Session 1 • Our focus: global markets (e.g., asset, commodity, goods/services, money, saving, forex, labor). • GDP, Measurements, Aggregation • Unemployment and Inflation • Contrasts: – simplified models vs. real world examples; – historic episodes vs. current events; – local (e.g., U.S.) vs. global markets; – snapshots vs. long-run trends; – Reality vs. measurement. Session 2 • Economic Growth • Supply Demand Analysis • Saving and Investment Global trends Session 3 • Theory 13 markets/3 prices of money: 1. Intro to G/S mkt; fluctuations; classical vs Keynes; potential vs actual Y; fiscal policy. 2. Mkt for M; monetary policy; i vs r; words, infl. exp'ns. 3. Forex mkt: tomorrow. • Applications Money (!) and Central Banking: the real world. The Big Drama of Sept 18, 2007 The drama of Dec 16, 2015 Recent articles from the Economist Session 4: • Theory + applications 3 markets/3 prices of money: 1. Intro to G/S mkt: yesterday (but summarizing slides) 2. Mkt for M: yesterday (but applications: the 2008 Bernanke campaign + follow-ups) 3. Forex mkt: today. • More applications XR and currency regimes (news) Recent article from the Economist (trilemma)