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EXC 3525 Macroeconomics

EXC 3525 Macroeconomics

Course code: 
EXC 3525
Department: 
Economics
Credits: 
7.5
Course coordinator: 
Anders Tveit
Product category: 
Bachelor
Portfolio: 
Bachelor - Core Courses
Semester: 
2020 Spring
Active status: 
Active
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 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.

Learning outcomes - Knowledge

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.
Learning outcomes - Skills

After comleted course students shall bi ble 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.
  • Decide which macroeconomic theory or model that is 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.
General Competence

Students shall:

  • Be ethically conscious about the conflicts of interest and inherent goal conflicts and trade-offs in macroeconomic policy.
  • Be able to look at a macroeconomic policy issue from different perspectives concerning the interests of different groups in society.
  • Have developed a critical attitude of the difference between political ambitions behind announcements of goals, and the real effects of macroeconomic policies in practice.
Course content
  1. Introduction to Macroeconomics
  2. National Accounts and Economic Indicators
  3. The Fundamentals of Economic Growth
  4. Labour Markets and Unemployment
  5. Money, Prices and Exchange Rates in the Long Run
  6. Building Blocks: Consumption and Investment
  7. Money and Interest Rates
  8. Monetary Policy, Banks and Financial Stability
  9. Macroeconomic Equilibrium in the Short Run
  10. International Capital Flows and Macroeconomic Equilibrium
  11. Output, Employment, and Inflation
  12. Aggregate Demand and Aggregate Supply
Teaching and learning activities

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
Type of Assessment: 
Ordinary examination
Total weight: 
100
Workload activityDurationType of durationComment student effort
Teaching36Hour(s)
Review of assignments in plenary6Hour(s)
Self study131Hour(s)
Submission(s)24Hour(s)Coursework requirements
Examination3Hour(s)
Expected student effort:
Workload activity:Teaching
Duration:36 Hour(s)
Comment:
Workload activity:Review of assignments in plenary
Duration:6 Hour(s)
Comment:
Workload activity:Self study
Duration:131 Hour(s)
Comment:
Workload activity:Submission(s)
Duration:24 Hour(s)
Comment:Coursework requirements
Workload activity:Examination
Duration:3 Hour(s)
Comment:
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.