Macroeconomics

2022/2023
Programme:
Financial mathematics, First Cycle
Year:
2 year
Semester:
first
Kind:
mandatory
ECTS:
6
Language:
slovenian
Lecturers:

Sašo Polanec

Hours per week – 1. semester:
Lectures
4
Seminar
0
Tutorial
2
Lab
0
Content (Syllabus outline)

Introduction. General equilibrium. Macroeconomic equilibrium.
State of the national economy. Economic institutions, mechanism and factors. Grosss national product, national product.
Analysis of the agregate demand. Investement. National product in the multiplicator-accelerator model.
Analysis of the agregate supply and business cycles. Agregate demand and supply. Equilibrium of the national income. Economic equilibrium and business cycles.
Monetary and financial system. Demand and supply of the money market. Financial and banking system. Central bank and business banks. Financial markets.
IS-LM model: Determination of the GDP and the interest rate. Macroeconomic equilibrium in the two market model. Interrational influence of the monetary and fiscal actions.
Inflation and unimployment. Short and long-term Philips curves.
Macroeconomic role of the fiscal policies. Fiscla system. Instruments of the fiscal policy. State interventions.
Monetary policies and monetarism. Monetary strategy of the central bank. Targets of the monetary policies. The difference between keynesian and monetaristic views of the monetary policy.
Macroeconomics of the open market: comaparative advantages, exchange rates and international economy, various forms of the protectionism. Evolution of the exchange systems. Exchange policies.
Economic growth and its factors. Developed and undeveloped countries. Problems of the undeveloped world.
The theory of the public choice. Contradictions of the colective choice. Voting as a form of public choice. Externalities problem and market mechanism.

Readings

P. Samuelson, W. Nordhaus: Ekonomija, Gospodarski vestnik, Ljubljana, 2002.
Delovni zvezek: A. Kešeljević: Makroekonomija 1, 3. izdaja, Ekonomska fakulteta, Ljubljana, 2006.
Tekoča poročila Vlade RS ali BS.
Časopisni članki in drugo gradivo.

Objectives and competences

The goal of the course is to introduce students to the basic macroeconomic analysis and related polcies. Students will understand the fundamental logic of the mixed markets and of the solving of macroeconomic problems. They will developed the theoretical knowledge and its relation to the economic practice.

Intended learning outcomes

Knowledge and understanding: Knowledge of the facts and understanding of the data, processes structures, relations and procedures.
Application: Application of the fundamental principles and models to the practical situations.
Reflection: Understanding of the theory in practical situations, critical evaluation of the differences and similarities between the theoretical results and practical actions.
Transferable skills: The student would be able to assess the matching of theoretical concepts with real practical examples. The student will learn how to use teoretical findings. In the process, the student will need to collect and interpret data, use different didactic tools and report orally and in writing.

Learning and teaching methods

Lectures, exercises, seminar, consultations

Assessment

Writen exam (80 points)
Midterm test (10 points)
Seminar (10 points)
grading: 5 (fail), 6-10 (pass) (according to the Statute of UL)

Lecturer's references

BARTOLJ, Tjaša, POLANEC, Sašo. College major choice and ability : why is general ability not enough?. Economics of Education Review, ISSN 0272-7757. [Print ed.], Dec. 2012, let. 31, iss. 6, str. 998-1016. [COBISS-SI-ID 21031910]
DAMIJAN, Jože, KONINGS, Jozef, POLANEC, Sašo. Pass-on trade : why do firms simultaneously engage in two way trade in the same varieties?. Review of World Economics, ISSN 1610-2878, Mar. 2013, vol. 149, iss. 1, str. 85-111, [COBISS-SI-ID 21109990]
AHČAN, Aleš, MASTEN, Igor, POLANEC, Sašo, PERMAN, Mihael. Quantile approximations in auto-regressive portfolio models. Journal of Computational and Applied Mathematics, ISSN 0377-0427. [Print ed.], Feb 2011, vol. 235, iss. 8, str. 1976-1983. [COBISS-SI-ID 19878630]
GREGORIČ, Aleksandra, POLANEC, Sašo, SLAPNIČAR, Sergeja. Pay me right : reference values and executive compensation. European financial management, ISSN 1354-7798, Nov. 2010, vol. 16, no. 5, str. 778-804. [COBISS-SI-ID 19510758]
DAMIJAN, Jože, KOSTEVC, Črt, POLANEC, Sašo. From innovation to exporting or vice versa?. World economy, ISSN 0378-5920, Mar. 2010, vol. 33, no. 3, str. 374-398. [COBISS-SI-ID 1556878]