ECO 0502 MACROECONOMIC THEORY AND POLICY I

1. Revision of income determination from simple closed economy to a four-sector economy

2. Detailed theories of consumption and investment functions

3. The classical and Keynesian theories

• The theory of inflation

4. Business cycles and forecasting

5. The relation of these issues to leading problems in public policy

6. The rationale for the existence of the public sector

• Formulation of national economic policy

7. Planning principles and analysis

8. Policy objectives, instruments and implementation

9. Balance of payments equilibrium and disequilibrium

• Balance of payments adjustment mechanism

• Devaluation

• Contemporary issues in public policy in Nigeria