Guías Docentes Electrónicas
1. General information
Course:
INTERMEDIATE MACROECONOMICS
Code:
53314
Type:
CORE COURSE
ECTS credits:
9
Degree:
316 - UNDERGRADUATE DEGREE IN ECONOMICS
Academic year:
2020-21
Center:
5 - FACULTY OF ECONOMICS AND BUSINESS
Group(s):
10  17 
Year:
2
Duration:
AN
Main language:
Spanish
Second language:
English
Use of additional languages:
English Friendly:
Y
Web site:
Bilingual:
N
Lecturer: MARIA ANGELES CADARSO VECINA - Group(s): 17 
Building/Office
Department
Phone number
Email
Office hours
Facultad de CC. Econ. y Empr., 3.03
2383
angeles.cadarso@uclm.es

Lecturer: MARIA ANGELES TOBARRA GOMEZ - Group(s): 10  17 
Building/Office
Department
Phone number
Email
Office hours
3.23
ANÁLISIS ECONÓMICO Y FINANZAS
2382
mariaangeles.tobarra@uclm.es

2. Pre-Requisites
Not established
3. Justification in the curriculum, relation to other subjects and to the profession

This subject is included in the Economic Analysis module, within Macroeconomics. Teaching takes place in both semesters in the second course of the Economics degree.

Its focus lies on analysing the running of modern economies using conventional macroeconomic models: "IS-LM",·"Aggregrate Demand-Aggregate Supply". These models will prove essential to determine the equilibrium income level, employment, and prices both in close and open economies. In the last unit, we will deepen and extend the macroeconomic functions that provide the basis for the macroeconomic models.

The subject goes deeper into the concepts and models of the subject Introduction to Economics. Furthermore, it develops concepts and tools that sudents should apply in other subjects and also in their final degree dissertation.

The subject is also fundamental for future professional careers linked to the degree, since it allows the understanding of the economic context, the agents' behaviour, and the factors behind the evolution of the macroeconomic variables and their influence on the firm's results.


