Bachelor
2021/2022
Introduction to Macroeconomics
Type:
Compulsory course
Area of studies:
Economics
Delivered by:
International College of Economics and Finance
When:
1 year, 3, 4 module
Mode of studies:
offline
Open to:
students of one campus
Language:
English
ECTS credits:
6
Contact hours:
108
Course Syllabus
Abstract
Introduction to Macroeconomics is a one-semester course and is taught for the first year students in Spring semester. This course gives the introduction to the macroeconomic fundamentals and to the main concepts and principles of macroeconomic theory and policy. The course deals with the analysis of aggregate product and national income, and of the price level determination; the measurement and problems of unemployment and inflation and their trade-off; the money and banking; the commodity market, the financial market, the loanable funds market and the labour market equilibrium; the short-run economic fluctuations, primarily aimed to understand the key instruments, mechanisms and consequences of the stabilization (fiscal and monetary) policies in the short run and in the medium run; the long-run economic growth and its sources. A special part is devoted to the issues of the open economy macroeconomics such as the exchange rates and the determinants of their changes; the foreign exchange market equilibrium; the balance of payments structure; the ends of the stabilization policies and of the different types of shocks in the open economy. The course is taught in English. The students are also studying for Russian degree in Economics, and knowing Russian economic terminology through reading in Russian is also required.
Learning Objectives
- The purpose of the course is to give students a thorough understanding of the principles of economics that apply to an economic system as a whole and of the mechanism of macroeconomic processes and different types of macroeconomic policy.
- The specific aims of the course are: to give the knowledge of macroeconomic terminology and basic macroeconomic concepts and issues; to show the economic intuition of macroeconomic performance and aggregate economic activity; to form the economic way of thinking, that is to use the intuitive analysis of economic process and macroeconomic policy; to explain the main principals of macroeconomic analysis using simple algebra and graphs; to teach students to apply their knowledge to analyze, interpret and explain specific macroeconomic problems, stylised economic facts and real macroeconomic situations; to form ability in reading and understanding economic literature.
- Having completed this course, the student is expected to be able: to learn and acquire new knowledge and skills; to work with information: to find, evaluate and use information from various sources, necessary to solve scientific and professional problems; to conduct research, including problem analysis, setting goals and objectives, identifying the object and subject of research, choosing the means and methods of research; to identify and critically evaluate the main trends of modern economics; to collect, analyze and interpret the data of domestic and foreign statistics on socio-economic processes and phenomena; to solve analytical and research problems with modern technical means and information technologies.
Course Contents
- Introduction to Macroeconomics
- Measuring National Output and National Income
- Goods Market Equilibrium
- Goods Market Equilibrium in the Mixed Closed and in the Open Economy
- Fiscal Policy
- Financial Market Equilibrium
- Monetary Policy
- Labour Market Equilibrium and Aggregate Supply
- Aggregate Demand and Aggregate Supply
- Unemployment
- Inflation
- The Phillips Curve
- Long-Run Economic Growth
- Open Economy Macroeconomics
Assessment Elements
- final International ExamThe final International Exam includes all themes.
- midterm Mock ExamThe midterm Mock Exam covers the first half of the course.
- TestThe Test covers the whole course.
- home assignments
