Principles of Macroeconomics
Universidad de Málaga
Area of Study
Taught In English
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units4
Hours & Credits
Principles of Macroeconomics
This course provides an overview of macroeconomic issues:
-Theories and evidence on the aggregate economy, economic growth and short-run fluctuations;
-Determination of gross domestic product, investment, consumption, current account, trade balance, employment and unemployment in equilibrium;
-Analyses of interest rates, wage rates, exchange rates and prices;
-Roles, impact and implications of fiscal and monetary policies both in the short and long run.
PART I: INTRODUCTION
Lecture 1. Introduction to Macroeconomics
1.2. What is the Macroeconomics?
1.3. Macroeconomic variables
1.4. Macroeconomic objectives: analyzing cross-countries data
PART II: SHORT-RUN (IS-RM MODEL)
Lecture 2. The goods market
2.2. The aggregate demand and equilibrium
2.3. Fiscal policy
2.7. The IS function
Lecture 3. Financial Markets
3.2. Traditional theoriess of financial markets: the LM function
3.3. Monetary policy rules
3.4 The RM function
Lecture 4. The IS-RM model
4.2. The IS-RM model
4.3. The analysis of short-run fluctuations using the IS-RM model
4.4. The aggregate demand function in closed economy
Lecture 5. The IS-RM model in open economy
5.2. Basic concepts
5.3. Balance of payments
5.4. Real exchange rate
5.5. The IS function in open economy
5.6. The RM function in open economy
5.7. The IS-RM model in open economy
5.8. The analysis of fluctuations using the IS-RM model in open economy
5.9. The aggregate demand function in open economy
PART III: LONG-RUN (AS-AD MODEL)
Lecture 6. The aggregate supply
6.4. The Phillips curve
6.5. The aggregate supply function
6.6. The supply-side policies
Lecture 7. The AS-AD model in open economy
7.2. The AS-AD model in open economy
7.3. The analysis of fluctuations using the AS-AD model in open economy
-Student will learn the principles of macroeconomics and basic theories of the aggregate economy that will be used for the analysis of actual macroeconomic facts.
-Main economic and country-wide news will be discussed, together with the recent credit and public debt crises.
Final exam (70 % of the final mark).
A midterm writing exam: (15% of the final mark).
Exposition and discussion of macroeconomic papers and events in small groups(15%). In this activity students will have to write two papers (one before and one after) related to the economic papers under discussion. Three aspects will be graded: the two papers and the participation in the discussion.
The marks from the midterm exam and the classroom discussion marks will also be used for grading in September.
-Macroeconomics: a EU Perspective (2nd ed.), O. Blanchard and A. Amighini and F. Giavazzi, Pearson (2013)
-Teoría y politica macroeconómica, O. Bajo-Rubio y C. Díaz Roldán, A. Bosch Editor (2011)
Courses and course hours of instruction are subject to change.
Eligibility for courses may be subject to a placement exam and/or pre-requisites.
ECTS (European Credit Transfer and Accumulation System) credits are converted to semester credits/quarter units differently among U.S. universities. Students should confirm the conversion scale used at their home university when determining credit transfer.
Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations