This course is about macroeconomics- the study of economic development and growth, business cycles, money, inflation, asset markets. Key questions are: What explains big movements in asset markets and in the value of the dollar? What factors are responsible for the ups and downs of the U.S. economy? Why do some countries grow fast and others remain poor or stagnant? What causes large budget and trade deficits and how should we deal with them? What should the Fed do about bubbles and financial crises? We explore these issues in 25 lectures, part of which we will spend discussing topics of current economic interest.



Costas Azariadis
Office: Seigle 315G
Office Hours: Mon, Wed 11:00am – 12:00pm

Duksang Cho
Office: Seigle 355
Office Hours: Tue 1:30-3:30pm

Dongya Koh
Office: Seigle 373
Office Hours: Thur 10:00am – 12:00pm


All exams are cumulative, with closed books and closed notes. Your course grade will be based on your performance on your best mid-term (40%), and on the final exam (60%). You may choose to sit for just one mid-term, which will count for 40% of your course grade, or for both in which case only your best mid-term will count.

Lecture Notes

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

Lecture 6

Lecture 7

Lecture 9

Lecture 10

Lecture 11


Mid-term 1 exam

Mid-term 1 answer key

Mid-term 2 exam

Mid-term 2 answer key

Past Exams

EC4021 Fall 2010

EC4021 Spring 2010