Universidad Pública de Navarra - Nafarroako Univertsitate Publikoa
Public University of Navarre
| Course code: 176304 | Subject title: MACROECONOMICS I | ||||
| Credits: 6 | Type of subject: Mandatory | Year: 2 | Period: 1º S | ||
| Department: Economía | |||||
| Lecturers: | |||||
| CASARES POLO, MIGUEL [Mentoring ] | AGUIRRE OSA, IDOIA (Resp) [Mentoring ] | ||||
Contents
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, asset 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.
Methodology
| Learning activities | On-class Hours | Off-class hours |
| A-1 Lectures | 40 | |
| A-2 Practice sessions | 15 | |
| A-3 Reading | 10 | |
| A-4 Assignments | 30 | |
| A-5 Study | 45 | |
| A-6 Exams | 05 | |
| A-7 Individual tutorials | 05 | |
| Total | 60 | 90 |
Evaluation
| Learning outcome |
Assessment activity |
Weight (%) | It allows test resit |
Minimum required grade |
|---|---|---|---|---|
| All | Continuous evaluation tests 1 | 20% | YES | NO |
| All | Continuous evaluation tests 2 | 20% | YES | NO |
| All | Final exam** | 60% | YES | 4 |
*Students who do not pass the course in the ordinary evaluation period may take the recovery test, which will consist of an exam of the complete syllabus. In this case, the grade obtained in the recovery exam will be the final grade in the subject, thus replacing the rest of the grades obtained during the course.
**To pass the course, the student must obtain a minimum grade of 4 out of 10 in the final exam and a minimum grade of 5 out of 10 in the total grade. In case the student does not reach the minimum grade required, the maximum final grade achieved could be 4,9 (FAILED).
Agenda
1. The Goods Market
2. Financial Markets I
3. Goods and Financial Markets: The IS-LM Model
4. Financial Markets II: The Extended IS-LM Model
5. The Goods Market in an Open Economy
6. The Labor Market
7. The Phillips Curve, the Natural Rate of Unemployment, and Inflation
8. From the Short to the Medium Run: The IS-LM-PC Model
Bibliography
Access the bibliography that your professor has requested from the Library.
Textbook:
Blanchard, O. (2021), Macroeconomics (8th edition, Global Edition), Pearson.