Theory of Macroeconomics

Study Course Description

Course Description Statuss:Approved

Course Description Version:1.00

Study Course Accepted:02.04.2024 15:18:02

Study Course Information
Course Code:		SZF_085		LQF level:		Level 6
Credit Points:		3.33		ECTS:		5.00
Branch of Science:		Economics; Macroeconomics		Target Audience:		Business Management; Marketing and Advertising; Management Science
Study Course Supervisor
Course Supervisor:		Inna Dovladbekova
Study Course Implementer
Structural Unit:		Faculty of Social Sciences
The Head of Structural Unit:
Contacts:		Dzirciema street 16, Rīga, szfrsu[pnkts]lv
Study Course Planning
Full-Time - Semester No.1
Lectures (count)		8	Lecture Length (academic hours)		2	Total Contact Hours of Lectures		16
Classes (count)		6	Class Length (academic hours)		2	Total Contact Hours of Classes		12
Total Contact Hours								28
Part-Time - Semester No.1
Lectures (count)		5	Lecture Length (academic hours)		2	Total Contact Hours of Lectures		10
Classes (count)		4	Class Length (academic hours)		2	Total Contact Hours of Classes		8
Total Contact Hours								18
Study course description
Preliminary Knowledge:
Knowledge of the basics of economics, microeconomics, mathematics and statistics is required.
Objective:
To develop understanding of the theory of macroeconomics as an integral part of economic theory, to improve knowledge of the theoretical concept of macroeconomics, its categories and fundamentals, providing information in both historical and contemporary contexts, to strengthen knowledge of macroeconomic theory and policy with examples illustrating the application of macroeconomic principles in real life and business, to carry out case studies.
Topic Layout (Full-Time)
No.	Topic			Type of Implementation		Number	Venue
1	Subject of macroeconomics, measurement of macroeconomic activity.			Lectures		1.00	auditorium
2	Determination of national income. Total demand. Multiplier model.			Lectures		1.00	auditorium
3	The role of the State in the market economy. Fiscal policy, budget deficit and public debt.			Lectures		1.00	auditorium
4	Money, banking system, and monetary policy.			Lectures		1.00	auditorium
5	Total supply. Macroeconomic balance. IS-LM model.			Lectures		1.00	auditorium
6	Instability in the economy. Inflation and unemployment.			Lectures		1.00	auditorium
7	Economic growth and economic cycle. Living standard.			Lectures		1.00	auditorium
8	International economic relations. International trade and international monetary system.			Lectures		1.00	auditorium
9	Subject of macroeconomics, measurement of macroeconomic activity. Total demand. Multiplier model.			Classes		1.00	auditorium
10	Fiscal policy. Money, banking system, and monetary policy.			Classes		1.00	auditorium
11	Total supply. Macroeconomic balance. IS-LM model.			Classes		1.00	auditorium
12	Economic instability, inflation and unemployment.			Classes		1.00	auditorium
13	Economic growth. Business cycle.			Classes		1.00	auditorium
14	International trade and International monetary system.			Classes		1.00	auditorium
Topic Layout (Part-Time)
No.	Topic			Type of Implementation		Number	Venue
1	Subject of macroeconomics, measurement of macroeconomic activity.			Lectures		0.50	auditorium
2	Determination of national income. Total demand. Multiplier model.			Lectures		0.50	auditorium
3	The role of the State in the market economy. Fiscal policy, budget deficit and public debt.			Lectures		0.50	auditorium
4	Money, banking system, and monetary policy.			Lectures		1.00	auditorium
5	Total supply. Macroeconomic balance. IS-LM model.			Lectures		0.50	auditorium
6	Instability in the economy. Inflation and unemployment.			Lectures		0.50	auditorium
7	Economic growth and economic cycle. Living standard.			Lectures		0.50	auditorium
8	International economic relations. International trade and international monetary system.			Lectures		1.00	auditorium
9	Subject of macroeconomics, measurement of macroeconomic activity. Total demand. Multiplier model.			Classes		1.00	auditorium
