Objectives and competences
The aim of the course is to bring advance macroeconomic concepts to students of business majors, while economics majors get familiar with quantitative macroeconomic theory and practice using microeconomic principles.
Content (Syllabus outline)
1. Main macroeconomic concepts
2. Measurment Issues in Macroeconomics
3. Macroeconomic models
4. Economic Growth and Business Cycles
5. Fiscal Policy, Public Debt and Budget Deficit
6. Monetary policy and Interest Rates
7. Balance of Payments and Exchange Rates
8. Economic policy in an open economy
9. Microeconomic principles for building macroeconomic models (personal consumption, investment, government budge constraint, international trade flows)
Learning and teaching methods
Lectures, tutorials, case studies, instructions for course paper preparation, presentations of course papers
Intended learning outcomes - knowledge and understanding
Student:
1. Has an in-debth and systematic understanding of macroeconomic concepts and indicators (PILO 2a).
2. Has an in-depth knowledge and understanding of a wide range of methods/techniques applicable to their work (analysis of macroeconomic equilibrium models, analysis of the effectiveness of economic policy, microeconomic principles for the development of macroeconomic models) (PILO 2a).
3. Is able to identify the international effects of changes in macroeconomic indicators and international effects of economic policy changes. (PILO 2b)
4. Is able to critically analyse complex and conflicting areas of macroeconomics and economic policy from theoretical, practical and ethical perspectives (PILO 2c, PILO 4c)
5. Has a deep and systematic understanding of the sustainable aspects of economic growth and development (PILO 4b)
6. Distinguish among different macroeconomic models and is able to apply them critically in an independent analysis (PILO 2c, PILO 3a).
7. Master the knowledge of the interaction of macroeconomic categories, enabling him/her to critically assess research, knowledge and methodological approaches (PILO 2a, PILO 2c).
8. Is able to apply appropriate methods of macroeconomic analysis, transparently explain, and critically evaluate his/her findings, and ethically apply the results of macroeconomic analysis in existing empirical studies (PILO 1a, PILO 4a)
9. Is able to effectively present and defend the main findings of an independent macroeconomic analysis (PILO 3b)
The PILO label (i.e., Programme Intended Learning Outcomes) defines the contribution of each listed intended learning outcome of a course towards achieving the general and/or subject-specific competencies or learning outcomes acquired through the programme.
Intended learning outcomes - transferable/key skills and other attributes
Student:
1. Has an in-debth and systematic understanding of macroeconomic concepts and indicators (PILO 2a).
2. Has an in-depth knowledge and understanding of a wide range of methods/techniques applicable to their work (analysis of macroeconomic equilibrium models, analysis of the effectiveness of economic policy, microeconomic principles for the development of macroeconomic models) (PILO 2a).
3. Is able to identify the international effects of changes in macroeconomic indicators and international effects of economic policy changes. (PILO 2b)
4. Is able to critically analyse complex and conflicting areas of macroeconomics and economic policy from theoretical, practical and ethical perspectives (PILO 2c, PILO 4c)
5. Has a deep and systematic understanding of the sustainable aspects of economic growth and development (PILO 4b)
6. Distinguish among different macroeconomic models and is able to apply them critically in an independent analysis (PILO 2c, PILO 3a).
7. Master the knowledge of the interaction of macroeconomic categories, enabling him/her to critically assess research, knowledge and methodological approaches (PILO 2a, PILO 2c).
8. Is able to apply appropriate methods of macroeconomic analysis, transparently explain, and critically evaluate his/her findings, and ethically apply the results of macroeconomic analysis in existing empirical studies (PILO 1a, PILO 4a)
9. Is able to effectively present and defend the main findings of an independent macroeconomic analysis (PILO 3b)
The PILO label (i.e., Programme Intended Learning Outcomes) defines the contribution of each listed intended learning outcome of a course towards achieving the general and/or subject-specific competencies or learning outcomes acquired through the programme.
Readings
C. I. Jones. 2020. Macroeconomics. 5th Edition. W.W. Norton&Company (ali od 4. izdaje naprej)
A.Abel, B. Bernanke in D.D. Croushore, 2017. Macroeconomics, 9th Edition, Person Education Limited (ali od 5. izdaje naprej). (izbrana poglavja)
Dodatna literatura:
Williamson, S. D. 2018. Macroeconomics. 6th Global Edition. Pearson.
Additional information on implementation and assessment Course paper
Final exam
Course paper - Individually written course paper with oral defence
Written exam with at least one question from each topic covered
