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Learning Objectives
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After having followed the course the student should be able to:
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Explain basic macroeconomic in a comprehensive way.
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Describe how real GDP is determined in the short run and the long run.
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Describe the main determinants of other important macroeconomic variables such as inflation, unemployment, real wage, interest rate, exchange rate etc.
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Perform simple algebraically calculations related to developments in the main macroeconomic variables.
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Describe and explain the assumptions and relations of the main macroeconomic models.
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Illustrate diagrammatically these models, perform policy experiments and interpret verbally what happens when moving from one equilibrium to another.
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Solve algebraically simple macroeconomic models in order to determine the value of the variables in equilibrium and changes in the variables.
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Examination
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Macroeconomics:
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Assessment
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Written Exam
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Marking Scale
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7-step scale
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Censorship
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No censorship
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Exam Period
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May/June and August, the regular exam takes place in June. The make-up and re-examination takes place in August.
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Aids
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Closed Book
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Duration
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4 Hours
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No aids allowed other than basic language dictionaries (e.g. from mother tongue to English and vice versa and English/English). |
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Examination
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The Make-up and Re-examination takes place according to the same rules as the regular exam.
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Course Content
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The course is an introduction to Macroeconomics, the branch of economics that studies the
behaviour of the economy as a whole. Key concepts are total production and income,
(un)employment, inflation, the rate of interest, the trade balance, exchange rates, and the like. The
aim is to be able to explain the determinants of economic developments, both in the long run and in
the short run, and to explore the scope that may exist for Government and Central Bank policy to
keep the economy on a stable course.
The course will combine lectures and exercise classes. During the lectures, the main theoretical
points of the textbook will be highlighted and related to real-life macroeconomics and economic
policy. The best way to prepare for the lectures is to study the relevant chapters of the textbook in
advance and solve the "Questions for review" accompanying each chapter. During the exercise
classes we will solve a selection of the "Problems and Applications" of the textbook, which you will
also be asked to solve for yourself in advance. |
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Teaching Methods
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Lectures and Exercises.
There are 42 lecturing hours. These hours will be devoted to covering the material in the textbook by traditional lectures and discussion in the class. There are also 12 exercises hours that will be used for doing exercises and applications with the aim of providing students an opportunity to practice the more applied aspects of the class.
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Student Workload
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Lecture hours
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42
hours
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Exercises
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12
hours
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Preparation for class and exams
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171
hours
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Literature
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“Macroeconomics”, Mankiw, Gregory and Mark Taylor. European Edition, Worth publishers. Please note, minor changes may occur. The teacher will uploade the final reading list to Learn two weeks before the course starts. |
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