This course analyzes prices, output, and income distribution through the interconnections between households and businesses in a Western economy. It studies economic agents, their behavior and interactions, and the outcome of these interactions taking into account government interventions. It analyzes national income and employment, economic fluctuations, monetary and fiscal policy, inflation, growth, interest rates and international aspects of macroeconomic policy such as the trade balance, exchange rates, and the purchasing power parity. The appropriate role of the monetary authority (Central Bank) and government intervention is also examined. Basic analytical tools are applied to current economic problems.
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