Note from June 29, 2020
Although we do not yet know how long the social distancing related to the Covid-19 pandemic will last, and regardless of the changes that had to be made in the evaluation of the June 2020 session in relation to what is provided for in this learning unit description, new learnig unit evaluation methods may still be adopted by the teachers; details of these methods have been - or will be - communicated to the students by the teachers, as soon as possible.
Although we do not yet know how long the social distancing related to the Covid-19 pandemic will last, and regardless of the changes that had to be made in the evaluation of the June 2020 session in relation to what is provided for in this learning unit description, new learnig unit evaluation methods may still be adopted by the teachers; details of these methods have been - or will be - communicated to the students by the teachers, as soon as possible.
9 credits
45.0 h + 12.0 h
Q2
Teacher(s)
Dejardin Marcus; Perilleux Anaïs; Valenduc Christian;
Language
French
Main themes
In a first stage, the main subject to be tackled is that of the structuring of the economic circuit in the framework of the national accounting in an open economy, stressing both the links between the three traidtional axes (production, distribution of income, and expenses) and between the different economic agents (accounts of economic units). The final objective is to develop a global double entry economic table (by economic operation, by macro-économic agent).
In a second stage, the objective is to tackle the macro-économic analysis in a dynamic perspective and no more from a static point of view. This will be achieved through a study of the interactions between the agents'macro-economic behaviours( supply and/or demand behaviour, pricing behaviour, ...) and certain structural characteristics ot he economies under review (partial unbalances incertain markets, productions structures in a two-sector economy, ...).
Aims
At the end of this learning unit, the student is able to : | |
| 1 | At the end of the course, the student shall - have a structured comprehension and knowledge of the global macro-economic circuit in an open economy (3 axes of the national accountancy, 4 agents); - be able to interpret -with rigour and critical faculty- common macro-economic information (budget, fiscal policy, overall economic situation, economic projections, ...) showing a clear perception of the interdependence of the mechanisms and dynamics (of markets and agents) in an open economy. |
The contribution of this Teaching Unit to the development and command of the skills and learning outcomes of the programme(s) can be accessed at the end of this sheet, in the section entitled “Programmes/courses offering this Teaching Unit”.
Content
The course aims to give an introduction to macroeconomics, from a theoretical and policy point of views.
The first part of the course deals with national accounting. We describe how GDP is computed, the structure of national accounts, including the basic principles of the sectorial accounts (households, corporations and quasi-corporations, general government).
The second part is devoted to macroeconomics. It starts with a chapter explaining the main concepts: production (GDP), employment and unemployment, prices indexes, exchange rates. We next propose an analytical model and discuss the effect of monetary and fiscal policies in this setting. Those chapters include case studies and information/discussion on/of the institutional: the independency of central banks, the EU framework for fiscal policy.
We include the labour market within a model that describes wage and price setting. It enables us to discuss the wage setting process. We close the closed economy part with a general equilibrium approach.
The next chapters remove the closed economy assumption. We review how openness affects supply, demand and the equilibrium, and the use of exchange rate as an instrument for economic policy. Special attention is devoted to the real exchange rate issue that matters a lot for countries being member of a monetary union. We discuss the policy choice between fixed and floating exchange rates.
The first part of the course deals with national accounting. We describe how GDP is computed, the structure of national accounts, including the basic principles of the sectorial accounts (households, corporations and quasi-corporations, general government).
The second part is devoted to macroeconomics. It starts with a chapter explaining the main concepts: production (GDP), employment and unemployment, prices indexes, exchange rates. We next propose an analytical model and discuss the effect of monetary and fiscal policies in this setting. Those chapters include case studies and information/discussion on/of the institutional: the independency of central banks, the EU framework for fiscal policy.
We include the labour market within a model that describes wage and price setting. It enables us to discuss the wage setting process. We close the closed economy part with a general equilibrium approach.
The next chapters remove the closed economy assumption. We review how openness affects supply, demand and the equilibrium, and the use of exchange rate as an instrument for economic policy. Special attention is devoted to the real exchange rate issue that matters a lot for countries being member of a monetary union. We discuss the policy choice between fixed and floating exchange rates.
Teaching methods
Essentially lectures. Applications in reference to the news.
Evaluation methods
Written exam.
Other information
This activity takes place according to pedagogical, hourly and organizational methods adapted to the specific public of FOPES.
Bibliography
Le support du cours est Blanchad O. Cohen D. Macroéconomie, Ed Pearson
Faculty or entity
OPES
Programmes / formations proposant cette unité d'enseignement (UE)
Title of the programme
Sigle
Credits
Prerequisites
Aims
Master [120] in Economic and Social Policy (shift schedule)
