Teaching plan for the course unit

 

 

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General information

 

Course unit name: Economic Cycles

Course unit code: 366727

Academic year: 2025-2026

Coordinator: Jordi Mele Carne

Department: Department of Economics

Credits: 6

Single program: S

 

 

Estimated learning time

Total number of hours 150

 

Face-to-face and/or online activities

60

 

-  Lecture with practical component

Face-to-face and online

 

30

 

-  Problem-solving class

Face-to-face and online

 

30

Supervised project

40

Independent learning

50

 

 

Competences / Learning outcomes to be gained during study

 

   -

— Teamwork (ability to collaborate with others and contribute to a common project / ability to work in interdisciplinary and multicultural teams).

 

— Ability to make decisions. This competency includes: ability to identify the essential elements of a decision-making problem, that is, the agents involved, the available actions, the information accessible to those agents, and the outcomes or consequences of the potential actions. Ability to identify points of uncertainty, formulate hypotheses, and deduce possible results while maintaining a critical perspective. Ability to reason strategically by making assumptions about others’ behaviour, analysing equilibria, understanding the research techniques involved, and the assumptions on which such equilibria are based. Ability to make effective economic and business decisions: understanding the basic concepts of economics and management in order to analyse decisions, using appropriate quantitative and qualitative tools, and identifying, formulating, and solving problems of varying complexity.

— Understanding the nature, sources, and uses of economic information, and the appropriate IT resources for its processing and analysis.This competency includes: specific knowledge and the ability to select and apply both qualitative and quantitative methods suitable for structuring and analysing socioeconomic databases. Ability to apply different econometric methods and models to databases, as well as to conceptualise and interrelate those databases.

— Critical capacity for the analysis of economic theories and models. This competency includes: ability to critically analyse and assess the economic behaviour of individuals and the decisions they make. Ability to analyse the aggregate behaviour of an economy and its implications. Ability to empirically test the adequacy of theoretical models within a given economic context.

 

 

Learning objectives

 

Referring to knowledge

  • Develop a deeper understanding of the aggregate economy.
  • Gain insights into the importance and use of microfoundations as applied to the aggregate economy.
  • Use and interpret short-run macroeconomic models effectively.
  • Understand how the models studied can be linked to specific economic realities, identifying their respective strengths and weaknesses.

 

Referring to abilities, skills

  • Analyse and interpret economic data.
  • Locate and extract economic data from formal sources and work with them. Search for, interpret and assimilate information.
  • Manipulate models through the application of mathematical methods and adapt them to explain other branches of economics.
  • Select the most appropriate tool/model through which to interpret a specific economic problem and its results.
  • Understand the economic environment in which we live, and those of other countries or economic regions, identifying key differences between them.
  • Be able to understand and express oneself clearly, both orally and in writing, in Catalan, Spanish and English, demonstrating mastery of the specialised language of the discipline.
  • Acquire a capacity for analysis, comprehension, global visions and the application of knowledge to practice. Acquire the capacity to make decisions and adapt to new situations.

 

 

Teaching blocks

 

1. Expectations

*  In-depth study of short-run aggregate economy with expectations of different types.

1.1. Introduction to expectations: types of expectation. Traditional models with expectations 

1.2. Expectations and monetary policy with fixed rules

1.3. Discretion and monetary policy

2. Expectations and financial markets

*  Introduction to financial markets.

2.1. Asset prices and financial markets: bonds, stocks

2.2. Monetary policy and financial markets

3. Economic cycle theory

*  In-depth study of economic fluctuations based on different short-run economic theories.

3.1. Real business cycle theory

3.2. Neo-Keynesian business cycle theory

 

 

Teaching methods and general organization

 

This subject is taught through three main types of activities.

First, students attend both on-campus and online classes of two different types:

a) Lectures with a theoretical–practical component, in which the lecturer presents the main concepts of each topic, introduces the theoretical tools required for their analysis, and provides examples of how to apply them.

b) Practical sessions, devoted to various types of activities: numerical exercises or the discussion of readings related to the topics covered in class. These activities are based on problems or texts that students must solve and/or read in advance. The detailed schedule for these sessions is made available at the beginning of the semester on the Virtual Campus.

Secondly, students undertake supervised independent study in their own time, which includes the reading of recommended bibliography and the completion of exercises or assignments proposed by the lecturer during the course.

Finally, students have to complete independent learning activities. These include reviewing class notes, consolidating knowledge, reading complementary texts, and preparing for the final examination and continuous assessment tests.

The student’s workload for this course is distributed evenly across these three types of activities, corresponding to an average of three to four hours per week for each.

Note 1. As part of the Teaching Quality Improvement Project implemented in the Faculty of Economics and Business (promoted by the Research, Innovation and Teaching and Learning Improvement [RIMDA] unit and the Office of the Vice-Rector for Teaching and Academic Planning), the teaching methodology used in some groups may differ slightly from that described above. Details of any such variations will be published on the Virtual Campus at the beginning of the semester.

Note 2. The teaching of the EUS and GIE groups, given their specific characteristics, may adopt a slightly different methodology. At the beginning of the course, these differences are explained if necessary.

 

 

Official assessment of learning outcomes

 

Students are assessed on a continuous basis by means of the following activities:

a) Practical exercises or discussion of readings, carried out individually or in small groups, on a weekly or fortnightly basis. These are organized according to the size of the group and may include assessment of both the written work and oral presentation in class (0–40% of the continuous assessment grade).

b) Two or three continuous assessment tests, consisting of multiple-choice or short-answer questions (60–100% of the continuous assessment grade).

c) Problem-solving or short-answer questions set during lectures, without prior notification (0–10% of the overall mark for continuous assessment activities, depending on the size of the group).

Students may be required to sit a final examination worth up to 40% of the continuous assessment grade.

