02/01/2023

COURSE: MACROECONOMICS
ID: IM1009

Introduction

COURSE SYLLABUS
• Course name: Macroeconomics
• Course ID: IM1009 Credits: 3
• Reference:
• Mankiw, N. G. (2021). Principles of economics. 9th ed. Cengage Learning.
• Karl, E., Case, F., Oster, R., & Sharon, E. (2017). Principles of Economics.
Pearson.
• McConnell, C. R., Brue, S. L., & Flynn, S. M. (2014). Economics:
Principles, problems, and policies. Boston McGraw-Hill/Irwin.

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COURSE DESCRIPTION
This course will provide an overview of macroeconomic topics:
• Explain how an economy operates
• Describe the fundamental economic goals and measures of economic activity.
• Analyze the workings of the macro economy using the aggregate expenditure and
aggregate demand/supply models;
• Discuss the business cycle and its relationship to inflation and unemployment;
• Describe the financial, monetary, banking system, and the role of Central bank.
• Explain the role of monetary policy in economic stability of a country;
• Describe fiscal policy and its impact on aggregate expenditure and aggregate
demand;
• Explain the balance of payment accounts, exchange rates and related issues.

LEARNING OUTCOMES
• Knowledge: CLO.1, CLO.2, CLO.3, CLO.4, CLO.5
• Skills
• Professional skill
• Soft-skills
• Attitudes
• Active learning, critical thinking and working;
• Confidence and responsibility in words and actions.
• Respect the differences.

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LEARNING OUTCOMES
• CLO.1 Analyze the key concepts in Macroeconomics
• CLO.2 Apply and calculate macroeconomic problems
• CLO.3 Analyse the economics policies
• CLO.4 Communicate and Work in team effectively
• CLO.5 Identify and analyse ethical issues in Macroeconomics

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No Course Learning Outcomes

CLO.1 Explain and analyze macroeconomic concepts
CLO.1.1 Describe the economic cycle, Identify and distinguish gross national product
(GDP), gross domestic product (GNP), current GDP and real GDP, PPP GDP.
Determine the price index and know how to use the price index to calculate
inflation rates. Describe the components of GDP using the expenditure method.
CLO.1.2 Describe unemployment and the main causes of unemployment, know how
unemployment is calculated. Describe inflation and the main causes of inflation,
monetary inflation, push cost inflation, demand pull inflation. Describe the
relationship between inflation and unemployment. Distinguish between cost push
and demand pull inflation.
CLO.1.3 Distinguish financial, monetary and banking systems. Explain the money supply
system and its function. Discuss the role of central banks and policies
CLO.1.4 Discuss the impact of fiscal and monetary policy. Define budget deficits, budget
surpluses and budget balances. Compare the differences and similarities of
macroeconomic policies. Identify the methods that the central bank uses to
control money supply.
CLO.1.5 Explain the balance of payment accounts, exchange rates and related issues.

No Course Learning Outcomes

CLO.2 Discuss and solve economic problems
CLO.2.1 Calculate and interpret GDP nominal, real GDP, CPI, Deflator, inflation rate, price
index
CLO.2.2 Calculate and explain the labor data, labor force participation rate,
unemployment rate.
CLO.2.3 Identify the budget deficit/surplus, national saving, public saving, private saving,
money multiplier
CLO.2.4 Draw diagram to demonstrate the impact of macroeconomic policy to ASAD.
CLO.2.5 Calculate and analyse the impact of different government action to affect
aggregate outputs.
CLO.3 Analyze and evaluate of economic problems
CLO.3.1 Compare and contrast the different macroeconomic indicators.
CLO.3.2 Analyse the impact of macroeconomic policies

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No Course Learning Outcomes

CLO.4 Communicate and work effectively in groups
CLO.4.1 Work, collaborate and lead team work
CLO.4.2 Collect and select relevant data for specific uses
CLO.4.3 Write and visualize the written report for specfic purpurses, consider writing format, styles
CLO.4.4 Manage time and deadlines
CLO.4.5 Make the oral presentation and video presentation

CLO.5 Appreciate the responsibility and ethics issues in economics

Skills and Attitude

SKILLS
• Professional skills: be able to explain, analyze, discuss certain socio-economic
phenomena.
• Soft skills: (B2 level)
• Critical thinking, analytical thinking, reasoning and giving evidence;
• Problem solving;
• Communication, teamwork;
• Project management and time management
• Dynamic and creative thinking.
• Self-study skills.
ATTITUDE:
• Active learning, working seriously and effectively;
• Adapt to change
• Confidence and responsibility in words and actions.
• Respect for differences and people

