Macroeconomics 1

2024/2025

Учебный год

ENG

Обучение ведется на английском языке

5

Кредиты

Кто читает:

Международный институт экономики и финансов

Статус:

Курс обязательный

Когда читается:

2-й курс, 3, 4 модуль

Преподаватель

Сапункова Наталия Александровна

Course Syllabus

Abstract

This one-semester course is taught in English and aims to develop model-based way of ‘aggregate thinking’ and make students ready to apply relevant macroeconomic tools in Russian and international contexts. Gross-country income differences and long-run GDP trends are discussed through the lens of the Solow growth model. The short-run effects of fiscal and redistribution policies are studied using the Keynesian Cross model. Challenges of contemporary central banks, including inflation targeting and interest rate policies, are considered within the IS-MP and AD-AS models. Finally, evaluating implications and applications of the IS-LM-BP model will help shed some light on capital movements constraints and trade restrictions faced by small open economies.

Learning Objectives

• introduce students to the main factors of aggregate demand fluctuations in a mixed open economy as well as determinants of long-run aggregate supply dynamics
• explain the concepts of equilibrium output, unemployment and inflation using both general language and analytical tools
• develop students ability to critically evaluate and justify implications of macroeconomic policies
• enable students to participate in debates on macroeconomic and political matters and present their group work results

Expected Learning Outcomes

• ILO 1: define the main macroeconomic concepts and describe the models and methods used in the macroeconomic analysis of the long-run dynamics
• ILO 3: apply proper analytical models to solve standard macroeconomic problems at the intermediate level
• ILO 4: assess potential and limitations of the basic macroeconomic models and extend them to evaluate and justify positive macroeconomic policy propositions
• ILO 5: illustrate relevance of basic macroeconomic models both in written and oral communications through applying good group working practices
• ILO 2: apply the IS-MP, AD-AS, Solow and IS-LM-BP models to solve standard macroeconomic problems;
• ILO 1 Define the basic macroeconomic terms and concepts that capture stylized facts of country-level short-run fluctuations and long-run dynamics
• ILO 2 Formulate real world phenomena in the language of macroeconomic modelling using graphic analysis and simple algebra
• ILO 3 Apply the IS-MP, AD-AS, Solow and IS-LM-BP models to derive closed form solutions of standard macroeconomic problems
• ILO 4 Assess the potential and limitations of the IS-MP, AD-AS, Solow and IS-LM-BP models and extend them to evaluate macroeconomic policies in Russia and abroad
• ILO 5 Illustrate the relevance of the macroeconomic models both in written and oral communications through applying good group working practices

Course Contents

• National accounts and output determination
• Economic growth
• The IS-MP model
• The AD-AS model
• Inflation and Unemployment
• The IS-LM-BP model

Assessment Elements

• Midterm
  Individual proctored unseen time-pressured closed book written test
• Home assignment
  Individual take home open book problem set. The best ten home assignments are counted
• Final exam
  Students take an unseen closed-book written examination in the 4th module. ICEF examiners are free to set questions on any aspect of the syllabus. They will vary the topics and questions from year to year and may well set questions that have not appeared in past papers. In order to get a passing grade for the course, the student must sit (all parts) of the examination.
• Team project
  A case study of real-life phenomena with final presentation and Q&A session. Individualised grades based on peer assessment of relative contributions of team-mates.
• Quiz
  Weekly online test based on multiple-choice questions
• Group activity
  Team-based flipped classroom with synchronous assessment and immediate feedback. The best ten individualised grades for draft submissions and productive in-class group work.

Interim Assessment

• 2024/2025 4th module
  0.4 * Final exam + 0.1 * Group activity + 0.1 * Home assignment + 0.2 * Midterm + 0.05 * Quiz + 0.15 * Team project

Bibliography

Recommended Core Bibliography

• Economics, , 2011
• Economics, , 2014

Recommended Additional Bibliography

• 9780132146654 - Krugman, Paul R.; Obstfeld, Maurice; Melitz, Marc J. - International Economics : Theory and Policy, Global Edition - 2015 - Pearson - https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=1419045 - nlebk - 1419045
• Ben S. Bernanke, & Frederic S. Mishkin. (1997). Inflation Targeting: A New Framework for Monetary Policy? Journal of Economic Perspectives, (2), 97. https://doi.org/10.1257/jep.11.2.97
• Blanchard, O., Amighini, A., & Giavazzi, F. (2013). Macroeconomics: A European Perspective (Vol. 2nd ed). Harlow: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1418008
• David H. Romer. (2000). Keynesian Macroeconomics without the LM Curve. Journal of Economic Perspectives, (2), 149. https://doi.org/10.1257/jep.14.2.149
• Jones, A. (2005). Culture and context: critical thinking and student learning in introductory macroeconomics. Studies in Higher Education, 30(3), 339–354. https://doi.org/10.1080/03075070500095788
• Mankiw, N. G. (1990). A Quick Refresher Course in Macroeconomics. Journal of Economic Literature, (4), 1645. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.aea.jeclit.v28y1990i4p1645.60
• Mankiw, N. G. (DE-588)120973626, (DE-576)164048383. (2000). Macroeconomics / N. Gregory Mankiw. New York, NY: Worth. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.07890529X

Authors

• DEMENTEV ANDREY VIKTOROVICH