Economics II (Macroeconomics)

Universidad Carlos III de Madrid

Course Description

  • Course Name

    Economics II (Macroeconomics)

  • Host University

    Universidad Carlos III de Madrid

  • Location

    Madrid, Spain

  • Area of Study

    Economics, International Studies

  • Language Level

    Taught In English

  • Course Level Recommendations

    Lower

    ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.

    Hours & Credits

  • ECTS Credits

    6
  • Recommended U.S. Semester Credits
    3
  • Recommended U.S. Quarter Units
    4
  • Overview

    Economics II (Macroeconomics)
    Bachelor in International Studies
    ECTS Credits: 6.0
    Semester: 2

    COMPETENCES AND SKILLS THAT WILL BE ACQUIRED AND LEARNING RESULTS

    Most decisions that businesses and policy makers take are heavily influenced by the economic environment. The growth of the economy, the distribution of income, fiscal incentives, the openness of specific markets, the regulatory intervention of the government and the financial health of the banking sector, will determinate the strategy to be taken by a business firm or a policy maker. This course will prepare students to analyze the macroeconomic environment under which policies are design. To achieve this, a complete overview of the economic system is given, a system where individual agents relate to each other (consumers and producers) and their interactions in the market give rise to economic aggregates at the macro level (production of goods and services, inflation, exchange rates, distribution of income and economic growth).

    Skills
    - Analyze and reason in a rigorous and systematic way about economic issues
    - Clearly state economic problems assessing their scope and advancing viable solutions.
    - Use economic systems to analyze policy recommendations
    - Ability to communicate economic analysis in precise and concise manner

    Attitudes
    - Respect for economic facts as a basis for decision making both in private and public policies.
    - Interest in other persons' ideas and willingness to express own opinions with grounds on empirical references.
    - To improve their confidence thru a better understanding of the environment where they live.

    DESCRIPTION OF CONTENTS: PROGRAMME

    This course first introduces the Basic Macroeconomic Model and studies the most relevant macroeconomic indicators that measure economic performance. After this, it will discuss the two most important tools used to stabilize an economy: fiscal policy and monetary policy. Following this topic, the program concentrates on an increasingly important topic: open economies, paying special attention to the increasing debate around the conveniences of common currency areas. The course closes with an assessment of current debates regarding macroeconomic policies. The contents of the course are as follows:

    1 - The Global Economy and Macroeconomics
    2 - National Income Accounting, GDP and Financial Accounting
    3 - Aggregate Demand, Aggregate Supply and the Short Run Equilibrium
    3 - The Public Sector, Fiscal Policy, and the Public Policy debate
    4 - Money an Banking
    7 - Central Banks and Monetary Policy
    8 - The Open Economy: Balance of Payments, Exchange Rates and Common Currency Areas
    9 - Economic Growth and the role of international aid agencies

    LEARNING ACTIVITIES AND METHODOLOGY

    The teaching methodology is based on two types of sessions:
    1. Master classes, where the subject is given with graphical support (slides). To facilitate learning the students have
    access to audiovisual materials and basic texts of reference to complete and deepen the topics explained in class.
    2. Practical classes to smaller groups of students, where they can take a more active part in solving the proposed
    exercises and discussing current events. In these sessions, student´s participation and problem sets are graded. Student participation in class enables them to analyze problems and communicate solutions, encouraging the exchange of opinions.

    ASSESSMENT SYSTEM

    The continuous evaluation approach evaluates problem sets, quizzes and midterms and it accounts for 60% of the final grade, with the following weight distribution: problems sets (15%), midterms (35%). The remainder of the grade (50%) is based on a final exam (35%) and a final work (15%).

    BASIC BIBLIOGRAPHY

    Jacobs G. and Diaz-Jimenez J, . Macroeconomics for Almost Everybody. 2nd edition, . Editorial CopyRed. Spain
    Mankiw G., . Macroeconomics, . 7th edition, . Worth Publishers

    ADDITIONAL BIBLIOGRAPHY

    Abel, Bernanke and Croushore, . Macroeconomics, . Pearson, . 2011

Course Disclaimer

Please note that there are no beginning level Spanish courses offered in this program.

Courses and course hours of instruction are subject to change.

Eligibility for courses may be subject to a placement exam and/or pre-requisites.

Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.

ECTS (European Credit Transfer and Accumulation System) credits are converted to semester credits/quarter units differently among U.S. universities. Students should confirm the conversion scale used at their home university when determining credit transfer.

Please reference fall and spring course lists as not all courses are taught during both semesters.

Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations

Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.