Macroeconomics (advanced level) (Alexey Devyatov)

Block 4. Introduction to business cycles

The block addresses the following questions:

  • Stylized facts: procyclical and countercyclical indicators.
  • Aggregate demand and aggregate supply curves.
  • Short-run vs long-run aggregate supply.
  • Classical and Keynesian approach to business cycles.
  • Factors, which move AD and AS curves.
  • Government policy and aggregate demand.
  • Output and unemployment.
  • Phillips curve.

Lecture 4.1

Lecture 4.2