This course takes an intermediate level approach to macroeconomic theory and its applications, building on the foundations developed in the Introductory Macroeconomics course. It provides analytical tools and formal models to study the dynamics of an economy at a more advanced level. As the course progresses, you will learn the determination of output, unemployment, interest rate and inflation, in a closed economy. The basic macroeconomic issues will be analysed on the basis of equilibrium conditions in three sets of markets - the goods market, financial market and labour market - in short, medium, and long-run. You will learn how the economy works and about what policy authorities should do, if anything, to intervene in the macro economy. We will look at real-world data and discuss real-world institutions and issues - including the Great Depression, the Great Recession, COVID-19 Pandemic - and how the governments and Central Banks dealt with it.