Course Title : Macroeconomics
Code Course
Type
Regular
Semester
Lecture
(hours/week)
Seminar
(hours/week)
Lab
(hours/week)
Credits ECTS
CMP 214-1 A -1 2 0 2 3.00 6
Lecturer and Office Hours
Teaching Assistant and Office Hours
Language
Course Level
Description Basic concepts of economics and the operation of the economy at the national level. Production, distribution and consumption of goods and services, the role of government, national revenues and their distribution, GDP, consumption function, savings function, investment expenditure, multiplier principle and the influence of government expenditure on revenue and production. Monetary policy analysis, fiscal policy analysis, banking sector analysis and the State Reserve System.
Objectives Course objectives at the knowledge level: • Demonstrate knowledge of macroeconomic concepts by being able to explain them with relevant terminology. • Demonstration of knowledge of macroeconomic theories by analyzing them through their assumptions and differences. • Demonstrate understanding of macroeconomic models by explaining the relationship between macroeconomic variables. • Demonstrate knowledge and understanding of current macroeconomic problems by applying relevant theories in concrete cases. Course objectives at the skill level: • Macroeconomic data collection and analysis of data sources • Interpret existing knowledge by explaining macroeconomic principles and how they are used in economic analysis. • Use of arguments based on knowledge gained. Course objectives at the attitude level: • Critical attitudes which is essential for "lifelong learning". • Open-minded and reflective and self-critical attitudes in order to improve. • Critical thinking attitude.
Course Outline
WeekTopics
1Lesson 1 - Basic Principles -What is the difference between microeconomics and macroeconomics? -Basic macroeconomic decision-making choices: what, how and for whom to produce? -Participants in the market economy. -Basic concepts used in economic analysis. -Economic systems.
2Lesson 2 - Trade and Trade-Offs -Determination of resources used in the production of goods and services. -Productive opportunity frontier. -Productive efficiency. -Competitive advantages and benefits of trade. -Circulating flow of income, products and services in an economy.
3 Lesson 3 - Supply and Demand -Production and resource markets. -Consumer demand and the "law of demand", the change of demand, the displacement of demand, the factors that change it. -Offer and the "law of supply", the change of supply, the displacement of supply and the factors that change it.
4Lecture 4- Macroeconomics-Complete Picture -Business cycles in the market economy. -Aggregate demand and aggregate supply components. -Shift of AD and AS curves. -Basics of macroeconomics. -Classical and neoclassical economics. -Wage and price inflexibility. -Concerns about inflation.
5Lecture 5 – Macroeconomics Measurements -Gross Domestic Product, measuring the output of an economy. -State sector. -Financial sector and sector intermediaries. -Three markets: the market of goods and services, the labor market and the money market. -Real GDP v.s nominal GDP. -Methods of measuring GDP -What is not included in GDP?
6Lecture 6- Unemployment and Inflation -How is the workforce defined, what is it? -Measuring unemployment and employment. -Types of unemployment. -Labor force participation rate -Unemployment and changes in the global economy.
7Review and Discussions
8Mid-term
9Lesson 7 - Measuring Inflation -What does inflation show for the economy of a country? -Real income versus nominal income. -Real interest rates and nominal interest rates. -Costs and effects of inflation.
10Lecture 8 - Fiscal Policy -Determination of fiscal policy; taxation and expenditures to achieve macroeconomic objectives. -Government expenditures and taxation. -Automatic stabilizers: income tax, unemployment insurance. -Discretionary taxation and spending policy. -Balance deficit and surplus.
11Lecture 9 - Money, Banking and the National Reserve System. -What is money? Money supply measurement levels M1 and M2. -Monetary role of banks.
12Lecture 10 - Monetary Policy -Structure of the national reserve system. -How the central bank regulates the money supply. -Federal funds. -The role of loans, debits and electronic money in the supply of money. -The role of financial intermediaries.
13Open Lecture – Film suggestion “Too big to fail", ose, “Inside Job”
14Lecture 11 - International Trade -History of trade agreements. -Deficit and trade surplus. -Competitive advantages and trade. -Foreign exchange rates. -Dimensions of gloablization.
15Review
16Final Exam
Prerequisites
Textbook
Other References
Laboratory Work
Computer Usage
Other
Learning Outcomes and Competences
1Comprehensibility and competence in the use of macroeconomic terminology
2Comprehension of the functioning of the foundations of the economy and competence in how they function at the aggregate level.
3Knowledge of relationships between macroeconomic variables
4Competent in reading and interpreting empirical information on macroeconomic data, graphs presented, tables, etc.
5Analyzing the source of long-term prosperity and the contributing factors to long-term economic growth.
6Analyzing and understanding short-term economic fluctuations and gaining competence in the mechanisms used to stabilize the economy, to achieve full employment and low inflation.
Course Evaluation Methods
In-term studies Quantity Percentage
Midterms150
Quizzes00
Projects00
Term Projects00
Laboratory00
Attendance00
Contribution of in-term studies to overall grade50
Contribution of final examination to overall grade50
Total100
ECTS (Allocated Based on Student) Workload
Activities Quantity Duration
(hours)
Total Workload
(hours)
Course Duration (Including the exam week : 16 x Total course hours) 16464
Hours for off-the-classroom study (Pre-study, practice) 14570
Assignments 000
Midterms 100
Final examination 155
Other 000
Total Work Load 139
Total Work Load / 25 (hours) 5.56
ECTS 6

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