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Introduction to Macroeconomics Course Guide

This document provides information about the Introduction to Macroeconomics course for the 2019-2020 academic year, including: - The course professors and their office hours. - The teaching assistants assigned to each section. - An introduction to the topics and goals of the macroeconomics course. - Details about course organization, including lectures, seminars, problem sets and exams. - Evaluation criteria based on a final exam, continuous evaluation activities, and options for re-taking exams.

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Anna
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14 views8 pages

Introduction to Macroeconomics Course Guide

This document provides information about the Introduction to Macroeconomics course for the 2019-2020 academic year, including: - The course professors and their office hours. - The teaching assistants assigned to each section. - An introduction to the topics and goals of the macroeconomics course. - Details about course organization, including lectures, seminars, problem sets and exams. - Evaluation criteria based on a final exam, continuous evaluation activities, and options for re-taking exams.

Uploaded by

Anna
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

INTRODUCTION TO MACROECONOMICS 22097 Academic year 2019-2020

Professors:
GROUPS 1+2: María Gundín-Castro [Link]@[Link]
GROUPS 3+4: Luigi Pascali [Link]@[Link]

Office Hours:
 María Gundín-Castro. Office: 20.162 (Jaume I). Wednesday 13:30 – 14:30 pm Please
send me an e mail before. (Doubts about the content of the subject will not be
solved by mail)
 Luigi Pascali. Office: 20.2E14 (Jaume I). Monday 16:30 – 17:30 pm Please send me an
e mail before.

Teaching Assistants

101 Ohanyan, Narek 301 Sy, Andrea Loren


102 Mylonas, Victor 302 Sy, Andrea Loren
103 Sargsyan, Hayk 303 Mylonas, Victor
104 Szabó, Barna 304 Esala, Lauri
105 Cann, Isaac 305 Esala, Lauri
106 Ohanyan, Narek 306 Szabó, Barna
201 Ilango, Akhil 401 Sargsyan, Hayk
202 Ilango, Akhil 402 Sargsyan, Hayk
203 Ohanyan, Narek 403 Mascord, Joshua
204 Cann, Isaac 404 Mascord, Joshua
205 Szabó, Barna 405 Kim, Taehyun
206 Sargsyan, Hayk 406 Kim, Taehyun

PRESENTATION
The course Introduction to Macroeconomics is fundamental in the curricula of IBE, ECO, ADE,
and ECO/ADE/DRET students. The course aims at introducing you to the main economic
questions that economies as a whole face, and to acquire knowledge and competences that
will be the fundamentals for your learning of Economic Theory in more advance and
specialized courses. This course, together with Introduction to Microeconomics - (the course
you have taken during the first quarter), should be viewed as the first step of the training in
Economic Theory for IBE, ECO, ADE and ECO/ADE/DRET students.

In the same way as Introduction to Microeconomics helped you understand how households
and firms take decisions and interact in different markets, Introduction to Macroeconomics
will help you understand how those interactions result in important economic aggregates, how
those economic aggregates determine and influence each other, and how they simultaneously
affect many households, firms and markets of a country or a set of countries. We will therefore
study economic aggregates such as a country’s income per capita and economic growth,
unemployment, inflation, interest rates, exchange rates and the balance of payments.
Furthermore, we are going to analyze how economic policy, both monetary and fiscal, affects
these economic aggregates.

As you can see, macroeconomics concerns real world problems and it is crucial that you are
informed about what is going on in the world around you by regularly reading newspapers and

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magazines like the Financial Times, the Wall Street Journal, The Economist, Expansión, Cinco
Días, or the economic sections of The New York Times, La Vanguardia, el País as well as their
weekend special sections in economics. Blogs like Bruegel, or Nada es gratis are interesting to
follow.

POSITION IN THE CURRICULA PROJECT

This is a required course of 6 credits in the undergraduate degrees (graus) of IBE, ECO, ADE
and ECO/ADE/DRET. It is offered during the second quarter of the first academic year of the
four undergraduate degrees (graus).

COURSE ORGANIZATION

The course duration is 10 weeks. All students of a section meet weekly with the professor for
two lectures of an hour and a half. Furthermore, for 7 weeks, starting on the third week of the
course, there will be weekly seminar sessions with smaller groups of students (sub-sections).
Seminar sessions will be used to discuss in more depth the topics studied, to learn to relate the
acquired knowledge to everyday economic issues and to solve problems that students have
previously worked on their own or in group. We encourage students to work the problem sets
in group, discuss them and learn from other students.

