- Deepening of (open economy) macroeconomic models for the short- and medium-run
- Deepening the understanding of macroeconomic stabilisation policy in open economies
- Relating macroeconomic theories to stylised facts and empirics

This course elaborates the macroeconomic topics and theories that have been discussed in the first year. The central question always concerns the coordination between the goods market, the labour market and financial markets, both in a closed and open economy framework. Coordination failures play a central role in explaining macroeconomic fluctuations, providing roles for fiscal and monetary policy.
The courses develops a new Keynesian view of macroeconomics, developing theories and models for the short- and medium-run. Using recent OECD Economic Outlooks, macroeconomic theory is applied to a wide variety of recent macroeconomic problems and policy dilemmas.

Knowledge and understanding of first year microeconomics and macroeconomics, supplemented with a few academic articles like Perloff, J.M. (2018), Microeconomics 8th international edition, Pearson Blanchard O. (2017), Macroeconomics, 7th international, Pearson.

Knowledge and understanding of first year microeconomics and macroeconomics, like
Perloff, J.M. (2011), Microeconomics 6th international edition, Pearson
Blanchard O. and D. Johnsonn (2013), Macroeconomics, 6th edition, Pearson.

An advanced level of English