Economics is about the complex global economic environment in which households and firms operate. This environment is shaped, on the one hand, by the general forces of demand and supply and the level of aggregate economic activity; and on the other, by the responses of policy makers and regulators to economic developments. We will examine the behavior of aggregate output, exports and imports, exchange rates and interest rates, consumption and investment, inflation and unemployment, and how these are influenced by monetary and fiscal policies, and by changes in the regulatory framework. Emphasis will be placed on the role of financial markets and institutions and the constraints imposed on policy makers and regulators by the complex global economic environment.
Prof. Michael Haliassos