Prof. Dr. Harald Strotmann
Office hours: Thursday, 9.45 p.m. – 11.15 p.m., W4.1.01
Email:
harald.strotmann@hs-pforzheim.de
Macroeconomics
(ECO 1012-E)
Syllabus
Summer Semester 2013
Weekly hours:
ECTS-Credits:
Workload:
Time:
Begin:
Level:
Prerequisites:
4 (45 minutes)
5
150 hours, 60 hours within class and 90 hours for self-study
Wednesday, 11.30 – 13.00 (room W2.3.01)
Thursday, 12.00 – 13.30 (room W2.3.01)
Wednesday, March 20, 2013
Advanced
Basic knowledge in Microeconomics
Outline of the course
1.
Macroeconomics – an introduction
2.
Foundations of national accounting
3.
Macroeconomic goals
4.
The short run: Keynesian demand-side economics and policy implications
5.
The medium run: Neoclassical supply-side economics and policy implications
6.
Putting short- and medium-run together: the AS/AD-model and causes of
unemployment
7.
The long run: economic growth and structural change
8.
Monetary theory and the monetary policy of the European Central Bank
Main Literature
Blanchard, Olivier (2012): Macroeconomics, 6th (updated global) edition, Prentice Hall.
Additional Literature
Barro, Robert J. (2008): Macroeconomics. A modern Approach, International Edition, South
Western College-Pub.
Burda, Michael; Wyplosz, Charles (2012): Macroeconomics – A European Text, 6th edition,
Oxford: Oxford University Press.
Giavazzi; Francesco; Amighini, Alessia; Blanchard, Olivier (2010): Macroeconomics. A
European Perspective, Prentice Hall.
Mankiw, Gregory M. (2012): Principles of Economics, 6th edition, South-Western Cengage
Learning, Mason, U.S.
Mankiw, Gregory N. (2012): Macroeconomics, 8th edition, New York: Worth Publishers.
Samuelson, Paul Anthony; Nordhaus, William D. (2010): Economics, 19th edition, Boston,
Mass.: McGraw-Hill Higher Education, International Editions.
Samuelson, Paul Anthony; Nordhaus, William D. (2010): Macroeconomics, 19th edition,
Boston, Mass.: McGraw-Hill International Editions.
Stiglitz, Joseph E.; Walsh, Carl E. (2011): Economics, 4th edition, New York: Norton.
More detailed information about the literature for every chapter will be given within the
lectures. Interesting articles on numerous current topics in macroeconomics can be found
e.g. in “The Economist” (www.economist.com)
Learning objectives
By the end of the course, the students shall…
•
…understand the economic cycle and the basics of national accounts.
•
…know the Neoclassical and Keynesian macroeconomic theory and shall be able to
apply them to current economic topics.
•
…realize the reasons for business fluctuations and know the basics of the growth
theory and structural changes and their influence on firms.
•
…be able to explain different approaches for unemployment.
•
…know the different scopes and limits of the government to influence the
macroeconomic development.
•
…be familiar with the basics of monetary theory and the monetary policy of the
European Central bank including its influences on firms.
Course contributions to bachelor programs’ common learning goals:
LO
Learning Objective / Outcome
Contributions to learning objectives
Assessment
Expert knowledge
Students show that they have sound basic
knowledge …
1.1
… in Business Administration.
Importance of macroeconomic conditions
(business cycle, inflation, wage, etc.) for
business decisions.
1.2
… in Economics.
The data for macro-economic analysis, most
important short-and long-term theories of
macroeconomic economic development,
economic policy implications of these theories
(business cycle - vs. growth policy, short-and
long-term effects of monetary and fiscal policy,
...), application to issues of current economic
policy.
1.3
… in Business Law.
Discussions within class,
Students’ questions for
colloquium, Written exam
X
1.4
… in Quantitative Methods.
Use of information technology
2.1
Students demonstrate proficiency in using
computer programs to solve business
problems.
2.2
3.
Students are able to use information
systems effectively in real world business
settings.
Critical thinking and analytical
competence
Students are able to apply analytical and
critical thinking skills to complex problems.
4.
X
Critical discussion of competing theories
regarding policy recommendations and
conclusions. Ability to distinguish positive from
normative questions and development of own
positions on normative issues of economic
policy.
Discussions within class,
Students’ questions for
colloquium, Written exam
Analysis of the macroeconomic consequences
of normative concepts, chances and risks of
these concepts, evaluation of short-and longterm goals, unemployment and inflation,
economic growth and welfare development, etc.
Discussions within class
Ethical awareness
Students are able to develop business
ethics strategies and apply them to typical
business decision-making problems.
Communication skills
5.1
5.2
6.
Students are able to express complex
problems effectively in writing
X
Students demonstrate their oral
communication skills in presentations and
papers.
