ECON202 Macroeconomic Theory Course Plan
Instructor: Professor Heajin Ryoo
Office: International Study Hall 328
Email: hryoo@korea.ac.kr
Course Description and Objectives:
This course introduces students to modern macroeconomic theory and policy. This course presents a model
to analyze to see the equilibrium conditions and connections between goods markets, financial markets, and
labor markets. Topics include economic growth, monetary and fiscal policy, inflation and the exchange rate.
Moreover, public debt and international economic issues are discussed.
By the end of the course, students should be able to understand broader framework of the economy such as
the characteristics of aggregate economic variables and how various fiscal and monetary policies affect the
economy. Furthermore, students should be able to link the knowledge learned in the class to the real world
and to understand newspaper and magazine articles on current macroeconomic issues.
Required textbook and Readings:
The required text for the course is Macroeconomics, by Oliver Blanchard, Pearson, 7th edition, 2017. In
addition, it is also suggested that students get into the habit of browsing the daily newspaper The Wall Street
Journal or The Financial Times, or the weekly magazine The Economist.
Class type:
In-class course (offline class course)
Evaluation Methods:
 In-class midterm and final exams: each 40%
 Three assignments to be submitted to the class Blackboard: 15%
 Attendance & participation: 5%
Note that grades won’t be revised (upgraded/downgraded) unless there is a mistake. Student who doesn’t
take one of the exams will get an F-grade.
Exams:
The midterm exam is scheduled on Monday, 24th April and the final exam on Monday 19th, June. The
final exam will cover the material after the midterm exam.
Note that the schedules are subject to change depending on the room availability and the COVID situation.
Course Schedule (Subject to Revision):
Introduction: Chapter 1~2
The Short Run Economy
Chapter 3: The Goods Market
Chapter 4: Financial Markets I
Chapter 5: Goods and Financial Markets: The IS-LM Model
Chapter 6: Financial Markets II: The Extended IS-LM Model
The Medium Run Economy
Chapter 7: The Labor Market
Chapter 8: The Phillips Curve, the Natural Rate of Unemployment, and Inflation
Chapter 9: Putting All Markets Together: From the Short to the Medium Run
Midterm Exam
1
The Long Run Economy
Chapter 10: The Fact of Growth
Chapter 11: Saving, Capital Accumulation, and Output
Chapter 12: Technological Progress and Growth
Chapter 13: Technological Progress: The Short, the Medium, and the Long Run
The Open Economy
Chapter 17: Openness in Goods and Financial Markets
Chapter 18: The Goods Market in an Open Economy
Chapter 19: Output, the Interest Rate, and the Exchange Rate
Epilogue
Chapter 20: The Story of Macroeconomics
Final Exam
2