Learning objectives

Referring to knowledge The course programme for Macroeconomics incorporates a gender perspective. This means that this perspective is applied to all the topics introduced on the course. — Understand the principal macroeconomic variables and their impact on the operation of the economy, the relations between these variables, and the macroeconomic balances and imbalances of an economy. — Understand how the economy functions as a whole based on the behaviour of its different components. — Use economic models to understand how the levels of production, employment and prices evolve in the short and long term. — Understand the usefulness of economic policies, the factors that determine their effectiveness, and the constraints that apply. — Understand how an open economy works in relation to: The importance of the exchange rate, exchange systems and their role in shaping the international flow of goods, services and finance. The interrelations between countries and the international externalities deriving from economic policies. Asymmetries between economies and the limitations of macroeconomic policies. Related to skills, abilities — Analyse the economic situation applying the economic models studied. — Bring solutions to macroeconomic problems in accordance with the level of rigour required throughout the course. — Evaluate the aspects and consequences of analysis critically. — Interpret a macroeconomic table, and read and interpret reports with the format of the Central Bank or any other studies service.

 

 

Teaching blocks

 

1. Introduction. What is macroeconomics about?

*  This introductory material is dealt with only briefly, as these aspects are covered in previous courses. As such, students have to take responsibility for their own learning.

1.1 Basic aspects of macroeconomics: macroeconomic variables and short-term objectives
1.2 Variables, markets and fluctuations: goods and services market, money market, labour market

Bibliography

• Blanchard, O. (2017): chap. 2, 3, 10, 11, 12 and 13.
• Dornbursch, R.; Fischer, S.; Startz, R. (2008): chap. 1, 2, 3.
• Mankiw, G. (2006): chap. 1, 2, 7 and 10.
• Tugores, J. (2013): chap. 3.
• Turmo, J. (2024): chap.1

2. The goods and services market and the IS curve

*  This topic aims to integrate the main macroeconomic magnitudes to provide a clear overall picture as afforded by the introductory material, while highlighting the role of interest rates and fiscal policy.

Students are expected to undertake independent work based on the model developed.

2.1 Components of aggregate demand
2.2 The IS curve
2.3 The IS curve and changes in autonomous expenditure: autonomous expenditure and fiscal policy

Bibliography

• Blanchard, O. (2017): chap. 3, 5.
• Dornbursch, R.; Fischer, S.; Startz, R. (2008): chap. 10.
• Mankiw, G. (2006): chap. 10.
• Tugores, J. (2013): chap. 3.
• Turmo, J. (2024): chap. 2

3. The money market and monetary policy

*  
3.1 Money and debt

3.2 Demand for money

3.3 Demand for money and creation of money

• Public (credit) demand for money and the banking sector
• The Central Bank and creation of reserves
• Limits to the creation of money: risk premium

3.4 The Central Bank’s monetary policy

• The Central Bank’s reaction function and the monetary policy (MP) curve: establishment of interest rates

3.5 Monetary policy and macroeconomic instability

Bibliography

• Blanchard, O. (2017): chap. 5, 6 and 23.
• Dornbursch, R.; Fischer, S.; Startz, R. (2008): chap. 10.
• Mankiw, G. (2006): chap. 10.
• Tugores, J. (2013): chap. 3.
• Turmo, J. (2024): chap. 3

4. Equilibrium in the goods, services and money markets

*  This topic covers the complete IS–MP model. Having derived the model, students are required to work independently with it, applying macroeconomic policies to analyse their effects.

4.1 IS–MP equilibrium
4.2 Effectiveness of fiscal and monetary policies
4.3 Fiscal policy, monetary policy, combinations thereof and effects on aggregate demand
4.4 Other economic factors and their impact on aggregate demand

Bibliography

• Blanchard, O. (2017): chap. 5, 6 and 23.
• Dornbursch, R.; Fischer, S.; Startz, R. (2008): chap. 11.
• Mankiw, G. (2006): chap. 11.
• Tugores, J. (2013): chap. 3.
• Turmo, J. (2024): chap. 4

5. Open economy

*  
5.1 Exchange rates and their regimes, PPP and interest rate parity. Movement of goods, services and financial flows. Interest rates, exchange rates and macroeconomic equilibria

5.2 Economic interdependence and macroeconomic policies

Appendix
Monetary areas and macroeconomic policies

Bibliography

• Blanchard, O. (2017): chap. 17, 18 and 19.
• Dornbursch, R.; Fischer, S.; Startz, R. (2008): chap. 12.
• Mankiw, G. (2006): chap. 12.
• Tugores, J. (2013): chap. 4.
• Turmo, J. (2024): chap. 5; appendix 1.

6. Macroeconomics and economic problems

*  
6.1 Inflation and macroeconomic equilibrium
6.2 Public deficit, public debt and economic growth
6.3 Indebtedness and macroeconomic policies

Bibliography

• Blanchard, O. (2017): chap. 7, 8, 9, 20 and 21.
• Dornbursch, R.; Fischer, S.; Startz, R. (2008): chap. 5, 6 and 7.
• Mankiw, G. (2006): chap. 13.
• Tugores, J. (2013): chap. 4.
• Turmo, J. (2024): appendix 2

7. Macroeconomics and gender. Beyond the official perspective

*  

As a result of the implementation of the teaching innovation project Is macroeconomics gender sensitive? (Project 2022PID-UB/016), as recognised by the Research, Innovation and Improvement of Teaching and Learning Unit (RIMDA) and the Vice-Rectorate for Teaching Policy of the UB, during this academic year the teaching and evaluation of the subject will be adapted to the specific requirements established by the project.