Problem sets will not be handed in, but students need to know the solution and be able to
explain it in class. Instructors of seminars will call students randomly to ask them questions,
explain the solution of a given problem, complement the explanation given by another
student, and in general have an active participation in the seminar sessions. This participation
will be graded and will be part of the continuous evaluation grade. Solutions will be available
in Aula Global within a week after the seminar session meets.

In weeks 2, 3,5 and 9 there will be 1 optional revision session (total: 6h). Attendance is not
compulsory and the aim of these sessions is to reinforce the main concepts learned during the
ordinary sessions. Students from the four groups are invited. Check your calendar for time and
room.

REQUIRED BACKGROUND

Basic knowledge of the decision processes of households and firms, and their interactions in
markets, is required for the course. This knowledge has been acquired during the first quarter
in the course Introduction to Microeconomics.

COURSE COMPETENCES
GENERAL COMPETENCES

Instrumentals
1. Analytical capabilities (of economic problems with the help of simple economic
models).
2. Problem solving (applying simple economic models)
3. Ability to search information independently (on macroeconomic variables - in specified
data bases, in the media, etc.).
4. Skills to present and discuss in public.

Interpersonal

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1. Social skills to interrelate in small groups during the seminars (participate in
discussions, give opinion, listen to views of others, etc.).

Systemic
2. Understand and analyze the economic facts that appear in the press or other media.
3. Skills to carry on individual learning (reading course material, problem solving, search
information in the press and other media, etc.)

SPECIFIC COMPETENCES

1. Identifying macroeconomic problems.


2. Ability to understand and apply simple economic models.
3. Ability to relate the analysis of macroeconomic problems with the goals and
instruments of economic policy.
4. Knowledge of the main macroeconomic variables and of the data sources where those
variables can be found.

EVALUATION. Course evaluation will be based on the following criteria:

Grade from the final exam - 75 %

The final exam will take place at the end of the term (March 24 th at 15:00h). It will cover all
material discussed and lectured in class, the recommended readings for each topic, the
discussion and material from the seminars, and the problem sets that students have worked
out.
The final exam will consist of two parts: multiple choice and open questions. To pass the
course you need to get a minimum of 1.5 out of 5 points in each part of the exam, in which
case the grade of the final exam plus the continuous evaluation will determine the final grade.
If in any of the two parts of the exam you do not obtain that minimum, the continuous
evaluation will not be taken into account and your final grade will be the sum of the two parts
of the exam, with a maximum grade of 4 out of 10.

Grade from the continuous evaluation - 25 %

This part of the grade will be based on the evaluation of all activities that will take place during
the quarter: participation in seminars, short quizzes on line. The activities that contribute to
the grade are:
1. 8% Attendance and participation in the seminars where problems sets will be solved
by students with the help of the instructor (the first six seminars). The exercises must
not be delivered. However, you will have to solve them beforehand and bring the
prepared solutions to present them to the rest of the class group. Every day some
students will be called, randomly, to solve exercises on the board. These interventions
will be evaluated.
All students must attend the group of seminars to which they have been assigned.

2. 10% Seminar 7 - Content and presentation.


You will work in teams on a given topic. You will have to hand in an executive summary
and make a presentation in class. More precise instructions will be given early on in
the course.

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3. 7% Short weekly quizzes on line.
The link in Aula Global will be opened for 24 hours, starting on Thursday of each week
and ending on the following Wednesday at 23.00h .You will have to answer a few
questions randomly chosen from a given set.
You will have around 15 minutes to answer the questions from the moment you log in
and start the quiz. Details will be provided in each activity.

4. It can be the case that the teacher gives bonus points (up to a maximum of 0,5 points out
of 10)  by participating and adding value in specific activities during the lectures. You will be
informed about this along the term.

You can find the seminar group you belong to in Campus Global.

