General information

Subject type: Mandatory

Coordinator: Núria Masferrer Llabinés

Trimester: First term

Credits: 4

Teaching staff: 

Ivette Fuentes Molina

Teaching languages

  • Spanish
  • English

Classes in Spanish: Spanish (80%), English (20%)

Check the schedules of the different groups to know the language of teaching classes. Although the material can be in any of the three languages.



Basic skills
  • B3_Students have the ability to gather and interpret relevant data (usually within their area of ​​study), to make judgments that include reflection on relevant social, scientific or ethical issues


  • B5_That students have developed those learning skills necessary to undertake further studies with a high degree of autonomy

Specific skills
  • E1_Interpret basic economic concepts and economic reasoning, as well as microeconomic and macroeconomic functioning


  • E9_Use mathematical tools and advanced statistical tools for decision making and contrasting various economic assumptions


General competencies
  • G2_Be able to innovate by developing an open attitude to change and be willing to re-evaluate old mental models that limit thinking

Transversal competences
  • T3_Show entrepreneurial leadership and leadership skills that build personal confidence and reduce fear of risk


  • T5_Develop tasks applying, with flexibility and creativity, the knowledge acquired and adapting it to new contexts and situations



The subject Analysis of the Macroeconomic Environment is part of the introduction to the fundamentals of macroeconomic analysis. The aim of the course is to provide an insight into the functioning of the economy in the markets for goods and services and in the financial markets. The aim is for the student to acquire a rigorous and up-to-date view of the main problems and perspectives of macroeconomics.

The macroeconomic analysis is emphasized by analyzing the fundamental variables that affect modern economies: sustainable growth of the economy and respect for the environment, inflation and deflation, employment and unemployment, public finances and external balance, as well as the analysis of economic policies, especially demand and supply policies necessary for the stability and development of countries.


Learning outcomes

  • Analyze the macroeconomic environment and evaluate economic and monetary policies.
  • Understand and apply the fundamental concepts and laws that govern the market economy: market demand and supply, equilibrium prices and quantities, elasticities, etc.
  • Understand and apply the basic concepts of statistical probability and inference, basic statistical calculations and the computer tools that facilitate them.
  • Master the mathematical and statistical aspects of economic and / or business problems for decision making.
  • Identify and interpret simple mathematical models applicable to economics.

Working methodology

Theoretical sessions

MD1. Master classes: Expository class sessions based on the teacher's explanation attended by all students enrolled in the subject.

Guided learning

MD5. Seminars: Face-to-face format in small work groups (between 14 and 40). These are sessions linked to the face-to-face sessions of the subject that allow to offer a practical perspective of the subject and in which the participation of the student is key.

Autonomous learning

MD9. Exercise and problem solving: Non-contact activity dedicated to the resolution of practical exercises based on the data provided by the teacher.

MD11. Non-contact tutorials: for which the student will have telematic resources such as e-mail and ESCSET intranet resources.

This subject has methodological and digital resources to make possible its continuity in non-contact mode in the case of being necessary for reasons related to the Covid-19. In this way, the achievement of the same knowledge and skills that are specified in this teaching plan will be ensured.

The Tecnocampus will make available to teachers and students the digital tools needed to carry out the course, as well as guides and recommendations that facilitate adaptation to the non-contact mode.


Topic 1. Introduction

  • The importance of macroeconomics.
  • Macroeconomic aggregates (GDP, unemployment, inflation, etc.).
  • Classification of macroeconomic models.

Subject 2. Market of goods and services (IS)

  • The demand for goods.
  • The determination of production in equilibrium.
  • Investment equal to savings.
  • Fiscal policies.

Topic 3. Financial markets (LM)

  • The demand for money.
  • The determination of the interest rate.
  • Two ways to examine macroeconomic balance.

Subject 4. The markets of goods and services and financial together: The model IS-LM

  • The IS curve.
  • The LM curve.
  • Joint analysis of the IS and LM curves.
  • Fiscal policy and monetary policy.
  • The IS-LM model and the liquid trap.

Topic 5. Expectations

  • Changes in economic policies derived from expectations.
  • Expected inflation, expected productivity, expected taxes, etc.

Item 6. The labor market (medium term)

  • The determination of wages.
  • Pricing.
  • The natural unemployment rate.
  • Women in the labor market

Item 7. Aggregate analysis: the OA-DA model

  • The aggregate offer.
  • Aggregate demand.
  • The balance in the short and medium term.
  • The effects of monetary policy.
  • The effects of fiscal policy.

Item 8. Solow model.

  • The consumption function.
  • The accumulation of capital.
  • Population growth.

Learning activities

Classes combine economic theory with empirical examples. Attendance at all sessions is essential to understand the material of the subject. Attendance means active participation in face-to-face sessions and independent study outside the classroom. During the term students will develop empirical work related to the macroeconomic situation of a country, simulating a real situation where theoretical knowledge will serve to meet the challenges of the work. 

The seminars are taught in person. These are sessions linked to the face-to-face sessions of the subject that allow to offer a practical application of the economic reality and in which the participation of the student is key to weigh the capacity to apply the theoretical concepts to the frame of the current economic policy. .


Evaluation system

Evaluation system


Continuous evaluation

30% (not recoverable). Oral presentation, activities, exercises, case studies, etc.

Final group work

20% (recoverable)

Final exam

50% (recoverable)

Students will be required to pass each part of the course separately to pass the entire course (remove more than a 5 out of 10 on each item).



Students who have failed the subject will be entitled to retake the final exam. It is necessary to have a 5/10 in the resit exam so that it is weighted with the rest of the assessment marks.  

A student who has not applied for the first call CANNOT apply for recovery.



BLANCHARD, O., A. Amighini, & F. Giavazzi (2017) “Macroeconomics”. Publisher: Pearson Education; Seventh Edition, Madrid. 

MANKIW, Gregory N. (2014), “Macroeconomics”. Published by Antoni Bosch; Eighth Edition, Barcelona.


DORNBUSCH, R., S. FISCHER, & R. STARTZ, (2010) “Macroeconomics”. Published by McGraw-Hill; Tenth Edition, Madrid. 

Azmat, G., & Petrongolo, B. (2014). Gender and the labor market: What have we learned from field and lab experiments ?. Labor Economics, 30, 32-40.