Macroeconomics

6 ECTS credits
161 h study time

Offer 2 with catalog number 1000354BNR for all students in the 2nd semester at a (B) Bachelor - advanced level.

Semester

2nd semester

Enrollment based on exam contract

Impossible

Grading method

Grading (scale from 0 to 20)

Can retake in second session

Yes

Enrollment Requirements

Je hebt ‘Inleiding Macro-economie’ gevolgd, alvorens ‘Macro-economie’ op te nemen.

Taught in

Dutch

Faculty

Faculty of Social Sciences & SolvayBusinessSchool

Department

Applied economics

Educational team

Ellen Van Droogenbroeck (course titular)
Ronny Verbraecken

Activities and contact hours

26 contact hours Lecture
20 contact hours Seminar, Exercises or Practicals
115 contact hours Independent or External Form of Study

Course Content

The macroeconomics course teaches how to look at economic problems in a structured way using economic models. In this course, we study how the economy behaves in the long, medium and short term. We also analyze the impact of policy measures and economic shocks within these different time horizons.
The course shows the relationship between economic growth in the long term, the different views on the supply side over the medium term, and business cycly fluctuations in the short term. We explain economic fluctuations by the interaction between demand components (in a closed and an open economy) and the supply side.
We also stress the role of the government in the economy, especially through the setting of monetary and fiscal policy.

Course material

Handbook (Required) : Macroeconomics, Mankiw, N. G., 12de, London: Worth Palgrave MacMillan, 9781319466886, 2023

Additional info

Lecture (HOC): the lectures serve as a guide to understanding the macroeconomics course, and are thus a support in processing the material covered in the textbook. In the lectures, we cover the main concepts, point out their interrelationships, and teach how to begin thinking independently in a structured way about a particular macroeconomic issue.

Exercise class (WPO): students process the theory from the lectures independently and review the example exercise(s) that will be posted on Canvas. After this preparation, students will attend the exercise class (WPO) where - under the guidance of the assistant - they will actively work on exercises from the textbook and apply the covered models/concepts to current economic events. Detailed guidelines will be communicated weekly through the learning platform Canvas.

Self study: you will need to spend several hours independently reviewing the relevant textbook chapters and your lecture notes, and preparing for the exercise classes. You will facilitate your selfstudy by actively attending the lectures, and participating in the exercise classes.

The calculation below is indicative and indicates the expected study load:

HOC: 26 hours

lectures: 13 x 2 hours

WPO: 20 hours

solving exercises in class: 10x2 hours

SELF: 115 hours

keeping up with the course throughout the semester: 66 hours
→ study materials, at the rate of 2 hours per week: 13 x 2 hours
→ reading text book, at the rate of 1 hour per week: 13 x 1 hour
→ preparting the exercises, at the rate of 2 hours per week: 13 x 2 hours
→ individual feedback: 1 hour (questions via forum)
preparing for the exam: 49 hours
→ study: 48 hours (6 days of 8 hours/day)
→ individual feedback: 1 hour (questions via forum)

Learning Outcomes

General competencies

The student will be able to:

distinguish and explain the basic concepts of the economic models. [Know the definition, know how to recognize the concepts, how to calculate them, and how to apply them in a macroeconomic context;
understand and explain how the economic models work. [You can explain how the models are set up, what their basic elements are, and how the economic cycle functions in that model;
demonstrate a simulation of how the economic models work by setting up a thought experiment under certain scenarios (change in policy, economic shock, etc.);
apply the economic models independently to real economic problems;
analyze the consequences of certain policy choices by weighing the short- and long-term positive and negative effects; and
analyze and explain examples of economic phenomena in a structured way.

Grading

The final grade is composed based on the following categories:
Written Exam determines 100% of the final mark.

Within the Written Exam category, the following assignments need to be completed:

Written Exam with a relative weight of 100 which comprises 100% of the final mark.

Note: Schriftelijk examen zonder mondelinge voortzetting.
Combinatie van open vragen (zowel theorie als toepassingen) en meerkeuzevragen met toelichting (er wordt geen correctiemechanisme gebruikt).

Additional info regarding evaluation

The written exam will consist of two parts: open-ended questions (50%) and multiple-choice questions (50%).

The multiple-choice questions will be graded by positive scoring using a ‘Higher Pass Mark’ (standard setting). So, no points will be deducted for a wrong answer. On the other hand, the possibility of getting a correct answer by guessing will be incorporated in the final score by increasing the pass mark. The exact ‘Higher Pass Mark’ for the exam and the exact conversion table will be communicated in writing on Canvas and in the exam instructions.

Allowed unsatisfactory mark

The supplementary Teaching and Examination Regulations of your faculty stipulate whether an allowed unsatisfactory mark for this programme unit is permitted.

Academic context