Advanced Macroeconomics (In English)
ISA Study Center with Universidad Internacional Menéndez Pelayo-Sevilla
Area of Study
Economics, International Economics
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units4
Hours & Credits
Course Objective: The 20-21th Centuries can be described as a period of rapid and sometimes revolutionary developments in several areas of the social world, especially in the economic sphere, which can be traced back to the industrial revolution. Regarding the economic systems, it is possible to differentiate between the changes in ideas (theoretical) from the changes at the practical level (reality). This course will analyze the main economic systems, taking into consideration their historical background and theoretical underpinning, along with how they function in the real world and how they differ/interact with one another. Developing nations and the impact of BRICs countries in the world economy will be also researched.
· identify the characteristics of capitalism, planned socialism, and market socialism, along with associated theories and ideologies. Then use theories and concepts to analyze and understand current events
· assess the performance of the economic systems
· study and monitor leading examples of each system
· learn the major tasks associated with the transition from planned or market socialism to capitalism
· study the experience of transition, using real world case studies including Russia, China, and central Europe
· gain a better understanding of capitalism, our own system
· develop an informed opinion about economic crises, turmoil and bubbles to explain what went wrong and to present what could be done differently
· explain how countries develop and relate development theory to the diverse evolution of the so called “rising economies”
This course is designed to combine lectures with in-class group exercises and case
discussion. Students will learn how to react to situations that multinational firms face in their international operations. On occasion, videos will be used to augment the lecture and stimulate class discussion.
The means to attain these objectives include a thorough study of class notes, case analysis, and in-class small group discussions. Material for quizzes and examinations will be from lectures, cases, and group discussions.
UNIT 1: UNDERSTANDING COMPARATIVE ECONOMICS
· Economics the business of life
· The economic problem: Scarcity and choice
· Opportunity cost
· Capital goods and consumer goods
· The production posibilities frontier
UNIT 2: ECONOMIC SYSTEMS AND THE ROLE OF GOVERNMENT
· Command economies
· Laissez faire economies: The free market
· Mixed systems: Markets and governments
UNIT 3: INTRODUCTION TO MACROECONOMICS
· Macroeconomics vs microeconomics
· Development of macroeconomics
· Objectives and instruments of macroeconomic policy
o Fiscal policy
o Monetary policy
o International trade policy
o Exchange rate policy
UNIT 4: ECONOMIC INDICATORS
· Interest rates
UNIT 5: ECONOMIC GROWTH, THE FINANCIAL SYSTEM AND BUSINESS CYCLES
· The financial system and the business cycle
· Long run economic growth
· Savings and investment
· The business cycle
UNIT 6: ALTERNATIVE VIEWS IN MACROECONOMICS
· Classical and Keynesian tradition
· New classical macroeconomics
o Rational expectations
· Supply side economics
· Behavioural economics
UNIT 7: COMMUNISM AND SOCIALISM
· Socialism vs capitalism
· Historical background
· Marx theory of value
· Marx theory of surplus
· Communist society
UNIT 8: BALANCE OF PAYMENTS
· Balance of payments accounting
· The J curve effect
· Balance of payments trends in major countries
UNIT 9: BASIS OF INTERNATIONAL TRADE
· Theory of absolute advantage
· Theory of competitive advantage
· Hecksher-Ohlin theory
· Imitation gap theory
· International product life cycle
· The Solow-Swan neoclassical growth model
UNIT 10: GOVERNANCE ISSUES IN AN INTEGRATING WORLD ECONOMY
· The international monetary fund
· The world bank
· The world trade organization
· The criticism of international institutions
UNIT 11: DEVELOPMENT AND INTERNATIONAL PRODUCTION
· Differential experiences of development
· Theories of development
o Dependency theory
o Modernization theory
· Changing approaches to development
Required material: Principles of Macroeconomics, plus MyEconLab with Pearson e-text, Global Edition 11/E.
