Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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Quotations

As a skeptic, I reject a sole time series of the past as an indication of future performance; I need a lot more than data. My major reason for this is the rare event, but I have others. On the surface, my statement here may seem to contradict earlier discussions, where I blame people from not learning enough from history. The problem is that we read too much into shallow recent history, with statements like ‘this has never happened before,’ but not from history in general… [H]istory teaches us that things that never happened before do happen. — Nassim Nicholas Taleb

Intermediate Macroeconomics

Intermediate Macroeconomics
Course numbers:
UIC – ECON 221
NEIU – ECON 303

FULL SYLLABUS (.pdf)

“Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.”

- Joseph Stiglitz, Nobel Laureate Is Central Bank Independence All It’s Cracked up to Be?, Project Syndicate

INTRODUCTION

Macroeconomics is the study of the economy as a whole. We will be discussing the use of aggregate data, trends in the national and international economy, and the role of policy in the economy. Other topics include determinants of the level of economic activity, inflation, unemployment, international economics, impact of domestic and world economy on business decisions, and applications of theory.

The analysis in this course will be deeper than that in the introductory course. The main additions include IS-LM analysis, the determinants of economic growth, and a more rigorous version of the Phillips curve.

REQUIRED TEXT

Macroeconomics
N. Gregory Mankiw
Publisher: Worth
ISBN: 978-1-4292-1887

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