1667 - International Macroeconomics
Subject(s) Bachelor Programs
International Macroeconomics
Instructors:Florian Ramseger, M.Sc.
Type:PI
Weekly hours:2
Members (max.):15
Registration period:09/21/09 to 10/02/09
Class objective(s) (learning outcomes)
The aim of this course is to provide students with an appreciation of the main macroeconomic processes at work within countries that are integrated into the world economy to different degrees, thus preparing students for their future roles in business, politics, and civil society.

After successful completion, students will be able to analyse real world macroeconomic issues, such as the macroeconomic effects of the credit crunch or the advantages and disadvantages of different types of economic policy instruments.

To this end, the course will provide students with a thorough understanding of the workhorse models of macroeconomics – the Mundell-Fleming and AS-AD models – commensurate to the intermediate undergraduate level.

Prerequisites according to degree program
Available to:

The course is for students in part II of the bachelor program "Business, Economics and Social Sciences".

It is also open to exchange students from partner universities.

Teaching and learning method(s)
Teaching methods:

Lessons will consist of a mix of lectures, individual/group work, and class discussions.
At home, students are expected to do a number of problem-sets and work on a coursework project.

In case of restricted admission; selection criteria
Prerequisite:

Knowledge of the IS-LM model, e.g. chapters 1 to 5 of Blanchard, "Macroeconomics", Pearson Education

Criteria for successful completion
Assessment:

Assessment is based on performance on homework, mid-term and final exams.

Availability of instructor(s) for contact by students
Instructor's contact details:

If you have questions regarding the contents of the course, please contact Florian Ramseger via email (mailto:florian.ramseger@wu.ac.at) or during office hours (see website: http://www.wu.ac.at/vw7/team/ramseger/index_en).

Miscellaneous
Miscellaneous:

The textbook is Blanchard, "Macroeconomics", Pearson Education, 5th edition (Students can also use the 4th edition, but no earlier edition.)

Students who have signed up for this course are kindly asked to go to the learning-centre website of this course and download the course overview (pdf-file) ahead of the first class (available before term starts).

Detailed schedule
Day Date Time Room
Monday 10/05/09 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 10/07/09 10:00 AM - 11:00 AM H 2.22 (B)
Monday 10/12/09 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 10/14/09 10:00 AM - 11:00 AM H 2.22 (B)
Monday 10/19/09 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 10/21/09 10:00 AM - 11:00 AM H 2.22 (B)
Wednesday 10/28/09 10:00 AM - 11:00 AM H 2.22 (B)
Monday 11/02/09 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 11/04/09 10:00 AM - 11:00 AM H 2.22 (B)
Monday 11/09/09 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 11/11/09 10:00 AM - 11:00 AM H 2.22 (B)
Monday 11/16/09 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 11/18/09 10:00 AM - 11:00 AM H 2.22 (B)
Monday 11/23/09 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 11/25/09 10:00 AM - 11:00 AM H 2.22 (B)
Monday 11/30/09 10:00 AM - 11:00 AM H 2.21 (A)
Tuesday 12/01/09 03:00 PM - 04:30 PM H 2.21 (A)
Wednesday 12/02/09 10:00 AM - 11:00 AM H 2.22 (B)
Friday 12/04/09 01:00 PM - 02:30 PM H 2.21 (A)
Monday 12/07/09 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 12/09/09 10:00 AM - 11:00 AM H 2.22 (B)
Monday 12/14/09 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 12/16/09 10:00 AM - 11:00 AM H 2.22 (B)
Monday 01/11/10 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 01/13/10 10:00 AM - 11:00 AM H 2.22 (B)
Monday 01/18/10 10:00 AM - 11:00 AM H 2.21 (A)
Wednesday 01/20/10 10:00 AM - 11:00 AM H 2.22 (B)
Tuesday 01/26/10 11:00 AM - 12:30 PM SR 2.27 (B)
Contents

Course contents:

Broadly speaking, the course will focus on the macroeconomic effects of shocks (such as recessions and booms) and on economic policy.

The first half of the course will cover the goods, financial and labour markets in a "closed economy setting". Both the short and the medium run are covered. For that purpose, the closed-economy short-run IS-LM model, that students are expected to know from their first macroeconomics course, is revised, and the labour market and AS-AD models are introduced to enable analysis of the medium run.

In the second half of the course, trade of goods and services, international financial flows, and exchange rates will be introduced, and their relevance for the economy and for economic policy will be discussed; both the IS-LM and the AS-AD model are considered in an open-economy setting.

Unit Contents
1 Introduction, course overview, discussion of current events, and revision of prerequisites;
Reading: Blanchard: Sections 4.3, 4.4, 15.3, 25.3
2 Revision of the goods and financial markets / the IS-LM model;
Blanchard: chapter 5
3 The labour market;
Blanchard: chapter 6
4 Putting all markets together: the AS-AD model;
Blanchard: chapter 7
5 Revision for mid-term exam
6 Mid-term exam
7 The open economy;
Blanchard: chapter 18
8 The goods market in an open economy;
Blanchard: chapter 19
9 The Mundell-Fleming (open economy IS-LM) model;
Blanchard: chapter 20
10 Exchange rate regimes and the open economy AS-AD model;
Blanchard: chapter 21
11 Revision for final exam (probably one or two units in January)
12 Final exam

To be held during exam week (the week commencing 25.01.2010). However, we will try to finish as much of the syllabus as possible before Christmas, so that exchange students who are returning to their home countries earlier have the option (at their own risk) of taking the exam in December. All other students are expected to take the exam in January and attend revision lessons in January.

Literature

Blanchard, Olivier: Macroeconomics, Pearson Education, 5th Edition, 2008; Content relevant for class examination: Ja; Content relevant for degree examination: Keine Angabe; Recommendation: Unbedingt notwendige Studienliteratur für alle Studierenden



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