Applied Macroeconomics: Using Macro Accounts

Lecturer: Professor J. S. Chadha

E-mail: j.chadha [at]

Lectures: 30th September and 7th October

Teams: 9.30 to 12.30

Office Hours: By appointment at NIESR.

Aims and objectives: These two lectures provide a simple introduction for social scientists looking at the economy through National Accounts.

Background Reading:

Francois Lequiller and Derek Blades, 2014, “Understanding National Accounts”, OECD, 2nd Edition. Available here 

The UK economy chapter from the National Institute Economic Review, (i) February 2020, (ii) May 2020 and (iii) August 2020

Presentation slides

Discussion Topics

Week 1. How is the UK financing the issuance of government debt during the Covid pandemic?

Background Viewing:
Covid-19: deficits, debt and fiscal strategy

Week 2. What does GDP measure and is it fit for purpose?

Background Reading:
The Trouble with GDP” – The Economist
I miss the honey lady”: How one resident helped her community to understand what is truly valuable” – Prospect


There are two three-hour session covering two topics each that will follow the following format:

9.30-9.40: Welcome

9.40-10.40: Topic 1 (Week 1) / Topic 3 (Week 2)

10.40-10.50: Break

10.50-12.00: Topic 2 (Week 1) / Topic 4 (Week 2)

12.00-12.30: Discussion.

The lecture topics are as follows:

1. Consumption, the Household Balance Sheet and Sectoral Balances

2. The External Position

3. The Regional Data picture

4. Nowcasting and high frequency data estimates

View the presentation slides here