4. Degree competences achieved in this course
Course competences
Code Description
E02 Understand the role of institutions and economic agents in economic and social activities.
E03 Ability to find economic data and select relevant facts.
E04 Analytical skills to identify and anticipate relevant economic and legal issues and the different alternative solutions.
E06 Application of profesional criteria to the analysis of problems, based on the use of technical tools.
E11 Diagnosis and assessment skills to conduct structural and cyclical reports, as well as economic forecast summaries on the reality of the economy in Spain, the European Union and in any of the product sectors and factor markets. To do so, it will be necessary to understand and use common handbooks, as well as articles and, in general, leading edge bibliography in the core subjects of the curriculum.
E14 Understand how a market economy works, determine output levels, employment and the general price level as well as equilibrium price in different market structures.
G01 Possession of the skills needed for continuous, self-led, independent learning, which will allow students to develop the learning abilities needed to undertake further study with a high degree of independence.
G02 Ability to understand the ethical responsibility and the code of ethics of professionals working in the field of economics. To know, respect and contribute to the fulfillment of the commitments related to gender equality, non-discrimination, human rights legislation and development cooperation.
G03 Develop oral and written communication skills in order to prepare reports, research projects and business projects and defend them before any commission or group of professionals (specialised or non-specialised) in more than one language, by collecting relevant evidence and interpreting it appropriately so as to reach conclusions.
G04 Ability for the use and development of information and communication technology in the development of professional activity.
G05 Capacity for teamwork, to lead, direct, plan and supervise multidisciplinary and multicultural teams in both national and international environments.
5. Objectives or Learning Outcomes
Course learning outcomes
Description
Know the main theories of economic analysis to understand the behaviour of economic agents at micro and macro level
Know the main macroeconomic variables and the economic policy instruments.
Listen to and defend arguments orally or in writting
Work autonomously and with personal initiative.
Work out problems in creative and innovative ways.
Search for information in order to analyze it, interpret is meaning, synthesize it and communicate it to others.
Additional outcomes
Description
1. Determining and analysing the macroeconomic equilibrium (income level and interest rate) in a close economy in the IS-LM model.
2. Determining and analysing the macroeconomic equilibrium (income level and interest rate) in an open economy in the IS-LM-BoP model.
3. Determining and analysing the macroeconomic equilibrium (income level , prices and interest rate) in an economy in the AS-AD model in the short run.
4. Determining and analysing the macroeconomic equilibrium (income level, prices and interest rate) in an economy in the AS-AD model in the long run.
5. Identifiying the main determinants in the long run equilibrium in the labour market and the equilibrium unemployment rate.
6. Analysing the long run dilemma between inflation and unemployment (expectations-adjusted Phillips curve).
7. Determining and analysing the macroeconomic equilibrium (income level and prices) in an economy using the New Classical Economy model.
8. Distinguishing between models based on adaptive and rational expectations.
9. Critical revision of basic elements (functions, markets) in macroeconomic models.
10. Analysing and evaluating a given economic phenomenon (inflation, unemployment, productivity¿) under the point of view of different economic approaches.
11. Anticipating and evaluating the impact from economic, political and social shocks in macroeconomics according to different approaches.
12. Using statistical sources to evaluate macroeconomic models.
13. Writing and presenting reports about particular situations for the aggregate economy.
14. Understanding the social relevance of economic issues and ethical attitudes (transferable generic skill).
15. Efficiently applying the principles and roles of working in small groups (transferable generic skill).
16. Using ICT to search for information, writing essays and reports and presenting them in class (transferable generic skill).
6. Units / Contents
  • Unit 1: Macroeconomic facts and topics
    • Unit 1.1: Macroeconomic facts and topics: an overview
    • Unit 1.2: Macroeconomic variables and national accounts
    • Unit 1.3: Main macroeconomic paradigms
  • Unit 2: Financial markets and linkages to the real economy
    • Unit 2.1: Equilibrium in the goods market: the IS curve
    • Unit 2.2: Financial assets, money supply and money demand
    • Unit 2.3: Equilibrium in the money market: the LM curve
    • Unit 2.4: Equilibrium in the goods and financial markets: the IS-LM model
    • Unit 2.5: Fiscal policy and crowding-out
    • Unit 2.6: Monetary policy and the liquidity trap
  • Unit 3: Open economy and the IS-LM-BoP model
    • Unit 3.1: Openness in financial markets and differences in interest rates
    • Unit 3.2: Internal and external equilibria with imperfect capital mobility
    • Unit 3.3: Equilibrium with perfect capital mobility: the Mundell-Fleming model
  • Unit 4: AS-AD model in the short run
    • Unit 4.1: From IS-LM to the aggregate demand (AD) curve
    • Unit 4.2: From the Phillips curve to the aggregate supply (AS) curve in the short run
    • Unit 4.3: Short-run equilibrium in the AS-AD model
    • Unit 4.4: Macroeconomic stabilization: Demand and supply policies
  • Unit 5: AS-AD model in the long run
    • Unit 5.1: The labour market and the long-run AS curve
    • Unit 5.2: Long-run equilibrium in the AS-AD model
    • Unit 5.3: Economic crisis and unemployment: policy options
    • Unit 5.4: Phillips curve, inflation and policy
    • Unit 5.5: The rational expectations critique
  • Unit 6: Introduction to the theories of economic growth
    • Unit 6.1: Harrod's warranted growth rate
    • Unit 6.2: Solow's model of economic growth
    • Unit 6.3: Endogenous growth models: an overview
  • Unit 7: Extensions and critical review of macroeconomic topics
    • Unit 7.1: Labour market and aggregate supply
    • Unit 7.2: Consumption, saving and investment theories
    • Unit 7.3: Monetary economics
    • Unit 7.4: Open economies
7. Activities, Units/Modules and Methodology

All training activities will be recoverable, in other words, there must be an alternative evaluation test that allows to reassess the acquisition of the same skills in the ordinary, extraordinary and special call for completion. If exceptionally, the evaluation of any of the training activities cannot be recovered, it must be specified in the description and be expressly authorized by the department.

