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 economy through fiscal and monetary policy are particularly important in macroeconomics.
BI’s strategy states that we are to prepare the students for an international, digital and sustainable future. This program is international in its design and looks at today's economy in a national, European and global perspective. The program provides students with tools to investigate and analyze differences and similarities between countries. We use both national and international data and news sources. The theme of sustainability also falls naturally into the program's emphasis on economic growth.
During the course studens shall have:
- Acuired Insights into macroeconomic indicators such as national accounts, population development and inflation.
- Learned to recognize the difference between the short and the long run and real and nominal variables.
- Knowledge of theories and macroeconomic models that explain how fiscal and monetary policy, such as inflation targeting, can be used to influence the macro economy.
- Gained understanding of the logical structure of basic macroeconomic growth models and elementary models of business cycles and inflation.
After completing the course students shall:
- Find relevant economic data and indicators from respectable data sources in order to describe the macroeconomic situation and recent history of a particular country.
- Decide which macroeconomic theory or model most relevant for a particular policy issue.
- 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.
Students will be encouraged to be ethically conscious about the conflicts of interest and inherent goal conflicts and trade-offs in macroeconomic policy. It is also of importance that students are able to look at a macroeconomic policy issue from different perspectives concerning the interests of different groups in society. Finally, students must have developed a critical attitude of the difference between political ambitions behind announcements of goals, and the real effects of macroeconomic policies in practice.
- Introduction to Macroeconomics
- National Accounts and Economic Indicators
- The Fundamentals of Economic Growth
- Labour Markets and Unemployment
- Money, Prices and Exchange Rates in the Long Run
- Building Blocks: Consumption and Investment
- Money and Interest Rates
- Monetary Policy, Banks and Financial Stability
- Macroeconomic Equilibrium in the Short Run
- International Capital Flows and Macroeconomic Equilibrium
- Output, Employment, and Inflation
- Aggregate Demand and Aggregate Supply
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 presented at the start of the term.
Answers to the work requirements should be posted electronically through itslearning. Feedback will be provided on Itslearning.
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
Due to the Covid-19 pandemic, there may be deviations in teaching and learning activities as well as exams, compared with what is described in this course description.
Information about what is taught on campus and other digital forms will be presented with the lecture plan before the start of the course each semester.
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||Grouping||Comment exam|
Form of assessment:
Internal and external examiner
Examination every semester
|100||No||3 Hour(s)||Individual||Open book home exam|
|Form of assessment:||Written submission|
|Comment:||Open book home exam|
|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.