Principles of Macroeconomics
Welcome
Annaı̈g Morin
CBS - Department of Economics
CBS Summer University 2025
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Introduction
Annaı̈g Morin
Associate Professor
Department of Economics, CBS
Office: Porcelaenshaven 16A - 1.81
email: [Link]@[Link]
The course runs for 11 days (June 24 - July 10).
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Course Description
This course offers an introduction to macroeconomic analysis. This
includes the theory of output and interest rate determination; the
relationship between goods and financial markets; the relation
between employment and inflation; the role of fiscal and monetary
policy.
The course focuses on the behavior of the economy in the short
and middle run, specifically looking at the goods market, the
financial market, and the labor market. The course is designed to
help students understand how these markets operate, how they
interact with each other, and how they are impacted by shocks and
macroeconomic policies.
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Methodology
The course mainly consists of general lectures that present and
explain macroeconomic concepts and models. Each mechanism
presented in class will be embodied in a simple analytical
framework to facilitate the understanding of the underlying logic.
Moreover, graphs will be used extensively to build intuition.
Case studies, individual problem solving, and polling sessions will
take place during the general lectures. We will also bring real-life
problems to the classroom by discussing and analyzing newspaper
articles presenting macroeconomic issues.
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Prerequisites and Technical Level
No prerequisites in economics are required.
The technical level required by the course is modest but still, basic
math will be used in this class. More precisely, we will make
extensive use of elementary algebra (elementary algebra builds on
and extends arithmetic by introducing letters called variables to
represent general -non-specified- numbers).
If you feel that it is needed, please review how to:
work with algebraic expressions (factorization, substitution
-replacing the terms in an expression to create a new
expression-, solving systems of two linear equations with two
unknowns)
plot linear equations in two-dimensional graphs
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Course content
The course content will be divided into 7 topics:
Topic 1: Introduction
Definitions, measures, short-run versus medium-run
Topic 2: Goods market
Topic 3: Financial markets
Topic 4: IS-LM model
Fiscal and monetary policy shifts, shocks in the IS-LM model
Topic 5: Extended IS-LM model
Nominal versus real interest rate, risk and risk premiums
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Course content
Topic 6: Inflation and unemployment
Phillips curve, the natural unemployment rate, unemployment in Europe
Topic 7: IS-LM-PC model
Stabilization policies, the role of the ECB, government debt and fiscal
sustainability, the stability and growth pact, zero lower bound and
deflation spiral, the recent increase in energy prices
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Course material
You will find all the course material on the course Canvas
webpage: [Link]
At the start of each week, I will post the slides for the week.
In class, in addition to going through the lecture slides, we will
solve exercises and do quizzes. The exercises involve algebraic
manipulations. After each lecture, I will post the solutions to
them.
The slides, newspaper articles, and solutions to the exercises
and quizzes will be presented by topic.
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Course material
In addition to the lecture slides, the exercises, and the quizzes, the
course is based on a textbook:
Blanchard O. (2021) Macroeconomics, Global Edition, 8th Edition,
Pearson
I strongly recommend the e-version of the textbook.
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Course material
I would recommend you to read the corresponding chapter(s) in
the textbook before every lecture.
Here you can find the correspondence between the seven topics of
the course and the chapters in the textbook:
Topic Chapter(s) in textbook
1 Introduction 1-2
2 The goods market 3
3 The financial markets 4
4 The IS-LM model 5
5 The extended IS-LM model 6
6 Inflation and unemployment 7-8
7 The IS-LM-PC model 9
(*): section 22.2, section 22.3 (only the section on the Ricardian equivalence), and
section 22.4 (only the sections ”High debt, default risk, and vicious cycles” and ”Debt
default”)
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Last lecture
Given that the exam will take place on the day after the last
lecture, the last lecture will be devoted to a Q&A session.
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Office hours
They will take place in my office (Porcelaenshaven 16.A, 1.81).
There are 6 slots of 10 minutes every week.
Book a slot using the Canvas calendar and follow these steps:
Find the relevant office hours day and slot.
Click on it and write your name(s) on the comment box.
Email me the questions and the start time of the slot you
booked.
Email me at least 24 hours in advance so that we can use the
time efficiently.
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Student-lecturer communication policy
If you have administrative questions, email isup@[Link] or
exams@[Link].
For information regarding schedules, please check your
calendars and/or Canvas.
If you have questions regarding the course material, please
avoid sending me email but rather ask your questions on the
Q&A forum:
You can access it on Canvas.
Ask any relevant questions.
I will answer every few days.
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Feedback
General feedback in solutions to cases, exercises and quizzes.
Specific feedback via the Q&A forum (on Canvas) and the
Q&A session during the last lecture.
Individual feedback during office hours
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Exam
The exam is a written sit-in exam on CBS’ computers.
Limited aid: any calculator, language dictionaries in paper
format, basic IT application package. No notes, no books.
The exam is composed of six multiple choice questions and
three exercises.
Individual exam, no communication with each other.
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Questions?
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