| Learning objectives |
Course aim: The purpose of the course is to give
students an understanding of: (i) movements in the economy over the
business cycle; (ii) macroeconomic stabilisation policy (monetary
and fiscal) in closed and open economies; (iii) basic aspects of
financial markets and expectations; (iv) economic growth in the
long run.
- Explain basic macroeconomic terminology (e.g.
"growth", "recession", "natural
unemployment", "trade balance deficit" etc.) in a
comprehensive way.
- Describe how real GDP is determined in the short and medium
run.
- Describe the main determinants of other important macroeconomic
variables such as inflation, unemployment, real wage, interest
rate, exchange rate etc.
- Perform simple algebraic calculations related to developments
in the main macroeconomic variables
- Describe and explain the assumptions and relations of the main
macroeconomic models (e.g. IS/LM).
- Illustrate graphically these models, perform policy experiments
(like increasing government spending or changing the money supply)
and interpret verbally what happens when moving from one
equilibrium to another.
- Solve algebraically simple macroeconomic models in order to
determine the value of the variables in equilibrium (national
income, interest rate, consumption, investment
etc.)
|
| Course prerequisites |
| English language skills equal to B2 level (CEFR)
and math skill equal to Danish level B are recommended. |
| Examination |
|
Makroøkonomi:
|
| Exam
ECTS |
7,5 |
| Examination form |
Written sit-in exam on CBS'
computers |
| Individual or group exam |
Individual exam |
| Assignment type |
Written assignment |
| Duration |
3 hours |
| Grading scale |
7-point grading scale |
| Examiner(s) |
One internal examiner |
| Exam period |
Summer |
| Aids |
Limited aids, see the list below:
The student is allowed to bring - An approved calculator. Only the models HP10bll+ or Texas BA ll
Plus are allowed (both models are non-programmable, financial
calculators).
- 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
The number of registered candidates for the make-up
examination/re-take examination may warrant that it most
appropriately be held as an oral examination. The programme office
will inform the students if the make-up examination/re-take
examination instead is held as an oral examination including a
second examiner or external
examiner.
|
|
| Course content, structure and pedagogical
approach |
|
This course offers a general introduction to macroeconomics. We
ask questions such as, ‘What determines production, unemployment
and inflation in the short and medium run?’ To answer this, we
develop an analytical framework based on equilibrium conditions in
three markets: the goods market, the financial market and the
labour market. This framework is also used to analyze questions
like, ‘What is the scope for a government to stabilise the economy
using fiscal and monetary policy?’ Moreover, issues related to the
open economy are addressed, such as capital mobility, exchange
rates, balance of payments etc.
|
| Description of the teaching methods |
| The teaching is organized in 11 teaching sessions
of 3 hours. |
| Feedback during the teaching period |
| The students will receive feedback during the
course in different ways. Firstly, they will get feedback during
lectures in the form of interaction with the instructor if any
question arises. Secondly, they will get feedback during the
exercise classes. Finally, they will get feedback at the office
hours. |
| Student workload |
| Forelæsninger |
39 hours |
| Eksamen |
3 hours |
| Forberedelse |
164 hours |
|
| Expected literature |
|
Macroeconomics. A European Perspective”,
Blanchard, Amighini and Giavazzi
(Fourth Edition)
|
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