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The objective of the course:
The purpose of the course is to give the students a basic and in-depth knowledge and understanding of central macroeconomics aspects covering concepts such as income generation and general equilibrium, consumption and investment theories, economic politics in a closed economy, the aggregate supply and demand in the short, medium and long term, incl. the inflation theory as well as introductory circumstances related to open economy in different monetary relations as well as reactions to the macroeconomics of the pursued economic politics by interference of fiscal and monetary policies.
Course background:
Together with Microeconomics and Descriptive Economics, Macroeconomics comprises - a total of 15 ECTS credits - the subject area national economics of the general business economics study programme, i.e. it comprises national economics micro- and macroeconomics theory as well as Business and Societal Description. The course is part of the economic unit of the Bachelor's Programme. This course description covers the teaching of economics during the second semester of study.
THE CENTRAL ISSUES OF THE COURSE:
The approach to macroeconomics theory also corresponds to a typical introductory university level. The textbook (curriculum) chosen is widely used internationally. A simplified theoretical description of a market economy is offered based on the development of primarily general models which are assumed to apply for a market economy.
The central topics are macroeconomic variables (domestic product/national income, consumption, investment etc.), money and interest rates, equilibrium income, fiscal policy, monetary policy, aggregate supply and demand, wages, prices, employment, inflation and unemployment, balance of payments and exchange rates, economic policy in an open economy.
The procedure is to build up a model of a mixed economy step by step in order to illustrate the interaction between the market for goods, the money market and the labour market - with regard to both a closed economy and an open economy with international trade. The model will create the basis for the knowledge of the macroeconomics' facts and principle of operation as well as for discussions of problems relating to economic/political actions, such as monetary policy, fiscal policy, labour market policy/incomes policy and exchange rate policy.
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Ebbe Rasmussen
Lectures and exercises
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