The subject “Introduction to Economics II: Principles of Macroeconomics” introduces the student to one of the two different parts in which Economic Theory has been historically divided; that is to say, Microeconomics and Macroeconomics. It takes place during the second quarter of the first year. By this time, the student would have completed the first quarter's subject "Introduction to Economics I: Principles of Microeconomics".



It is a basic subject which allows the student develop different competences during the course. The lessons are thought to begin with the study of macroeconomic aggregates (aggregate production, prices, employment level and rates of growth) which, afterwards, will help to identify the main macroeconomic situations and design, whenever necessary, the economic policies aimed at fulfilling several macroeconomic policy objectives.



In order to study the subject it is required the previous acquisition of a basic knowledge of mathematics such as the resolution of systems of equations and the calculation of derivatives.

SKILLS

• Ability to summarize and synthesize.

• Ability to learn.

• Ability to develop work individually.

• Ability to criticize and self-critique.

• Ability to put into practice the concepts.

• Ability to write.



LEARNING OUTCOMES

- To identify the basic macroeconomic variables which define an economy situation.

- Understand the way of functioning of an economy and the relationships between agents and sectors.

- Understand the tools and effects of fiscal policy.

- Understand the role of money and monetary institutions as well as the mechanism of transmission of monetary policy.

- Justify and design public interventions

- Analyze the influence of the foreign sector in macroeconomics.

- Explain the causes of main macroeconomic disequilibria.



EDUCATION FOR SUSTAINABLE DEVELOPMENT-SUSTAINABLE DEVELOPMENT GOALS (SDG)

Transversal competences towards sustainable development are also included based on the cognitive, socioemotional and behavioral learning results. The concrete competences, goals and results are included in the guide for students. Evaluation of these results is included in the context of continuous assessment.



ETHICAL COMMITMENT

The professors who teach the subject favour the application of good practices, promoting the students’ awareness of any ethical aspect of academic activity, both in their attitude inside the classroom and in the realization of the different (individual or collective) tasks developed throughout the subject.

1.Macroeconomics: The Big Picture

2.Measuring the Economic Activity

3.Aggregate Demand and Aggregate Supply

4.Income and Expenditure: The multiplier.

5.Fiscal Policy

6.Monetary Policy

7.Macroeconomics in an Open Economy

Teaching methodology comprises a series of different types of lessons generally established for the Faculty: theoretical sessions, practical sessions and seminars. The division allows the students being taught in minor subsets (according to law).

• Continuous Assessment System
• Final Assessment System
• Tools and qualification percentages:
  • Written test to be taken (%): 70
  • Test and/or exercises (%): 30

Continuous Evaluation:

30%: Theoretical and practical questions asked inside a multiple choice exam and/or problem sets and/or taking part during lessons



Final Exam:

70%: Theoretical and practical questions.



Students who decide not to take continuous evaluation will have a final exam in which they will be assess of 100% of the mark.



Students not sitting the final exam will be considered “not presented”.

In the Extraordinary Call a unique exam in which learning outcomes are proven will provide 100% of the subject’s grade.

KRUGMAN, P., WELLS, R. y GRADDY, P. (2014): “Fundamentos de Economía”. 3ª edición. Ed. Reverte, Madrid.

Basic bibliography

KRUGMAN, P., WELLS, R. y GRADDY, P. (2014): Fundamentos de Economía. 3ª edición. Ed. Reverte, Madrid

In-depth bibliography

KRUGMAN, P., WELLS, R. y GRADDY, P. (2014): Macroeconomía. 3ª edición. Ed. Reverte, Madrid.

KRUGMAN, P., WELLS, R. y GRADDY, P. (2014): Essentials of Economics. 3rd Edition. Worth Publishers. New York.

Mankiw, N.G. (2017): Principles of Economics. 7ª edición. Cengage Learning

SAMUELSON,P.A., NORDHAUS, W.D. (1999): Ekonomia. Euskal Herriko Unibertsitateko argitalpen zerbitzua. UPV/EHU.

BLANCO,J.M. (2014): Economía. Teoría y Práctica. 6ªEdición. Mc Graw Hill Education. Madrid.

Journals

Cuadernos de Información Económica
Investigaciones Regionales
Papeles de Economía Española
Ekonomiaz

Web addresses

www.worthpublishers.com/krugmanwells
www.eurostat.es
www.ine.es
www.eustat.eus
www.bde.es
www.ecb.int
www.imf.org