Plain-language explanation.
Macroeconomics studies the economy as a whole — national output, inflation, unemployment, and the policies governments and central banks use to manage economic performance.
Core concepts and standard treatment.
Core macroeconomics covers national income accounting (GDP — C+I+G+(X-M); GNI vs GDP; real vs nominal GDP — GDP deflator; CPI — CPIH — RPI; measurement issues — non-market activity), the goods market (Keynesian Cross — AE=C+I+G+NX; consumption function — MPC — multiplier = 1/(1-MPC); paradox of thrift; IS curve — goods market equilibrium), the money market (money supply — M0, M1, M2, M3; reserve requirement; money multiplier; liquidity preference — Keynes — transactions, precautionary, speculative motives; LM curve), IS-LM model (fiscal policy shifts IS; monetary policy shifts LM; liquidity trap; Mundell-Fleming open economy extension), and aggregate demand and supply (AD; SRAS — price stickiness; LRAS — vertical — potential output; demand-pull vs cost-push inflation; output gap; Phillips curve — NAIRU — Friedman and Phelps — adaptive expectations — stagflation).
Deeper theory, debates and edge cases.
Advanced macroeconomics covers new Keynesian economics (NK DSGE models — Smets-Wouters; Calvo pricing — nominal rigidities; zero lower bound; QE — BoE APF; forward guidance; fiscal multipliers — Blanchard and Leigh 2013 — eurozone austerity underestimation; secular stagnation — Summers), growth theory (Solow-Swan — capital accumulation — steady state — golden rule — Solow residual; Romer — endogenous growth — knowledge spillovers; AK model; human capital — Lucas; institutions and growth — Acemoglu, Johnson, Robinson; Piketty — r>g — WID.world data; convergence — conditional vs unconditional), and international macroeconomics (balance of payments; Marshall-Lerner condition; J-curve; exchange rate systems — OCA — Mundell; eurozone — Greek debt crisis; IMF conditionality; global imbalances — Bernanke savings glut; Triffin dilemma).
How it is applied in practice.
At the central bank economist and Treasury official level, practitioners contribute to QJE and Journal of Monetary Economics; lead monetary policy (Bank of England MPC — Inflation Report — Bank Rate — APF QE; ECB APP — TLTRO; Fed FOMC — Taylor rule — dot plot; FPC macroprudential — CCyB — annual cyclical stress test); advise on fiscal strategy (OBR EFO — spring statement; DMO gilt issuance; fiscal rules — Stability and Growth Pact — UK debt framework); contribute to international governance (IMF WEO; G20 MAP; OECD Economic Outlook; BIS FSB systemic risk monitoring); and lead macroeconomic forecasting (NIESR NiGEM model; Bank of England MAPS scenario platform).