ECOA 1001

This course introduces the student to basic macroeconomic concepts and to both short-term and long-term macroeconomic analysis. The basic macroeconomic concepts include economy-wide output, price level and inflation, asset prices and interest rates, international exchange rates among currencies, and the international balance of payments. The introduction to short-term macroeconomic analysis, or business-cycle analysis, is based on John Maynard Keynes’ work on the 1929– 33 Great Depression. The introduction to long-term macroeconomic analysis is based on Robert Solow’s work on economic growth. Throughout the course macroeconomics is related to the historical experience of farmers and to contemporary macroeconomic forces affecting the agri-food sector.