After successful completion of the course, students are able to ...

• list empirical relationships between macroeconomic key variables such as real GDP, unemployment, inflation, and, nominal interest rates;
• set up and solve basic micro-founded macroeconomic models;
• use the models to explain the empirical relationships with economic intuition;
• use the models to analyze the effects of exogenous shocks as well as fiscal and monetary policies qualitatively and quantitatively.

1. Introduction
2. Measurement
3. A Static Real Macroeconomic Model
4. Intertemporal Decisions: Consumption and Savings
5. A Dynamic Real Macroeconomic Model
6. A Dynamic Macroeconomic Model with Flexible Prices
7. Nominal Rigidities and Keynesian Economics
8. Economic Growth

• This is an interactive course and students have to be ready to work actively.
• Presentation and interpretation of empirical relationships.
• Rigorous exposition of theoretical models with algebraic and graphical means.
• Self-study, i.e., autonomous work by students on all material covered in class.

Written exam

Course materials will be provided successively via TUWEL.

This course is to a large extent based on Williamson (2018) and Kurlat (2020):

• Kurlat, P. (2020). A Course in Modern Macroeconomics.
• Williamson, S. D. (2018). Macroeconomics. Pearson Education, Inc., Sixth edition.

• 105.605 Microeconomics for WM (VO)
• 105.607 Microeconomics for WM (UE)