Syllabus

Title
5797 International Macroeconomics
Instructors
Zhenyi Wang, M.Sc.
Contact details
Type
VUE
Weekly hours
2
Language of instruction
Englisch
Registration
02/10/23 to 02/26/23
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Dates
Day Date Time Room
Wednesday 03/15/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 03/22/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 03/29/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 04/12/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 04/19/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 04/26/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 05/10/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 05/17/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 05/24/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 05/31/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 06/07/23 04:00 PM - 06:00 PM TC.4.27
Wednesday 06/21/23 04:00 PM - 06:00 PM TC.4.27
Monday 06/26/23 05:00 PM - 07:00 PM Präsenz-Prüfung
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?
  • Coronavirus Crisis: Which policy measures did the ECB adopt to combat the economic consequences of the crisis? Which steps were taken by national governments?
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:

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

Teaching and learning methods:

  • traditional lectures
  • active participation, e.g. in class discussions, individual work, practice problems and mini-quizzes
  • written exams
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:

Prerequisites for participation and waiting lists

Prerequesites for Attendance:

  • Due Registration
  • Attendance of the first lecture: To reserve your place, you have to attend the first lecture and sign the list of participants.
  • If you are not able to participate in the first lecture you have to inform the lecturer before the first lecture starts. Oherwise your place will be given to another student.

Waiting List:

  • After the registration period, students from the waiting list, who don't yet have a valid registration, will be assigned to available places in the specific courses. This allotment is not based on a first-come first-served principle. Rather, progress in the studies will be the decisive criterion.
  • The places of students who don't show up in the first lecture will be given to other interested students on the waiting list (They need to be present in the lecture). The lecturer will allocate these places.

If you registered for a course in "International Macroeconomics", but aren't able to participate any more, please cancel your registration electronically or write an mail to the lecturer.

Readings

Please log in with your WU account to use all functionalities of read!t. For off-campus access to our licensed electronic resources, remember to activate your VPN connection connection. In case you encounter any technical problems or have questions regarding read!t, please feel free to contact the library at readinglists@wu.ac.at.

Recommended previous knowledge and skills

Chapters 1 - 4 of the book "Macroeconomics" by Olivier Blanchard

Availability of lecturer(s)
Last edited: 2022-11-07



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