International Double Major in Economics and Business Administration and Management

Course code: 176304		Subject title: MACROECONOMICS I
Department: Economics		Year: 2
Type of subject: Mandatory		Period: 2º S
Credits: 6
Lecturers
GARCIA PRADO, Ariadna María MANOTAS HIDALGO, Beatriz

 

Languages

* GP01. Analytical capacity.
* GP04. Writing and speaking in English.
* GP07. Capacity for solving problems.
* GP09. Capacity for teamwork.
* GP11. International work.
* GP12. Information search from different sources.
* GP17. Autonomous learning.
* GP19. Creativity.

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Descriptors

* SP01. Understand economic institutions as the result of theoretical or formal representations of modern economies.
* SP04. Use scientific tools and professional criteria to analyse economic problems.
* SP05. Write advising reports on local, national or international economic issues or on sectorial analysis.
* SP06. Write economic projects at regional, national or international level.
* SP10. Evaluate the implications of alternative economic policies and select those that better achieve the policy targets.

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Requisites

Economic theory, equilibrium, aggregate demand, aggregate supply, inflation, unemployment.

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Special education

• Three 100-minute lectures every two weeks. Single group.
• One 100-minute practice session every two weeks. Students will be split up into two small groups

Methodology - Formative activities	Hours attend them	Hours do not attend them
A-1 Lectures	40	0
A-2 Practice session	15	0
A-3 Preparation and study of contents	0	30
A-4 Individual works	0	20
A-5 Works in group		10
A-6 Preparation for exams, evaluations		25
A-7 Exams and evaluation tests	5
A-8 Individual tutorials		5
Total	60	90

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Meaning

Proficiency	Formative activity
GP01. Analytical capacity.	A-1, A-3, A-4, A-5, A-6, A-7
GP04. Comunicación oral y escrita en una lengua extranjera.	A-2, A-3, A-4, A-5, A-6
GP07. Capacity for solving problems.	A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8
GP09. Capacity for teamwork.	A-2, A-5, A-6, A-8
GP11. International work.	A-3, A-4, A-5, A-6
GP12. Information search from different sources.	A-2, A-3, A-4, A-5, A-6, A-7, A-8
GP17. Autonomous learning.	A-3, A-4, A-5, A-6, A-7, A-8
GP19. Creativity.	A-2, A-3, A-4, A-5, A-6, A-7, A-8
SP01. Understand economic institutions as the result of theoretical or formal representations of modern economies.	A-1, A-3, A-4, A-5,
SP04.Use scientific tools and professional criteria to analyse economic problems.	A-1, A-2, A-3, A-4, A-5, A-6, A-7
SP05.Write advising reports on local, national or international economic issues or on sectorial analysis.	A-2, A-4, A-5
SP06.Write economic projects at regional, national or international level.	A-2, A-3, A-4, A-5
SP10.Evaluate the implications of alternative economic policies and select those that better achieve the policy targets.	A-1, A-2, A-3, A-4, A-5, A-6, A-7

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Proficiencies

English.

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Objectives

This course introduces the theory of modern macroeconomics with attention focused on the determination of aggregate variables in the short-run such as income, employment, prices, and the interest rate. The first part of the course is devoted to studying the private sector behaviour in goods markets, capital markets, and money markets in order to build foundations for the Aggregate Demand (AD) determination that embodies the IS-LM model. The labour market is presented next for the endogenous construction of the Aggregate Supply (AS) curve. Next, both the Keynesian and classical frameworks are introduced for the macroeconomic analysis and are represented in an AD-AS diagram. A central theme in this part of the course will be to understand the powers and limitations of macroeconomic policies (fiscal policy and monetary policy) in stabilizing the business cycle. Finally, the Phillips curve and the role of expectations are shown to illustrate the possible tradeoffs between policy targets such as inflation and unemployment.

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Methodology

Students will be evaluated mainly on the basis of continuous evaluation (60%), while the final exam will account for the remaining 40%. However, students will have a final exam (40%) and will have the chance to be reevaluated on 20% of the continuous evaluation. Thus, students will be able to be re-evaluated on 60% of their final qualification.

 

Aspect	Criteria	Tools	Weight
Concepts of the subject	Attendance Intervention and contributions Knowledge and Identification of key operational and theoretical concepts. Appropriateness of content.  Evaluation of current, original and quality critical reviews. Identify at least one aspect of interest to professional practice. Capacity for analysis and synthesis. Application of knowledge in practice. Creativity, innovation, improvement proposals.	Monitoring of attendance. Record of  professor Work in practical sessions.  classroom exercises (individual or group) homework assignments (individual or group)	60%
Concepts of the subject	Identifying and understanding key concepts and operational knowledge of the subject. Right Answers (on time, form and appropriateness of content). Original and quality critical reviews. Capacity for analysis and synthesis.	Final exam	40%

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Thematic blocks

Syllabus

* 1. Introduction to Macroeconomics

* 2. Goods market equilibrium: the IS curve.

* 3. Financial markets equilibrium: the LM curve.

* 4. Goods and Financial markets: The IS-LM model.

* 5. The labor market:

* 6. Putting All Markets Together. The AS-AD Model

* 7. The Natural Rate of Unemployment and The Phillips Curve

* 8. Inflation, Activity, and Nominal Money Growth

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Links

Blanchar O. (2010). Macroeconomics (update edition) 5TH Ed. (International Edition) Prentice Hall

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