Macroeconomics

Garant předmětu:

Aliya Algozhina

Lecturer:

Aliya Algozhina

Tutor:

Aliya Algozhina

Supervisor:

Institute of Economic Studies

Synopsis:

This course provides basic macroeconomic concepts to understand how a country operates regarding its aggregate variables and equations describing its main markets. Graphical representations of equilibrium conditions are extensively used for easy comprehension and flexibility. The canonical IS-LM (investment-saving, liquidity-money) model, characterizing the goods and financial markets in the short run, is extended by the labor market and thus by the Phillips curve in the medium run. In the long run, the Solow model as a fundamental economic growth framework is also covered. The open economy specifics related to exports-imports and exchange rates are presented within the famous Mundell-Fleming model, including the Policy Trilemma or Impossible Trinity concept. The effects of fiscal and monetary policies on the domestic economy are also summarized. The main textbook is Blanchard (2021). Mankiw (2022) can be used as well. This course has only lectures and no exercise sessions.

Requirements:

Midterm and non-cumulative final exams count for 40% each of a grade. Attendance at lectures contributes to the remaining 20%. Students may earn additional points through participation in answering questions occasionally asked by the lecturer within the themes of classes.

Syllabus of lectures:

Introduction

•A tour of the world: the global financial crisis 2007-2009, the US, the euro area, China

•Aggregate output (GDP), unemployment, and inflation

The short run

•Goods and financial markets

•The IS-LM model

The medium run

•Labor market and the Phillips curve

•The IS-LM-Phillips Curve model and the story of macroeconomics

The long run

•The facts of growth and the Solow model

•Technological progress and the challenges of growth

The open economy

•Openness in goods and financial markets

•The Mundell-Fleming model, Policy Trilemma, and exchange rate regimes

Summing up

•Fiscal and monetary policies

Syllabus of tutorials:

Study Objective:

The goal is to equip students with macroeconomic frameworks helpful to analyze not only past macroeconomic events but also those that unfold in the future by knowing the basic mechanisms behind them.

Study materials:

Blanchard, O. (2021). Macroeconomics. England, Harlow: Pearson Education, 1-539.

Dornbusch, R., Fischer, S., & Startz, R. (2014). Macroeconomics. New York: McGraw-Hill Education, 12th edition, 1-652.

Mankiw, G. (2022). Macroeconomics. New York: Worth Publishers, 11th edition, 1-557.

Note:

Time-table for winter semester 2023/2024:

Time-table is not available yet

Time-table for summer semester 2023/2024:

	06:00–08:0008:00–10:0010:00–12:0012:00–14:0014:00–16:0016:00–18:0018:00–20:0020:00–22:0022:00–24:00
Mon
Tue
Wed	roomDEJ:301 09:00–10:30 (lecture parallel1) Dejvice Jazyková
Thu
Fri

The course is a part of the following study plans:

• B-EM-P prezenční studium od 22/23 (compulsory course)