School of Economics and Administrative Sciences \ Economics
Course Credit
ECTS Credit
Course Type
Instructional Language
Programs that can take the course
This is a course where various macroeconomic issues
facing open economies are discussed.
Textbook and / or References
O. Blanchard, Macroeconomics, Pearson (8th ed).
This is the second course in the macroeconomic theory sequence of sophomores majoring in economics, and it's designed to discuss open economy macro issues based on models capturing equilibirum conditions in goods, money and financial markets (incl. FX markets)
1. To study and make sense out of macroeconomic data, and to understand the relations between macroeconomic variables.
2. To predict effects of exogenous shocks and macroeconomic policy changes.
Week 1: Basic concepts.
Week 2: Labor market, Phillips curve, IS-LM-PC modeli.
Week 3: Labor market, Phillips curve, IS-LM-PC modeli.
Week 4: Labor market, Phillips curve, IS-LM-PC modeli.
Week 5: Economic growth.
Week 6: Open economy macroeceonomics. Equilibrium in goods, money and financial markets (incl. FX markets) in an open economy; uncovered interest parity; FX regimes and determination of equilibrium exchange rate/interest rate; balance of payments; current account deficits and capital flights.
Week 7: Open economy macroeceonomics. Equilibrium in goods, money and financial markets (incl. FX markets) in an open economy; uncovered interest parity; FX regimes and determination of equilibrium exchange rate/interest rate; balance of payments; current account deficits and capital flights.
Week 8: Open economy macroeceonomics. Equilibrium in goods, money and financial markets (incl. FX markets) in an open economy; uncovered interest parity; FX regimes and determination of equilibrium exchange rate/interest rate; balance of payments; current account deficits and capital flights.
Week 9: Open economy macroeceonomics. Equilibrium in goods, money and financial markets (incl. FX markets) in an open economy; uncovered interest parity; FX regimes and determination of equilibrium exchange rate/interest rate; balance of payments; current account deficits and capital flights.
Week 10: Open economy macroeceonomics. Equilibrium in goods, money and financial markets (incl. FX markets) in an open economy; uncovered interest parity; FX regimes and determination of equilibrium exchange rate/interest rate; balance of payments; current account deficits and capital flights.
Week 11: Effects of monetary and fiscal policies.
Week 12: Effects of monetary and fiscal policies.
Tentative Assesment Methods
• Quizzes and homework assignments 30 %
• Midterm 30 %
• Final 40 %
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