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Regular version of the site
Bachelor 2022/2023

Introduction to Macroeconomics

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Area of studies: Economics
When: 1 year, 3, 4 module
Mode of studies: offline
Open to: students of one campus
Language: English
ECTS credits: 5
Contact hours: 72

Course Syllabus


This course is an introductory macroeconomics course designed for students majoring in Economics and Management.
Learning Objectives

Learning Objectives

  • Know and systematize basic macroeconomic concepts, trends, and problems
  • Understand and explain possible macroeconomic consequences of different decisions, made by economic agents in the closed and open economy environment
  • Be able to describe the real-world macroeconomic phenomena using simple theoretical models and to interpret the results
  • Be able to characterize the relations and causal links between different macroeconomic variables
  • Obtain the skills to search for relevant macroeconomic information
  • Apply the acquired knowledge to the analysis of domestic and foreign macroeconomic statistics
Expected Learning Outcomes

Expected Learning Outcomes

  • Get motivated and ready to start
  • Acquaintance with major macroeconomic variables, their sources and links between them, standard techniques of preparing the data for the analysis
  • Know microeconomic and macroeconomic factors that determine potential output
  • Understand causal links between the factors and potential output
  • Able to estimate them quantitatively using macroeconomic statistics
  • Know microeconomic and macroeconomic factors that determine capital market equilibrium
  • Understand causal links between the factors and real interest rate, saving, investment, and stock of capital
  • Know major theories of the choice between savings and consumption and investment
  • Enhance their results from the previous section by adding into analysis real exchange rate and international capital movements
  • Acquaintance with balance of payments data and datasources
  • Acquaintance with trends of economic growth and its impact on structure of economics and welfare
  • Know major factors of economic growth and models of economic growth
  • Able to analyse policy and structural factors impact on economic growth using models of economic growth
  • Acquaintance with monetary statistics and datasources
  • Acquaintance with monetary system, process of money creation, role of the central bank
  • Understanding nature and consequences of high inflations
  • Acquaintance with business cycle stylised facts
  • Know major explanations of business fluctuations
  • Able to use models to predict consequences of shocks and macroeconomic policy on economic activity and prices
  • Acquaintance with instruments of monetary and fiscal policy, sources of information on monetary and fiscal policy
  • Understand scope of macroeconomic policies and their potential impact on macroeconomic equilibrium in the short and long run
Course Contents

Course Contents

  • Introduction
  • Macroeconomic data
  • Determinants of potential output
  • Consumption, Saving, and Investment
  • Saving and Investment in the open economy. Real exchange rates
  • Economic growth
  • Money
  • Business cycles
  • Macroeconomic policy
Assessment Elements

Assessment Elements

  • non-blocking Pre-homework
    Small home works both pre- and post-class
  • non-blocking Quiz
    Quizzes in class
  • non-blocking Homework
  • non-blocking Midterm
  • non-blocking Final Exam
Interim Assessment

Interim Assessment

  • 2022/2023 4th module
    Primary grade: G0=0.25Class+0.25Midterm+0.5Final Cut-off: G*=2.5. Final grade: (1, G0 < G* G={ max(7+1.2N^(-1) (r/(n+1)); G0 ), G0 ≥ G*' ), where N^(-1) is the inverse cumulative normal distribution function, r is the rank of the student among students that meet the criterion G0 ≥ G*, n is the number of students that meet criterion G0 ≥ G*. Rank of a student with the lowest primary grade that meets the criterion G0 ≥ G* is r=1, while the rank of a student with the highest primary grade is r=n. Rounding of G is to the closest integer number. Intermediate grades are not subject to rounding. The formula 7+kN^(-1) (r/(n+1)) allows the following distribution of grades among those who satisfied the criterion G0 ≥ G*: Grade Share 4 1,9% 5 8,7% 6 23,2% 7 32,4% 8 23,2% 9 8,7% 10 1,9%


Recommended Core Bibliography

  • Macroeconomics, Mankiw, N.G., 2007
  • Макроэкономика : учебник : [в 2 ч.], Матвеева, Т.Ю., 2017

Recommended Additional Bibliography

  • Macroeconomics, Abel, A.B., Bernanke, B. S., 1998
  • The mystery of economic growth, Helpman, E., 2004