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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
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Estimated learning time |
Total number of hours 150 |
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Face-to-face and/or online activities |
60 |
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- Lecture with practical component |
Face-to-face and online |
30 |
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- Problem-solving class |
Face-to-face and online |
30 |
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Supervised project |
40 |
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Independent learning |
50 |
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Competences / Learning outcomes to be gained during study |
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— Teamwork (ability to collaborate with others and contribute to a common project / ability to work in interdisciplinary and multicultural teams).
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Learning objectives |
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Referring to knowledge
Referring to abilities, skills
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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
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Teaching methods and general organization |
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This subject is taught through three main types of activities.
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Official assessment of learning outcomes |
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Students are assessed on a continuous basis by means of the following activities:
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.).
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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)
DORNBUSCH, Rudiger; FISCHER, Stanley; STARTZ, Richard (2015): Macroeconomía, 12ª edición. Madrid: McGraw-Hill/Interamericana (o una edició posterior).
BLANCHARD, Olivier; AMIGHINI, Alessia; GIAVAZZI, Francesco (2012): Macroeconomía, 5a edició, Pearson.
| Only for basic concepts and part of the Expectations block |
SORENSEN, Peter; WHITTA-JACOBSEN, Hans. J. (2008): Introducción a la macroeconomía avanzada. Volum 2. McGraw Hill.
| Economic cycle theory. |
ROMER, David (2012): Advanced Macroeconomics, 4th edition, McGraw Hill Irwin.
EVANS, George W. i HONKAPOHJA, Seppo (2001): Learning and Expectations in Macroeconomics. Capítol 1. Princeton University Press.
| Expectations block. |
ROMER, David (2006): Macroeconomía avanzada. 3ª ed. Madrid: McGraw Hill.
SARGENT, Thomas; VILMUNEN, Jouko (2013): Macroeconomics at the Service of public policy, Oxford University Press.
WICKENS, Mike (2008): Macroeconomic theory: a dynamic general equilibrium approach. Princeton: Princeton University Press.
Catāleg UB
Versiķ en línia (2a ed., 2011)
SARGENT, Thomas. J. (1979): Macroeconomic Theory, New York : Academic Press.
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.