110006 - ANALYSIS OF THE ECONOMIC AND SOCIAL ENVIRONMENT

Subject type: Mandatory

Coordinator: Jesus Ezequiel Martínez Marín

Trimester: Second term

Credits: 4

• Spanish

Spanish (80%), English (20%)

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.

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.

• 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.

Theoretical sessions MD1.

Lectures: Lectures based on the teacher's explanation in which all students enrolled in the subject attend.

MD5 directed learning.

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 solving practical exercises based on the data provided by the teacher.

MD11. Non-contact tutorials.

Students will have telematic resources such as e-mail and ESCSET intranet resources.

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

• Policy changes 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.

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. .

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

Recoveries

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.

• Competence in the Acquisition of Knowledge will be assessed through a written examination of test-type questions.
• The competence related to the Application of Knowledge will be evaluated by means of presentations of the exercises and / or works that allow to observe directly the realization of the task entrusted or of the degree of ease of the student.
• Competence in Research will be assessed through individual assignments, commentary on readings, presentation of exercises and practice notebooks.
• Competence in Communication and Competence in Autonomy will be assessed through individual assignments, commentary on readings, presentation of exercises and practice notebooks.

The qualification system is that provided for by RD 1125/2003, of 5 September. The grade for this subject will be obtained from the weighted average of the grades obtained in the different training activities carried out during the school period and the final exam.

For the evaluation of the subject will take into account so much the aprovechamiento of the course by part of the student (50%) like the result obtained in a final examination (50%). Students will be required to pass each part of the course separately to pass the entire course.

EVALUATION FOR STUDENTS IN ERASMUS STAY (OUTGOING)

The evaluation consists of two parts: a) task resolution (10%) and empirical work in groups as continuous evaluation (40%) online; and b) final exam (50%). The follow-up of the activities will be carried out online within the deadlines set by the virtual classroom.

The qualification system is that provided for by RD 1125/2003, of 5 September. The grade for this subject will be obtained from the weighted average of the grades obtained in the different training activities carried out during the school period and the final exam.

For the evaluation of the subject will take into account both the use of the course by the student (50%) Online and the result obtained in a final exam (50%). Students will be required to pass each part of the course separately to pass the entire course.

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

MANKIW, Gregory N. (2020), “Macroeconomics”. Published by Antoni Bosch; Tenth 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.