EPOKA UNIVERSITY
FACULTY OF ECONOMICS AND ADMINISTRATIVE SCIENCES
DEPARTMENT OF ECONOMICS
COURSE SYLLABUS
2023-2024 ACADEMIC YEAR
COURSE INFORMATIONCourse Title: MACROECONOMICS I |
| Code | Course Type | Regular Semester | Theory | Practice | Lab | Credits | ECTS |
|---|---|---|---|---|---|---|---|
| ECO 203 | B | 3 | 3 | 0 | 0 | 3 | 5 |
| Academic staff member responsible for the design of the course syllabus (name, surname, academic title/scientific degree, email address and signature) | NA |
| Main Course Lecturer (name, surname, academic title/scientific degree, email address and signature) and Office Hours: | Dr. Erinda Imeraj eimeraj@epoka.edu.al , Moday 13:00 - 15:00 |
| Second Course Lecturer(s) (name, surname, academic title/scientific degree, email address and signature) and Office Hours: | NA |
| Teaching Assistant(s) and Office Hours: | NA |
| Language: | English |
| Compulsory/Elective: | Compulsory |
| Study program: (the study for which this course is offered) | Bachelor in Economics (3 years) |
| Classroom and Meeting Time: | Thursday 09:40 / E B32 |
| Code of Ethics: |
Code of Ethics of EPOKA University Regulation of EPOKA University "On Student Discipline" |
| Attendance Requirement: | 75% |
| Course Description: | Macroeconomics I: The aim of this course is to introduce the basic concepts of macroeconomic analysis. The course presents the theory of short-run economic fluctuations which provides the basis for understanding most discussions of monetary and fiscal policy. Also the course gives ample attention to long-term topics including economic growth, the natural rate of unemployment, persistent inflation and government debt. Topics include money supply and money demand, the open economy, the theory of economic fluctuations and debates over various macroeconomic issues. Macroeconomics is a theoretical as well as an empirical discipline, motivated and guided by a wide array of experience. In line with this approach, the course is conducted on the basis of examples related to current issues in Albania. |
| Course Objectives: | This is one of the two macroeconomics courses that the students of faculty of economics and administration sciences are required to take. This course will teach students the basic tools of macroeconomics and apply them to real world economic policy. The goals of the course are for students to (a) understand how to evaluate macroeconomic conditions such as unemployment, inflation, and growth (b) understand how monetary policy and fiscal policy can be used to influence short-run macroeconomic conditions By analyzing macro economic theories, discussing the validity of macroeconomic topics is the aim of this course. It is concerned with the study of real life economic issues and problems. Thus, in this course, the examples from real life will be introduces to the students. It deals with national income, employment and so on. The aim of the class is to develop some basic concepts and tools to study macroeconomics. |
|
BASIC CONCEPTS OF THE COURSE
|
| 1 | Macroeconomics |
| 2 | Gross Domestic Product |
| 3 | Inflation |
| 4 | Employment Rate/ Unemployment Rate |
| 5 | Monetary system |
| 6 | Consumption |
| 7 | Investment |
| 8 | Government Purchases/ Taxes |
| 9 | Closed Economy / Open Economy |
| 10 | Macroeconomic Equilibrium |
|
COURSE OUTLINE
|
| Week | Topics |
| 1 | Introduction to teaching method, implementation of the course and summary of topics: An introduction of each topic which will be lectured during the semester weeks, also the material needed and the requirements to succeed the course. |
| 2 | The Science of Macroeconomics: The goal of studying economics is to refine that thinking. This book aims to help you in that endeavor, focusing on the part of the field called macroeconomics, which studies the forces that influence the economy as a whole. (Ch.1, pp.44) |
| 3 | The Data of Macroeconomics: This chapter focuses on the three statistics that economists and policymakers use most often. Gross domestic product, or GDP, consumer price index and unemployment. (Ch. 2, pp. 60) |
| 4 | Practical Sessions: Sessions of exercises and case discussions, which face the students with the practical side of the lectures. |
| 5 | National Income: Where It Comes From and Where It Goes: This chapter addresses four groups of questions about the sources and uses of a nation’s GDP: How much do the firms in the economy produce? What determines a nation’s total income? Who gets the income from production? How much goes to compensate workers, and how much goes to compensate owners of capital? Who buys the output of the economy? How much do households purchase for consumption, how much do households and firms purchase for investment, and how much does the government buy for public purposes? What equilibrates the demand for and supply of goods and services? What ensures that desired spending on consumption, investment, and government purchases equals the level of production? (Ch. 3, pp.90) |
