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Feedback on Macroeconomics Course

[留学生课堂] 2018级留学生《宏观经济学》课程反馈

Feedbackon Macroeconomics Course

 

(文:Huot Borin;摄影:陈宝莲)3-4月,2018级留学生参加了由张敏教授主讲的《宏观经济学》课程,反响良好,获益匪浅。来自柬埔寨的留学生Huot Borin专门撰文对课程内容进行总结回顾,并对宏观经济学原理在日常生活中的应用进行了深度思考分析。

This is second semester for me studying in SNAI,in the second semester’s curriculum, there are 8 courses, one among them isMacroeconomics. This course contains 18 chapters which was designed for twocredits with eight lectures, but due to time constraint, our instructor citedthe most important part which cover 10 chapters. Those chapter are Introductionof Macroeconomic, Measurement, Consumer and Firm Behavior, a Closed-Economy One-PeriodMacroeconomic Model, Economic Growth, Two-Period Model, a Real Intertemporal Modelwith Investment, a Monetary Intertemporal Model, Market-Clearing Models of the BusinessCycle, and Money, and Inflation and Monetary Policy. The course has  enlightened students about aggregatedindicators such as GDPunemploymentratesnational incomepriceindices, and theinterrelations among the different sectors of the economy to better understandhow the whole economy functions.


We livein a complex and interconnected world. No one is unaffected by the economy. Thestudy of macroeconomics allows us to have better understand what makes oureconomy grow and what makes it contract. A growing economy providesopportunities for better lives, while a contracting economy can be disastrousfor most everyone. By using macroeconomic model, it enables us to interpret theeconomic phenomena and forecast economic conditions to help consumers, firms,and governments make better decisions. Consumers want to know how easy it willbe to find work, how much it will cost to buy goods and services in the market,or how much it may cost to borrow money. Businesses use macroeconomic analysisto determine whether expanding production will be welcomed by the market.From macroeconomic indicator, government make appropriate decision and policyon budgeting spending, taxation, interest rates, and money supply toensure substantial economic growth.


During the lectures, I really interested inone chapter which talk about Consumer and Firm Behavior. This chapter point outhow a consumer makes choices concerning the trade-off between consuming andworking in a range of their budget constraint and firm’s decision concerning onhow many labors should be hired and products should be produced. The chapterfigured out what factors could change the consumer and firm behavior and whatis the effect of changing preference of consumer and firm on economy as well.After learning this chapter, it enables me to understand what happen toconsumer’s behavior if price of goods increase? What will firm react if increasein demand for consuming? How consumer and firm change their behavior aftergovernment increase in tax? The reasons I like this chapter is because I canapply those theories to my own case, for example, if the price of my favorite fastfood Mc Donald burger is increased, I maybe eat Mc Donald burger lessfrequently, or I maybe change my preference to eat other substitute productlike Burger King. The change in price could change my consumption behavior andpreference respond to the change in consuming price. By imagining and applyingmy own case, I can understand whether the theory of consumer and firm behaviorin the textbook is rational.


 

It's reallyimportant to understand how our economy functions overall. We can participatein something effectively when we understand how it functions. For example, ifyou hear that maybe interest rates are going to rise in the near future, if youdon't know how that might impact you yourself, you're not effectivelyparticipating in our society. So how might that impact your spending and yoursaving habits now, or in the future, when they do rise? That's just one exampleof how understanding these things is very important to you personally, and as aparticipant in our economy.

 

This course enables me to understand thebasic understanding of macroeconomic concepts interpreting economic phenomena,key factors to boost sustain economic growth and use macroeconomic model toexplain the relationship between income, output, consumption, unemployment,inflation, saving, and investment. As I am a central banker, it is vital for meto understand the role of central bank in implement monetary policy, especially money supply and impact of makinginappropriate policy decision.

 

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