Macroeconomics

Course purpose – this course is to introduce undergraduate students to the fundamentals of macroeconomics. It encompasses the key topics of classical macroeconomic theory across short-term, medium-term, and long-term perspectives. Through lectures and seminars, the course aims to equip students with both theoretical and practical foundational knowledge regarding the behavior of economic agents in closed and open markets, the tools and capabilities of government economic policies, macroeconomic characteristics of European countries, and the ability to assess macroeconomic situations and propose solutions to macroeconomic challenges.

The aim of the course is to provide the basic knowledge in macroeconomics that is essential for analysis of microeconomic and macroeconomic processes and economic thinking.

Microeconomics

1. Introduction to Macroeconomics. 2. The Aggregate Output indicators. 3. The Short Run: Goods and Services Market. 4. The Short Run: Fiscal Policy. 5. The Short Run: Financial Market and Monetary Policy. 6. Goods and Financial Markets: the IS-LM model. 7. The Open Economy. 8. The Open Economy: Economic Policy. 9. The Medium Run: Labour Market. 10. The Medium Run: Inflation. 11. Putting all Markets together: the AS-AD model 12. The Long Run: Economic Growth.

1. The student clearly defines at least half of the macroeconomic terms. 2. The student demonstrates ability to explain economic policies, its tools and effects in given situations. 3. The student demonstrates ability to explain at least one problem caused by an open economy, which may be typical of a closed economy. 4. The student demonstrates ability to explain short-, medium- and long-term changes in the economy according to at least a half of given criteria. 5. The student can compute at least half of the key macroeconomic indicators consistently following the instructions and applying the given criteria. 6. The student applies main macroeconomic indicators for the analysis, understands its factors and changes in given situations. The student clearly defines at least half of the macroeconomic terms The student demonstrates a minimum of sufficient ability to explain economic policies and their measures by at least half of the specified criteria. The student demonstrates a minimum of sufficient ability to explain at least one problem caused by an open economy, which may be characteristic of a closed economy as well. The student demonstrates a minimum of sufficient ability to explain short- and medium-term economic developments and their drivers in accordance with at least half of the criteria set out. The student demonstrates the ability to calculate at least two indicators sequentially according to the instructions using at least half of the specified methods The student applies the basic economic indicator (GDP) in the analysis, is able to calculate it by at least one method, understands its factors and changes according to at least half of the specified criteria