This course examines economic activity at the national (“macro”) level, focusing on topics such as why countries sometimes fall into recessions and different policy options for responding to downturns in the economy; the role of a central bank such as the U.S. Federal Reserve in setting interest rates and promoting stability in the financial sector; the federal budget, government deficits and national debt. In doing such, it teaches principles of macroeconomics in both the closed economy and international context, with an emphasis on macroeconomic policy. The course develops a framework for understanding the forces that determine national output, employment, inflation, interest rates, exchange rates, international trade, capital flows and other key macroeconomic variables. This framework is used to evaluate macroeconomic policies in the context of different national environments. The Great Recession of 2007, the Global Financial Crisis of 2008, and the COVID-19 recession of 2020/21 are examples of macroeconomic events addressed by the course.