Macroeconomics II


  • GENERAL
SCHOOL POLITICAL, SOCIAL AND ECONOMIC SCIENCES
ACADEMIC UNIT DEPARTMENT OF ECONOMICS
LEVEL OF STUDIES UNDERGRADUATE
COURSE CODE ΝΚ31 SEMESTER 2
COURSE TITLE MACROECONOMICS II
INDEPENDENT TEACHING ACTIVITIES
if credits are awarded for separate components of the course, e.g. lectures, laboratory exercises, etc. If the credits are awarded for the whole of the course, give the weekly teaching hours and the total credits
WEEKLY TEACHING HOURS CREDITS
LECTURES 4 6
Add rows if necessary. The organisation of teaching and the teaching methods used are described in detail at (d).
COURSE TYPE

general background,
special background, specialised general knowledge, skills development

SPECIALIZATION
PREREQUISITE COURSES:

 

LANGUAGE OF INSTRUCTION and EXAMINATIONS: GREEK
IS THE COURSE OFFERED TO ERASMUS STUDENTS YES
COURSE WEBSITE (URL) http://www.econ.duth.gr/undergraduate/lessons/c5.shtml

 

 

  • LEARNING OUTCOMES
Learning outcomes
The course learning outcomes, specific knowledge, skills and competences of an appropriate level, which the students will acquire with the successful completion of the course are described.

Consult Appendix A

·     Description of the level of learning outcomes for each qualifications cycle, according to the Qualifications Framework of the European Higher Education Area

·     Descriptors for Levels 6, 7 & 8 of the European Qualifications Framework for Lifelong Learning and Appendix B

·     Guidelines for writing Learning Outcomes

 

The aim of this course is to deepen the existing basic knowledge of the students on the main issues of modern macroeconomic theory and to extend this knowledge to a level where they can analyze critical issues of modern fiscal and monetary policy in an open economy. To achieve this, both the lectures and all other activities planned for the course will aim at the development of the analytical and theoretical skills of the students and their application to current issues with familiar examples from economics and financial news. The learning process is interactive and therefore the participation of the students is considered necessary and critical.

 

 

 

 

 

 

General Competences
Taking into consideration the general competences that the degree-holder must acquire (as these appear in the Diploma Supplement and appear below), at which of the following does the course aim?
Search for, analysis and synthesis of data and information, with the use of the necessary technology

Adapting to new situations

Decision-making

Working independently

Team work

Working in an international environment

Working in an interdisciplinary environment

Production of new research ideas

Project planning and management

Respect for difference and multiculturalism

Respect for the natural environment

Showing social, professional and ethical responsibility and sensitivity to gender issues

Criticism and self-criticism

Production of free, creative and inductive thinking

……

Others…

…….

 

• Individual work

• Ability to analyze complex ideas

• Resolve complex issues through scientific debate

• Understand the operation of the economy as a complex system

 

 

 

 

 

 

 

 

 

 

  • SYLLABUS
• Introduction to Macroeconomics

• R.E. Lucas: The theory of rational expectations

o Adaptive Expectations

o The Lucas Critique

o Implications for Policy

o Neoclassical Macroeconomic Model

o Neo-Keynesian Macroeconomic Model

• Banks and Financial Institutions

o Function and Importance of Banks

o Asymmetric Information: Adverse Selection and Moral Hazard

o Supervision of the Banking System

o Banking Crises

o Financial Crises

• The Central Bank

o European Central Bank

o Bank of Greece

o The Federal Reserve System and the Bank of Japan

o Monetary Policy of the ECB and the FED

• Monetary Policy and the Central Bank

o The money supply

o Currency control

o Credibility and central banks

o Rules or discretion in monetary policy

• Demand and Money Supply

o Classic: Quantitative Theory

o Keynes: Liquidity Theory

o neo-Keynesian: Baumol-Tobin

o Friedman: Modern Theory of Money

o Empirical Testing

• Monetary and Fiscal Policy in the IS-LM

o Factors that move the IS

o Factors that move the LM

o Effectiveness of Monetary and Fiscal Policy

o Uncertainty in the IS / LM and objectives of Monetary Policy

o The IS-LM in the long run

• Aggregate Demand AD – Aggergate Supply AS – 10, 11, 13

• Money and Inflation – 7

o Monetarist Approach

o Fiscal Policy, Global Supply and Inflation

o The determinant of inflation

o Cost, Demand, Deficits

o Intervention or Neutrality

• Dilemma: Interventionist – Non Interventionist Policy

o Deflationary policy

o Neoclassical model

o Neo-Keynesian model

o Model Comparison

• Open Economy

o Exchange rates

o The theory of Purchasing Power Parity(PPP)

o Macro policy with fixed rates

o Macro policy with flexible rates

• Economic cycles and macroeconomic policy in an open economy

 

 

 

 

  • TEACHING and LEARNING METHODS – EVALUATION
DELIVERY
Face-to-face, Distance learning, etc.
  • Lectures

 

USE OF INFORMATION AND COMMUNICATIONS TECHNOLOGY
Use of ICT in teaching, laboratory education, communication with students
•                     Eclass

 

TEACHING METHODS

The manner and methods of teaching are described in detail.

Lectures, seminars, laboratory practice, fieldwork, study and analysis of bibliography, tutorials, placements, clinical practice, art workshop, interactive teaching, educational visits, project, essay writing, artistic creativity, etc.

 

The student’s study hours for each learning activity are given as well as the hours of non-directed study according to the principles of the ECTS

Activity Semester workload
Lectures 50
Study 70
Assignments 30
 
 
 
Course total 150
STUDENT PERFORMANCE EVALUATION

Description of the evaluation procedure

 

Language of evaluation, methods of evaluation, summative or conclusive, multiple choice questionnaires, short-answer questions, open-ended questions, problem solving, written work, essay/report, oral examination, public presentation, laboratory work, clinical examination of patient, art interpretation, other

 

Specifically-defined evaluation criteria are given, and if and where they are accessible to students.

 

• Mid-term exams

• Exercises

• Quizzes

• Exams

 

 

 

 

 

 

 

 

 

 

 

  • ATTACHED BIBLIOGRAPHY
·         Gregory Mankiew, Macroeconomic Theory, Gutenberg Publishing.