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Economics

2019/2020
Учебный год
ENG
Обучение ведется на английском языке
4
Кредиты
Статус:
Курс обязательный
Когда читается:
2-й курс, 3 модуль

Преподаватель

Course Syllabus

Abstract

Macroeconomics as the part of economics is the study of human choice in the conditions of the deep interdependency of people; and the most part of economics is about interactions of people under the regime of market capitalism. In the beginning of the course we will spend time for analyzing this one and some other economic systems, and consider demand and supply analysis. Furthermore, we will discuss both advantages of the market system and its defects: we will speak about various types of market failures. The government can play the important role by dealing with market failures but its activities can generate different kinds of government failure. After discussing micro level problems we will turn to macro dimension of economics, and it will be the essential part of the course. This dimension is about economic variables like GDP, consumption, investment, inflation, and the rate of unemployment. Another major objective of macroeconomics is to explain the determinants of economic growth and development in the long run. In the short run en economy experiences nominal rigidities (sticky prices and wages) and expectational errors (differences between actual and expected prices). ). Rigidities and expectations make nominal aggregate demand, which could fluctuate because of some shock, affect real economic activity such as output and unemployment. Therefore, it is necessary to engage in aggregate demand management in order to stabilize the economy. We will study such stabilization policies (fiscal and monetary) and the most efficient ways of performing them. In the long run, economy’s output is a function of productive capacity (capital and labor inputs) as well as technologies (methods of transforming these resources into output) and institutions (laws and informal rules). We will discuss opportunities and limitations of economic growth. And finally we will make an introduction to the international macroeconomics
Learning Objectives

Learning Objectives

  • Understand main features of the capitalism and other economic systems
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand building blocks of the demand and supply model
  • Know the main forms of market failures and government failures
  • Understand the building blocks of the aggregate demand and aggregate supply model
  • Understand causes of inflation and effects of anti-inflationary policy
  • Understand the reason for short-run stabilization policy being welfare- improving
  • Know main forms of stabilization policies (fiscal and monetary), and be able to describe their effects graphically
  • Understand the main driving forces of the economy in the long run: Factor accumulation and technical progress
  • Know main properties of the labor market functioning and causes of unemployment
  • Understand causes of exchange rate fluctuations
Course Contents

Course Contents

  • Economic Systems: Markets, Directives, etc.
  • The Fundamentals of Demand and Supply Analysis
  • Market Failures and Government Failures
  • The Foundations of Macro Analysis: Determination of GDP
  • Short-Run Macro Dynamics: Business Cycles, Unemployment and Inflation
  • Long-Run Macro Dynamics: Economic Growth and Technical Progress
  • Introduction to International Macroeconomics
Assessment Elements

Assessment Elements

  • non-blocking Test
  • non-blocking In-class Participation
  • non-blocking Exam
Interim Assessment

Interim Assessment

  • Interim assessment (3 module)
    0.3 * Exam + 0.3 * In-class Participation + 0.4 * Test
Bibliography

Bibliography

Recommended Core Bibliography

  • Blanchard, O. (2017). Macroeconomics, Global Edition (Vol. Seventh edition). Harlow, UK: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=1426555
  • Burda, M., & Wyplosz, C. (2017). Macroeconomics: a European Text. Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.oxp.obooks.9780198737513
  • Jones, P. M., & Enders, W. (2016). The Asymmetric Effects Of Uncertainty On Macroeconomic Activity. Macroeconomic Dynamics, (05), 1219. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.cup.macdyn.v20y2016i05p1219.1246.00

Recommended Additional Bibliography

  • Andrew Mearman, Danielle Guizzo, & Sebastian Berger. (2018). Whither Political Economy? Evaluating the CORE Project as a Response to Calls for Change in Economics Teaching. Review of Political Economy, (2), 241. https://doi.org/10.1080/09538259.2018.1426682
  • Gordon, R. J. (2014). Macroeconomics: Pearson New International Edition (Vol. Twelfth edition. Pearson new international edition). Harlow, Essex: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1418495
  • Mukherjee, S. (2018). Economic Principles and Problems : An Insightful Analysis of New Economic Policy of the BJP Government . Hyderabad: New Central Book Agency. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2239560
  • Peter Dorman. (2014). Macroeconomics. Springer. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.spr.sptbec.978.3.642.37441.8