"Macroeconomics" is a 3rd year course that is part of the "Foundations of the Firm" module. This course complements "Introducción a la Economía II: Principios de macroeconomía" by further analyzing the short-run and long-run macroeconomic performance, the role of institutions (governments and central banks) and main macroeconomic policies.

"Macroeconomics" is an applied course that combines theory and real-world case studies through exercises, readings and macroeconomic data analysis. Given its applied nature, a basic knowledge of descriptive statistics (averages, growth rates, etc.) and office programs (Word, Excel) is convenient.

This course will help students to understand how the macroeconomic environment and macroeconomic policies affect firms' performance.

Learning Results (LR) are:

LR 1: The student understands macroeconomic performance from a comprehensive perspective.

LR 2: The student is able to solve main macroeconomic variables.

LR 3: The student evaluates the effects of fiscal and monetary policy, both in the short run and the long run.

LR 4: The student understands the determining factors of the growth rate.

LR 5: The student idenifies the determining factors of unemployment rate and the influence of macroeconomic policies.

LR 6: The student idenifies the determining factors of inflation rate and the influence of macroeconomic policies.

LR 7: The student understands the role of expectations over prices and the temporal structure of interest rates.

LR 8: The student understands the role of governments and central banks.

LR 9: The student handles main macroeconomic information sources.

LR 10: The student relates macroeconomic models with real-life episodes.



Cross-curricular Competencies (CC):

- CC6: The capacity to search and manage information (required level 3).

- CC7: The capacity to analyze and sinthesize (required level: 3).

CHAPTER 1: Introduction

Main macroeconomic concepts, paradoxes between the micro and macro analysis

CHAPTER 2: Aggregate demand and the equilibrium between the market of goods and services and the money market

CHAPTER 3: Aggregate demand, employment and prices

Links between the tree variables according to different theoretical approaches.

CHAPTER 4: Crisis and counter-crisis policies

origins of the economic crises explained by the main theoretical perspectives.

CHAPTER 5: Money and monetary policy

Money creation, destruction and circulation.Monetary aggregates. Unconventional policies.

CHAPTER 6: Open economies

Nominal and real exchange rates, balance of payments.

The methodology combines theory, exercises and research work.

The teacher is responsible for the theoretical explanations, which will be explained in lectures.

Students will do exersises in practical classes, supervised by the teacher. The exercises will be corrected and discussed in class to guarantee feedback and to support the learning process.

Theoretical explanations and exercises are related to LR1-LR8.

Students will have to do a research work about a macroeconomic topic using bibliography and appropriate data; it will be a team work (2 students per group). Selected topics are related with the course material. The research work is related with LR9, LR10, CC6 and CC7. This task seeks the following learning objectives:

• To search information from reliable bibliographic sources.

• To read academic papers and official reports, being able to extract most relevant ideas.

• To search data from official statistics.

• To draw coherent conclusions based on data and bibliography

In the first seminar students will present an outline of their research work, which will be discussed by the teacher and the students to guarantee feedback. Later, students will be responsible for doing the research work, but it will be supervised by the teacher during office hours to assure feedback and the learning process; students will have to go to office hours at least once to present and discuss the progress of their work. Last, students will present their work during seminars.

• Final Assessment System
• Tools and qualification percentages:
  • Written test to be taken (%): 50
  • Realization of Practical Work (exercises, cases or problems) (%): 20
  • Team projects (problem solving, project design)) (%): 30

GENERAL GUIDELINES

This course follows a mixed evaluation system. Learning objectives and competencies will be evaluated. The evaluation system is based on:

- Exam (individual): 50%. It is MANDATORY to pass the exam in order to pass the subject.

- Theoretical and practical exercises (individual): 20%

- Research work (team work): 30%



The aim of the exam and practical exercises is to evaluate LR1-LR8, whereas the research work is proposed to evaluate LR9, LR10, CC6 and CC7.



RIGHT TO A FINAL EXAM



Although the course follows a mixed evaluation system, in any case students will have the right to be evaluated based on a final exam, no matter if students have participated in the mixed evaluation system or not. To have the right to a final exam, students must present a writing explaining the renounce to the mixed evaluation system. This writing has to be presented within the first 9 weeks of the course, according to the proposed academic calendar.

Those students that will be evaluated based on a final evaluation will have to do an exam on the official data.



Not attending the exam is sufficient to refuse the ordinary summons.



SPECIAL CONDITIONS:



In the event that the necessary sanitary conditions for the performance of examinations in person cannot be ensured, the weight of continuous evaluation will be increased. To this end, the possibility of increasing the number of works to be directed and delivered by internet is contemplated.

In the extra exam session the grade of the practical excercises and the research work will be maintained and the evaluation will be based on a exam (worth 50%). Nevertheless, students have the right to a final exam worth 100% of the final grade if they previously ask for. In both cases, it is MANDATORY to pass the exam in order to pass the subject.

MANKIW, N.G. (2010), Macroeconomics, 7th ed. BCS Worthpublisher.
Other class material will be distributed through Moodle.

Basic bibliography

MANKIW, N.G. (2010), Macroeconomics, 7th ed. BCS Worthpublisher.

In-depth bibliography

BLANCHARD, O. (2012) Macroeconomics, 6th ed. Pearsons
DORNBUSCH, R. FISCHER, S. Y STARTZ, R. (2009), Macroeconomics, 12th ed. . McGraw-Hill.
BRADFORD DELONG, J. y MARTTHA L. OLNEY, (2006), Macroeconomics, 2nd ed.

Journals

Boletín Estadístico. Banco de España
Cuadernos de Información Económica.

Web addresses

http://bcs.worthpublishers.com/mankiw7
http://www.ine.es
http://eustat.es
http://ec.europa.eu/eurostat
http://www.imf.org
http://www.expansión.es
http://www.dictionaryofeconomics.com/