Capacity for teamwork
Students show that they are able to work
successfully in a team by performing
practical tasks.
X
Teaching and Learning Approach:
The course is organized as a lecture, but throughout the course special emphasis is met on
discussion and interaction with the students. Based upon profound knowledge of theory and
its implications we will critically discuss current policy topics in macroeconomics. The
materials – slides and questions & problems – will be distributed to the students on the elearning platform.
On a voluntary basis tutorials may be offered up to three times per semester. The
organization is as follows: if you have problems with the course contents you can send me
your questions or topics that shall be discussed in the tutorials. Based upon your questions I
will then organize the program for the tutorials. Note, that the tutorials will only take place if
you need them.
Grading:
The grading will be based upon a 60 minutes written exam at the end of the semester. To
pass 30 points out of a maximum of 60 points have to be achieved.
Availability of the lecturer and teaching philosophy:
Prof. Dr. Harald Strotmann
Office: W4.1.01
Office hours: Thursday, 9.45 a.m. – 11.15 a.m. or after prior appointment
Email: harald.strotmann@hs-pforzheim.de
Preliminary schedule:
Wed, March 20
11.30 – 13.00 (W2.3.01)
Chapter 1: Macroeconomics – an introduction
Chapter 2: Foundations of National Accounting
Thu, March 21
12.00 – 13.30 (W2.3.01)
Chapter 2: Foundations of National Accounting
Wed, March 27
11.30 – 13.00 (W2.3.01)
Chapter 2: Foundations of National Accounting
Wed, April 3
11.30 – 13.00 (W2.3.01)
Chapter 3: Macroeconomic Goals
Thu, April 4
12.00 – 13.30 (W2.3.01)
Chapter 3: Macroeconomic Goals
Mon, April 8 (for May 15)
11.30 – 13.00 (Audimax)
Chapter 3: Macroeconomic Goals
Chapter 4: The Short Run: Keynesian demand-side economics
Mon, April 8 (for May 16)
13.45 – 15.15 (Audimax)
Chapter 4: The Short Run: Keynesian demand-side economics
Wed, April 10
11.30 – 13.00 (W2.3.01)
Chapter 4: The Short Run: Keynesian demand-side economics
Thu, April 11
12.00 – 13.30 (W2.3.01)
Chapter 4: The Short Run: Keynesian demand-side economics
Wed, April 17
11.30 – 13.00 (W2.3.01)
Chapter 4: The Short Run: Keynesian demand-side economics
Thu, April 18
12.00 – 13.30 (W2.3.01)
Chapter 4: The Short Run: Keynesian demand-side economics
Wed, April 24
11.30 – 13.00 (W2.3.01)
Chapter 4: The Short Run: Keynesian demand-side economics
Thu, April 25
12.00 – 13.30 (W2.3.01)
Chapter 5: The Medium Run: Basic neoclassical full-time
employment model
Thu, May 2
12.00 – 13.30 (W2.3.01)
Chapter 5: The Medium Run: Basic neoclassical full-time
employment model
Thu, May 2
17.15 – 18.45 (W2.3.01)
Chapter 5: The Medium Run: Basic neoclassical full-time
employment model
Wed, May 8
11.30 – 13.00 (W2.3.01)
Chapter 5: The Medium Run: Basic neoclassical full-time
employment model
Wed, May 29
11.30 – 13.00 (W2.3.01)
Chapter 6: Integration of short-run and medium run: the AS/AD
Model
Wed, June 5
11.30 – 13.00 (W2.3.01)
Chapter 6: Integration of short-run and medium run: the AS/AD
Model
Thu, June 6
12.00 – 13.30 (W2.3.01)
Chapter 6: Integration of short-run and medium run: the AS/AD
Model
Wed, June 12
11.30 – 13.00 (W2.3.01)
Chapter 6: Integration of short-run and medium run: the AS/AD
Model
Thu, June 13
12.00 – 13.30 (W2.3.01)
Chapter 6: Integration of short-run and medium run: the AS/AD
Model
Wed, June 19
11.30 – 13.00 (W2.3.01)
Chapter 6: Integration of short-run and medium run: the AS/AD
Model
Thu, June 20
12.00 – 13.30 (W2.3.01)
Chapter 7: The Long Run: Determinants of economic long-term
growth
Wed, June 26
11.30 – 13.00 (W2.3.01)
Chapter 8: Monetary Theory and Monetary Policy
Thu, June 27
12.00 – 13.30 (W2.3.01)
Chapter 8: Monetary Theory and Monetary Policy
Wed, July 3
11.30 – 13.00 (W2.3.01)
Review of a previous exam
Thu, July 4
12.00 – 13.30 (W2.3.01)
Questions & Answers
Wed, July 10
(to be confirmed)
Written exam (60 minutes)