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2020/2021  BA-BHAAI1022U  Principles of Macroeconomics

English Title
Principles of Macroeconomics

Course information

Language English
Course ECTS 7.5 ECTS
Type Elective
Level Bachelor
Duration Summer
Start time of the course Summer
Timetable Course schedule will be posted at calendar.cbs.dk
Max. participants 120
Study board
Study Board for BSc in Economics and Business Administration
Course coordinator
  • Sven Bislev - Department of Management, Society and Communication (MSC)
For academic questions related to the course, please contact instructor Miguel Suarez, Ph.D., Vienna University of Economics and Business, miguel.suarez@wu.ac.at
Main academic disciplines
  • Economics
Teaching methods
  • Online teaching
Last updated on 21/01/2021

Relevant links

Learning objectives
To achieve the grade 12, students should meet the following learning objectives with no or only minor mistakes or errors:
  • Fully explain the basic concepts, models, theories and tools used in this macroeconomics course and use them to analyze economic decisions by individuals and by firms.
  • Explain how and what we measure economics aggregates. Explain why economics focuses on economic growth and develop models that help us to understand what factors aid in economics growth. Explain why we care about growth and how knowledge of personal finance and stock markets can lead to growth in aggregate and individual wealth.
  • Predict the typical general effects of the business cycle on inflation and unemployment. Display clear knowledge of the correct countercyclical monetary and fiscal policies in an economic contraction and an economic expansion.
  • Articulate and explain the origins, workings, and potential problems in monetary systems.
  • Analyze economic outcomes in terms of their effects on aggregate income and income distribution.
Course prerequisites
None
Examination
Principles of 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
4 hour home assignment. No requirement for maximum number of pages.
Assignment type Written assignment
Duration Written product to be submitted on specified date and time.
Grading scale 7-point grading scale
Examiner(s) One internal examiner
Exam period Summer, Ordinary exam: 4-hour home assignment in the period of 26–30 July 2021
Retake exam: 4-hour home assignment in the period of 20 – 24 September 2021
3rd attempt (2nd retake) exam: 72-hour home assignment – 22 – 25 November 2021 – for all ISUP courses simultaneously

Exam schedules available on https:/​/​www.cbs.dk/​uddannelse/​international-summer-university-programme-isup/​courses-and-exams
Make-up exam/re-exam
Same examination form as the ordinary exam
Retake exam: 4-hour home assignment, new exam question
Exam form for 3rd attempt (2nd retake): 72-hour home assignment, max. 10 pages.
Course content, structure and pedagogical approach
Course content:
This course will provide an overview of macroeconomic issues: the determination of output, employment, unemployment, interest rates, and inflation. Monetary and fiscal policies are discussed, as are public debt and international economic issues. It introduces basic models of macroeconomics and illustrates principles with the experience of the United States and other economies. 

 

Course structure:

Preliminary assignment:  Please read the first two chapters in the textbook and prepare to discuss them in class
 
Class 1:  - A Tour of the World (Chapter 1)  - Basic Definitions (Chapter 2) 
 
Class 2:  - The Goods Market (Chapter 3) - Financial Markets I (Chapter 4) 
 
Class 3: - Goods and Financial Markets: The IS-LM Model (Chapter 5) - Financial Markets II (Chapter 6)  
 
Class 4: - Openness in Goods and Financial Markets (Chapter 17) - The Goods Market in the Open Economy (Chapter 18) 
 
Class 5: - Output, the Interest Rate and the Exchange Rate (Chapter 19) - Exchange Rate Regimes (Chapter 20) 
 
Class 6: Exercises 
 
Feedback activity: The optional mid-term assignment will be a take-home examination covering course materials up to that point and will be similar to the final examination. It will be posted on Canvas at the end of the second week- after Class 4, and discussed in Class 6. This midterm is best viewed as learning opportunity for students. I encourage you, and you have my explicit permission, to work with a classmate or small team. Ideally, you will learn from one another.  
 
Class 7: - The Labor Market (Chapter 7) - The Phillips Curve, the Natural Rate of Unemployment and Inflation (Chapter 8) 
 
Class 8: - The Facts of Growth (Chapter 10) - Saving, Capital Accumulation and Output (Chapter 11) 
 
Class 9: - Technological Progress and Growth (Chapter 12) - Technological Progress and Unemployment (Chapter 13) 
 
Class 10: - Financial Markets and Expectations (Chapters 14 and 15) 
 
Class 11: - Review

Description of the teaching methods
This year all courses are taught digitally over the Internet. Instructors will apply direct/live teaching through a link (like Skype, Team, Zoom). In some courses, pre-recorded material will also be used.
Feedback during the teaching period
Feedback activity: The optional mid-term assignment will be a take-home examination covering course materials up to that point and will be similar to the final examination. It will be posted on Canvas at the end of the second week- after Class 4, and discussed in Class 6. This midterm is best viewed as learning opportunity for students. I encourage you, and you have my explicit permission, to work with a classmate or small team. Ideally, you will learn from one another.
Student workload
Preliminary assignment 20 hours
Classroom attendance 33 hours
Preparation 126 hours
Feedback activity 7 hours
Examination 20 hours
Further Information

Preliminary Assignment: To help students get maximum value from ISUP courses, instructors provide a reading or a small number of readings or video clips to be read or viewed before the start of classes with a related task scheduled for class 1 in order to 'jump-start' the learning process.

 

Course timetable is available on https://www.cbs.dk/uddannelse/international-summer-university-programme-isup/courses-and-exams

 

We reserve the right to cancel the course if we do not get enough applications. This will be communicated on https://www.cbs.dk/uddannelse/international-summer-university-programme-isup/courses-and-exams in March 2021.

 

 

 

Expected literature

Mandatory readings:


Macroeconomics, Global Edition, 7th Edition Olivier Blanchard

©2018, Pearson  

ISBN-13:  9781292160504

 

 
Last updated on 21/01/2021