Macroeconomics (2235.YR.006143.3)

General information

Type:	OBL	Curs:	1	Period:	S semester
ECTS Credits:	6 ECTS

Teaching Staff:

Economics I

Mathematical Analysis (comprehension of graphs, equations, derivative rules and partial derivatives)

Workload distribution:

Lectures: 40 hours
Participatory sessions: 12,5 hours
Independent study: 93 hours
Exam: 4 hours

The Economics II course forms part of BBA students' economics training and therefore makes the following contributions to the programme along with the department's other courses:

1) Develop students' ability for analysis, their mental acumen and critical outlook in relation to problems and economic relationships between companies and their environments.
2) Provide the highest level of professional training and the information necessary for those going on to a career in business or management.

Upon successfully completing this course, students should:
1) Have acquired the necessary knowledge and tools to be able to analyse and interpret real situations from an economic perspective and
2) Be able to critically examine the ways in which aggregate economy and macroeconomic policies function, all the while considering issues related to social responsibility.

Based on these global objectives, we will aim to achieve a series of specific objectives linked to various competences:

A. Present reference frameworks, theories and tools as well as the key information for their use when analysing different scenarios/case studies and when proposing measures/ solutions to improve them.
B. Enable the definition of concepts, theories and models.
C. Promote the integration and structuring of the knowledge acquired in the course by completing assignments designed for this purpose.
D. Promote a critical approach to the analysis of real scenarios, above all in Economics.

1. Introduction to Macroeconomic Variables Introduction to Macroeconomics. National accounting. Inflation and deflation. Unemployment.

2. Fiscal Policy. The Income-Expense Model. Public sector accounts. Fiscal policy instruments and objectives. Public deficit and public debt. Determining the production-income equilibrium. Public expense multiplier.

3. The Financial Sector. Central Banks and Monetary Policy The banking system. Implementing monetary policy. Conventional and Not Conventional monetary policies.

4. The IS-LM Model Analysis of the effects of fiscal and monetary policies. "Crowding out" effect. Accommodating policies. Financial markets and expectations.

5. The Aggregate Supply and Aggregate Demand Model Analysis of the effects fiscal and monetary policies have on production and equilibrium price leves. Supply policies. Supply and demand "shocks"

6. Exchange Rates and the International Economy Definition of Exchange Rates. Fixed and Flexible Exchange Rates.

The learning process combines different pedagogical methodologies in both the lecture classes and participatory sessions. In the former, faculty will describe the key macroeconomic instruments and theoretical concepts and analyze the relevant models. The participatory sessions include different activities: case study and reading analyses and discussions, practical exercises and the use of theoretical concepts to analyze economic reality.

During the lecture classes, it is important for students to understand the questions faculty raise and for them to take good notes during each session. After these lectures, students should revise their notes with the support of the recommended bibliography and group work.

In the participatory sessions, students will be able to determine the knowledge they have actually acquired. Iti s important for students to constantly assess themselves throughout the semester to determine if they are really making the efforts required to learn the content or if they should change their individual study methods.

ASSESSMENT BREAKDOWN

Main Textbook:

Mankiw, Gregory ; "Macroeconomics" (10th edition). Macmillan, 2019


Other useful Textbooks:

Abel, Andrew & Bernanke Ben ; Macroeconomics (8th edition). Pearson, 2013

Blanchard, Olivier; Macroeconomía (5th edition) . Editorial Pentice Hall, 2012

Blanchard, O , Amighini, A. & Giavazzi, P.; Macroeconomics. A European Perspective (2nd edition). Pearson, 2013

Dornbusch, R. & Fischer, S.; Macroeconomía (10th edition) McGraw-Hill, 2009