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College of Business Management Macroeconomics (ECO403) COURSE OUTLINE Course Title and Code: Macroeconomics (EC0 102) Total Credit hours: 45 hrs 1. Overall aims of course This is an introductory cum intermediate level course in macroeconomics that introduces Master of Business students to the fundamental questions in macroeconomics: economic growth, unemployment and inflation. The course is divided into three parts: introductory macroeconomics and measurement of macroeconomic aggregates, growths and institutions, and macroeconomic policies. The course will cover long-run and short-run macroeconomics; aggregate demand and national income accounts; saving and finance; investment and financial markets; investment and monetary policy; central bank and macroeconomic policy; money supply and interest rate transmission mechanisms; fiscal policy; discretionary fiscal policy; expectations, inflation, and interest rates; foreign exchange markets and foreign trade and international balance. 2. Intended learning outcomes of course (ILOs) To give a broad overview of the main currents of macroeconomic theory To introduce students to the most important ideas, models and research methods used in macroeconomics To introduce major sources of economic data available for Pakistan and for other countries worldwide. To use economic data series to test various macroeconomic models studied in this course. 3. Course Contents: SESSION TOPICS 1 2 3 4 5 6 7 8 Introduction to Macroeconomics The Measurement and Structure of the National Economy Productivity, Output, and Employment Consumption, Saving, and Investment Saving and Investment in the Open Economy Long-Run Economic Growth The Asset Market, Money, and Prices Business cycles CHAPTER Chapter 1 - AB Chapter 2 - AB Chapter 3 - AB Chapter 4 - AB Chapter 5 - AB Chapter 6 - AB Chapter 7 - AB Chapter 8 - AB 9 The IS-LM AD-AS Model: A General Framework for Macroeconomic Analysis Chapter 9 - AB 10 Classical Business Cycle Analysis: Market-Clearing Macroeconomics Chapter 10 - AB 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity Unemployment and Inflation Exchange Rates, Business Cycles, and Macroeconomic Policy in the Open Economy Chapter 11 - AB Monetary Policy and the Federal Reserve System Government Spending and Its Financing Chapter 14 - AB Chapter 15 - AB 12 13 14 15 Chapter 12 - AB Chapter 13 - AB 4. Teaching and learning methods Class room lectures Research Articles / Assignments Presentations & Individual Report 5. Student assessment methods Quizzes Presentation Class participation MidTerm Final Exam 10% 10% 10% 30% (15% each) 40% TOTAL 100 6. Recommended Texts: Macroeconomics, by Andrew B. Abel and Ben S. Bernanke (Addison Wesley, latest edition currently 7” edition available) 7. Additional Readings: Romer, D.; Keynesian Macroeconomics without the LM Curve, The Journal of Economic Perspectives, Vol. 14, No. 2 (Spring, 2000), PP. 149-169 Ben S. Bernanke, Refet S. Gurkaynakls Growth Exogenous? Taking Mankiw, Romer, and Weil Seriously, NBER Macroeconomics Annual 2001, Volume 16 Jeffrey A. Frankel and David Romer, Does Trade Cause Growth, The American Economic Review, Vol. 89, No. 3 (Jun., 1999), pp. 379-399 Macroeconomics, Rudiger dornbusch and Stanley Fischer, Sixth edition, McGraw Hill Companies.