Re-sitting (recuperació) evaluation. Only for students that have followed the continuous
evaluation and had taken the final exam. It will be based on the following criteria:

1. Final exam: 75%.


Students who did not pass the course at the end of the second term have a second
chance to pass the course by retaking the final exam on April 24 th (at 14:00). The
retake final exam will consist of two parts: multiple choice and open questions, each
valued 5 points out of a total of 10. To pass the course you need to get a minimum of
1.5 out of 5 in each part of the exam, in which case the grade of the final exam plus
the continuous evaluation will determine the final grade. If in any of the two parts of
the retake exam you do not obtain a minimum of 1.5 out of 5, the continuous
evaluation will not be taken into account and your final grade will be the sum of the
two parts of the retake exam, with a maximum grade of 4 out of 10

2. Continuous evaluation: 25%.

REFERENCES

In parenthesis and bold the abbreviation that we will use in the course outline to specify the
references that correspond to each Topic.

Main References

 Blanchard, O., Amighini, A. and Giavazzi, F., Macroeconomics. A European Perspective,


Pearson Education Limited, third edition, 2017. (BAG)

This third edition is significantly different from the first and second editions in a central
part of the course. We will be following this third edition, which is an improvement for the
two previous editions, and provides a better understanding of the recent economic
recession.

Note: For your information, this book has also been the main reference for
Macroeconomics I (second year of the grau) for the last five years.
Complementary References

 Mankiw, N. G., Macroeconomics, 9th edition, McMillan, 2016.

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INSTRUCTOR: María Gundín Castro

COURSE OUTLINE

Topic 1. Introduction to Macroeconomics. Economic aggregates.

1.1 A look at the world economy BAG Ch. 1

1.2 Main economic aggregates: definitions and concepts BAG Ch. 2

Topic 2. The goods market BAG Ch. 3

Topic 3. Financial markets: I BAG Ch. 4

Topic 4. The IS-LM model BAG Ch. 5

Topic 5. Financial markets II BAG Ch.6

Topic 6. The labor market BAG Ch. 7

Topic 7. The Philips curve, the natural rate of unemployment and


Inflation BAG Ch. 8

Topic 8. Putting all markets together: from the short to the medium run
BAG Ch. 9

Topic 9. Open economy: basic concepts BAG Ch. 17 and 18.1

Topic 10. Growth

10.1 The facts of growth BAG Ch. 10

10.2 Saving, capital accumulation and output BAG Ch. 11

10.3 Technological progress and growth BAG Ch. 12

10.4 Technological progress: the short, the medium and the long runs
BAG Ch13

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TIME SCHEDULE There will be 4 optional sessions, starting in week 2 to reinforce the main concepts covered during the ordinary sessions. Check
timetable

THEORY THEORY On line QUIZ PROBLEM SETS


SEMINARS PROBLEM SETS
WEEK LECTURES LECTURES Wednesday 8 Publication
Tuesday Solutions in AG
am-Thursday Aula Global
8am
Course
Week 1 organization
6-12 January Topic 1
Topic 1

Week 2
13-19 January Topic 2 Quiz 1 Problem set 1
Topic 3
optional session
Friday 12.30h
Week 3
20-26 January Topic 3-4 Topic 4 SEMINAR 1 Quiz 2
Problem set 2
optional session Problem Set 1
Friday 14.30h

Week 4 Topic 4 SEMINAR 2 Quiz 3


Jan-2 Feb. Topic 5 Problem set 3 Problem set 1
Problem Set 2

Week 5
3-9 February Topic 5 SEMINAR 3 Quiz 4
Topic 6 Problem set 4 Problem set 2
optional session Problem set 3
Friday 14.30h

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THEORY THEORY On line QUIZ PROBLEM SETS
PROBLEM SETS
WEEK LECTURES LECTURES SEMINARS Wednesday 8 Publication Aula
Solutions in AG
Thursday Friday am-Thursday Global
8am
Week 6
Topic 6-7 Quiz 5
10-16 February Topic 7 SEMINAR 4 Problem set 5 Problem set 3
Problem set 4
Week 7
17-23 February Topic 8 Quiz 6
Topic 8 SEMINAR 5 Problem set 6 Problem set 4
optional session
Problem set 5
Friday 14.30h
Week 8
Topic 9 Quiz 7
24 Feb- 1 March Topic 9-10.1 SEMINAR 6 Problem set 5
Problem set 6

Week 9 SEMINAR 7
Topic 10.1-10.2 Problem set 8
2-8 March Topic 10.2 Presentation by Problem set 6
Quiz 8
groups

Week 10
Topic 10.3 Topic 10.4 Quiz 9
9-15 March Problem set 8

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8

Common questions

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The course is structured to support the learning of macroeconomic concepts through a combination of weekly two-hour lecture sessions and seminar sessions starting in the third week. Seminars focus on in-depth discussions of topics, relating knowledge to everyday issues, and problem-solving. Students are encouraged to prepare solutions beforehand and actively participate during seminars, which is part of continuous assessment. Online quizzes and optional revision sessions are additional resources to reinforce learning. This structured blend of lectures, seminars, and interactive sessions is designed to enhance student understanding and application of macroeconomic models .

