| Learning objectives |
- Explain basic macroeconomic terminology (e.g. “GDP”,
"growth", "recession", "natural
unemployment", "trade balance deficit", “exchange
rates” etc.) in a comprehensive way.
- Describe and calculate how output, unemployment, interest rates
and real wages are determined in the short and medium run
- Describe and calculate the equilibrium in the goods, financial
and labor markets both in the short and medium run.
- Describe the role of interest rates, how it is created and
controlled.
- Describe and explain the effects of fiscal and monetary policy
within the main macroeconomic models (e.g. the IS/LM model, the
IS/LM/PC model, etc.).
- Illustrate diagrammatically these models, perform policy
experiments (like increasing government spending or changing the
interest rates) and interpret verbally what happens when moving
from one equilibrium to another.
|
| Examination |
|
Macroeconomics:
|
| Exam
ECTS |
7,5 |
| Examination form |
Written sit-in exam on CBS'
computers |
| Individual or group exam |
Individual exam |
| Assignment type |
Case based assignment |
| Duration |
4 hours |
| Grading scale |
7-step scale |
| Examiner(s) |
Internal examiner and external examiner |
| Exam period |
Summer |
| Aids |
Limited aids, see the list below:
The student is allowed to bring - Non-programmable, financial calculators: HP10bll+ or Texas BA
II Plus
- Language dictionaries in paper format
The student will have access to - Advanced IT application package
|
| Make-up exam/re-exam |
Same examination form as the ordinary exam
If the number of registered candidates for the make-up
examination/re-take examination warrants that it may most
appropriately be held as an oral examination, the programme office
will inform the students that the make-up examination/re-take
examination will be held as an oral examination
instead.
|
|
| Course content and structure |
|
Macroeconomics introduces students to economic issues and
mainstream theories related to the entire national economy as well
as the world economy. The course introduces the system of national
income accounts and national statistics and its use in terms of
measuring the overall material standard of living, price levels,
inflation, unemployment, exchange rates, trade balance etc.
Students will learn how to look at how these entities are
determined in the short and medium run, and then look at the notion
of interest rates and how they are controlled by the Central Bank.
Students will be asked to consider the situation where prices and
wages are stable, how the result may cause overheating or
recessions, and how fiscal policy (government expenditure and
taxes) and monetary policy (Central Bank regulation of the interest
rates) can be used to alleviate this situation. Another subject is
the causes of unemployment and the phenomenon itself and how it
relates to the movement of prices and wages, after which focus will
shift to open economies where goods, people, and capital are traded
with other countries, and how the nature of macroeconomic policy
changes in an open economy.
|
| Description of the teaching methods |
| Lectures and tutorial exercises. Lectures focus
on presenting theory and insights. Tutorials focus on applying
these to concrete exercises. |
| Feedback during the teaching period |
| Student feedback will occur regularly throughout
the course, e.g. via exercise classes (TA sessions), office hours
and in-class problem solving (google docs competitions). Students
are encouraged to make use of those to enhance their learning
experience, of course in addition to regular participation and
two-way communication in lectures. The lecturer will also strive to
be readily available for a one-to-one dialogue in both lecture
breaks and following each lecture session. |
| Student workload |
| Lectures |
24 hours |
| TA sessions |
12 hours |
| Preparation before lectures |
80 hours |
| Exam preparation |
90 hours |
| Total |
206 hours |
|
| Expected literature |
|
To be announced on Learn
|
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