Macro-economy

Learning objectives: The aim of this course is to study the main models of macroeconomic analysis in detail, both in closed economies and in open economies. We also analyse the current discussion about the conclusions of some of these models. This course provides not only a wide-ranging survey of modern macroeconomics but also a close contact with current macroeconomic issues.
Using the theoretical study of different macroeconomic models, at the end of the course students should understand how real economies work at the aggregate level, and the fundamental macroeconomic problems that they face in the short run and in the medium run. Students should also be able to identify the policies that can be applied in different situations and their forseeable effects.

The measurement of macroeconomic aggregates: output, employment and inflation. Goods market, labour market and financial market. The IS-LM model. Business cycles and its measurement. Analysis of business cycles: Keynesian model and classical model. Open economies: the Mundell-Fleming model. Aggregate supply and labour market. Demand-side and supply-side macroeconomic policies. The Phillips curve and the natural rate of unemployment.

Basic bibliography:
Blanchard, O. (2017), “Macroeconomía”, 7ª ed., Pearson.
Bande, R. (2016), “"Macroeconomía", Createspace Independent Pub.

Complementary bibliography:
Blanchard, O.; Amighini, A. and F. Giavazzi, (2012), “Macroeconomía”, 5ª ed., Pearson.
Belzunegui et al. (2013), “Macroeconomía. Problemas y ejercicios resueltos”, 3ª ed., Pearson.
Mankiw, N. G. (2014), “Macroeconomía”, 8ª ed., Antoni Bosch.
Bajo, O. and C. Díaz (2011), “Teoría y Política Macroeconómica”, Antoni Bosch.
Krugman, P. and R. Wells (2016), “Macroeconomía”, 3ª ed., Reverté.

The general (GC) and specific (SC) competences of the degree to which the subject contributes and the skills (SK) that are acquired are the following:

GC1. To possess and to understand the knowledge that defines Business Administration and Management as a scientific discipline, at a level that is supported by advanced textbooks and includes some of the most relevant aspects that are at the forefront of knowledge in this field.
GC5. To possess the general knowledge of economics and the learning skills necessary to continue studying and to undertake specialized studies in the various areas of the firm and in other related areas, with a high degree of autonomy.
SC2.To kKnow the functioning of the income determination model in an open economy, the role of money, the explanations of inflation, unemployment and growth, and the role of economic policy instruments.
SK6. To identify the sources of relevant economic information and its content.
SK7.To understand economic institutions as a result and application of theoretical or formal representations about how the economy works.

The transversal competences that are acquired are: T1. analysis and synthesis; T8. critical thinking; T16. sensitivity to social problems; T23. intellectual stimulation.

As established by RD 1393/2007 (BOE October 30) and included in the degree, all degree titles must guarantee the acquisition of basic skills CB1-CB5.

Through lectures and problem-solving classes, in which the teacher and the students will also analyse real economic problems. Students will receive a Teaching Guide with detailed information on the specific topics, the reading lists and any other information useful for the students’ work. In the same vein, a Virtual Classroom will be used.
Students should read the references and solve the exercises and problems. Examinations and coursework are part of the learning process and will assess the competences that the student obtains in the course.

The assesment of the subject takes into account all the activities that must be carried out throughout the semester. The final grade is made up of 30% by continuous evaluation and 70% by the final exams.

The tests that will be carried out for the evaluation of the student will be described in detail in the Teaching Guide of the subject that will be published in the Virtual Classroom at the beginning of the course. All the skills (CG1, CG5, CA2, D6, D7, T1, T8, T16 and T23) will be assessed both in the continuous assessment and in the final exams.

Regarding the qualification of the continuous evaluation, it will be taken into account only for the corresponding academic year (that is, for the first opportunity in January and the second opportunity in June) and will not be maintained for subsequent courses.

When the student does not carry out any evaluable academic activity in accordance with the provisions of the Teaching Guide, it will be recorded as "not presented" (see "Regulations on permanence and assistance in degrees adapted to the EHEA").

Students with exemption from class attendance will only take the final exam (100% of the grade).

For cases of fraudulent completion of exercises or tests, the provisions of the "Normativa de avaliación do rendemento académico dos estudantes e de revisión de cualificacións” will apply.

In addition to the 48 hours of lectures and classes, the student should dedicate 102 hours to personal work, that includes not only individual or group study, further reading and exercises, but also the time to prepare written examinations.

To pass this subject, we recommend that the students:
(a) make an effort to study every week
(b) solve and discuss practical exercises
(c) read the recommended references.
(d) attend the surgery hours to solve any questions related to the subject.

Students should realize that the lessons of the course are closely related. Every lesson is not independent, so it cannot be understood in isolation. The objective is to understand how the economy works as a whole, so students must bear in mind how each part relates to the others.