Pennsylvania State University 3 credits ECON
ECON 304 (Intermediate Macroeconomics) (3) (GS) (BA). This course looks at the causes and consequences of business cycles. Students begin by examining key macroeconomic variables, including nominal and real interest rates, nominal and real GDP, unemployment rates, and potential economic growth. A two-period consumption model is also analyzed with the life cycle theory of consumption. Economic models are studied to analyze these topics, and macroeconomic goals for a society are discussed. After acquiring many analysis tools, the course discusses general equilibrium, where formal theories can model a variety of shocks that hit the macroeconomy and the corresponding reactions in a variety of markets. Related topics include the production function, marginal productivity of capital, firm investment, labor demand, labor supply, marginal product of labor, the supply side of the economy, and aggregate demand. After establishing a solid understanding of general equilibrium, students will examine the Federal Reserve, monetary policy, the market for reserves, open market operations, and quantitative easing. The course finishes with lessons comparing and contrasting classical economic theory vs. Keynesian economic theory. The strengths and weaknesses of each theory are considered relative to the business cycle data.
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