Curricular Unit:Code:
Macroeconomics777MAC
Year:Level:Course:Credits:
1UndergraduatePolitical Science and International Relations6 ects
Learning Period:Language of Instruction:Total Hours:
Spring SemesterPortuguese/English78
Learning Outcomes of the Curricular Unit:
To understand the basic concepts and tools of macroeconomic analysis. To understand the circular flow of income and recognize its articulation with the national accounts, under the production, income and expenditure approaches. To distinguish between the classical and the keynesian macroeconomic perspectives in relation to the goods and services market, the labour market and the capital market. To be able to critically assess the operationalization of economic policy. To apply this knowledge to the reading of economic statistics and the interpretation of economic policy guidelines.
Skills to be developed: analysis and synthesis; acquisition of specific knowledge in macroeconomics; problem solving; application of knowledge to different contexts; autonomy.
Syllabus:
1. Introduction to economics
2 Macroeconomics and the National Accounts
3 The aggregate demand and the aggregate supply
4 The classical perspective on Macroeconomics
5 The Keynesian Macroeconomics in perspective
Demonstration of the Syllabus Coherence with the Curricular Unit's Objectives:
The course seeks to provide students with an understanding of the dynamics of macroeconomic systems under both the classical and Keynesian perspectives. The contents first introduce macroeconomics within the scope of economic science. Afterwards, it addresses the clarification of the relationship between the circular flow of income, national accounts and macroeconomic models. Within this context students are introduced to fundamental concepts of measurement in national accounts, leading them to the understanding of the fundamental macroeconomic identity that stands at the basis of fiscal policy in modern economies. The observation of the macroeconomic system is then established through the graphical analysis of the AD and AS curves: The equilibria that are formed are analyzed both under the classical and the Keynesian approaches.
Teaching Methodologies (Including Evaluation):
The teaching methodology combines the theoretical presentation of concepts, measurement and models. These tools allow the understanding of the dynamics of a macroeconomic system through the clarification of how markets relate and how macroeconomic aggregates are thereby formed. All contents are subject to graphical presentation, and exercises. Practical examples of the current macroeconomic performances, especially referring to the European and Portuguese economies, are also used throughout the classes. Evaluation is based on two intermediate tests (50%+50%) or a final exam (in accordance with UFP's evaluation regulations).
Demonstration of the Coherence between the Teaching Methodologies and the Learning Outcomes:
The methodology used combines theoretical presentation with graphical analysis and aggregates’ calculation. Students are asked to solve problems throughout the course. Besides problem solving, the practical application of knowledge is also established through the use of examples related to the current macroeconomic performance of the States, with particular reference to the European and Portuguese economies.
Reading:
Blanco, A. F. (2018). What remains from the trade-off between inflation and unemployment? (A brief reflection on the Phillips curve), Iberian Journal of the History of Economic Thought, (1), p. 71. DOI: 10.5209/IJHE.60281.
Krugman, P. e Wells, R. (2018). Economics, 5/e. NY: Worth Publishers.
Mankiw, N. G. e Taylor, M. P. (2017). Economics, 4/e. Hampshire: Cengage Learning.
Pereira, P. T. e Afonso, A. e Arcanjo, M. e Santos, J.C. (2016 ). Economia e Finanças Públicas, 5/e. Lisboa: Escolar Editora.
Pinho, M. (2018 ). Macroeconomia – Teoria e Prática Simplificada, 2/e. Lisboa: Edições Sílabo.
Samuelson, P. and Nordhaus, D. (2011). Economics 19/e. NY: McGraw Hill.