Macroeconomics

Objectives and Description of the course
The objective of the course is to provide students with a package of basic tools that will help them analytically interpret social phenomena from a macroeconomic perspective. In particular, in this course we will review:

1. Evaluation of the "state of the economy" through the main macroeconomic variables: unemployment, inflation, economic growth, among others, and its reading through public information;
2. Understand the operation and effects of monetary and fiscal policies;

At the end of the course, students are expected to identify in a specific phenomenon, the main variables and the model that best applies to explain the observed relationships. Based on this, project the results of the observed medium and long-term conjuncture, and finally
applicable policies and their consequences.

Assessments
The total evaluation will be the weighted result of a practical work, 2 evaluations and an examination. Approval requires a weighted average greater than or equal to 4.0.

Practical Work: 20%
The idea of the work is to demonstrate mastery of the course through the direct application of the elements discussed theoretically. The work will be done in groups and a random presentation will be made on a date to be determined in order to evaluate the contribution of
all group participants.

Tests: 25 % each
The tests will be carried out on the dates specified later in the program. The content will be published on the date, depending on the progress of the program topics.

Final Exam: 30 %
Date stipulated below, minimum grade 3. The exam covers the complete content of the course.

The exam is mandatory. Students who can not attend, and have a documented justification, will be evaluated by an oral test on the date to be stipulated. In this instance, the content is the same as that of the exam: the entire course.

Copy and plagiarism
The course will be very strict in case of inappropriate behaviors. In the event that a student is detected copying during an evaluation, it is understood that said student is harming his / her companions and therefore automatically receive a grade equal to 1.0 on the test.

Bibliography
The base text of the course is:

• Blanchard, O., Amighini, A. y Giavazzi, F. Macroeconom ı́ a, Pearson, 5 edici ó n, 2012. (BAG)

Additional references

• Barro, R., V. Grilli y R. Febrero, Macroeconom ı́ a: teor ı́ a y pol ı́ tica, McGraw-Hill, 1997.
• De Gregorio, J. (2007). Macroeconom ı́ a. Teor ı́ a y pol ı́ ticas, Pearson Educación Prentice Hall.
• Larra ı́ n, F. y J. Sachs. Macroeconom ı́ a en la econom ı́ a global, 2 educación, Prentice Hall, 2002.
• Mankiw, G. (2009). Macroeconomics, 7th Edition, Worth Publishers. 

Contents

1. Introduction and basic concepts (BAG chapters 1 and 2) 
2. Market of goods in closed economy (BAG chapter 3)
3. Financial markets (BAG chapter 4)
4. Model IS-LM (BAG chapter 5)
5. Open economy (BAG chapter 6)
6. Labor market (BAG chapter 7)
7. Aggregate supply and demand model (BAG chapter 8)
8. Natural rate of unemployment and the Phillips curve (BAG chapter 9) 9. Inflation, activity
   and money growth (BAG chapter 10)
9. Growth, investment savings and capital (BAG chapters 11 and 13)