Monitoring the Macroeconomy

Overview

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This course will equip you to interpret the key macroeconomic indicators used to assess economic health. You will learn to calculate measures of output like real and nominal GDP, analyze labor market trends by understanding the different types of unemployment, and explain how inflation is measured using the Consumer Price Index. Ultimately, this foundational knowledge will enable you to critique economic data, compare standards of living, and make sense of the economic forces shaping our world.

Syllabus

Monitoring the Macroeconomy

This course delves into key macroeconomic indicators, starting with GDP and its related measures, providing a comprehensive view of economic output and health. We'll also explore how population surveys define and categorize labor force participation, setting the stage for our discussion on the three types of unemployment—cyclical, structural, and frictional. Finally, we'll examine the sources of CPI bias to offer a nuanced understanding of inflation metrics. This foundational knowledge will equip you to interpret and critique economic data effectively.