Macroeconomics I

General

• Code: 104
• Semester: 1st
• Study Level: Undergraduate
• Course type: Special Background
• Teaching and exams language: Greek
• Teaching Methods (Hours/Week): Tutorials (Theory) & practice works (3)
• ECTS Units: 5
• Course homepage: https://elearning.cm.ihu.gr/course/view.php?id=210
• Instructors: Vlachos Vasileios

Course Contents

1. Macroeconomic figures.
2. Unemployment and inflation.
3. Long-term economic growth.
4. Savings, investment expenditure and the financial system.
5. Income and expenditure.
6. Aggregate demand and aggregate supply.
7. Fiscal policy.
8. Money, banks and the Central Bank.
9. Monetary Policy.
10. Policies to deal with unemployment and inflation.
11. Macroeconomics of the open economy.
12. Examples of macroeconomics.
13. Financial crises.

Educational Goals

Macroeconomic theory and, by extension, Macroeconomic Policy are key branches of Economics. The purpose of this course is the study and systematic analysis of the behavior of the overall sizes of the economy, also called macroeconomic aggregates. Macroeconomic aggregates lead us to draw conclusions about the overall course of the economy. The aim is to present and analyze the content of the Macroeconomic approach and how to use it in order to analyze and explain the goals and problems of the economy. The subjects of study are GDP, investment, consumption, savings, etc., as well as the problems of the balance of payments, inflation, unemployment, balanced growth, economic crises, etc. Discretionary fiscal and monetary policies are undertaken by economic authorities in order to achieve the macroeconomic objectives of stability, employment and economic growth.

Upon successful completion of the course, the students will be able to:

• Analyze and explain the various economic phenomena and economic aggregates, such as inflation, unemployment, GDP, the balance of payments, economic growth and the mechanisms through which these aggregates can be affected in order to maximize the economic well-being of the socio-economic system.
• Understand how the interactions of economic variables can lead to positive results for the development of the Greek economy, and to what extent government policy can differentiate the state of economic development by implementing appropriate fiscal and monetary measures.
• Apply simple economic models and draw relevant conclusions about the overall heading of the economy.

General Skills

• Working independently.
• Team work.
• Decision-making.
• Production of free, creative and inductive thinking.

Teaching Methods

• In the classroom, face to face.

Use of ICT means

• Basic software (windows, word, power point, the web, etc.).
• Support of learning process through the electronic platform / e-class.

Teaching Organization

Students Evaluation

Written final exams that may include:

• Judgemental questions.
• Short answer questions.
• Comparative evaluation of theory elements.
• True/False and multiple choice Questions .
• Application exercises.

In each question, corresponding evaluation points are specified.
Optional assignment (Essay writing) corresponds to 40% of the final grade.

Recommended Bibliography

1. Krugman Paul και Wells Robin, «Μακροοικονομική σε Διδακτικές Ενότητες», Εκδόσεις Gutenberg, Αθήνα 2018.
2. Andrew B. Abel, Ben S. Bernanke και Dean Croushore, «Μακροοικονομική», 3η Έκδοση, Εκδόσεις Κριτική, Αθήνα 2017.
3. Michael Burda και Charles Wyplosz, «Μακροοικονομική: Μια Ευρωπαϊκή Προσέγγιση», 7η Έκδοση, Εκδόσεις Τζιόλα, Θεσσαλονίκη 2018.

Related Research Journals

1. American Economic Journal: Macroeconomics.
2. Journal of Macroeconomics.
3. NBER Macroeconomics Annual.