Syllabus

Title
2030 Foundations in Macroeconomics
Instructors
Dr. Fabian Siuda
Contact details
Type
PI
Weekly hours
2
Language of instruction
Englisch
Registration
09/28/20 to 10/04/20
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Dates
Day Date Time Room
Thursday 10/15/20 08:30 AM - 10:30 AM TC.4.01
Thursday 10/22/20 08:30 AM - 10:30 AM TC.4.01
Thursday 10/29/20 08:30 AM - 10:30 AM TC.4.01
Thursday 11/05/20 08:30 AM - 10:30 AM TC.4.01
Monday 11/09/20 01:00 PM - 03:00 PM TC.4.03
Thursday 11/12/20 08:30 AM - 10:30 AM TC.4.01
Thursday 11/19/20 08:30 AM - 10:30 AM Online-Einheit
Wednesday 11/25/20 10:00 AM - 11:30 AM Online-Einheit
Thursday 12/03/20 08:30 AM - 10:30 AM Online-Einheit
Thursday 12/10/20 08:30 AM - 10:30 AM Online-Einheit
Thursday 12/17/20 08:30 AM - 10:30 AM Online-Einheit
Thursday 01/07/21 08:30 AM - 10:30 AM Online-Einheit
Thursday 01/14/21 08:30 AM - 10:30 AM Online-Einheit
Thursday 01/21/21 08:30 AM - 10:30 AM Online-Einheit
Wednesday 01/27/21 01:00 PM - 03:00 PM Online-Einheit
Procedure for the course when limited activity on campus

Update (02.11.2020):
This course will move to FULL DISTANCE MODE until further notice!

Rotation mode

There are six parallel courses in Foundations in Macroeconomics (that are fully coordinated); one course (by Ghodsi (2031)) is held as a fully remote course (with an on-campus final exam); the other five courses (by Heckl (2123), Kubin (2032), Seidler (1734) and Siuda (2030 and 2124)) offer on-campus participation and use a variant of the rotation mode. The idea is to permit students the enriched experience of studying in class and communicating with the lecturer/with fellow students while keeping a safety distance. In our experience, this provides better results (and is simply more fun).

The rotation mode splits the students into two groups which physically attend classes alternatingly: the first group attends the class physically (in the lecture room) every second week, while the other group follows the class virtually online at the same time. The following week, these two groups rotate, so that the first group attends the online class and the second group will be physical present in the lecture room.

We really encourage students to take advantage of in-class teaching if possible.  However, we also accept students who opt for a remote participation in all groups.. Please note that the final exam is planned as an on-campus exam for all groups.

Course organisation and technical setup: The screen of the lecturer's desk is projected on the white board for the in-class students and shared through MS-teams with the remote students. Please create access to MS-Teams before the first lesson.

The course takes place synchronously; it is not intended to record the units for asynchronous use.

Attendance is mandatory (either in the lecture room or remotely via MS-Teams) on the specified dates.

Right after the registration period ends, we will ask you for your attendance preferences (in-class rotation or fully remote) and we’ll organize the groups accordingly. Depending on the Corona situation, the number of meetings with physical attendance may change. Please note that this mode is very flexible and the presence in the lecture room can vary between 0% - 100%.

There will be two exams. The mid-term exam will take place on-line in the week 23.11.2020 - 28.11.2020; and the end-term exam will take place on-campus in the week 25.01.2021 - 29.01.2021 ; the exact time and the room will be specified later.

Contents

Macroeconomic concepts:

  • The Goods Market: Which are the components of demand?
  • Financial Markets: What happens if the ECB changes its interest rate?
  • The Labor Market: Which role does collective bargaining play in different countries?
  • Inflation and Deflation: Is there really a negative relation between inflation and unemployment?
  • Balance of Payments: What might be the results of a persistent current account deficit?

 

Economic Policy:

  • Monetary and Fiscal Policy: Under which circumstances may fiscal policy increase production? In which cases is monetary policy more suitable? Where are the limits to these policy measures?
  • Exchange Rates: Under which circumstances should an economy adopt a fixed exchange rate regime? When are flexible exchange rates more suitable? What are the implications of a devaluation?

Crisis:

  • Shocks to Demand and Supply: What were the consequences of the increase in oil prices in the 1970ies? Which are the effects of fiscal consolidation on output? How can a recession be counteracted?
  • Exchange Rate Crises: How can rumors trigger an exchange rate crises?
  • Financial Crisis: What were the macroeconomic implications of the decline in house prices in the US in 2006 and the bankruptcy of Lehman Brothers?
Learning outcomes

After completing this course you will be able to…

  • describe and graphically depict central macroeconomic relationships for closed and open economies
  • to analyze the effects of various economic policies (e.g. government expenditure increases, interest rate decreases, exchange rate regimes) using the theoretical models taught in this course
  • to recognize macroeconomic concepts in other contexts (e.g. economics news, business plans) and to draw adequate conclusions

Additionally, this course enhances...

  • analytical skills
  • the capacity to depict complex relationships by simple models and to derive action plans
  • reasoned phrasing
  • the ability to interpret graphs
  • handling of numerical data
  • time management
Attendance requirements

Mandatory Attendance:

  • two missed units are tolerated (communication not necessary, no "apology")
  • more than two missed units: only if the reason is serious (please contact the lecturer!)
Teaching/learning method(s)

Teaching and learning methods:

  • traditional lectures using slides and whiteboard
  • active in-class involvement of students, e.g. in-class discussions, in-class excercises and mini-quizzes
  • students' self-guided reading as preparation for each class + homeworks
  • written exams
  • slides and exercises will be uploaded on learn@wu; material for reading will be specified on learn@wu  

 

Assessment

Points to achieve (max. 100):

  • 20 points: active participation (Quizzes, Homework,...)
  • 20 points: mid-term exam
  • 60 points: final exam

Grading schedule:

  • as of 50 points: Sufficient
  • as of 63 points: Satisfactory
  • as of 75 points: Good
  • as of 88 points: Excellent

Additional prerequisites for a positive grade:

  • at least 24 points in the final exam 
  • at least 15 points in active participation and mid-term exam

Final exam:

  • The final exam will take place on Tuesday Jan 26, 2021; 10:00 - 12:00
    There is no alternative!
  • If the final exam is missed for important reasons (e.g. disease) it must be accompanied by written proof and sent to the lecturer via mail before the exam starts. There will an opportunity to take the final exam before the next term starts.
  • If the overall score is negative: Repetition of final exam before the next term starts is possible upon the lecturers decision, if at least 18 points were obtained on the first try of the final exam.
  • It is not possible to retake the exam with an already positive grade
Readings
1 Author: Blanchard, Olivier
Title:

Macroeconomics


Publisher: Pearson
Edition: 7
Year: 2017
Content relevant for class examination: Yes
Type: Book
Prerequisites for participation and waiting lists

 

 

Recommended previous knowledge and skills

Solid knowledge of Contemporary Challenges in Business and Economics

Solid knowledge of Foundations in Microeconomics

Availability of lecturer(s)

after the course meetings; or by appointment; or by mail: fabian.siuda@wu.ac.at

Last edited: 2020-11-02



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