Every student will purchase a personal code for access to the online platform from where all the course management (e-text, assignments, reviews, activities, etc.) will take place.
The online learning platform is a mandatory tool to pass this course.
Text book, homework, assignment, tasks are in the platform.
The individual performance appraisal will be carried out through the work every student does in the platform.
Very important notice: The code is personal and not transferable, once you purchase the code this cannot be neither returned, nor refunded. Unless you are 100% sure you are going to take the Comparative Economics class do not buy it. In case of any doubt contact your host Academic Coordinator.
Please note that Administration Department at ISA Study Center can not take payments by card.
20% Tasks and attendance
40% Final exam
10% Subjective evaluation
Course evaluation breakdown:
Tasks and attendence is comprised of:
Tasks: The tasks will come in the form of quizzes. The student will be subject to two quizzes during the term worth 5% of the total grade each. Quizzes is a reduced version of the mid term and final. Test lenght maximum 1 hour. The aim of the quizzes is to familiriaze the student with the new examination methodology together with instructor´s appraisal criteria.
Attendance: Students are required to be involved in class activities. They are expected to show their preparation by participating in discussions, by asking relevant questions, being critical and analytical with the contents presented in class as well as by sharing their ideas and opinions.
Final Exam: Final exam is the most seminal student performance assessment. The final exam is break down in the following way. Mid Term and final are two hours exams.
Mid Term exam: In the middle of the semester the student will be subject to a mid term examination worth 15% of the total grade. This exam is not cumulative with material for the final exam. This mid term will be very similar in length, structure and formal with the final exam.
Final exam will carry 25% of total grade
Projects: Compraised of the following activities: Group project and individual projects.
· Group project: More and more employers are demanding people with orgnizational skills, information research and synthesis capabilities, hability to speak in front of others and very importantly team work. The project aim is just that: to enhanced student´s capabilities of research, orgnization skills, team work and public speaking. When possible at least one day in class will be assigned for students to work in their group project. This group project carries 20% of the final grade
· Individual project: Comprised by any individual project assigned by instructor. 10%
This evaluation criteria it is categorized as subjective and left to instructor´s personal criteria. As a basic guidence for students some of the criteria will be overall performance improvement, I.e any student that of every quiz or assingment improve´s his/her performance will be seen positively by instructor. No unjustified absences
Use of mobile devices whilst in class, disruptive behaviour, tardiness, littering will be seen very unproffesional by the instructor.
Evaluation calendar and summary:
Team Project 25%
Final Exam 25%
Individual projects ad hoc assingments 10%
Attendence whole semester 10%
Subjective evaluation whole semester 10%
Final letter grades will be assigned using the following scale, expressed in terms of the percentage of total possible points earned:
10 = Matrícula de honor
9 – 9,9 = Sobresaliente
7 – 8,9 = Notable
5 – 6,9 = Aprobado
0 – 4,9 = Suspenso
Attending the course but not taking the exams = No presentado
Missing class more than permitted = No asistencia
Please find as a reference the following grading scale conversion. However, it is ultimately the responsibility of the student’s home university or institution to determine the final grade equivalencies.
Matrícula de Honor = A+ Suspenso = F Sobresaliente = A No presentado = Incomplete (attended Notable = B classes but did not take final exam) Aprobado =C No Asistencia = Incomplete (enrolled in the course but did not attend class)
Appeal grades: The deadline for claiming notes is 30 days from the reception at the university certificate.
Class Attendance: class attendance is obligatory, it is checked every class day and it is reflected in the course attendance sheet that is sent to the University.
An 85% of attendance is required for the successful completion of the course. Not missing any class will be considered positively.
If a student exceeds this limit, the grade in the transcript for this subject could appear as “not attended course”.
IMPORTANT: This is a tentative schedule. The instructor has the right to make any modifications at his/her wish.
Courses and course hours of instruction are subject to change.
Eligibility for courses may be subject to a placement exam and/or pre-requisites.
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