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Learning objectives
At the end of the course the student is able to:
- Think in terms of abstract models when discussing questions about the international economy;
- Describe and explain the interactions between the goods, money, labour and exchange markets;
- Describe and explain the functioning of the economy in the short, medium and long run;
- Describe and explain the macroeconomic implications of an open economy;
- Take a well-reasoned stance on key macroeconomic problems and the fiscal and monetary policy measures to solve them;
- Handle simple macroeconomic models and assess their empirical relevance.
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This course addresses such questions as: how do supply and demand shocks in one part of the world transmit to other parts of the globe? Why do some economies have higher long term growth rates than other economies? What is the impact of government policies in an international interdependent world?
Intermediate macroeconomics: Output and Time is a sequel to the first year macroeconomics course. Where the focus in the first year lies on the closed economy, intermediate macroeconomics widens the scope to open economy macroeconomics with a specific time dimension. It leads the students from the Mundell-Fleming model through a number of intermediate steps to a fully dynamic aggregate demand/aggregate supply framework for the analysis of short- and medium-run macroeconomic issues in the area of production and demand.
In extension of this, the course also covers long run processes of economic growth. This part of the course extends upon the Solow Growth model and considers advanced issues including poverty traps, human capital and endogenous growth. The course shows how shocks in one part of the world have an impact in other parts. In addition, you will learn that the actual situation in terms of GDP per capita and employment has a history that goes far back in time.
The parallel course Intermediate Macroeconomics: International Financial Relations focusses on the relations between economies through financial markets: currency exchange, international capital markets and money markets.
Academic skills
This course focuses on the following academic skills:
- Analytical skills
- Being able to solve problems (identifying the problem, devising a path towards the solution, following this path, verifying the outcome) for more complex assignments.
- Being able to identify, interpret and critically evaluate the main line of reasoning, for more complex problems.
- Academic reasoning
- Thinking conceptually, thinking in terms of theory.
- Identifying links between problems.
Format
Lectures and tutorials.
Assessment method
- Written mid-term exam (no textbooks allowed, open questions, 40% of the final mark);
- Written end-term exam (no textbooks allowed, open questions, 60% of the final mark).
Effort requirements
Active participation in at least 80% of the tutorials.
Courses that build on Intermediate Macroeconomics: Output & Time
- Advanced Mathematics (ECB2VWIS)
- Growth and Development (ECB3GD)
- International Integration (ECB3II)
In case online access is required for this course and you are not in the position to buy the access code, you are advised to contact the course coordinator for an alternative solution. Please note that access codes are not re-usable meaning that codes from second hand books do not work, as well as access codes from books with a different ISBN number. Separate or spare codes are usually not available.
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