The course objective is to give students a good understanding of how economic events affect many households, firms, and markets simultaneously. Students learn the basic concepts and analytical tools for macroeconomic analysis. Specifically, the students are taught: (1) national income accounting; (2) the theories on the long run macroeconomic trend of the economic activity; (3) the theories on the short run macroeconomic fluctuations and the effects of economic policy; and (4) the theories of unemployment and price inflation.

Upon successful completion of this course, students will be able to demonstrate an understanding of the level and fluctuations of the economic activity, and of the prices for goods and services; the economic policy and how the business environment is shaped.

At the end of the course, the optimally successful student should be able to: Analyze the effects of long and short run deterministic factors on national income; Analyze the effect of economic policy on national income and its distribution; Apply economic principles in decision making in business and organizations, and for evaluating macroeconomic policies.

Specifically, by the time our majors graduate they have met the following learning objectives:

(a) Access existing knowledge: Retrieve information on certain topics and issues in economics. Locate published research in economics and related fields. Track down economic data and data sources. Find information about the generation, construction, and meaning of economic data.

(b) Display command of existing knowledge: Explain key economic concepts and describe how these concepts can be used.

(c) Interpret existing knowledge: Explain and evaluate what economic concepts and principles are used in economic analyses published in daily newspapers and weekly news magazines.

Decision-making

Autonomous working

Collaborative working

Advancement of a free, productive and inductive mind

Unit 1: Macroeconomic Measurements and Equilibrium

1a. Introduction in Macroeconomics

1b. Markets for Labor, Land, and Capital

2. Measuring National Income - Equilibrium

3. Measuring the Cost of living

Unit 2: The Economy in the Long Run

4. Productivity – Economic Growth

5. Unemployment

6. Money and Prices – Growth of Money and Inflation

7. International Trade – Equilibrium in an Open Economy

Unit 3: Economic Fluctuations in the Short Run

8. Aggregate Demand

9. Aggregate Supply

10. Causes of Economic Fluctuations

11. Effects of Economic Policy on Aggregate Demand

12. The Sort Run Negative Relationship Between Inflation and Unemployment

Unit 4: Common Currency Zones – EMU

13. The Euro – Fiscal policy in a Zone of Common Currency

(a) Midterm exams (30%)

(b) Short paper (10%)

(c) Written term exam (60%)

that includes:

-Multiple choice questions

-Short answer questions

-Problem-solving in business and organizations

-Comparative evaluation of economic theories

Mankiw N.G. & M.P.Taylor (5η/2021). Economics-Macroeconomics. (in Greek). Code in Εύδοξος: 94689228.

Mankiw N.G. (2019), Macroeconomics. Αθήνα: Εκδόσεις Gutenberg. (in Greek). Code in Εύδοξος: 86057376.

Begg, D., S. Fischer and R. Dornbusch. Economics. McGraw Hill.