Course code ECN120

ECN120 Macroeconomics I - Markets, Economic Development, and Welfare

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Showing course contents for the educational year 2022 - 2023 .

Course responsible: Eirik Romstad
ECTS credits: 5
Faculty: School of Economics and Business
Teaching language: NO
(NO=norsk, EN=Engelsk)
Teaching exam periods:
This course starts in Autumn parallel. This course has teaching/evaluation in Autumn parallel.
Course frequency: Annually
First time: Study year 2006-2007
Course contents:
Part 1: Basic economic terminology and theory that enables more focused analyses in parts 2 and 3. Part 2: The economy in the long and intermediate term: Economic growth, development and well-being. Part 3: The economy in the short term: Corrective and stabilizing economic policies.
Learning outcome:

Students should be able to understand basic macroeconomic models, which enables them to conduct basic analysis of questions regarding economic growth and development in the long run, full employment and stabilized economic development in the short run etc., and understand how the use of fiscal and monetary policy affects the economy in the short and long term. The students should (i) learn macroeconomic concepts.  (ii) be able to use basic economic theory and analytical tools to discuss important macroeconomic problems. The analytical tools include (a) graphical analysis of commodity, labor, capital, money and currency markets, and use the results from these analysis to understand impacts on the economy, and (b) basic macroeconomic models.

Through short presentations in class and a mandatory prepared presentation to the course responsible with a follow up discussion, students also get training on oral presentation and discussion of economic issues.

Learning activities:

The course uses "flipped classroom", i.e., preparation materials and reading guide for the gatherings and exercise sessions are available on the course web page. To achieve learning objectives it is strongly recommended that students prepare for each gathering and exercise session in advance of the session. Gatherings and exercise sessions are thematically organized. Exercises (with proposed solutions) are available on the course web page.  The exercise sessions provide opportunities to work on exercises and the solutions to the exercises are discussed.

For each class and exercise session there are some announced central discussion topics/questions.  Groups discuss these questions. One randomly chosen group presents their findings in front of the class with ensuing comments from the other groups and course responsible/teaching assistants.

Towards the end of the course groups of 3-5 students prepare an 8-10 min presentation on a given topic related to the course contents.  This activity is mandatory and approved is required t be allowed to take the exam.  Students present for the course responsible person.  Presentations are followed by a short academic discussions with the course responsible person. A pass on this activity is required to be allowed to take the exam. In the event of a "fail" on this activity, the groups gets one chance to improve their presentation and discussion to get a "pass".

Teaching support:

The course web page contains pointers to background materials and news events that are related to the course contents, and make up an important source for student learning. It is recommended that students form self organized groups, for example 3-4 persons, and work together on the theoretical materials and exercises. Working on exercises and active participation is important for meeting the learning objectives.

The course web also contains a Q&A section that provides answers to the most common questions students ask. This will be expanded as new questions are asked. The course responsible person can be contacted by email or drop-in. For longer academic conversations, it is recommended to schedule a meeting with the course responsible.

Information about textbook will be available approximately three weeks prior to the beginning of the course. Additional reading/teaching materials will be available on the course web page as the semester progresses.
Recommended prerequisites:
None. This is an introductory course in Macroeconomics, and the course is set up so that knowledge acquired during the course will suffice to be able to follow the course.
Mandatory activity:

Groups consisting of 3-5 students give an 8-10 minutes prepared presentation to the course responsible person on a given topic related to the course.  Presentations are followed op by a brief discussion with the course responsible person.  A "approved" on the presentation and discussion is required to be allowed to take the exam. In case of a "not approved", the group gets one try to improve their presentation and the ensuing discussion to "approved".

Mandatory participation on 4 of the 6 first exercise sessions.

The mandatory activity is valid until the next time the course is given and the ensuing continuation exam.

Written home-take exam in examination period, 3,5 hours (100%).
Nominal workload:
125 hours
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Reduction of credits:
None, but some materials covered in ECN110 Microeconomics I - How to Think Like an Economist will be repeated.
Type of course:

Two double lectures (course intr + course summary

8 gatherings (main points from handouts presentet on topic for gathering + discussion on selected questions related to the topic for the gathering). One 2 hours gathering per week in ordinary teaching weeks (see below).

8 exercise sessions (work + run through of exercises and earlier exam questionns related to topic for gaterings).  One 2 hours exercise session per week in ordinary teaching weeks (see below).

1 presentation and ensuing discussion with course responsible person.

Teaching starts in week 36 (intro.lecture).  Ordinary teaching (2 hours of gatherings/lectures + 2 hours exercises) in week 37-38, 41-46.  Summary lecture in week 47.

The course is a standard introductory course in macroeconomics, and equivalent courses are given at the universities and regional colleges in Norway, as well as at universities abroad.
External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
Examination details: Written Exam at Home: Letter grades