Training Activity Methodology Related Competences ECTS Hours As Com Description
Class Attendance (theory) [ON-SITE] Lectures E02 E03 E04 E06 E11 E14 1.4 35 N N
Class Attendance (theory) [ON-SITE] Cooperative / Collaborative Learning E02 E03 E04 E06 E11 E14 G01 G05 0.6 15 N N
Class Attendance (practical) [ON-SITE] Combination of methods E04 E06 E11 E14 G01 G05 1 25 Y N It may include: cooperative learning, exercises, case study and directed learning
Writing of reports or projects [OFF-SITE] Problem solving and exercises E02 E04 E06 E11 E14 G01 G04 2.6 65 Y N Exercises, cases and analysis of news reports. To be included in a portfolio of activities
Study and Exam Preparation [OFF-SITE] Self-study E02 E03 E04 E06 E11 E14 G01 G04 2.7 67.5 N N
Final test [ON-SITE] Assessment tests E02 E03 E04 E06 E11 E14 0.2 5 Y Y It is divided into two tests: one at the end of the first semester and a second one at the end of the second semester (this can include the content for the whole subject or only the content for the second semester)
Scientific paper reading and review [OFF-SITE] Reading and Analysis of Reviews and Articles E02 E03 E11 E14 G01 G03 0.2 5 Y N
Workshops or seminars [ON-SITE] Workshops and Seminars 0.3 7.5 Y N
Total: 9 225
Total credits of in-class work: 3.5 Total class time hours: 87.5
Total credits of out of class work: 5.5 Total hours of out of class work: 137.5

As: Assessable training activity
Com: Training activity of compulsory overcoming (It will be essential to overcome both continuous and non-continuous assessment).

8. Evaluation criteria and Grading System
Evaluation System Continuous assessment Non-continuous evaluation * Description
Portfolio assessment 30.00% 30.00% Exercises, essays, multiple-choice tests and other activities, to be regularly sent via Campus Virtual (Moodle).
Test 70.00% 70.00% Final exam. It may include some or all of the following: multiple-choice tests,theoretical questions, text analysis, numerical exercises. It will be divided into two partial exams (January and May-June) for 35% of the final mark, or a final exam (May-June or June-July) including all topics for the subject and accounting for 70% of the final mark. Only those passing the first partial exam can take the second partial exam. Others will have to take the final exam (70%).
Total: 100.00% 100.00%  
According to art. 6 of the UCLM Student Evaluation Regulations, it must be provided to students who cannot regularly attend face-to-face training activities the passing of the subject, having the right (art. 13.2) to be globally graded, in 2 annual calls per subject , an ordinary and an extraordinary one (evaluating 100% of the competences).

Evaluation criteria for the final exam:
  • Continuous assessment:
    Each exam (partial or final) has two parts: 1) a multiple-choice test, and 2) a second part with numerical exercises, questions on theory, and text analysis. The first part accounts for one third of the mark for the exam while the second parts accounts for two thirds. The exam will be failed if the student obtains no marks in at least one of the activities (exercises, questions, analysis). It will also be failed if there are less than 10 correct answers (out of 20) in the multiple-choice test (10 correct answers provide a mark of 3.1 out of 10 for the multiple-choice test). The exam will also be failed if the overall mark for the exam is under 4 out of 10.
  • Non-continuous evaluation:
    The students choosing this option must follow the procedure (including the deadline) established by the lecturer to inform him/her of this choice. This will entail submitting or undertaking additional activities on the date set for the final exam. Students will be provided information about those activities in advance.

