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Learning Objectives
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Explain basic macroeconomic terminology (e.g. "growth", "recession", "natural unemployment", "hyper inflation", "trade balance deficit" etc.) in a comprehensive way.
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Describe how real GDP is determined in the short run, the medium 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 (e.g. the classical model for the economy in the long run, the IS/LM model, the Solow growth model, the AD/AS model, etc.).
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Illustrate diagrammatically these models, perform policy experiments (like increasing Government Purchases or changing the Money Supply) 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 (national income, interest rate, consumption, investment, etc.).
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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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Spring Term
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Aids
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Please, see the detailed regulations below
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Duration
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4 Hours
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Examination
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Written 4-hours closed book exam, graded by internal examiner on the 7-point scale.
The make-up and re-examination takes place according to the same rules as the regular examination.
Exam aids: No aids allowed other than basic language dictionaries (e.g. from mother tongue to English and vice versa and English/English) and non-programmable calculators
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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
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Teaching Methods
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Lectures and Exercises.
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Literature
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N. Gregory Mankiw & Mark Taylor. Macroeconomics. European Edition. Worth Publishers ISBN: 978-0-7167-7369-6 (Chapters 1-14 and 19: 462 pages)
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