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Course assessment
No Items Learning outcomes Ratio
1 Assignment BT CLO1, CLO2, CL03, CLO5 20%
2 Project BTL/TL CLO3, CLO4, CLO5 20%
3 Final Exam Thi CLO1, CLO2, CLO3 60%

CLO.1 CLO.2 CLO.3 CLO.4 CLO.5 Total

Weight 30% 30% 20% 10% 10% 100%
Assignment 20% 20% 30% 20% 20,0%
Project 10% 100% 80% 20,0%
Midterm exam
Final Exam 80% 80% 60% 60,0%
Total 100% 100% 100% 100% 100% 100,0%

PROJECT
REQUIREMENT
• Group of 4-5 students - designated by the class list.
• Select 2 countries and present economic data. Class will have team(s) to control
the works of other teams.
• Write the analysis report (commentary) to visualize the data with theoretical
arguments, evidence, full citations.
• The groups prepare video presentation and post it on youtube and share it in
elearning for other groups to see and comment. Video time ranges from 5-10
minutes. The score will depend on the nature of the content of the
presentation, the degree of view, likes, and meaningful comments.
• Refer to the APA's writing methodology for formatting, fonts, presentation,
citation and related issues: https://apastyle.apa.org/style-grammar-
guidelines/

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PROJECT
ORGANIZATION
• Report and video will be submitted Week 10/12. The report consists of 2
parts: Report and video presentation.
• The Control teams will follow and control the progress, remind, and at
the same time preparing a report on the situation of doing the exercises
of the remaining groups. As a management team, you identify the type of
topics, results, and issues and lessons that arise. The control group will
present the day of the last session of the selected groups.

Truth and reality

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1-17

Bloom's Taxonomy

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Contents
Session Content Readings

1-2-3 The System of National Accounts Mankiw (VN) C10, 11,12 (ENG) 22, 23, 24

4 Aggregate Demand and Aggregate Supply Mankiw (VN) C20 (ENG) 33

5-6 Unemployment and Inflation Mankiw (VN) C10, 15,17,22 (ENG) 28, 30, 35
•

7-8-9 Financial, Monetary, and Banking System Mankiw (VN) C13,16,17 (ENG) 26,29,30

10 Macroeconomics policies Mankiw (VN) C21 (ENG) 34

11-12 Open Macroeconomics Mankiw (VN) C18,19 (ENG) 31,32

13-14-
Presentation
15

Macroeconomy

DETERMINANTS OUTCOMES
Jobs
Internal market
forces
Prices

External shocks
MACRO
Growth
ECONOMY
Output
Policy levers
International
balances

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Macro View
• The basic macro outcomes include:
• Output — The total volume of goods and services produced
(real GDP).
• Jobs — The levels of employment and unemployment.
• Prices — The average price of goods and services.
• Growth — The year-to-year expansion in production
capacity.
• International balances — The international value of the
dollar, trade, and payment balances with other countries

Macro View
• The determinants of macro performance include
• Internal market forces — Population growth, spending behavior,
invention and innovation, and the like
• External shocks — Wars, natural disasters, trade disruptions, and so
on.
• Policy levers — Tax policy, government spending changes in the
availability of money, and regulation.

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Key issues in macroeconomics

• Inflation
• the rate of change of the general price level
• Unemployment
• a measure of the number of people looking for work, but who are without
jobs
• Output
• real gross domestic product (GDP) measures total income of an economy
• it is closely related to the economy's total output

Key issues in macroeconomics

• Economic growth: increases in real GDP, an indication of the expansion of the

economy’s total output
• Business Cycle: the cycle of short-term ups and downs in the economy
• Recession: a period during which aggregate output declines (conventionally
measured by 2 consecutive quarters).
• Depression: Prolonged and deep recession.
• Macroeconomic policy: a variety of policy measures used by the government
to affect the overall performance of the economy

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The circular flow of income, expenditure and

output
I

C C+I
S

Households Firms

Government in the circular flow

I
C+I+G
C C + I + G - Te
S G
Te

Households Government Firms

B - Td
Y + B - Td Y

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