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Course Syllabus

Bachelor 2020/2021

Macroeconomics

Category 'Best Course for New Knowledge and Skills'
Type: Elective course (International Business and Management Studies)
Area of studies: Management
Delivered by: Department of Economics
Where: St.Petersburg School of Economics and Management
When: 1 year, 3, 4 module
Mode of studies: offline
Instructors: Tatiana A. Anisovetc
Language: English
ECTS credits: 5
Contact hours: 50

Course Syllabus

Full Syllabus

Abstract

The course is brought to bachelor students of the Ba chelor Program “International Business and M anagement Studies ”, National Research University Higher School of Economics, Saint Petersburg (HSE Saint Petersburg) This document establishes the minimum requirements for knowledge, skills and competences of the student, determines the coverage and content of the cours e, indicates teaching methods and forms of learning activities as well as assessment criteria and grade determination. In this course we will consider such important concepts as: measurement and determination of a nation’s output and income and other natio nal account indexes, problems of economic growth and stability - inflation and unemployment, fiscal and monetary policies, public debt, international trade and exchange rate formation, structure of balance of payment. The course is designed to help student s develop critical - thinking skills through the understanding, application, and analysis of fundamental economic concepts. The focus of the course will be on the behavior and interactions of consumers and producers with the factor market and product mark et and to develop an understanding of the way in which government action impacts this behavior.
Learning Objectives

Learning Objectives

  • to teach students the economic way of thinking about a business decision and strategies
  • to provide a basic knowledge of the mac roeconomic environment in which consumers, businesses, and governments operate
  • to provide the students with an understanding of the various notions and concepts of economics
Course Contents

Course Contents

  • Macroeconomics basics
    Macroeconomics and its central issues: inflation, unemployment, economic growth, stabilisation policy. The problem of aggregation. Gross domestic product, value added, final and intermediate goods. Double counting. Personal disposable income. Gross national product, national income. GDP deflator, CPI. Real vs. nominal variables. Some important national accounting identities.
  • National income. Aggregate supply and aggregate demand
    AD – AS model (prices, wages and adjustment process). Prices and output. Short-run and long-run aggregate supply. The AD-AS schedule. Actual and potential output. Aggregate supply in the case Keynesian unemployment and in case of fully flexible prices and wages. Aggregate-supply shock and stagflation.
  • Consumption and savings. Investments
    Determinants of consumption (consumption function) and marginal propensity to consume. Savings and marginal propensity to save. Relationship between consumption and savings in a closed economy without government. Investment. Savings and transmission mechanism. Interest rate and the present value concept.
  • Economic growth . Cycles of economic activity
    The sources of growth. Business cycles.
  • Markets of economic resources
    Demand for labor. Derived demand. Marginal revenue product. Marginal resource cost. B. Perfectly competitive labor market. Labor Unions. Effects of Minimum Wage. Wage differentials.
  • Unemployment
    Labor force. Types of unemployment: frictional, structural, demand-deficient (cyclical), classical unemployment. Natural rate hypothesis. Private and social costs of unemployment.
  • Money, inflation and banking system
    Money and Banking. Functions of Money. Demand for Liquid Assets. Central Bank, Commercial Banks and Supply of Liquid Assets. Money Base, Public Cash, Reserves, Deposits. Money Creation process. Money multiplier, deposit multiplier and loans multiplier. Upward sloping money supply. Inflation: CPI, PPI and GDP deflator, core inflation. Hyperinflation and flight from money. The role of expectations and inflation persistence. Output-inflation trade-off. Short-run and long-run Phillips curves. AS shocks and stagflation.
  • Regulation of business
    The government sector. The federal Budget, Fiscal Policy. Public consumption and the marginal propensity to spend of the government. Government revenues and forms of taxation: lump-sum and proportional (marginal) taxes, progressive and regressive taxes, income and expenditure taxes, corporate tax.
  • An open economy
    Balance of payments: current account, capital account and foreign reserves. Real and nominal exchange rate. Exchange rate determination and the money sector. Foreign exchange market, foreign currency reserves. Exchange rate regimes: fixed and flexible.
Assessment Elements

Assessment Elements

  • non-blocking Written exam
    Final exam consists of the two parts. Part 1. Test. Your test consists of 15 questions. The duration of the test is 25 minutes. There is only one correct answer in each question. Each correct answer gives you 3 points. You have only one attempt to complete this test. Part 2. Tasks. This part consists of 7 tasks. Each correct answer gives you 8 points. You have only the one attempt to do this work.
  • non-blocking Quizes
  • non-blocking Control test
    This work consists of the two parts. Part 1. Test. Your test consists of 15 questions. The duration of the test is 25 minutes. There is only one correct answer in each question. Each correct answer gives you 3 points. You have only one attempt to complete this test. Part 2. Tasks. This part consists of 7 tasks. Each correct answer gives you 8 points. You have only the one attempt to do this work.
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.2 * Control test + 0.4 * Quizes + 0.4 * Written exam
Bibliography

Bibliography

Recommended Core Bibliography

  • Blanchard, O. (2017). Macroeconomics, Global Edition (Vol. Seventh edition). Harlow, UK: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=1426555

Recommended Additional Bibliography

  • Acemoglu, D., Laibson, D. I., & List, J. A. (2016). Economics, Global Edition (Vol. Global edition). Boston: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=1419560
  • Farrokh K. Langdana. (2016). Macroeconomic Policy. Springer. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.spr.sptbec.978.3.319.32854.6
  • Henning Schwardt. (2017). The Path to a Modern Economics. Springer. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.spr.sprbok.978.3.319.52785.7
  • Volker Böhm. (2017). Macroeconomic Theory. Springer. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.spr.sptbec.978.3.319.60149.6