Public University of Navarre

Academic year: 2024/2025 | Previous academic years:  2023/2024  |  2022/2023  |  2021/2022  |  2020/2021 
Double Bachelor's degree in Management, Business Administration and Law (international program) at the Universidad Pública de Navarra
Course code: 177305 Subject title: MACROECONOMICS
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

Economics/Economic Analysis



This course introduces the theory of modern Macroeconomics with attention focused on the determination of aggregate variables such as income, employment, prices, and the interest rate. The first part of the course is devoted to studying the equilibrium of the goods markets, asset markets, and money markets in a closed-economy IS-LM model with private sector, government, and central bank. The model is extended with elements of the banking sector to discuss the role of financial shocks for aggregate fluctuations. The IS-LM framework is also analyzed in an open-economy environment that incorporates net exports and exchange rates. On the supply side of the economy, the labor market is presented for the endogenous determination of employment, unemployment, wages, and prices. A central theme of the course will be to understand the strengths and limitations of macroeconomic policies (fiscal policy and monetary policy) for stabilizing the economy. The Phillips curve and the alternative ways of modelling expectations are examined in the integrated IS-LM-PC model to illustrate the trade-offs between inflation and unemployment faced by policy makers.


General proficiencies

Not applicable.


Specific proficiencies

Not applicable.


Learning outcomes

RA01: Identify relevant economic information sources for the company and their content.
RA02: Understand economic institutions as the result and application of theoretical or formal representations of how the economy works.
RA04: Understand the nature of the company as an organization with different interdependent functional areas interacting with agents with different interests.
RA06: Know the principles of economic analysis to be able to contribute to the efficient allocation of resources.



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



Weight (%) It allows
test resit
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).



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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