Course code ECN122

ECN122 Macroeconomics I - Policies for Economic Growth, Welfare, and Economic Crisis Management

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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 Spring parallel. This course has teaching/evaluation in Spring parallel.
Course frequency: Annually
First time: Study year 2013-2014
Preferential right:
Course contents:
The course consists of two main parts: economic growth and human well-being, and economic stabilization policies. In addition, trade central theories are introduced and discussed in conjunction with international currency markets.
Learning outcome:

Students are expected to be able to use and understand basic economic models for analyzing economic growth and stabilization policies. The course builds on ECN120 IMacroeconomics I - Markets, Economic Development, and Welfare, where a broad introduction was given. Compared to ECN120 Macroeconomics I - Markets, Economic Development, and Welfare, this course provides a more in-depth analysis of the following areas: - Growth and human well-being (classical growth models, Solow type models, human capital and endogenous growth models), internationally and for Norwegian conditions. - Capital management linked to countries with stock resources, with a special emphasis on Norway: the Hartwick rule applied to Norway's petroleum sector and the risk for Dutch disease. - Economic stabilization policies (fiscal policies/basic Keynes models, monetary policy). The financial crisis is used to illustrate issues at the international level, and nationally for economies with low and high capacity utilization. - The national budget and accounts. - International trade and currency markets.

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 discussion 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 hours. Gatherings and exercise sessions are thematically organized. On each gathering, the main points from materials on the course web pages are summarized.

Exercises (with proposed solutions) are available on the course web page. The exercise sessions provide opportunities to work on the exercises under supervision.  Proposed solutions to exercises are presented upon demand.

For each class there are some announced central discussion topics/questions.  Students divide in self-organized groups in class and prepare an introduction to topics. For each topic/questions, one group is selected to introduce before a brief in-class discussion. Participation in-class and on exercise sessions is voluntary, but students are required to participate in two of the first three class gatherings.

Towards the end of the course groups of 3-4 students prepare an 8-10 min presentation on a given topic related to the course contents.  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 "not approvedl" on this activity, the groups gets one chance to improve their presentation and discussion to get  "approved".

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 exampe 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 have.  This will be expanded as new questions are asked. The course responsible can be contacted by email or drop-in. For longer academic conversations, it is recommended to schedule a meeting.

One 2 hours gathering/lecture per week + one 2 hours exercise session per week except the first and last week of the teaching period.

Information about the main textbook will be available on the course web page aprx. three weeks prior to the beginning of the course. Additional materials may be added as the course progresses. Handouts are part of the mandatory curriculum.
ECN120 Macroeconomics I - Markets, Economic Development, and Welfare or equivalent.
Recommended prerequisites:
None except required prior knowledge
Mandatory activity:

(1) Attendance on four of the first six exercise sessions.

(2) Groups consisting of 2-4 students give an 8-10 minutes prepared presentation to the course responsple person on a given topic related to the course. Presentations are followed op by a brief discussion with the course responsible person. "Approved" on the presentation and discussion is required to be allowed to take the exam.  In case of  "not approved", the group gets one try to improve their presentation and the ensuing discussion to "approved".

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

Written take-home exam in examination period, 3,5 hours (100%), consisting of three parts: (i) multiple choice, (ii) graphical analysis, and (iii) verbal/mathematical analysis.
Nominal workload:
125 hours
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Reduction of credits:
None, but the course builds on ECN 120 or equivalent
Type of course:

2 standard lectures: (1) course introduction at the start of the course, (2) and (3) course summary before the exam.

8-10 gatherings/lectures of 2 hours each (presentation of main points from materials on the course pages + discussion  of questions related to the theme for each gathering)

8-10 exercise sessions for work on exercises.  Teaching assistant available.

4 hours total organized activity per week for 10-12 weeks.

1 presentation and ensuing discussion with course responsible person.

The course builds on ECN120 Introduction to Macroeconomics, part I.
External examiner will assess assess exam questions and suggested solutions.
Examination details: Written home exam: Letter grades