Universitat Internacional de Catalunya
Macroeconomics 1
Other languages of instruction: English
If the student is enrolled for the English track then classes for that subject will be taught in the same language.
Teaching staff
- Dídac Cervera Itarte (dcervera@uic.es). Timetable: at any time, having been contacted previously by e-mail.
- Josep Faja Pijuan (jfaja@uic.es). Horari d'atenció: at any time, having been contacted previously by e-mail.
- Alex Sanz Fernández (asanz@uic.es). Horari d'atenció: at any time, having been contacted previously by e-mail.
Introduction
Individuals involved in business must become familiar with the macroeconomic environment in which they work. Although there are no infallible guidelines in decision-making, professionals aspire to have the best available information about macroeconomic indicators and the general economic situation.
Pre-course requirements
There are not previous requirements.
Objectives
The purpose of this module is to make students familiar with the manner in which economies as a whole operate. Using the specific tools of economic theory, the course covers some of the most important macroeconomic models. The different topics are approached in the way in which economists typically analyse economic facts and policies. The programme includes the main issues drawing the attention of today’s policy makers: unemployment, inflation, economic growth, etc.
Competences/Learning outcomes of the degree programme
By competences we mean the personal abilities that lead to excellent performance of the works and undertakings carried out in a specific organisation. The different competences manifest themselves in normal daily activities, allowing the tasks that have been entrusted to be carried out successfully. Given that we are not talking of theoretical knowledge but personal skills, competences are therefore something complementary to professional wisdom. Typically, competences demand from the individuals an active and consistent effort.
- 10 - To identify long-term economic growth factors and understand the impact of globalisation.
- 21 - To be familiar with the main theories in the fields of microeconomics and macroeconomics.
- 23 - To be familiar with and know how to use microeconomic and macroeconomic analysis terminology.
- 24 - To be able to carry out a financial, social and historical analysis of the environment in which a company operates.
- 27 - To be able to read and understand literature on economic and business issues.
- 31 - To develop the ability to identify and interpret numerical data.
- 32 - To acquire problem solving skills based on quantitative and qualitative information.
- 34 - To develop the ability to predict situations and anticipate events, as well as be able to recognise and interpret an economic situation within a specific context.
- 50 - To acquire the ability to relate concepts, analyse and synthesise.
- 52 - To develop interpersonal skills and the ability to work as part of a team.
- 53 - To acquire the skills necessary to learn autonomously.
- 54 - To be able to express one’s ideas and formulate arguments in a logical and coherent way, both verbally and in writing.
- 56 - To be able to create arguments which are conducive to critical and self-critical thinking.
- 57 - To acquire skills which favour reading comprehension.
- 58 - To be able to develop self-assessment exercises.
- 62 - To acquire mechanisms that facilitate the adoption of ethical commitments.
- 64 - To be able to plan and organise one's work.
- 67 - To be able to express oneself in other languages.
- 68 - To develop mechanisms that encourage sensitivity towards social welfare issues.
Learning outcomes of the subject
The skills pursued in this course include:
• Capacity to summarise and analyse information. In business, individuals must be able to analyse ideas, theories, models and problems in order to reveal the main findings and arguments behind the available information, which is often complex or too general. Similarly, students should learn to summarise information on the basis of pre-established goals and criteria.
• Time management skills. Economic analysis teaches us how important it is to manage scarce resources correctly. In particular, there is usually a shortage of time to be allocated to different activities depending on a ranking of priorities. In order to be successful in the time allocation process, it is crucial not to confuse important issues with other tasks demanding an urgent solution.
• Familiarity with data and information management. The ability to identify the most relevant issues, while disregarding meaningless information, is as important as it is infrequent. Individuals should learn to properly use information in order to make good decisions aimed at achieving the goals and targets previously set.
• Communication skills. The success of a particular endeavour may depend on how effectively (clearness, accuracy, precision, etc.) information is expressed. It is also desirable to be familiar with the attitudes that are appropriate when being discussed: elegance, attention, respect, use of congruent arguments, etc.
