(Oxford) Diploma : Macroeconomics

Based on the comprehensive outline provided, this course aims to cover a wide range of macroeconomic concepts and their interrelations. Here's a breakdown of what the course will likely offer, structured for clarity and learning progression:

1. Introduction to Macroeconomics:

   • Explanation of what macroeconomics is and its importance in understanding economic trends and policies.

2. Gross Domestic Product (GDP):

   • Definition, components, and the role of GDP as a measure of economic activity, production, and welfare.

3. Unemployment Rate:

   • Measurement of unemployment, its types, and its implications for the economy and policy-making.

4. Inflation:

   • Explanation of inflation mechanisms, its impacts on purchasing power, and how it can be measured.

5. Monetary Policy:

   • Central banking functions, open market operations, the role of interest rates in controlling inflation and managing economic activity.

6. Fiscal Policy:

   • Government expenditure and taxation decisions, their impacts on economic growth, and the balance between short-term versus long-term objectives.

7. Interest Rates:

   • Their role as an indicator of economic health and as a tool for monetary policy.

8. Balance of Payments:

   • Understanding international trade transactions and their impact on a country's economy.

9. Exchange Rates:

   • How exchange rates are determined, their effects on international trade and capital flows.

10. Economic Growth:

    • The concepts behind economic growth measurement, drivers of growth, and the role of technology and human capital.

11. Business Cycles:

    • Identification of cycle phases and the role of government intervention to smooth out fluctuations.

12. Supply and Demand:

    • Basic economics principle applied to the macroeconomic context, impacting prices, output, and resource allocation.

13. Aggregate Demand and Supply:

    • How aggregate demand influences economic activity and how supply constraints can lead to inflation or recession.

14. Budget Deficits/Surplus:

    • Analysis of government budgetary practices and their implications for public debt and fiscal sustainability.

15. Public Debt:

    • The role of public debt in economic management, risks associated with high levels of debt, and strategies to manage it.

16. Trade Policies:

    • Influence of trade policies on the economy, including tariffs, quotas, and trade agreements.

17. Labour Markets:

    • Dynamics of labour supply and demand, wage determination, and its impact on economic growth and employment levels.

18. Capital Markets:

    • The functioning of capital markets, the role of investors and borrowers, and the impact of market conditions on investment decisions.

19. Economic Indicators:

    • Key indicators that inform policymakers about economic performance, including GDP, unemployment rates, inflation rates, etc.

20. Recessions:

    • Characteristics of recessions, their causes, and the policy responses to mitigate their effects.

21. Stagflation:

    • The challenges of stagflation, its economic consequences, and potential strategies to address it.

22. Behavioural Economics:

    • An introduction to how psychological factors influence economic decision-making, the role of heuristics and biases, and their implications for economic policy.

This course will provide a solid foundation in macroeconomic principles and their real-world applications. It is designed to be accessible to beginners while also offering insights into more complex interactions between various economic factors. The inclusion of behavioural economics will add a layer of nuance to the understanding of economic decision-making processes, making the course even more comprehensive and insightful.