The dates and weighting of continuous assessment activities described in points a) and b) as well as the weighting of each component in the final grade, will be announced at the beginning of the course on the Virtual Campus.

 

Examination-based assessment

Single assessment consists of a final examination worth 100% of the final grade. This examination covers the entire syllabus presented in the theoretical and practical classes, as well as the reading material recommended throughout the course (chapters from the main textbooks, press articles, academic papers, etc.).

At the start of the semester, the Virtual Campus specifies the procedure and deadline by which students may waive continuous assessment and opt for the single mode of assessment.

Repeat assessment, held in July, consists of an examination with the same structure as that of the final exam and carries 100% of the final grade for all students, whether they opted for continuous or single assessment. All students who fail or do not sit the first final examination have the right to sit the repeat assessment examination.

Clarifications (for both assessment options, but NOT applicable to the EUS group*)

The generic competences that students should acquire during the semester include the capacity to communicate clearly in written Catalan, Spanish and English.

English: in order to acquire these competences, some of the recommended reading is in English, as well as some of the texts or basic materials for the resolution of exercises completed in class or via the Virtual Campus. To promote progress in this area, some of the recommended readings and materials for occasional exercises (either in class or via the Virtual Campus) are in English. However, all exercises may be submitted in either Catalan or Spanish.

Catalan and Spanish: In addition to oral presentations and class participation, written expression (spelling, grammar, etc.) is taken into account in all exercises, assignments, tests, and exams. Correct spelling or grammar does not earn extra points, but poor writing may reduce the score by up to 10% in all cases.

* The EUS group is taught entirely in English, and all submissions must be in English.

Note. As part of the Faculty of Economics and Business’ ongoing Teaching Quality Enhancement Project—promoted by the Research, Innovation and Teaching Improvement Unit (RIMDA) and the Office of the Vice-Rector for Teaching and Academic Organisation—teaching methodologies in some course groups may differ slightly from those described above. Details of any such variations will be published on the Virtual Campus at the beginning of the semester.

 

 

Reading and study resources

Check availability in Cercabib

Book

MANKIW, N. Gregory (2014): Macroeconomía, 8ª ed. Barcelona: Antoni Bosch (o una edició posterior).

  Chapter 15: covers “Monetary policy lags. Three-equation model”; chapter 20: complements “Financial markets”.

Versiķ en línia (10a ed., 2020)  Enllaç

DORNBUSCH, Rudiger; FISCHER, Stanley; STARTZ, Richard (2015): Macroeconomía, 12ª edición. Madrid: McGraw-Hill/Interamericana (o una edició posterior).

Catāleg UB  Enllaç

BLANCHARD, Olivier; AMIGHINI, Alessia; GIAVAZZI, Francesco (2012): Macroeconomía, 5a edició, Pearson.

  Only for basic concepts and part of the Expectations block

Catāleg UB  Enllaç

SORENSEN, Peter; WHITTA-JACOBSEN, Hans. J. (2008): Introducción a la macroeconomía avanzada. Volum 2. McGraw Hill.

  Economic cycle theory.

Catāleg UB  Enllaç

ROMER, David (2012): Advanced Macroeconomics, 4th edition, McGraw Hill Irwin.

Catāleg UB  Enllaç

EVANS, George W. i HONKAPOHJA, Seppo (2001): Learning and Expectations in Macroeconomics. Capítol 1. Princeton University Press.

  Expectations block.

Versiķ en línia (2001)  Enllaç

ROMER, David (2006): Macroeconomía avanzada. 3ª ed. Madrid: McGraw Hill.

Catāleg UB  Enllaç

SARGENT, Thomas; VILMUNEN, Jouko (2013): Macroeconomics at the Service of public policy, Oxford University Press.

Catāleg UB  Enllaç

WICKENS, Mike (2008): Macroeconomic theory: a dynamic general equilibrium approach. Princeton: Princeton University Press.

Catāleg UB  Enllaç
Versiķ en línia (2a ed., 2011)  Enllaç

SARGENT, Thomas. J. (1979): Macroeconomic Theory, New York : Academic Press.

Catāleg UB  Enllaç

CARLIN, Wendy; SOSKICE, David (2015): Macroeconomics. Institutions, instability and the financial system, Oxford University Press.

WALSH, Carl E. (2013): Monetary theory and policy, The M.I.T. Press.

HOOVER (2011): Applied Intermediate Macroeconomics. Cambridge University Press.

MITCHELL (2016): Macroeconomics in the 21st Century. A Modern Monetary Theory Text. Edward Elgar.

WILLIAMSON (2013): Macroeconomics. Pearson, 5th edition.

BASCO, Sergi (2018): Housing Bubbles: Origins and Consequences, Palgrave Macmillan.

BASCO, Sergi; DOMÈNECH, Jordi i ROSÉS, Joan R. (2022): Pandemics, Economics and Inequality: Lessons from the Spanish Flu, Palgrave Macmillan.

Article

FISCHER, Stanley (1977): "Long-term contracts, rational expectations, and the optimal money supply rule". Journal of Political Economy. Vol. 85 (1).

  Expectations block.

PLOSSER (1989): "Understanding Real Business Cycles" Journal of Economic Perspectives. Vol. 3 (3).

  Real business cycles block.

MANKIW (1989): "Real Business Cycles: A New Keynesian Perspective", Journal of Economic Perspectives. Vol. 3 (3).

  Real business cycles block.

REBELO, S. (2005): "Real Business Cycle Models: Past, Present, and Future".

Web page

Bases de dades de l’OECD, FMI, Banc Mundial, Eurostat... Blogs econòmics: Nada es Gratis, Gurusblog. Articles de premsa especialitzada i acadèmics que s’indiquen al llarg del curs per assegurar-ne la màxima actualització.