Public University of Navarre

Academic year: 2018/2019 | Previous academic years:  2017/2018  |  2016/2017  |  2015/2016  |  2014/2015 
Bachelor's degree in Economics
Course code: 171806 Subject title: MACROECONOMICS IV
Credits: 6 Type of subject: Optative Year: 4 Period: 1º S
Department: Economía

Partes de este texto:


Module/Subject matter




International Economics, Exchange rates, Foreign exchange markets.


General proficiencies

GP01. Ability to analyze and summarize.
GP04. Writing and Speaking in English.
GP07. Ability to solve problems
GP09. Team work.
GP11. Work in an international environment.
GP12. Information search.
GP17. Autonomous learning.
GP19. Creativity.


Specific proficiencies

SP01. Understand the behavior of economic institutions with formal models.
SP04. Use economic analysis with scientific instruments.
SP05. Write reports describing economic phenomena.
SP06. Research projects at international, national or regional levels.
SP10. Evaluate the performance of alternative policies and select them with technical criteria.


Learning outcomes

International finance and foreign exchange markets.

Open-economy macroeconomics.

Exchange rate regimes.

An introduction to dynamic macroeconomic models with rational expectations.

Optimal monetary areas and the Eurozone case.



Activities On-class Hours Off-class Hours
A-1 Lectures 30  
A-2 Seminars 20  
A-3 Discussions 10  
A-4 Homeworks   25
A-5 Readings   10
A-6 Individual studying   45
A-7 Exams 06  
A-8 Office Hours   04
Total 66 84


Relationship between formative activities and proficiencies

Lectures GP01, GP07, SP01, SP04 and SP10.
Seminars GP04, GP07, GP09, GP12, GP19, SP04, SP05, SP06 and SP10.
Homeworks GP04, GP07, GP09, GP11, GP12, GP19, SP05, SP06 and SP10.
Office Hours GP02, GP04, GP07 and GP09.
Mid-term and Final Exam GP01, GP04, GP07, GP12, GP17, SP01, SP04 and SP10.






  Weight Second-call replaceable
Practice 35% NO
Midterm exam 25% YES
Final exam 40% YES


Practice consists of the evaluation in the seminar sessions and it may come from differentiated items (problem sets, other individual or group homework, presentations, in-class quizzes or individual exercises, etc.)

A minimum mark of 4/10 in either the final or the retake exam is required to pass the course.

Those students who do not take any of the two final exams will obtain the overall grade "NO PRESENTADO".



This course examines short-run fluctuations in business cycles, with special attention focused on the effects of fiscal and monetary policies on GDP. Models assume fixed prices in the short-run and fully-flexible prices in the long-run equilibrium. The analysis is based on an open-economy macroeconomic model with asset markets, goods market and an either floating or fixed rates in the foreign exchange market.



1. National Income Accounting and the Balance of Payments

2. Exchange Rates and the Foreign Exchange Market: An Asset Approach

3. Money, Interest Rates, and Exchange Rates

4. Output and the Exchange Rate in the Short Run

5. Price Levels and the Exchange Rate in the Long Run

6. Fixed Exchange Rates and Foreign Exchange Intervention

7. An introduction to dynamic macroeconomic models with rational expectations.

8. Optimum Currency Areas and the Euro

9. Financial Globalization: Opportunity and Crisis



Acceda a la bibliografía que su profesor ha solicitado a la Biblioteca.

International Economics: Theory and Policy (2018), 11th edition, Paul R. Krugman, Maurice Obstfeld, and Marc Melitz. Pearson.



Aulario on Campus Arrosadia, UPNA. Classroom TBA.