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28 Οκτ 2013 (πριν από 3 χρόνια και 7 μήνες)

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ORGANIZATIONAL DETAILS


Instructor:
assoc.prof. Valerija Vinciūnienė


Email:

valerija.vinciuniene
@
asu
.
lt


Office:

b
uilding

3,
3r
d floor, number
313


Office hours:
Mondays 15.00
-
17.00


Course website:
ftp://ekokat.lzuu.lt./valery/

...pre
-
apology

Basically all good Macro (and most of science) is

written and transmitted in English...

But it has its drawbacks, too:


Heterogeneous backgrounds

....
I’ll use plain
English

(or Russian?)
in as much as I can.


Mine

English
is flawed ...
You (who speak
better) should

be tolerant and help me
...


Your performance in this course will be
evaluated on the basis:

a)
short research paper according to special list
of bibliography sources and it presentation
with power point;

b)
written final exam.



30% can be gained via

presentation paper
with power point;


70% of the grade is gained via examination.

The provisional topics of research papers


1.
The Major Macroeconomic Variables: GDP,
Unemployment, and Inflation

2.
Business Cycles and Stabilization Policies

3.
Economic growth: defining economic growth,
factors, advantages and disadvantages of
economc growth. Economic growth in EU and N
country

4.
Money Growth and Inflation

5.
Economic growth and sustainable development

6.
Unemployment and Its Natural Rate


Textbook and readings

We closely follow:

Karl E. Case and Ray C. Fair,
Principles of Macroeconomics,
Activebook Version 2.0
. Upper Saddle River, N.J.:Pearson
Prentice Hall, 2005

For
some extra readings

you can use any textbook of macroeconomics:

1.
Sloman

J. Economics.
-

Harvester
Wheatsheaf
, Prentice Hall.


1991,
-

p.
997.

2.

Mankiw Gregory.Macroeconomics.
-

4th edition, Worth Publishing,

2000,
-
p. 553.

3.
Dolan E. G., Lindsey D. E. Economics. Fifth edition. The Dryden Press.
-

1988.
-
p.919.


You should start paying attention to the economics

sections in your daily
newspapers

... omniscience Google

Textbook and readings (cont.)


ONLINE COURSE OFFERINGS


WebCT


POWERPOINT LECTURE PRESENTATION

of
Case K., Fair R. Principles of Macroeconomics



Prepared by Fernando Quijano the PowerPoint
presentation offers summaries and necessary
reinforcement of important text material.


COURSE OVERVIEW



1. Measuring National Output and National Income
(15%)



Gross domestic product (GDP).



Calculating GDP



The expenditure approach.



The income approach.



From GDP to personal income.



Calculating real GDP. The GDP price index.



Limitations of the GDP concept.



GDP and social welfare.


The underground economy.


2
.
Aggregate Expenditure and Equilibrium Output.
(15%)



Aggregate output and aggregate income (Y).


Income, consumption, and saving (Y,C and S).


Explaining spending behavior. Planned
investment (I).


Planned Aggregate expenditure (AE).


Equilibrium aggregate output (income).


The saving/investing approach equilibrium.


Adjustment to equilibrium. The multiplier.


3. The Government and Fiscal Policy (20%)



Government participation in the economy.



Government purchases (G), net taxes (T), and
disposable Income (YD).
Equilibrium output: Y=C+I+G



Fiscal policy at work: the multiplier effects.


Adding the international sector. Equilibrium
output: Y=C+I+G+NX

4. Money and interest rates. Monetary policy. (20%)



The money supply.
An overview of money.


Measuring the supply of money.


How banks create money?


The supply curve for money.


The demand for money.


The equilibrium interest rate.


Attitudes towards monetary policy.


Techniques to control the money supply.


Expansionary and
contractionary

monetary policy effects.






5.Aggregate Demand, Aggregate Supply and
Inflation (20%)



The aggregate demand

(AD)

curve. Deriving the
aggregate demand curve.


The aggregate supply

(AS)

curve.
The long
-
run
aggregate supply curve.


The equilibrium price level.


AD, AS and monetary and fiscal policy.


Causes of inflation

(D
emand

-

pull inflation
;

Cost
-
push
or supply
-
side inflation
;

Expectations and inflation
;

Money and inflation
).


The relationship between the unemployment rate and
inflation.

Philips curve.


6.
Economic Growth and Productivity (10%)



The growth process: from agriculture to
industry.


T
he sources of economic growth

(
An Increase
in labor supply
;
Increases in physical capital
;

Increases in human capital
;
Increases in
productivity
)
.


E
conomic


growth and public policy.


The pros and cons of

growth