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Course Syllabus

Bachelor 2021/2022

Macroeconomics 1

Type: Compulsory course
Area of studies: Economics
Delivered by: International College of Economics and Finance
Where: International College of Economics and Finance
When: 2 year, 3, 4 module
Mode of studies: distance learning
Online hours: 24
Open to: students of one campus
Instructors: Andrei Dementiev, Nataliya Alexandrovna Sapunkova, Inna Zaitseva, Векилян Армине Вагенаковна
Language: English
ECTS credits: 5
Contact hours: 84

Course Syllabus

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Abstract

Macroeconomics-1 is a one-semester course delivered for the second-year ICEF students in the Spring semester. It is taught in English and designed to develop students’ critical thinking and economic reasoning. 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

Learning Objectives

  • develop the model-based way of ‘aggregate thinking’ and make students ready to apply relevant macroeconomic tools in their further studies and professional career
  • 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

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;
Course Contents

Course Contents

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

Assessment Elements

  • non-blocking Quiz
    Individual time-pressured multiple choice questions
  • non-blocking Home Assignments
    Individual take home open book problem set
  • non-blocking Mid-term test
    Individual proctored unseen time-pressured closed book written test
  • non-blocking Team project
    Team project – a case study of real-life phenomena with final presentation and Q&A session
  • non-blocking Final exam (UoL or HSE)
    External exam organised by the Universtity of London. UoL Assessment criteria are available at https://london.ac.uk/sites/default/files/regulations/progregs-emfss-2021-2022.pdf
  • non-blocking Group work
    Team-based flipped classroom with synchronous assessment and immediate feedback
Interim Assessment

Interim Assessment

  • 2021/2022 4th module
    0.05 * Home Assignments + 0.05 * Quiz + 0.05 * Group work + 0.4 * Final exam (UoL or HSE) + 0.3 * Mid-term test + 0.15 * Team project
Bibliography

Bibliography

Recommended Core Bibliography

  • Economics, , 2011
  • Economics, , 2014

Recommended Additional Bibliography

  • 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
  • Krugman, P. R., Obstfeld, M., & Melitz, M. J. (2015). International Economics: Theory and Policy, Global Edition (Vol. Tenth edition, global edition). Boston: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=1419045
  • 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

Presentation

  • Syllabus

Authors

  • DEMENTEV ANDREY VIKTOROVICH