ECON 1100 - Basic Macroeconomics, Spring 2021

This course introduces students to the fundamentals of macroeconomics. Topics progress from the underpinnings of economic thinking with supply and demand analysis to understanding economic data (GDP, inflation, and unemployment), growth, the basics of the financial and monetary system, and aggregate fluctuations in the economy. The materials will also explain some macroeconomic phenomena with models. (Syllabus)

Required Textbook

Mankiw, N. Gregory. Principles of Macroeconomics, 7th edition. Cengage Learning (2012).

Optional Textbook

Mankiw, N. Gregory. Study Guide: Principles of Macroeconomics, 7th edition. Prepared by David R. Hakes. Cengage Learning (2012).


Lecture 0 - Chapter 1: Ten Principles of Economics (Notes)                                      

     Richard Thaler on Behavioral Economics: Past, Present, and Future. The 2018 Ryerson Lecture

Dan Ariely on Dating & Relationships at Google Talks

Lecture 1 - Overview of Econ Topics (Notes, Homework, Solution)                              

     Fields of studies in economics

Lecture 2 - Chapter 2: Thinking Link an Economist (Notes, Homework 1, Solution 1, Quiz 1)                         

     Tom Griffiths: 3 ways to make better decisions -- by thinking like a computer

Thomas Sowell: Economic vs Political Decision Making Complete

Lecture 3 - Chapter 4: The Market Forces of Supply and Demand (Notes, Homework 2, Solution 2, Quiz 2)                                                     

     Jenson, Miller, 2008, "The impact of food price increases on caloric intake in China", Agricultural Economics

Jenson, Miller, 2008, "Giffen Behavior and Subsistence Consumption", The American Economic Review

Lecture 4 - Chapter 10: Measuring a Nation’s Income (Notes, Homework 3, Solution 3, Quiz 3)

     Joseph Stiglitz - Problems with GDP as an Economic Barometer

Lecture 5 - Chapter 12: Production and Growth (Notes, Homework 4, Solution 4, Quiz 4)

     World bank data for GDP by countries, and more

Trading Economics data

Lecture 6 - Chapter 11: Measuring the Cost of Living (Notes, Homework 5, Solution 5, Quiz 5)

     IMF data on CPI

     John Cochrane -- Is It Getting Hot in Here?

‣ Important Events - Macroeconomic Events Calendar

Purchasing Managers' Index | Consumer Confidence Index | PCE price index | UMich consumer sentiment index |

Is Zillow Data A Better Inflation Indicator Than CPI?

Lecture 7 - Chapter 13 & 14: Saving, Investment, and Basic Tools of Finance(Notes, Homework 6, Solution 6. Quiz 6)

     ‣ Robert Shiller on Market Bubbles-and Busts

‣ How it Happened - The 2008 Financial Crisis: Crash Course Economics

‣ Bubbles, Rational Expectations and Financial Markets

Dilemma Not Trilemma: The Global Financial Cycle and Monetary Policy Independence

◾ Midterm Review (Notes, Practice Exam)

Lecture 8 - Chapter 15: Unemployment (Notes, Homework 7, Solution 7, Quiz 7)                                                     

     ‣ Card and Krueger, 1994, "Minimum Wages and Employment", The American Economic Review

Ippolito, Richard, 2003 "The Impact of the Minimum Wage If Workers Can Adjust Effort", The Journal of Law & Economics    

Harasztosi, Linder, 2019 "Who Pays for the Minimum Wage, American Economic Review   

Lecture 9 - Chapter 16: The Monetary System (Notes, Homework 8, Solution 8, Quiz 8)

     ‣ Money vs Currency - Hidden Secrets Of Money Episode 1 - Mike Maloney

Evolution of monetary policy - Rober Shiller's Monetary Policy Class at Yale

Lecture 10 - Chapter 17: Money Growth and Inflation (Notes, Homework 9, Solution 9, Quiz 9)

     ‣ Ray Dalio: How The Economic Machine Works

Lecture 11 - Chapter 20: Aggregate Demand and Aggregate Supply  | Part1 (Notes, Homework 10, Solution 10)

     ‣ Khan Academy: The business cycle | Aggregate demand and aggregate supply

◾ Lecture 12 - Chapter 20: Aggregate Demand and Aggregate Supply  | Part2 (Notes, Quiz 10)

     ‣ Khan Academy: Short-run AS vs Long-run AS

◾ Lecture 13 - Chapter 21: Influences Monetary & Fiscal Policy on Aggregate Demand (Notes, Homework 11, Solution 11, Quiz 11)

     ‣ Investopedia: Monetary Policy vs. Fiscal Policy: What's the Difference?

     ‣ Olivier Blanchard on Rethinking Fiscal and Monetary Policy, Post-COVID

◾ Lecture 14 - Chapter 22: The Short-Run Tradeoff Between Inflation and Unemployment (Notes, Solution 12, Quiz 12)

     ‣ Emi Nakamura on Is the Phillips Curve Getting Flatter

◾ Final Review (Final Practice)

Chunyu Qu