Specifications for the resit/retake exam:
The resit exam will follow the same regulations as the final exam above. Students can submit new activities for portfolio assessment, as directed by the lecturers.
Specifications for the second resit / retake exam:
Evaluation criteria not defined
9. Assignments, course calendar and important dates
Not related to the syllabus/contents
Hours hours
Writing of reports or projects [AUTÓNOMA][Problem solving and exercises] 4.45
Study and Exam Preparation [AUTÓNOMA][Self-study] 5.69
Final test [PRESENCIAL][Assessment tests] 5
Scientific paper reading and review [AUTÓNOMA][Reading and Analysis of Reviews and Articles] 5
Workshops or seminars [PRESENCIAL][Workshops and Seminars] 7.5

Unit 1 (de 7): Macroeconomic facts and topics
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 3
Class Attendance (theory) [PRESENCIAL][Cooperative / Collaborative Learning] 1.5
Class Attendance (practical) [PRESENCIAL][Combination of methods] 2.75
Writing of reports or projects [AUTÓNOMA][Problem solving and exercises] 4.4
Study and Exam Preparation [AUTÓNOMA][Self-study] 5.5

Unit 2 (de 7): Financial markets and linkages to the real economy
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 5
Class Attendance (theory) [PRESENCIAL][Cooperative / Collaborative Learning] 2.5
Class Attendance (practical) [PRESENCIAL][Combination of methods] 4.25
Writing of reports or projects [AUTÓNOMA][Problem solving and exercises] 8.8
Study and Exam Preparation [AUTÓNOMA][Self-study] 10.5

Unit 3 (de 7): Open economy and the IS-LM-BoP model
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 4
Class Attendance (theory) [PRESENCIAL][Cooperative / Collaborative Learning] 2
Class Attendance (practical) [PRESENCIAL][Combination of methods] 3.5
Writing of reports or projects [AUTÓNOMA][Problem solving and exercises] 6.6
Study and Exam Preparation [AUTÓNOMA][Self-study] 7.75

Unit 4 (de 7): AS-AD model in the short run
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 3
Class Attendance (theory) [PRESENCIAL][Cooperative / Collaborative Learning] 1.5
Class Attendance (practical) [PRESENCIAL][Combination of methods] 2.75
Writing of reports or projects [AUTÓNOMA][Problem solving and exercises] 8.8
Study and Exam Preparation [AUTÓNOMA][Self-study] 10.5

Unit 5 (de 7): AS-AD model in the long run
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 7
Class Attendance (theory) [PRESENCIAL][Cooperative / Collaborative Learning] 3
Class Attendance (practical) [PRESENCIAL][Combination of methods] 5
Writing of reports or projects [AUTÓNOMA][Problem solving and exercises] 14.35
Study and Exam Preparation [AUTÓNOMA][Self-study] 15

Unit 6 (de 7): Introduction to the theories of economic growth
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 6
Class Attendance (theory) [PRESENCIAL][Cooperative / Collaborative Learning] 3
Class Attendance (practical) [PRESENCIAL][Combination of methods] 3
Writing of reports or projects [AUTÓNOMA][Problem solving and exercises] 8.8
Study and Exam Preparation [AUTÓNOMA][Self-study] 9

Unit 7 (de 7): Extensions and critical review of macroeconomic topics
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 7
Class Attendance (theory) [PRESENCIAL][Cooperative / Collaborative Learning] 1.5
Class Attendance (practical) [PRESENCIAL][Combination of methods] 3.75
Writing of reports or projects [AUTÓNOMA][Problem solving and exercises] 8.8
Study and Exam Preparation [AUTÓNOMA][Self-study] 3.56

Global activity
Activities hours
10. Bibliography and Sources
Author(s) Title Book/Journal Citv Publishing house ISBN Year Description Link Catálogo biblioteca
Banco de España http://www.bde.es  
Eurostat http://www.europa.eu.int  
Instituto Nacional de Estadística http://www.ine.es  
OCDE http://www.ecde.org  
Servicios de Estudios de la Caixa. Informe mensual. http://www.lacaixa.comunicacions.com  
O. Blanchard Macroeconomía Mexico Prentice Hall  
R. Dornbusch, S. Fisher y R. Startz Macroeconomía Madrid Mc Graw Hill  
R. Mankiw Macroeconomía A. Bosch  



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