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Academic staff member responsible for the design of the course syllabus
(name, surname, academic title/scientific degree, email address and signature)
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Dr. Erinda Imeraj eimeraj@epoka.edu.al
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Main Course Lecturer (name, surname, academic title/scientific degree, email address
and signature) and Office Hours:
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Dr. Erinda Imeraj eimeraj@epoka.edu.al
, Friday 10:00- 12:00
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Second Course Lecturer(s) (name, surname, academic title/scientific degree, email
address and signature) and Office Hours:
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NA
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| Language: |
English
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| Compulsory/Elective: |
Elective
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| Study program: (the study for which this course is offered) |
Master of Science in Banking and Finance
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| Classroom and Meeting Time: |
Tuesday 18:00
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| Teaching Assistant(s) and Office Hours: |
NA
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| Code of Ethics: |
Code of Ethics of EPOKA University
Regulation of EPOKA University "On Student Discipline"
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| Attendance Requirement: |
75%
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| Course Description: |
This is a topics course intended to extend the basic intermediate macro course with some major later developments in theory and applications. This course is meant to train students to think in a structured, analytically rigorous way about macroeconomic questions.
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| Course Objectives: |
This course takes an intermediate level approach to macroeconomic theory and its applications, building on the foundations developed in the macroeconomics. It will provide analytical tools and formal models to explain the behavior of output, inflation, employment, interest rates, exchange rates, and other aggregate economic quantities. This set of tools is used to understand current economic issues, forecast the behavior of the economy, and assess the impact of policy choices.
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BASIC CONCEPTS OF THE COURSE
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| 1 |
Macroeconomics Model
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| 2 |
Macroeconomics Variables: GDP, Inflation, Unemployment
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| 3 |
Monetary System
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| 4 |
Labor Market
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| 5 |
Economic Growth: Capital Accumulation, Population Growth and Technology
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| 6 |
Aggregate Demand
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| 7 |
IS- LM model
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| 8 |
Economic Fluctuations
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| 9 |
The Open Economy
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| 10 |
The Mundell–Fleming Model
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| Week |
Topics |
| 1 |
Syllabus, course introduction and methodology: 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 |
Measuring Economic Activity: The introductory material in Part One is brief so that students can get to the core topics quickly. Chapter 1discusses the questions that macroeconomists address and the economist’s approach of building models toexplain the world. Chapter 2 introduces the data of macroeconomics, emphasizing gross domestic product, the consumer price index, and the unemployment rate. (Ch.1)/ This lecture 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.1 & 2)( pg.44)/ National Income: Where It Comes From and Where It Goes: Chapter 3 presents the classical model ofnational income. In this model, the factors of production and the production technology determine the level ofincome, and the marginal products of the factors determine its distribution to households. In addition, themodel shows how fiscal policy influences the allocation of the economy’s resources among consumption,investment, and government purchases, and it highlights how the real interest rate equilibrates the supply and demand for goods and services. (ch. 3) (pg. 90) |
| 3 |
The Monetary System and Inflation: Chapter 4 examines the monetary system and the tools ofmonetary policy. Chapter 5 begins the discussion of the effects of monetary policy. Because prices areassumed to be flexible, the chapter presents the ideas of classical monetary theory: the quantity theory ofmoney, the inflation tax, the Fisher effect, the social costs of inflation, and the causes and costs of hyperinflation. (Ch4 & 5) (Pg. 125-180) |
| 4 |
The Open Economy: Maintaining the assumption of fullemployment, this chapter presents models that explain the trade balance and the exchange rate. Various policyissues are addressed: the relationship between the budget deficit and the trade deficit, the macroeconomicimpact of protectionist trade policies, and the effect of monetary policy on the value of a currency in the market for foreign exchange. (Ch. 6) (Pg. 180) |
| 5 |
Unemployment and the Labor Market: Chapter 7 relaxes the assumption of full employment, discussing the dynamics of the labor market and thenatural rate of unemployment. It examines various causes of unemployment, including job search, minimum-wage laws, union power, and efficiency wages. It also presents some important facts about patterns of unemployment. (Ch.7) (Pg. 230) |
| 6 |
Economic Growth: Capital Accumulation, Population Growth and Technology: makes the classical analysis of the economy dynamic with the tools of growth theory. Chapter 8introduces the Solow growth model, emphasizing capital accumulation and population growth. Chapter 9 thenadds technological progress to the Solow model. It uses the model to discuss growth experiences around theworld as well as public policies that influence the level and growth of the standard of living.(pg. 257) |
| 7 |
Aggregate Demand: Building & Applying the IS–LM Model: Chapters 11 and 12 look more closely at aggregate demand. Chapter 11 presents the Keynesian cross andthe theory of liquidity preference and uses these models as building blocks for the IS–LM model. Chapter 12uses the IS–LM model to explain economic fluctuations and the aggregate demand curve, concluding with an extended case study of the Great Depression.(pg. 358) |
| 8 |
The Open Economy Revisited: The Mundell–Fleming Model and the Exchange-Rate Regime: In this chapter we extend our analysis of aggregate demand to include international trade and finance. Themodel developed here, called the Mundell–Fleming model, has been described as “the dominant policy paradigm for studying open-economy monetary and fiscal policy.” (pg. 416) |
| 9 |
Midterm Exam |
| 10 |
Case Studies Presentation/ Discussion: students has to prepare on real case studies, historical ones, while these should be presented and parallelized with theoretical background. |
| 11 |
Case Studies Presentation/ Discussion: students has to prepare on real case studies, historical ones, while these should be presented and parallelized with theoretical background. |
| 12 |
Case Studies Presentation/ Discussion: students has to prepare on real case studies, historical ones, while these should be presented and parallelized with theoretical background. |
| 13 |
Case Studies Presentation/ Discussion: students has to prepare on real case studies, historical ones, while these should be presented and parallelized with theoretical background. |
| 14 |
Case Studies Presentation/ Discussion: students has to prepare on real case studies, historical ones, while these should be presented and parallelized with theoretical background. |
| No |
Program Competencies |
Cont. |
| Master of Science in Banking and Finance Program |
| 1 |
The students gain the ability to look at the problems of daily life from a broader perspective with an increased awareness of the importance of moral/ethical considerations and professional integrity in the workplace. |
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| 2 |
They develop a broader understanding of banking and finance including concepts, theories, and analytical tools that serve both in national and international markets. |
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| 3 |
They are able to apply advanced valuation models to estimate the price of different financial assets as well as evaluate multinational business firms. |
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| 4 |
They are able to apply different investment techniques and form portfolios that would generate higher returns by decreasing the unsystematic risk level. |
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| 5 |
They have advanced knowledge of the regulatory framework and functioning of the banking system, international banking, central banking and the conduct of monetary policy. |
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| 6 |
They are able to conduct advanced financial analysis and use the results in the decision-making process of business firms. |
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| 7 |
They are able to understand and use advanced economic theories and tools to solve economic problems in banking and financial services industry. |
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| 8 |
They have the ability to utilize accounting, financial and economic data as well as other information to solve complex and unstructured business problems by using advanced econometric and statistical models. |
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| 9 |
They develop their ability to think critically, do advanced and independent research, analyze, interpret results, draw conclusions, and communicate effectively, both individually and as part of a team. |
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| 10 |
They are provided with opportunities to acquire the necessary skills and competencies to move on to further study within the discipline. |
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