| 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,
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 |
Home assignment - written product |
| Individual or group exam |
Individual exam |
| Size of written product |
Please see text below |
|
Students have 4 hours to write. |
| Assignment type |
Written assignment |
| Duration |
Written product to be submitted on specified date
and time. |
| Grading scale |
7-point grading scale |
| Examiner(s) |
Internal examiner and external examiner |
| Exam period |
Summer |
| Make-up exam/re-exam |
Same examination form as the ordinary
exam
|
|
| Course content, structure and pedagogical
approach |
|
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, 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. The focus will
then 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 (one drive assignments and quiz
sessions). 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 |
|
Blanchard, Giavazzi & Amighini (2017) Macroeconomics:
A European Perspective, Third Edition.
|
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