Bachelor 2021/2022

Macroeconomics I

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'

Category 'Best Course for New Knowledge and Skills'

Type: Elective course (Economics)

Area of studies: Economics

Delivered by: Department of Economics

Where: St.Petersburg School of Economics and Management

When: 1 year, 3, 4 module

Mode of studies: offline

Open to: students of one campus

Instructors: Vsevolod Ostapenko, Savva Tomskiy

Language: English

ECTS credits: 6

Contact hours: 60

Course Syllabus

Abstract

The course «Macroeconomics 1» introduces students to the main concepts and problems of macroeconomics. It forms basic knowledge in the field of macroeconomic theory. This knowledge is a foundation for an in-depth study of contemporary macroeconomic analysis in «Macroeconomics 2». Students will acquire key skills of using simple models to evaluate macroeconomic tendencies in the national and global economy, with application to real and financial sectors.

Learning Objectives

• Strengthening the culture of economic thinking.
• Comprehension of essential macroeconomic concepts and categories, development of skills of working with basic macroeconomic models of the long-run growth and short-run fluctuations.
• Gaining required knowledge about types and tools of macroeconomic policy.

Expected Learning Outcomes

• - Apply the acquired knowledge to the analysis of domestic and foreign macroeconomic statistics.
• - Be able to characterize the relations and causal links between different macroeconomic variables.
• - Be able to describe the real-world macroeconomic phenomena using simple theoretical models and to interpret the results.
• - Know and systematize basic macroeconomic concepts, trends and problems.
• - Obtain the skills to search for relevant macroeconomic information.
• - Understand and explain possible macroeconomic consequences of different decisions, made by economic agents in the closed and open economy environment.

Course Contents

• Section 1. Intro to Macroeconomics and Key Macroeconomic Indicators.
• Section 2. Potential Output and Labor Market.
• Section 3. Economic Growth.
• Section 4. Aggregate Demand in the Closed Economy and Fiscal Policy.
• Section 5. Money, Financial Markets and Monetary Policy.
• Section 6. Balance of Payments and Exchange Rates. Aggregate Demand in the Open Economy.
• Section 7. Business Cycles. IS-LM and AD-AS Models.
• Section 8. Phillips Curve and Anti-Inflationary Policies.
• Section 9 (time permitting). Business Cycles and Macroeconomic Policy in the Open Economy.

Assessment Elements

• Class participation
  Components: 1) Students’ effort during classes (problem solving) 2) In-class tests 3) Error correction (working through mistakes from in-class tests) 4) Regular home assignments.
• Midterm test
  Components: 1) Multiple choice questions (with one or several correct answers). 2) Statements (a student has to unambiguously assess every statement on a “true” - “false” scale with the necessary justification). 3) Analytical (numerical) problems that are to be solved with a use of key models, graphs and/or analytical apparatus from the course. A student has to provide the solution process in details.
• Final exam
  Components: 1) Multiple choice questions (with one or several correct answers). 2) Statements (a student has to unambiguously assess every statement on a “true” - “false” scale with the necessary justification). 3) Analytical (numerical) problems that are to be solved with a use of key models, graphs and/or analytical apparatus from the course. A student has to provide the solution process in details.

Interim Assessment

• 2021/2022 4th module
  0.25 * Class participation + 0.5 * Final exam + 0.25 * Midterm test

Bibliography

Recommended Core Bibliography

• Макроэкономика : учебник для академического бакалавриата / С. Ф. Серегина [и др.] ; под редакцией С. Ф. Серегиной. — 3-е изд., перераб. и доп. — Москва : Издательство Юрайт, 2016. — 527 с. — (Бакалавр и специалист). — ISBN 978-5-9916-4812-7. — Текст : электронный // ЭБС Юрайт [сайт]. — URL: https://www.biblio-online.ru/bcode/390134

Recommended Additional Bibliography

• Макроэкономика. Сборник задач и упражнений : учебное пособие для академического бакалавриата / С. Ф. Серегина [и др.] ; под редакцией С. Ф. Серегиной. — 2-е изд., перераб. и доп. — Москва : Издательство Юрайт, 2016. — 174 с. — (Бакалавр. Академический курс). — ISBN 978-5-9916-6123-2. — Текст : электронный // ЭБС Юрайт [сайт]. — URL: https://www.biblio-online.ru/bcode/387479

Authors

• OSTAPENKO VSEVOLOD MIKHAYLOVICH