Economics is traditionally divided into two parts: microeconomics and macroeconomics. The main purpose of this resource is to introduce students to the principles of macroeconomics and forecasting models. Macroeconomics is the study of how a country's economy works while trying to distinguish among alternatives for improving and/or maintaining a nation's standard of living and level of economic and societal well-being.
Historical and contemporary perspectives on the roles and policies of government are part of the mix of interpretations and alternatives that surround questions of who or what gains and loses the most or least within a relatively small set of key interdependent players. In the broadest view, that set consists of households, consumers, savers, firm owners, investors, agency and elected officials, and global trading partners in which some wear many hats and face price considerations at two levels.
Macroeconomic performance relies on measures of economic activity, focusing on variables and data at the national level within a specific period of time. Macroeconomics entails analyses of aggregate measures such as national income, national output, unemployment and inflation rates, and business cycle fluctuations. This resource will push students to think critically about the national and global issues we currently face, to consider competing views that may agree or disagree with their own, and to draw challenging conclusions from a vast array of perspectives, tools, and alternatives.
During this module students will discuss real macroeconomic problems with key Macroeconomic stakeholders, such as: Government officials, Macroeconomic unit within the Ministry of Finance, the Statistical Office and the Central Bank.
Through this module, students will go through concrete examples of how the government forecasts economic growth, what is the main model of development, how they measure GDP and other key macroeconomic variables and how fiscal and monetary policy works.