At the end of this course, the students; 1) will have a general understanding of the origins, development, and current state of modern macroeconomics from a historical perspective, starting from mercantilism, and understand the macroeconomic policies through the perspectives of various schools (the old classical, the orthodox Keynesian, the orthodox monetarist, the new classical, rational expectation theories, the new Keynesian, the Post Keynesian, supply-side economics) 2) 2) will be able to understand the political business cycle theories, income distribution, welfare policies, and development strategies.
MODE OF DELIVERY
Face to face
PRE-REQUISITES OF THE COURSE
No
RECOMMENDED OPTIONAL PROGRAMME COMPONENT
None
COURSE DEFINITION
This course aims to relay a general understanding of the origins, development, and current state of modern macroeconomics from a historical perspective. Starting from the mercantilist theory, the old classical model, the orthodox Keynesian school, the orthodox monetarist school, the new classical school, rational expectations theories, the new Keynesian school, the Post Keynesian school, and supply-side economics will be introduced. Besides, this course also aims to relay the political business cycles theory, income distribution, welfare and development policies.
COURSE CONTENTS
WEEK
TOPICS
1st Week
The mercantilist theory
2nd Week
The old classical school
3rd Week
The orthodox Keynesian school, the orthodox monetarist school
4th Week
The new classical school, rational expectations theories
5th Week
The new Keynesian school
6th Week
Supply-side economics
7th Week
The post-Keynesian school
8th Week
Midterm
9th Week
The political business cycles theory
10th Week
The political business cycles theory
11th Week
Development policies
12th Week
Development policies
13th Week
Income distribution and welfare policies
14th Week
Income distribution and welfare policies
RECOMENDED OR REQUIRED READING
Snowdon, B., & Vane, H. R. (2005). Modern macroeconomics: its origins, development and current state. Edward Elgar Publishing. Dornbusch, R. and S. Fischer (1981). Macroeconomics. 4th ed. New York: McGraw-Hill. Case, K.E., Fair, R. C., & Oster, S. E. (2007). Principles of economics. Prentice Hall. Nordhaus, W. D. (1975). The political business cycle. The review of economic studies, 42(2), 169-190. Drazen, A. (2000). The political business cycle after 25 years. NBER Macroeconomics Annual, 15, 75-117.
PLANNED LEARNING ACTIVITIES AND TEACHING METHODS
Lecture,Discussion
ASSESSMENT METHODS AND CRITERIA
Quantity
Percentage(%)
Mid-term
1
35
Quiz
1
15
Total(%)
50
Contribution of In-term Studies to Overall Grade(%)
50
Contribution of Final Examination to Overall Grade(%)
50
Total(%)
100
ECTS WORKLOAD
Activities
Number
Hours
Workload
Midterm exam
1
1
1
Preparation for Quiz
0
0
0
Individual or group work
14
3
42
Preparation for Final exam
1
30
30
Course hours
14
3
42
Preparation for Midterm exam
1
25
25
Laboratory (including preparation)
0
0
0
Final exam
1
1
1
Homework
0
0
0
Total Workload
141
Total Workload / 30
4,7
ECTS Credits of the Course
5
LANGUAGE OF INSTRUCTION
English
WORK PLACEMENT(S)
No
KEY LEARNING OUTCOMES (KLO) / MATRIX OF LEARNING OUTCOMES (LO)