The objective of the project is to introduce gender as a category of analysis and reflect on what this perspective makes visible. The focus is primarily on recognising the contribution of care work to the functioning of the economy and its implications in terms of the interpretation of economic indicators and public policies. For this reason, the topic is structured in two sections:

• The gender bias of the main economic indicators: GDP and the Labour Force Survey. 
• The false neutrality of public policies.

At the beginning of the course, in the detailed syllabus, the lecturer will specify the point in the course when this topic is to be addressed.

Study materials:

• Reference guide text: Looking at macroeconomics from a gender perspective. Introductory notes.
• Material worked on in the classroom and links proposed by the lecturer.

 

 

Teaching methods and general organization

 

This subject is taught through three main types of activity. First, attendance of on-campus classes of two types: a) Lectures with a practical component in which the teaching staff describe the key concepts of each topic and present the theoretical instruments with which to analyse them, including examples of their application. These sessions are held throughout the course, amounting to 45 hours of class for all students. b) Practical sessions with the whole group. These sessions are used to complete various activities: continuous assessment tasks, problem-solving exercises, presentations, group tutorials, debates on specific texts (as previously read by students) related to the teaching blocks. These sessions cover a total of 15 hours and are interspersed between the lecture sessions. Directed student work, which consists mainly of reading the recommended bibliography and the completion of the practical activities and assignments set by the lecturer. Each lecturer defines the characteristics of these assignments. Finally, students carry out independent learning activities, which include reviewing their class notes, assimilating key concepts, consulting additional reference materials and preparing for the continuous assessment tests and final examination. The student’s workload in this subject is equally divided among these three types of activities, corresponding to a dedication of between 3 and 4 hours per week for each.

 

 

Official assessment of learning outcomes

 

Continuous assessment Continuous assessment consists of two components: a) Continuous assessment activities. Two types of activity are completed: A midterm exam with a maximum weight of between 40 and 50% of the final grade. Continuous assessment exercises and assignments representing, at most, 10% of the final grade. b) Final examination. This test covers both theoretical and applied aspects of the subject. To pass the exam, students must demonstrate acquisition of the knowledge and skills taught on the course. The examination is held on the date set by the Academic Board and represents up to 60% of the final grade. Students are considered to have passed the course if they achieve a weighted final grade of at least 5 out of 10. Continuous assessment exams are carried out on campus and may include: Multiple-choice questions on conceptual aspects and their interrelations. Short-answer questions defining and relating concepts. Thematic questions requiring more in-depth development. Numerical problems, which may also include conceptual and theoretical questions. Requirements to pass continuous mode of assessment: Completion of all required tasks during the course. Students who fail to complete all the activities cannot be evaluated by this mode. A minimum score of 3 out of 10 on each assessed activity (midterm exam, final exam and course assignments). A minimum weighted average score of at least 5 out of 10 across all these activities (midterm exam, coursework and final exam). Lecturers assess the knowledge and competences acquired in order to award the final grade. Course coordination ensures that the continuous assessment system is the same for all students. Students who wish to register for single assessment must submit their request using the form provided on the Virtual Campus.   Examination-based assessment Single assessment consists of a final examination worth 100% of the final grade. This means any coursework marks obtained by students originally entered for continuous assessment cannot be taken into consideration. The exam may include multiple-choice or short-answer questions, a section of theoretical questions requiring graphic and written explanation or analysis, and a section of numerical problems. Repeat assessment The repeat assessment process takes the same format as that of single assessment. Thus, any coursework marks obtained by students originally entered for continuous assessment cannot be taken into consideration. Important information: As a result of the implementation of the teaching innovation project Is macroeconomics gender sensitive? (2022PID-UB016), as recognised by the Research, Innovation and Improvement of Teaching and Learning Unit (RIMDA) and the Vice-Rectorate for Teaching Policy of the UB, during this academic year, the evaluation of the subject will incorporate issues related to macroeconomics and gender.

Reading and study resources

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Book

BAJO RUBIO, Óscar. Curso de Macroeconomía. 2ª ed. Barcelona: Ed. Antoni Bosch, 2011

Catàleg UB  

BLANCHARD, Olivier. Macroeconomía. 7ª ed. Madrid: Ed. Pearson Educación, 2017.

Catàleg UB  

DORNBUSCH, Rudiger. Macroeconomía. 12ª ed.  México: McGraw-Hill, 2015

Catàleg UB  

GOODWIN, Neva, R. et al. Macroeconomics in context.  2ª ed .Armonk, N.Y. M.E. Sharpe,  2014

Catàleg UB  

HOOVER, Kevin D. Applied Intermediate Macroeconomics. Cambridge: Cambridge University Press, 2012

Catàleg UB  

JONES, Charles I. Macroeconomía. Barcelona, Antoni Bosch, 2011

Catàleg UB  

MADSEN, M.O. Macroeconomics after the financial crisis. Routledge. 2016

Catàleg UB  

MANKIW, N. Gregory. Macroeconomía. 8ª ed. Barcelona: Ed. Antoni Bosch, 2014

Versió en línia (10a ed., 2020)  

MITCHELL, W.F. Modern Monetary Theory and Practice. An introductory text. Callaghan, N.S.W. Centre for Full Employment and Equity, 2016

Catàleg UB  

SANCHEZ CAMPILLO, José. Macroeconomía. Cuestiones y ejercicios. Madrid, Pirámide, 2012

Catàleg UB  

TUGORES QUES, Juan. Macroeconomía para entender la crisis en una economía global. 2a. ed. Barcelona: Edicions UOC, 2013

Catàleg UB  

WILLIAMSON, Stephen D. Macroeconomics. 4ª ed. Boston. Addison-Wesley, 2011

Catàleg UB  

Turmo, Joaquin (2024), Macroeconomía. Una introducción, Ediciones LU, Barcelona