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Course, academic year 2019/2020
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Intermediate Macroeconomics I - JEM177
Title in English: Intermediate Macroeconomics I
Guaranteed by: Institute of Economic Studies (23-IES)
Faculty: Faculty of Social Sciences
Actual: from 2017
Semester: winter
Points: 6
E-Credits: 6
Examination process: winter s.:
Hours per week, examination: winter s.:2/2 Ex [hours/week]
Capacity: unknown / unknown (88)
Min. number of students: unlimited
State of the course: taught
Language: English
Teaching methods: full-time
Is provided by: JEB114
Note: course can be enrolled in outside the study plan
enabled for web enrollment
priority enrollment if the course is part of the study plan
Guarantor: prof. Roman Horváth, Ph.D.
Mgr. Nikoloz Kudashvili
Annotation -
Last update: prof. Roman Horváth, Ph.D. (07.01.2019)
This course gives an introduction to the macroeconomics at the intermediate level. The course will be strictly model-based. Upon successfully passing the course, you will be able to rigorously analyze and answer questions such as:

Why are some countries are rich while other countries remain poor?

Why cannot some people find a job?

Why is there inflation? Why is it bad?

What can policymakers do about inflation?

Can government policy be expansive and maintain low inflation at the same time?

Aim of the course -
Last update: prof. Roman Horváth, Ph.D. (07.01.2019)

The students will learn the basic concepts in macroeconomics in order to be able to understand and be able to discuss the topics such as the evolution of inflation, the determinants of economic growth or external imbalances.

Course completion requirements -
Last update: prof. Roman Horváth, Ph.D. (07.01.2019)

60% written exam at the end of semester, 20% group project/paper, 20% presentations, occasional HW assignments and class activity. Grading (A-F) is in line with the Dean's decree 17/2018.

Literature -
Last update: prof. Roman Horváth, Ph.D. (07.01.2019)

N. Gregory Mankiw (2010). Macroeconomics (7th Edition). Worth Publishers.
Student resources are accessible at

Alternative textbook: J. Robert Barro (2010), Intermediate Macro 1e, South Western, Cengage Learning.
This book can be ordered from: use code (2014UK40) for student discount

Teaching methods -
Last update: prof. Roman Horváth, Ph.D. (07.01.2019)

There is a lecture accompanied by seminars.

Syllabus -
Last update: prof. Roman Horváth, Ph.D. (07.01.2019)

Week 1,2 - Mankiw, Chapters 1, 2, and 3

Macroeconomic Aggregates, National Income Accounts, the Data of Macroeconomics, Equilibrium, National Income: Where It Comes From and Where It Goes

Week 3,4 - Mankiw, Chapters 4 and 19

Money and Money Market - Economic Definition of Money, Quantity Theory of Money, Money Supply, Money Demand, Market for Money, the Interest Rate, and Inflation

Week 5 - Mankiw, Chapter 5

Open Economy - Balance of Payments, Saving and Investment in a Small Open Economy, Net Exports;
Exchange Rate - Real and Nominal, Purchasing Power Parity, Fixed Exchange Rate Regime

Week 6 - Mankiw, Chapters 6 and 3.2

Unemployment - Labor Demand, Labor Supply, Job Loss, Job Finding, Natural Rate of Unemployment, Types of Unemployment

Week 7 - Mankiw, Chapter 7

Economic Growth I - Solow Model, Capital Accumulation, Golden Rule Level of Capital, Population Growth

Week 8 - Mankiw, Chapter 8

Economic Growth II - Technological Progress in Solow Model, Policies to Promote Growth, Balanced Growth Path, Convergence,

Week 9 - Endogenous Growth Theory, Growth Accounting

Week 10- Mankiw, Chapter 16

Government Debt and Budget De�ficits

Week 11 - extra week, summary, question&answer sessions.

0% written exam at the end of semester, 20% group project/paper, 20% presentations, occasional HW assignments and class activity.

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