| 6 | The Monetary System: What It Is and How It Works: This chapter’s introduction to the monetary system provides the foundation for understanding monetary policy. (Ch.4, pp.125) |
| 7 | Practical Sessions: Sessions of exercises and case discussions, which face the students with the practical side of the lectures. |
| 8 | Midterm Exam |
| 9 | Inflation: Its Causes, Effects, and Social Costs: In this chapter we examine the classical theory of the causes, effects, and social costs of inflation. The theory is “classical” in the sense that it assumes that prices are flexible. (Ch. 5, pp.149) |
| 10 | The Open Economy: In previous chapters we simplified the analysis by assuming a closed economy. Yet most actual economies are open: they export goods and services abroad, they import goods and services from abroad, and they borrow and lend in world financial markets. These economies and their equilibrium are studied in this chapter. (Ch. 6, pp. 181) |
| 11 | Practical Sessions: Sessions of exercises and case discussions, which face the students with the practical side of the lectures. |
| 12 | Unemployment and the Labor Market: In this chapter we begin our study of unemployment by discussing why there is always some unemployment and what determines its level. (Ch. 7, pp.230) |
| 13 | Assignment Presentations in Groups |
| 14 | Practical Session - Review before final exam Sessions of exercises and case discussions, which face the students with the practical side of the lectures. |
| Prerequisite(s): | NA |
| Textbook(s): | Mankiw, N. G., 2019, Macroeconomics, 10th Edition, Macmillan Learning, New York. |
| Additional Literature: | Instructors Lectures |
| Laboratory Work: | NA |
| Computer Usage: | NA |
| Others: | No |
|
COURSE LEARNING OUTCOMES
|
| 1 | At the end of this course, students should be able to analyse the major economics issues |
| 2 | They will learn about the nominal and real GDP, CPI, and inflation measurement |
| 3 | Students will learn the simple macroeconomic model |
| 4 | They will learn about the macroeconomic theory such as consumption, saving and how they influence GDP |
| 5 | They will learn about the simple multiplier and its effect on GDP |
| 6 | Students will learn about the full macroeconomic model using diagrams |
| 7 | How recession and inflationary gaps effect the business cycle? |
| 8 | They will learn about how central bank create money in the economy |
| 9 | They will learn about the effect of money multiplier in the economy |
| 10 | They will learn about the impact of competitive banking in the economy |
|
COURSE CONTRIBUTION TO... PROGRAM COMPETENCIES
(Blank : no contribution, 1: least contribution ... 5: highest contribution) |
| No | Program Competencies | Cont. |
| Bachelor in Economics (3 years) Program | ||
| 1 | Students define the fundamental problems of economics | 5 |
| 2 | Students describe key economic theories | 4 |
| 3 | Students critically discuss current developments in economics | 3 |
| 4 | Students appropriately use software for data analysis | 4 |
| 5 | Students critically contextualize the selection of an economic problem for research within scholarly literature and theory on the topic | 4 |
| 6 | Students apply appropriate analytical methods to address economic problems | 4 |
| 7 | Students use effective communication skills in a variety of academic and professional contexts | 4 |
| 8 | Students effectively contribute to group work | 3 |
| 9 | Students conduct independent research under academic supervision | 4 |
| 10 | Students uphold ethical values in data collection, interpretation, and dissemination | 4 |
| 11 | Students critically engage with interdisciplinary innovations in social sciences | 3 |
| 12 | Student explain how their research has a broader social benefit | 5 |
|
COURSE EVALUATION METHOD
|
| Method | Quantity | Percentage |
| Midterm Exam(s) |
1
|
30
|
| Lab/Practical Exams(s) |
4
|
5
|
| Case Study |
1
|
5
|
| Final Exam |
1
|
45
|
| Total Percent: | 100% |
|
ECTS (ALLOCATED BASED ON STUDENT WORKLOAD)
|
| Activities | Quantity | Duration(Hours) | Total Workload(Hours) |
| Course Duration (Including the exam week: 16x Total course hours) | 16 | 4 | 64 |
| Hours for off-the-classroom study (Pre-study, practice) | 13 | 3 | 39 |
| Mid-terms | 1 | 5 | 5 |
| Assignments | 0 | ||
| Final examination | 1 | 7 | 7 |
| Other | 1 | 10 | 10 |
|
Total Work Load:
|
125 | ||
|
Total Work Load/25(h):
|
5 | ||
|
ECTS Credit of the Course:
|
5 | ||
|
CONCLUDING REMARKS BY THE COURSE LECTURER
|
|
By the end of the semester students understand how to evaluate macroeconomic conditions such as unemployment, inflation, and growth (b) understand how monetary policy and fiscal policy can be used to influence short-run macroeconomic conditions. This semester prepares the students to follow more advanced macroeconomics topics including models and their application. |