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Macroeconomics

Course developer

Prior knowledge

Ekon1023, Microeconomics

Course abstract

The course focuses on analyses of economic problems at national economy level to build up an understanding of macroeconomic indicators and principles, taking into account the matters of monetary and fiscal policies, GDP formation principles and the consequences of macroeconomic disequilibrium

Learning outcomes and their assessment

Students will be able to demonstrate:
KNOWLEDGE of
macroeconomic indicators, key macroeconomic problems and relevant regularities; transactions contributing and not contributing to GDP, GDP calculation approaches, nominal and real GDP – a test; aggregate demand and supply in the economy, the types of macroeconomic equilibrium and the consequences of disequilibrium; the types of fiscal and monetary policies and policy instruments for regulating economic processes - discussions and group work.
SKILLS to
independently select, critically compare economic indicators and draw reasoned conclusions; graphically represent a macroeconomic equilibrium and identify the consequences of disequilibrium, perform real and nominal GDP calculations – a test;
come up with reasoned assertions and critically analyse a current situation, make forecasts of urgent economic problems and identify relevant regularities; comprehend fiscal and monetary policy instruments, policy making and its role in regulating economic processes.
COMPETENCES to

independently analyse macroeconomic indicators, express the opinion on problems and regularities in the national economy; describe macroeconomic processes, analyse and calculate key economic indicators and identify relevant regularities at macroeconomic level – a presentation.

Course Content(Calendar)

1. Introduction – 2 h (1 h lecture, 1 h practical)
2. Basic macroeconomic indicators - 5 h (3 h lectures, 2 h practicals)
3. Test – 1 h
4. Macroeconomic equilibrium and stability – 4 h (2 h lectures, 2 h practicals)
5. Employment and unemployment – 3 h (2 h lectures, 1 h practical)
6. Inflation – 3 h (2 h lectures, 1 h practical)
7. Fiscal policy – 3 h (2 h lectures, 1 h practical)
8. Banking and money – 3 h (2 h lectures, 1 h practical)
9. International economic relations – 2 h (1 h lecture, 1 h practical)
10. Economic growth – 2 h (1 h lecture, 1 h practical)

11. Presentation 4 h (4 h practicals)

Requirements for awarding credit points

A test must be passed and a report must be presented and defended within the time specified. The student must take an active part in group work and discussions during practicals.

Description of the organization and tasks of students’ independent work

A comparison of economic indicators for Latvia and EU Member States, an assessment of the macroeconomic situation and a comparison of basic economic indicators. Fiscal and monetary policies.

Criteria for Evaluating Learning Outcomes

The final mark consists of the following pieces of assessment: a test 20%, a presentation 20%, discussions and group work 10% and an examination 50%.

Compulsory reading

1. Bikse V. Makroekonomika: teorija un politika. LiePA, 2015., 269 lpp.
2. Gods U. Makroekonomika / 2., papild. izd. Rīga: Biznesa augstskola Turība, 2004., 360 lpp.
3. McConnell, Campbell R. Macroeconomics: principles, problems, and policies. New York: McGraw-Hill/Irwin, 2012., 499 p.

4. Šenfelde M. Makroekonomika. 4.izd. Rīga: RTU, 2014., 244 lpp

Further reading

1. Bikse V. Ekonomikas teorijas pamatprincipi: Mācību līdzeklis. Rīga: SIA Izglītības soļi, 2007., 454 lpp.
2. Bikse V. Ekonomika un bankas. Latvijas Komercbanku asociācija, Konsultāciju Mācību centrs, 2009., 224 lpp.
3. Ducmane K., Ozoliņa A. Naudas laiki Latvijā. A/S Latvijas avīze, 2013., 250 lpp.
4. Lībermanis G. Makroekonomikas pamatrādītāji. Rīga: SIA Jumis, 2007., 182 lpp.
5. Lībermanis G. Makroekonomika. Rīga: Kamene, 2006., 445 lpp.
6. Lībermanis G. Tirgus, cena, konkurence / 4. pārstr. un papild. izd. Rīga: SIA Jumis, 2007., 216 lpp.
7. Lībermanis G. Naudas teorija. Valūtas attiecības. Lata liktenis. Rīga: Baltijas Starptautiskā akadēmija, 2006., 288 lpp.
8. Mankiw G.N., Taylor M.P. Macroeconomics. 7th ed., Worth Publishers, 2010., 608 p.

9. Sordet, Bernard. Iespējamā Eiropa /Bernard Sordet ; no franču valodas tulkojusi Kristīne Našeniece. Rīga: Mansards, 2014., 213 lpp.

Periodicals and other sources

1. Dienas Bizness: nedēļas laikraksts: Latvijas biznesa avīze. Rīga: Diena: Dagens Industri, 2005-. ISSN 1407-2041.
2. Forbes. Rīga: SK Media. ISSN 1691-6018

3. Kapitāls: žurnāls lietišķiem cilvēkiem: krāsains biznesa un ekonomikas žurnāls. Rīga: Lietišķās informācijas dienests. ISSN 1407-2505.

Notes

General study course for the ESAF first-level professional programme Business Studies