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EXC 3525 Macroeconomics

APPLIES TO ACADEMIC YEAR 2016/2017

EXC 3525 Macroeconomics


Responsible for the course
Anders Tveit

Department
Department of Economics

Term
According to study plan

ECTS Credits
7,5

Language of instruction
English

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 outcome
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.

Acquired Knowledge
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.

Acquired 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.

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.

Prerequisites
No particular prerequisites.

Compulsory reading
Books:
Burda, Michael and Charles Wyplosz. 2013. Macroeconomics: A European Text. 6th Edition. Oxford University Press. Chapter 1-13, 15, 17 (403 pages in all)

Recommended reading

Journals:
OECD. Last version. "General assessment of the macroeconomic situation". OECD Economic Literature. OECD. Recommended reading

Course outline

  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.

Computer-based tools
No specified computer-based tools are requested.

Learning process and workload
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.

Activity
Use of hours
Lectures
36
Feedback on assignments (coursework requirements)
6
Reading of literature and preparing for lectures
131
Coursework requirements
24
Final exam
3
Total use of hours recommended
200

    Coursework requirements
    The students must get three out of the five assignments approved in order to take the written exam. (See learning process and workload.)

    Examination
    A three- hour individual written exam concludes the course.
    Examination code(s)
    EXC 35251 - Written exam. Acounts for 100 % of the final grade in EXC 3525 Macroeconomics 7,5 credits.

    Examination support materials
    BI approved exam calculator. Examination support materials at written examinations are explained under examination information in the student portal @bi. Please note use of calculator and dictionary in the section on support materials (https://at.bi.no/EN/Pages/Exa_Hjelpemidler-til-eksamen.aspx).

    Re-sit examination
    Students who have not got approved five of the seven assignments must retake the assignments at the next scheduled course. Students that have not passed the written exam or who wish to improve their grade must retake the exam in connection with the next scheduled examination.

    Additional information