Academic year/semester: 2024/25/1

ECTS Credits: 5

Available for: All OU students

Lecture hours: 2
Seminarium:0
Practice: 3
Laboratory: 0
Consultation: 0

Prerequisites: -

Course Leader: István Horváth

Faculty: Keleti Károly Faculty of Business and Management, 1084 Budapest, Tavaszmező utca 17.

Course Description:
Basic macroeconomic concepts: output, income, consumption, saving, investment, depreciation, wages, government purchases, taxes, transfers, price level. Macroeconomic circular flow model, income flows in current accounts. Measurement of macroeconomic performance, basic indicators. Components of demand for goods: consumption, investment, government purchases, net exports. Money market: money demand, money supply, equilibrium interest rate. Commodity demand as a function of price level. Labour market: labour demand, labour supply, equilibrium, disequilibrium. Supply of goods as a function of price level, macroeconomic equilibrium. Types of unemployment, dealing with the problem of unemployment. Inflation. State involvement in macroeconomics, growth.

Competences:
-

Topics:
1. Introduction - The Policy and Practice of Macroeconomics; Measuring Macroeconomics Data
2. Aggregate Production and Productivity
3. Saving and Investment in Closed and Open Economies
4. Money and Inflation
5. The Sources of Growth and the Solow Model
6. Drivers of Growth: Technology, Policy, and Institutions
7. Business Cycles: An Introduction
8. The IS Curve / First classroom test
9. Monetary Policy and Aggregate Demand
10. Aggregate Supply and the Phillips Curve
11. The Aggregate Demand and Supply Model
12. Macroeconomic Policy and Aggregate Demand and Supply Analysis
13. Exchange Rates and International Economic Policy / Second classroom test
14. Evaluation of the semester work / Repeating first or/and second classroom test

Assessment: signature requirement: at least 50% of the marks of a written exam, written exam

Exam Types:

Oral Exam

Written Exam

Test Exam

Compulsory bibliography: Mishkin, F. S. 2015. Macroeconomics. Policy and Practice. Global Edition. Munich: Pearson

Recommended bibliography: Mankiw, N. G. (2016): Macroeconomics. New York: Worth Publishers

Additional bibliography: -

Additional Information: -