Topic outline

  • Lecturer:

    Mitri Kitti (

    Teaching assistant:

    Marika Viertola (


    Exam 50%, Exercises 30 %, Peer reviews 10%, Group presentation 10%


    ”Macroeconomics: a European Text” by Burda and Wyplozs

    Chapters 7, 11-20

    Lecture schedule (tentative):

    Lecture 1:
    Asset markets (Chapter 7)

    Lecture 2:
    Short-Run Equilibrium Part I (Chapter 11)

    Lecture 3:
    Short-Run Equilibrium Part II (IS-TR, Chapter 11)

    Lecture 4:
    International Capital Flows Part I (Chapter 12)

    Lecture 5:
    International Capital Flows Part II (Chapter 12, Flexible Exchange Rates)
    Output, Employment, and Inflation Part I (Chapter 13, Phillips Curve)

    Lecture 6:
    Aggregate Demand and Aggregate Supply Part I (Chapter 14)

    Lecture 7:
    Aggregate Demand and Aggregate Supply Part II (Chapter 14)

    Lecture 8:
    The Exchange Rate (Chapter 15)

    Lecture 9:
    Demand Management (Chapter 16)

    Lecture 10:
    Fiscal Policy, Debt, Seignorage (Chapter 17)

    Lecture 11:
    Policies for the Long Run (Chapter 18)

    Lecture 12:
    The Architecture of International Monetary System (Chapter 19)

    Exercise schedule:

    1st: March 9th

    2nd: March 23rd

    3rd: April 6th

    Note: lectures or exercises are not streamed online

  • Guidelines for problem sets:

    • Your submitted answers must be your own work.
    • You may write your answers with a computer or pen and paper as long as the system approves your submission. The system needs to recognize at least 20 computer-written words to allow submission.
    • Submit your answers as a single pdf file.
    • Do not write your identifying information (name, student number) on your answers or on your file's name.
    • Be diligent and show intermediate steps of your calculations when they are not obvious. Justify your approach and answer properly.
    • No late submissions.
    • Peer review deadline is at Tue-Wed midnight after a submission deadline. You need to review two other students' submissions. Give points in a fair manner.
    • Grading: 2 points per question, percentages of that for subquestions. Use the accuracy of 0.25 points.
    • General help for Turnitin peer review:

  • Exam will be arranged in Exam-system.


    Note: you cannot take any material to the exam space; no papers or pencils are allowed.

    The exam consists of 25 multiple choice questions. Each question has one correct answer. You get one point from each correct answer and zero from a wrong answer. Note that some questions have figures attached, and in some questions you may need to use the calculator or spreadsheet program of the workstation. You can write your own notes with the text editor of the workstation.

    You have 2 hours 55 minutes to answer all the questions; you should be able to move back and forth between the questions.

    The exam will be open from April 13th to April 27th. During that time you can take the exam once.

    Registration LINK.

    Reminder: give feedback!

    Retake: registration LINK, note: there is no enrollment through SISU.

    Material: Book chapters covered during lectures, there will not be questions on the material for group presentations

    Grading is carried out by scaling the points from homework assignments (30%), peer reviews (10%), group presentations (10%), and exam (50%). Grade limits are: 50, 60, 70, 80, 90 points for 1, 2, 3, 4, and 5, respectively. For the final grades click "Grades" on the top left corner.