10	Fiscal policy. Money, banking system, and monetary policy.			Classes		1.00	auditorium
11	Total supply. Macroeconomic balance. IS-LM model.			Classes		0.50	auditorium
12	Economic instability, inflation and unemployment.			Classes		0.50	auditorium
13	Economic growth. Business cycle.			Classes		0.50	auditorium
14	International trade and International monetary system.			Classes		0.50	auditorium
Assessment
Unaided Work:
Literature analysis, preparation of summaries, homework, group work and preparation of presentations, individual report. In order to evaluate the quality of the study course as a whole, the student must fill out the study course evaluation questionnaire on the Student Portal.
Assessment Criteria:
Lecture and seminar attendance – 5%. Participation in seminars (activity and quality of answers, completion of tests, group work) – 20%. Assessment of summaries and homework – 15%. Individual report – 20%. Exam grade – 40%.
Final Examination (Full-Time):		Exam (Written)
Final Examination (Part-Time):		Exam (Written)
Learning Outcomes
Knowledge:		After the completion of the course, students understand the macroeconomic concept of market economy functioning and practical manifestations of its regularities according to the latest development trends, know the role of macroeconomic theory in business and state functioning, understand the cyclical development of economy, methods of regulation according to modern theories, determine the role of international economic relations in the global economic system.
Skills:		After the completion of the course, students will know how to calculate macroeconomic indicators, interpret and use them to evaluate the economic situation. Students will be able to analyse macroeconomic balance and the factors that affect it, classify types and causes of unemployment and inflation, to reasonably discuss the use of fiscal and monetary policy instruments depending on business cycle changes, to determine economic growth factors in the context of sustainable development. To apply theoretical knowledge of macroeconomic principles for analysis of economic processes and business environment, for solving topical problems, as well as for carrying out scientific research work, to reasonably discuss current macroeconomic issues.
Competencies:		Students will be able to analyse and interpret macroeconomic indicators, explain the algorithm for studying macroeconomic balance, characterise fiscal and monetary policy instruments and determine their application depending on the economic situation in the country, choose inflation and unemployment reduction tools, determine the factors and indicators of economic growth and living standards, describe advantages and role in the global economy, to analyse the factors that have an impact on exchange rate and international financial system concepts.
Bibliography
No.	Reference
Required Reading
1	Krugman P., Wells R. Macroeconomics. NY: Macmillan Education, 5th ed., 2018, 561 P.
2	Begg D., Vernasca G., Fisher S., Dornbusch R. Economics. Mc Graw-Hill book company, 11th ed., 2013, 1197 P.
3	Mankiw G.N. Macroeconomics. Worth Publishers, 7th ed., 2015, 839 P.
4	Šenfelde M. Makroekonomika. Rīga, RTU, 2006, 231 lpp.
5	Dovladbekova I., Eteris E., Zelmenis D. Eiropas Savienības ekonomiskā politika un Latvija. RSU, Rīga, 2008, 349 lpp.
6	Dovladbekova I., Eteris E., Zelmenis D. Mūsdienu finanšu un ekonomiskā krīze Eiropā un Latvijā: izeju meklējot. RSU, Rīga, 2011, 110 lpp.
Additional Reading
1	Christopher T.S. Ragan, Richard G. Lipsey Macroeconomics. Pearson, 2011.
2	Bikse V. Ekonomikas teorijas pamatprincipi. Rīga, Izglītības soļi, 2007, 454 lpp.
3	Saksonova S. Valsts ieņēmumi un izdevumi (e-grāmata). Rīga, LU, 2010.
4	Principles of Macroeconomics. OpenStax College, 2014.
Other Information Sources
1	Latvijas Banka.
2	IMF World Economic Outlook.
3	Central Intelligence Agency The World Factbook.
4	Human Development Reports.
5	Eurostat.
6	European Central Bank.
7	European Central Bank.