Syllabus

LEARNING OUTCOMES

Students understand key macroeconomic concepts and can use basic models of economic growth, labour markets and goods and money markets to analyse the effects of monetary and fiscal policies on key macroeconomic variables.

Credits: 5

Schedule: 09.01.2023 - 21.02.2023

Teacher in charge (valid for whole curriculum period):

Teacher in charge (applies in this implementation): Nigel Mcclung

Contact information for the course (applies in this implementation):

nigel.mcclung@bof.fi (lectures)

CEFR level (valid for whole curriculum period):

Language of instruction and studies (applies in this implementation):

Teaching language: English. Languages of study attainment: English

CONTENT, ASSESSMENT AND WORKLOAD

Content

• valid for whole curriculum period:

  Key macroeconmic concepts and models e.g. national accounting, long-run growth, wages and unemployment, interest rates, goods and money markets, IS-TR-IFM-model.

• applies in this implementation

  • OUTLINE (subject to changes)
    

    Capital accumulation, technological progress, and the labor share of output

    ·        Solow growth model

    ·        Competitive capital and labour markets

    ·        Structural change

    Related book chapter (Burda&Wyplosz, 7. ed.): 3

    Externalities, imperfect competition, and growth

    ·        Endogenous growth, AK-model

    ·        Automation/robotisation

    ·        Climate and the macroeconomy, intro to IAMs

    Intertemporal choices

    ·        Intertemporal budget constraints

    ·        Consumption smoothing

    ·        Ricardian equivalence

    ·        Bond prices and interest rates

    ·        Cost of owner housing

    Related book chapters: 6-8

    Labour supply decisions and labor market flows

    ·      Income taxation vs. lump-sum taxation

    ·      Job creation, job destruction, and unemployment

    Related book chapter: 4

    Demographics, growth, and social security

    ·        Two-period OLG model

    ·        PAYG vs. fully funded social security

    ·        Dynamic (in)efficiency
    

    Money, nominal price level, and exchange rates

    ·        Quantity theory of money

  • ·        Zero lower bound and the liquidity trap

    ·        Purchasing power parities

    ·        Nominal and real exchange rates

    Related book chapter: 5

    Banks and money creation

    ·        Bank’s balance sheet

    ·        Lending and money creation

    ·        Limits to money creation

    ·        Bank runs and bank regulation

    ·        Quantitative easing

    Related book chapters: 9-10

  
  

Assessment Methods and Criteria

• valid for whole curriculum period:

  Exam, exercises

• applies in this implementation

  
  

  
  

Workload

• valid for whole curriculum period:

  lectures, exercises and preparation

DETAILS

Study Material

• applies in this implementation

  Study Material

  • Burda&Wyplosz, Macroeconomics a European text, Oxford University.

  • The course material consists of lectures slides, problem sets and selected chapters (see the outline above) of the textbook (Burda&Wyplosz).

    Some topics are not included in the textbook. Also the lectures complement the lecture slides in many ways. For instance, in the lectures we often draw graphs that are not in the lecture slides.

  
  

Substitutes for Courses

• valid for whole curriculum period:

  Substitutes for Courses

Prerequisites

• valid for whole curriculum period:

  Prerequisites

SDG: Sustainable Development Goals

8 Decent Work and Economic Growth

FURTHER INFORMATION

Further Information

• valid for whole curriculum period:

  Teaching Language : English

  Teaching Period : 2022-2023 Spring III
  2023-2024 Spring III

Description