The key learning objective is to provide students with a basic understanding of the key determinants of economic developments (in particular business cycles). We, therefore, commence with developing an understanding of terminology, concepts, and important economic relationships. Based on this, we discuss stylized models that describe economic activity in an open economy over the short, medium, and long run and economic policy options.

VC International Macroeconomics consists of two parts - lectures (the same lecture part for 607.174 and 607.184) and practice sessions:Based on the underlying textbook, the lectures develop basic knowledge about and understanding of important macroeconomic relationships.The practice sessions in small groups discussing identical material deepen the knowledge obtained in the lectures by discussing pencil and paper, and computer exercises.607.174: Practice sessions 13:30 - 15:00607.184: Practice sessions 15:15 - 16:45

The Facts of GrowthSaving, Capital Accumulation, and OutputTechnological Progress and GrowthThe Challenges of GrowthFinancial Markets and ExpectationsExpectations, Consumption, and InvestmentExpectations, Output, and PolicyOpenness in Goods and Financial MarketsThe Goods Market in an Open EconomyOutput, the Interest Rate, and the Exchange RateExchange Rate Regimes

VO StEOP – Introduction to Economics IVO Introduction to Economics IIVC MicroeconomicsVC MacroeconomicsAdditionally, knowledge of the material covered in Methodology I: Mathematics and/or Methodology II: Statistics is expected.The mathematics knowledge covered in Methodology I is, e.g., contained in: Knut Sydsaeter, Peter J. Hammond, Arne Strom, Andrés Carvajal (2021) [or earlier editions], Essential Mathematics for Economic Analysis, Pearson.The statistics knowledge covered in Methodology II is not directly attributable one-to-one to one specific book, but a good and relevant introduction with a large overlap is: Mario F. Triola (2018) [or earlier editions], Essentials of Statistics, Pearson.

O. Blanchard (2021), Macroeconomics, Global Edition, 8th ed, Pearson.O. Blanchard, Alessia Amighini, Francesco Giavazzi (2021), Macroeconomics: A European Perspective, 4th ed, Pearson.  

Lectures: Multiple choice exam - 60 minutes time for 10 questions with 4 true/false statements each.Practice sessions: You will have to solve the exercises of the corresponding exercise sheet for the practice sessions . During the practice sessions, you will be randomly asked to present your solution for any of the exercises you ticked. You are expected to give a short and succinct presentation of your solutions.Please note that both the successful completion of the practice sessions and the positive result from the multiple-choice exam related to the lectures are necessary in order to complete the International Macroeconomics VC successfully. If only one of the two parts is not completed successfully International Macroeconomics VC needs to be repeated altogether.See description in Moodle for details, especially regarding the practice sessions.

The exam is based on:the actual contents discussed in the lectures (the list above is, therefore, purely indicative)the material discussed in the practice sessions, both related to the exercise sheets and to potentially discussed further issues.

Lectures: Of the possible maximal 40 points you must reach at least 28 points to get a positive grade.Practice sessions: Based on the checklists and presentations of exercises you must reach at least 60% = 15 points of the possible maximal 25 points to get a positive grade.The final exam contributes 2/3 and practice sessions 1/3 to the overall grade.If one of the two parts is not completed successfully, International Macroeconomics VC must be repeated. [This is required by law and not for us to decide.]