EXC 3525 Macroeconomics

EXC 3525 Macroeconomics

Course code: 
EXC 3525
Department: 
Economics
Credits: 
7.5
Course coordinator: 
Anders Tveit
Course name in Norwegian: 
Macroeconomics
Product category: 
Bachelor
Portfolio: 
Bachelor - Core Courses
Semester: 
2019 Spring
Active status: 
Active
Level of study: 
Bachelor
Teaching language: 
English
Course type: 
One semester
Introduction

Macroeconomics is the study of the economy as a whole. It deals with phenomena such as long-run economic growth, business cycles, unemployment, inflation, and deficits on the balance of payments. Analyses on how governments and central banks can influence the macroeconomy through fiscal and monetary policy are particularly important in macroeconomics.

Learning outcomes - Knowledge

An important goal of this course is to familiarize students with important macroeconomic concepts, indicators, and relations, and to give students insights into macroeconomic theories (with corresponding empirical knowledge) of long-run economic growth processes, structural unemployment, inflation and other nominal variables, and business cycles. Another goal is to equip students with sufficient knowledge to understand theories and macroeconomic models that explain how fiscal and monetary policy, such as inflation targeting, can be used to influence the macro economy.

After taking this course, you should be able to understand and explain important macroeconomic concepts, indicators and the most common policy targets and instruments of fiscal and monetary policy in advanced economies. You are expected to understand the crucial distinction between real and nominal variables and concepts. You should also be able to distinguish wrong statements in macroeconomics from correct ones, as well as descriptive statements from normative ones. You should also have acquired a good overview of macroeconomic relations and empirical knowledge. Finally, you should understand the logical structure of basic macroeconomic growth models and elementary models of business cycles and inflation.

Learning outcomes - Skills

After taking this course, you should be able to find relevant economic data and indicators from respectable data sources in order to describe the macroeconomic situation and recent history of a particular country. You should also be able to decide which macroeconomic theory or model that is most relevant for a particular policy issue. Finally, you should be able to apply basic models of long-run growth, business cycles and inflation to draw logical conclusions about the effects of changes in crucial parameters and policy instruments.

Learning Outcome - Reflection

After taking this course, you should be ethically conscious about the conflicts of interest and inherent goal conflicts and trade-offs in macroeconomic policy. You should be able to look at a macroeconomic policy issue from different perspectives concerning the interests of different groups in society. You should also have developed a critical attitude making you conscious of the difference between political ambitions behind announcements of goals and the real effects of macroeconomic policies in practice.

Course content
  1. National accounts and economic indicators
  2. Economic growth and the wealth of nations
  3. The labour market and structural unemployment
  4. Money, prices and exchange rates in the long run
  5. Consumption and investment
  6. Aggregate demand, business cycles and the short-run effects of monetary and fiscal policy
  7. Nominal and real exchange rates
  8. Long-run effects of fiscal policy.
Learning process and requirements to students

Five sets of coursework requirements will be posted on Itslearning. In order to attend the final exam students have to receive passing marks for at least three of these five assignments. Information about deadlines will be given at the start of the term. 

Answers to the work requirements should be posted electronically through Itslearning. Feed-back wil be given in class.

Software tools
No specified computer-based tools are required.
Additional information

Re-sit examination
Students that have not gotten approved the coursework requirements, must re-take the exercises during the next scheduled course.

Students that have not passed the written examination or who wish to improve their grade may re-take the examination in connection with the next scheduled examination.

Qualifications

Higher Education Entrance Qualification.

Required prerequisite knowledge

No particular prerequisites.

Mandatory courseworkCourseworks givenCourseworks requiredComment coursework
Mandatory53Students who have not got approved three of the five assignments must retake the assignments at the next scheduled course.
Mandatory coursework:
Mandatory coursework:Mandatory
Courseworks given:5
Courseworks required:3
Comment coursework:Students who have not got approved three of the five assignments must retake the assignments at the next scheduled course.
Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
EXC35251
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination every semester
100Yes3 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
Individual
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:100
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
  • Bilingual dictionary
Duration:3 Hour(s)
Comment:
Exam code:EXC35251
Grading scale:ECTS
Resit:Examination every semester
Exam organisation: 
Ordinary examination
Total weight: 
100
Student workload
ActivityDurationComment
Teaching
36 Hour(s)
Feedback activities and counselling
6 Hour(s)
Student's own work with learning resources
131 Hour(s)
Submission(s)
24 Hour(s)
Coursework requirements
Examination
3 Hour(s)
Sum workload: 
200

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.