian effects of fiscal policy

     4.4. Money supply, banking sector, and non-conventional monetary policy