This course deals with an Introduction to Short-Term Macroeconomics in which the following questions are proposed:



- study of the basic variables and relationships in macroeconomics

- Analysis of the simple Keynesian model of income determination in an open economy.

- analysis of the IS/LM model of income and interest rate determination in a closed economy

- analysis of the objectives of monetary and fiscal policies and their effects on economic activity.



In subsequent courses, macroeconomic analysis in medium and long-run contexts will be completed.

1) Macroeconomics. Objectives and instruments.

2) The basic relationships: aggregate demand and supply. National income.

3) National Accounts and the measurement of the main macromagnitudes.

4) Economic fluctuations and the theory of aggregate demand. The multiplier model.

5) Economic policies.

6) The money market. Effects of money on prices. Inflation.

7) IS-LM model.

Topic 1. Basic macroeconomic aggregates. Nominal and real output. Inflation rate and price indices. Unemployment rate. Growth rate. Output gap. Okun's law. Business cycles. Aggregate supply and demand.



Topic 2. National Accounts. The measurement of GDP. Value added. Expenditure and demand components. GDP and income distribution. Basic macroeconomic identities.



Topic 3. The goods market. Components of aggregate demand. The consumption function. Saving and investment. The paradox of savings. The public sector and the budget. The external sector. Determination of equilibrium income. The multiplier. Automatic stabilisers.



Topic 4. International Economics: Balance of Payments and Foreign Trade. 1. Characteristics of foreign trade flows. 2. Explanations to foreign trade: comparative advantage and specialization. 3. The international price of goods. 4. Restrictions on foreign trade: tariffs, quotas, non-tariff barriers. 5. The Balance of Payments: components and structure. 6. Economic analysis of the balance of payments: the trade balance; the balance of goods and services; the current account balance; the balance of financial operations; international deficits and surpluses.

The course is organised into three hours a week of individual work in theory classes and one hour a week of practical classes, in which students work in teams made up of four people to solve the exercises and practical cases proposed in the theory classes.

• Continuous Assessment System
• Final Assessment System
• Tools and qualification percentages:
  • Written test to be taken (%): 65
  • test, ... (%): 35

The continuous evaluation system will allow 35% of the final grade to be obtained by means of different individual tests that will be carried out during the course. The overall evaluation will be completed with the result of the final exam of the course.



The detailed evaluation system for the academic year will be detailed in the presentation of the course.

For students who follow the continuous assessment, in the extraordinary call, the partial marks obtained in both the controls and the exams taken in the ordinary call will be kept.

The notes will be available in moodle and in the reprographic service of the centre.

Basic bibliography

* BLANCHARD, O: "Macroeconomía", 4ª ed., Prentice Hall, Madrid, 2009.

* DORNBUSCH, R. FISCHER, S. Y STARTZ, R. "Macroeconomía" 10ª Ed. McGraw-Hill, México, D.F., 2009.

In-depth bibliography

* BLANCHARD, O.: "Macroeconomía". Prentice Hall. Madrid. 2009.

* KRUGMAN, P. y WELLS, R.: "Fundamentos de economía”. Reverté. Barcelona. 2022.

* MOCHON MORCILLO, F.: “Principios de Economía”. McGraw-Hill. Madrid. 2010.

*TORRES LOPEZ, J.: “Introducción a la Economía”. Pirámide. Madrid. 2022.

Journals

* Boletín Estadístico. Banco de España
* Cuadernos de Información Económica.
* Ekonomiaz
* Diario El País. Negocios
* Diario Expansión
* Diario Cinco Días

Web addresses

Sobre la bibliografía:
http://www.mcgraw-hill.es/mochon/
http://www.mhe.es/universidad/economia/samuelson/
http://www.prenhall.com/pindyck
http://mankiw.swlearning.com

Enciclopedias virtuales
http://www.eumed.net
http://www.econolandia.es/

Direcciones institucionales
http://www.ine.es/
http://eustat.es/
http://www.meh.es/

Noticias económicas
http://www.elpais.es
http://www.expansión.es