EXC 3525 Macroeconomics
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.
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.
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.
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.
- National accounts and economic indicators
- Economic growth and the wealth of nations
- The labour market and structural unemployment
- Money, prices and exchange rates in the long run
- Consumption and investment
- Aggregate demand, business cycles and the short-run effects of monetary and fiscal policy
- Nominal and real exchange rates
- Long-run effects of fiscal policy.
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.
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.
Higher Education Entrance Qualification.
No particular prerequisites.
|Mandatory coursework||Courseworks given||Courseworks required||Comment coursework|
|Mandatory||5||3||Students who have not got approved three of the five assignments must retake the assignments at the next scheduled course.|
|Comment coursework:||Students who have not got approved three of the five assignments must retake the assignments at the next scheduled course.|
|Exam category||Weight||Invigilation||Duration||Support materials||Grouping||Comment exam|
Form of assessment:
Internal and external examiner
Examination every semester
|Form of assessment:||Written submission|
|Support materials:|| |
|Resit:||Examination every semester|
Feedback activities and counselling
Student's own work with learning resources
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.