Public University of Navarre

Academic year: 2023/2024 | Previous academic years:  2022/2023  |  2021/2022  |  2020/2021  |  2019/2020 
International Double Bachelor's degree in Economics, Management and Business Administration at the Universidad Pública de Navarra
Course code: 176304 Subject title: MACROECONOMICS I
Credits: 6 Type of subject: Mandatory Year: 2 Period: 1º S
Department: Economía
CASARES POLO, MIGUEL (Resp)   [Mentoring ]

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Module/Subject matter

Economic Analysis/Macroeconomics.



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.


General proficiencies

  • 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.


Specific proficiencies

  • 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.


Learning outcomes

R_AE_10. Know the macroeconomic models for determining income, interest rates and prices.

R_AE_11. Analyzing stabilization economic policies, monetary policy, fiscal policy and supply policies in a closed economy



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



Learning outcome Assessment activity Weight (%) It allows test resit Minimum required grade
All Continuous evaluation tests 35% YES NO
All Midterm exam 25% YES NO
All Final exam** 40% 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.

**To pass the subject in the ordinary call, 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. Those students who do not obtain the minimum required mark of 4 out of 10 in the ordinary final exam and whose average of the ordinary evaluation (including this ordinary final exam) reaches 5 out of 10, will obtain a final grade of 4 out of 10 (FAIL).



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



Access the bibliography that your professor has requested from the Library.


Blanchard, O. (2021), Macroeconomics (8th edition, Global Edition), Pearson.






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