■UNIVERSIDAD DE HUELVA ■
■FACULTAD DE CIENCIAS EMPRESARIALES ■
■DEPARTMENT OF ECONOMICS ■
PROGRAMA RESUMEN DE
INTERMEDIATE MACROECONOMICS
FALL SEMESTER 2013
Instructor: Emilio Congregado
www.uhu.es/45112
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Course design:
A course in macroeconomics at the intermediate level builds upon the foundations that should have been
established in an introductory course of Macroeconomics. The topics will be familiar: Fiscal and monetary
policies, interest rates, inflation, Unemployment rates, business cycles, economic growth, central banks,
public and pxternal debt, ..., but the analysis will be undertaken with significantly more rigor and
sophistication tan in an introductory course. There will be particular emphasis on the use of economic
models to assist in our understanding of various economic linkages. In addition, there will be a significant
section of the course devoted to an introduction to computational economics, about how solve
macroeconomic problems using Excel, in order to test empirically some of the theoretical relationships and
in order to introduce simulation models.
COURSE OUTLINE (TENTATIVE)
1.- INTRODUCTION
1.1.- A refresher of principles of
macroeconomics
1.2.- The key macroeconomic problems
1.3.- The current crisis
PART I: OPEN ECONOMIES WITH FLEXIBLE
PRICES
2.- IS-LM MODEL IN OPEN ECONOMIES
2.1.- Basic Keynesian model
2.2.- Monetary market
2.3.- IS-LM in open economies without
capital flows
3.- MUNDELL-FLEMING MODEL
3.1.- Exchange rates
3.2.- Mundell-Fleming Model
3.3.- Economic Policies
PART II: FLEXIBLE PRICES
4.- AGGREGATE DEMAND
4.1.- From IS-LM model to AD
4.2.- The algebra
4.3.- Demand policies
5.- THE AGGREGATE SUPPLY
5.1- Inflation, expected inflation and
unemployment rate.
5.2.- Philips relationship
5.3.- The aggregate supply
5.4.- Supply policies 5.5.- The AD-AS scheme
5.6.- Supply vs. demand policies
6.- The AS-AD DYNAMIC SCHEME
6.1.- The DAS
6.2.- The DAD
6.3.- The dynamic scheme in action
7.- MACROECONOMIC POLICY
7.1.- Short vs, long run impacts
7.2.- Rules vs discretion.
PART III: ECONOMIC GROWTH AND BUSINESS
CYCLES
8. MODELOS DE CRECIMIENTO
8.1. Stylized facts
8.2.- Solow-Swan Model
8.3.- Growth Accounting and the Solow
residual
8.4.- Endogenous growth
8.5.-Growth Empirics: the convergence
hypothesis
9.- BUSINESS FLUCTUATIONS
9.1.- Business Cycles
9.2.- Co-movement
9.3.- Persistence
9.4.- Stabilization Policies
PARTE IV: MACROECONOMICS IN
RETROSPECTIVE
10.1.- The Classical view
10.2.- Marginal revolution
10.3.- Keynesian revolution
10.4.- Neoclassical synthesis
10.5.- Current trends
REFERENCES
Textbooks
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Blanchard, O. (2012) Macroeconomics, 5th edition, Pearson
Mankiw, N.G. (2012) Macroeconomics, 7h edition, Worth Publishers
Other readings will be e-mailed, or placed in the Moodle.
SCHEDULE
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Class time
Mondays, 14:00-15:30
Dates (EXAMS)
MIDTERM EXAM: November 11, 2013 (14:00 h)
FINAL EXAM: TBA (To be agreed)
INSTRUCTOR
Emilio Congregado
Associate Professor of Economics
E-mail: congregado@uhu.es
Phone: +34 959217832 (office)
Web: www.uhu.es/emilio.congregado
Twitter: @econgregado
OFFICE
54 (Faculty of Business Administration, 2nd floor)
OFFICE HOURS (OR BY APPOINMENT)
FALL SEMESTER
Lunes
Martes
10:45-13:30
Miércoles
Jueves
10:45-13:30
Viernes
Methodology
The course represents an introduction to models that are typical of intermediate macroeconomics.
Students are expected to attend classes and participate, both passively (taking notes, listening) and
actively (trying to work ahead of time, asking questions, solving exercises, thinking about the possible
implications and the possible extensions).
Organizational Aspects
Lecture notes for each topic will be uploaded on the webpage and moodle before the beginning of a class.
Problem sets will also be uploaded on ADI.
Students should make their best effort and work on every problema set after any practical session. Group
work is encouraged for both revising key theoretical concepts and for interpreting and solving exercises.
Time Distribution
As for any course attributing 6 ECTS credits, students’ workload is expected to be of about 150 hours. An
indicative distribution of this preparation time is as follows:
Lectures: students will take notes and use material made available through ADI
Practical sessions: students will follow (and participate to) the solution of problem sets,
additional exercises and questions
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Personal and team work: study, solving problem sets, asking questions in the office hours
Evaluation
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Exams: There will be two exams (each covering approximately a half of the material), comprised
of essay questions and detailed analytical problems. The exams will test: 1) your understanding
of economic theory and models, and how policy changes work within the context of those models
to affect various sectors of the economy, 2) your ability to apply the theory to the analysis of
current economic events. The exams collectively represent 65% of your grade.
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Practice Problems: You also have some practice problem set. They will be located in the
Moodle. The questions follow closely the sequence of material as it is presented in class. These
practice problems, for the most part, take the place of routine homework. As an incentive for you
to work through these problems, I am offering you a total of 30%of your grade. The points will be
added to your end of semester final grade point average.

Attendance and class participation: Good attendance and involvement in class discussions
are easy ways to pick up your 5% Class Participation points.

Grade summary:
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Exams 65% (30% midterm and 35% final exam)
Practice Assignments 30%
Class participation 5%
Total 100% Grading scale: 90-100:A, B, 60-90: C, 50-60: D, <50
Expected abilities (Theoretical Knowledge)
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IS-LM model in open economies
Aggregate Demand (AD) models
Aggregate Supply (AS) models
Interaction AD-AS
Dynamic AD-AS model
Theories about growth: evidence
Business cycles: determinants
Evaluation, of the relevant macroeconomic events
Appropriate analysis of current events
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