The course relies on core resources such as 'Macroeconomics: A European Perspective' by Blanchard, Amighini, and Giavazzi, which serves as the main textbook, providing theoretical and empirical insights aligned with the course outline. Complementary references include works by Mankiw to offer additional perspectives. Classroom lectures, seminar activities, problem sets, and recommended real-world economic reading materials like newspapers and journals support learning outcomes. These resources collectively ensure students develop a robust understanding of macroeconomic principles and how to apply them .

The primary objective of the 'Introduction to Macroeconomics' course is to introduce students to the main economic questions that economies face as a whole, and to equip them with the knowledge and competencies required for understanding Economic Theory in advanced and specialized courses. It aims to help students understand how economic aggregates are determined, how they influence each other, and how they affect households, firms, and markets within a country or across countries. The course also addresses how monetary and fiscal policy impact these aggregates .

Real-world economic awareness is integrated into the curriculum through encouraging students to regularly follow economic news from sources like the Financial Times, Wall Street Journal, and The Economist. Seminar sessions are designed to relate theoretical knowledge to everyday economic issues and involve active participation. Problem-solving and discussions further help students connect their learning to current economic scenarios, emphasizing the practical applicability of macroeconomic principles in understanding and evaluating ongoing global economic developments .

Student participation in seminars plays a crucial role in the continuous evaluation of the course, accounting for 8% of the final grade. Students are expected to solve problem sets before seminars and be ready to present solutions when randomly called upon. The participation involves contributing to discussions and presenting well-prepared solutions, which are evaluated by instructors. This approach encourages active learning and peer interaction, which are important elements of the course’s pedagogical strategy .

The key evaluation components for the course include a final exam worth 75% of the final grade, which consists of multiple choice and open questions, and a continuous evaluation worth 25%, which comprises seminar participation, online quizzes, and presentations. Students must achieve a minimum of 1.5 out of 5 points in each part of the final exam to have the continuous evaluation count towards their final grade. Without meeting this minimum, continuous evaluation components are disregarded, and the final grade is capped at 4 out of 10 .

The evaluation structure ensures fairness and comprehensive assessment by combining a final exam and continuous evaluation components. The final exam assesses students' grasp of overall course content through multiple choice and open questions. Continuous evaluation, which includes participation in seminars and quizzes, ensures that students’ ongoing engagement and understanding are also recognized. By requiring a minimum score on each exam section and incorporating active seminar participation, the evaluation framework ensures a balanced and comprehensive measurement of both theoretical knowledge and practical application skills .

The course is fundamental within the broader curriculum of the IBE, ECO, ADE, and ECO/ADE/DRET degrees as it serves as a cornerstone for understanding essential macroeconomic concepts that affect economies globally. It builds upon introductory microeconomics to provide a comprehensive foundation for more advanced economic studies. By equipping students with the ability to analyze and influence economic policy through understanding aggregate economic indicators, the course prepares them for specialized courses and real-world economic challenges in their future studies and careers .

Economic models are integral to the course’s teaching methodology, serving as essential tools for analyzing economic problems and framing solutions. Students are taught to apply simple economic models to understand macroeconomic variables and evaluate economic policies. The course focuses on building analytical and problem-solving skills through these models, encouraging independent research and application of macroeconomic theory to real-world scenarios. This methodological focus underscores the importance of models in gaining an empirical and theoretical understanding of macroeconomics .

The instructional content is structured over ten weeks with each week focusing on different macroeconomic topics. Lectures on specific topics such as economic aggregates, goods market, financial markets, IS-LM model, labor market, and economic growth are scheduled on specific days. Seminars are held weekly to deepen understanding, while online quizzes are conducted for reinforcement. Each week, problem sets are assigned, published on Aula Global, and subsequently solved by students with solutions provided later .

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