Objectives and competences
In this course students:
1. Enhance their theoretical knowledge in the field of macroeconomic and are able to apply it the field of economic policy.
2. Acquire advanced knowledge of theoretical approaches in the field of targets and instruments of economic policy.
3. Acquire analytical approach to analysis of theory and practice of economic policy.
4. Learn how to use official statistical data in the field of macroeconomics and to analyse the macreconomic data using computer software.
Content (Syllabus outline)
- Introduction to economic analysis and policy
- Methodological approaches to economic analysis
- Measurement of macroeconomic activity
- Analysis and usage of gross domestic product
- Unemployment and inflation
- Fiscal policy and government deficit
- Principles and strategies of monetary policy
- Economic policy in IS-LM model
- Open economy and exchange rates
Learning and teaching methods
- lectures;
- discussion and case analysis;
- computational and graphic assignments;
- homework with feed-back information;
- data analysis in Excel.
Intended learning outcomes - knowledge and understanding
Development of knowledge and understanding
Students:
1. Acquire specific knowledge in the field of macroeconomics.
2. Have a detailed knowledge of theories in the field of targets and instruments of economic policy.
3. Learn to recognise economic based policy interconnections in the field of macroeconomics.
4. Develop the skills to interpret the gained results in the field of challenges of economic growth and development.
5. Learn how to analyse and synthesise different approaches in the field of effective use of economic policy.
6. Are able to pursue further analysis regarding interaction of instruments of economic policy.
7. Are qualified to control and supervise the measures of government and central bank.
8. Can demonstrate awareness of wider social and environmental ethical issues in areas of governing economic policy.
Intended learning outcomes - transferable/key skills and other attributes
Cognitive/Intellectual skills:
Students:
1. Understand and apply critical analysis and theory development and their usability in solving real professional problems, with minimum guidance.
2. Get the ability to search for and synthesize new information from the field of defining the problems of economic policy in literature and praxis.
3. Synthesize different knowledge and procedures and are aware of importance of use of professional literature.
4. Can select appropriate techniques for problem solving and are able to evaluate the importance and significance of data.
5. Can identify key aspects of problem from different view points.
Key/Transferable skills
Students:
1. Further develop skills and expertise in the use of knowledge in a specific working area.
2. Upgrade the ability to become an autonomous learner.
3. Upgrade the ability to apply information technology.
4. Upgrade the ability to work in pairs and groups.
5. Further develop their communication skills in an effective manner to effectively and professionally communicate.
Practical skills:
Students:
1. Get practical experience in the field of solving reactions of private sector on the measures of economic policy.
2. Are able to independently search for macroeconomic data and know how to interpret and analyse the acquired data.
Readings
Strašek, S. 2005. Ekonomska analiza in politika. UM EPF.
Boršič, D., Žižek, L., Strašek, S. 2021. Zbirka nalog pri predmetu Ekonomska analiza in politika. UM EPF.
Ovin, R, in M. Šlebinger. 2003. Makroekonomska politika. UM EPF.
Mankiw, N. G. Macroeconomics, Worth Publishers, (od 3. izdaje naprej), 2002-2019, izbrana poglavja
Blanchard, O. J. 2017. Macroeconomics. Pearson, (ali od 5. izdaje naprej), izbrana poglavja
Additional information on implementation and assessment - written exam or 2 partial exams during the semester;
- practical data analysis during the semester
