ECN320 Macroeconomics III
Showing course contents for the educational year 2021 - 2022 .
Course responsible: Roberto Javier Garcia
ECTS credits: 5
Faculty: School of Economics and Business
Teaching language: EN
Teaching exam periods:
This course starts in August block. This course has teaching/evaluation in August block.
Course frequency: Annually
First time: Study year 2019-2020
The course covers macroeconomic theory in an applied open-market context. The course emphasizes open market macroeconomics, particularly the balance of payments, international capital mobility, exchange rates and exchange rate regimes (including optimal currency areas). One theme is sustainability in a macroeconomic sense related to the link between external and internal imbalances. General equilibrium analysis is also featured to cover the relationships among various macroeconomic variables (aggregate demand, output, interest rates, exchange rates, inflation, employment, etc.). For a full description, follow the link: http://arken.nmbu.no/~robega/ECN320/index.htm
Knowledge and general competence:
The course should give the student an appreciation of the complex interconnectedness of economics, particularly for understanding current international macroeconomic and financial problems, the implications and limitations of monetary policy, choice of exchange rate regime, and liberalization of capital and financial markets. Students will be able to consult the economics literature to further their understanding of the concepts and to have a critical understanding of macroeconomic theory and its limitations.
Students should be able to use and apply economic reasoning and models to analyze the consequences of macroeconomic imbalances (trade and capital flows) that result from changes in key macroeconoimc indicators (aggregate demand, aggregate supply, interest rates, exchange rates, inflation, etc.) and macroeconomic policy (fiscal policy and monetary policy).
The course will reinforce group learning through assigned tasks that address contemporary problems and interpreting results from graphical analysis.
Learning activities include:
1. Self study: Students are expected to read the assigned material prior to lectures or exercise sessions. Presentation slides are made available as are short videos with tips for the exercises and short clips of some lecture summaries.
2. Lectures: Informal student-instructor interaction is encouraged during lecture sessions. Lectures (and reading material) are considered critical for solving exercises.
3. Exercises: 2-3 group exercises are required and will require presentation of graphical analysis and/or short written summary on a key topic demonstrating command of relevant theory and models. Participation is required.
The teacher has office hours, and is available to discuss topics and assignment activities. The instructor is available during exercise sessions for consultations.
Krugman, Obstfeld and Melitz, International Economics: Theory and Policy, Pearson Education Limited, ISBN 10:1-292-01955-7. Plus a selection of book chapters [Appleyard and Field, International Economics, McGraw-Hill, ISBN 0-07-231514-8] and journal or newspaper articles. A reading list will be provided at the start of the semester. All course info available at: http://arken.nmbu.no/~robega/ECN320/index.htm.
Bachelor´s degree in economics or an intermediate course in macroeconomics at the level of ECN222 Intermediate Macroeconomics. Bachelor's level course in international economics can be useful.
There are 2-3 in-class group exercises. Exercises can be worked on individually or in selected groups. Presentation is mandatory during exercise sessions and during question/answer session. For those who choose to work independently and remotely, exercise solutions and answers to questions can be sent in for approval. In-class exercises require participation. If not present, the student must submit the exercise that is assigned with answers to the related questions. Mandatory activities are valid in the same semester the course is being taken and in the next semester.
Final written in-class examination (3 hours) accounts for 100% of the grade.
125 hours distributed as:
26 lecture hours, exercise sessions and final exam review session; and
100 hours in self study (reading, preparation for exercises and final exam)
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Type of course:
3-4 hours per dag for lectures and exercises, meeting 8 times and a review session.
The course is in English. Incoming students can contact student advisors at the School of Economics and Business (firstname.lastname@example.org) for admission to the course.
An external examiner will examine the curriculum and the examination.
Allowed examination aids: A1 No calculator, no other aids
Examination details: Written exam: Letter grades