Syllabus
Part I. Introduction
Chapter 1. Basic Macroeconomic Concepts (Mankiw, ch. 2 and 3)
1.1. The methodology of economic theory
1.2. Theory of the national income
1.3. Macro magnitudes and their calculation
Part II. The Economy in the Long Run
Chapter 2. Labour Market and Unemployment (Mankiw, ch. 6)
2.1. The concept and measurement of unemployment.
2.2. Types of unemployment and its causes
2.3. Main labour market indicators and per capita income
Chapter 3. Money and Prices (Mankiw, ch. 4 and 18)
3.1. Concept and functions of money
3.2. Monetary supply, money multiplier and the role of the central bank
3.3. The Fisher equation and quantitative theory
3.4. Measurement, causes and costs inflation
3.5. Main financial markets
Chapter 4. Economic Growth (Mankiw, ch. 7 and 8)
4.1. Neoclassical theory and the golden rule
4.2. Technological progress and the Solow model
4.3. Endogenous growth theory
4.4. Growth and economic progress
Part III. Short Run Economy
Chapter 5. Main Schools of Macroeconomic Thought (Mank, ch. 9, 10, 13)
5.1. Fundamentals of the classical model and Say’s law
5.2. Quantitative theory and aggregate demand
5.3. The basic Keynesian model and the principle of effective demand
Chapter 6. The IS-LM Model in a Closed Economy (Mankiw, ch. 10 and 11)
6.1. The goods and services market and the IS curve
6.2. The money market and the LM curve
6.3. Determining the aggregate demand function
Chapter 7.Others: Macroeconomic Policy Debates, inflation and expectations (Mankiw, ch. 9, 13 and 14)
Teaching and learning activities
In blended
| TRAINING ACTIVITY | COMPETENCES |
|---|---|
| magister class | 10 21 22 23 27 31 32 34 50 62 68 |
| classroom practice (solving problems/videos/text comments/essays) | 21 22 23 24 27 31 32 50 52 53 54 58 64 |
| individual study | 10 21 22 23 27 32 50 52 53 54 56 58 64 |
| small group seminars | 21 23 27 34 50 52 54 56 64 67 |
| tutorials | 21 23 27 34 50 52 54 56 64 67 |
| solving problems at classroom | 21 22 23 24 27 31 32 50 52 53 54 58 64 |
| report presentations & discussions | 10 21 22 23 27 32 34 50 52 53 54 56 58 64 67 |
| report presentations | 10 21 22 23 27 32 50 52 53 54 56 58 64 |
Bibliography and resources
Main Textbook:
● Gregory Mankiw (2015), 9th Edition: «Macroeconomics». Worth Publishers, New York. (ISBN-13: 978-1429240024). Spanish version of the 8th Edition: (2014): «Macroeconomía». Antoni Bosch, Barcelona. (ISBN-13: 978-8495348944).
Other References:
- Rudiger Dornbusch; Stanley Fisher y Richard Startz (2014), 12th Edition: «Macroeconomics». McGraw-Hill Education. (ISBN-13: 978-1259070969). Spanish version of the 10th Edition: (2016): «Macroeconomía». McGraw-Hill Interamericana de España S.L. (ISBN-13: 978-9701069509).
- Olivier Blanchard (2016), 7th Edition: «Macreconomics». Pearson. (ISBN-13: 978-0133780581). Spanish version of the 5th Edition (2012): «Macroeconomía». Pearson. (ISBN-13: 978-8490355350).
- William H. Branson (1997), 3rd Edition: «Macreconomic Theory and Policy». Addison Wesley. Spanish version: (1990), 2ª edición: «Teoría y política macroeconómica», Fondo de Cultura Económica, México.
- José Luis Alvarez Arce (2006), "El idioma de los precios: los pequeños secretos del dinero". CiE Inversiones Editoriales Dossat, Madrid.
- Pedro García del Barrio (2009), "Entender el mercado de trabajo. ¿Tan difícil es combatir el paro?", CiE Inversiones Editoriales Dossat. Madrid.