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Macroeconomics II


Lecturer: Prof. Dr. Maußner
Date: see timetable
Building/Room: see timetable


Abstract:

This course builds on the course Introduction to Macroeconomics I. Its point of departure is the IS-LM-Model. We introduce the labor market and extend the IS-LM framework to the AS-AD model. After having considered different versions of this model we introduce basic features of open economies into this framework.


Content:

  1. Prices, Production and Employment in a Closed Economy
    1. The Labor Market
      1. Definitions
      2. Labor Market Dynamics
      3. Frictionless Labor Market
      4. Imperfect Competition and Labor Marktet Institutions
      5. The AS Curve
    2. The AS-AD Model
      1. Framework
      2. Simultaneous Equilibrium in the frictionless AS-AD model
      3. Supply and Demand Shocks: Comparative Statics
  2. Prices, Production and Employment in a Small Open Economy (SMOPEC)
    1. The IS curve of a SMOPEC
      1. Enlarging the Circular Flow
      2. The Trade Balance
      3. The IS Curve of a SMOPEC
    2. The LM curve of a SMOPEC
      1. Perfect Capital Mobility
      2. Interest Rate Parity
      3. Exchange Rate Systems
    3. The IS-LM model in a SMOPEC
      1. Fixed Exchange Rate
      2. Flexible Exchange Rate ε=0
      3. Flexible Exchange Rate, e¹ fixed
    4. The AS-AD model of a SMOPEC
      1. The AS Curve
      2. The AD curve: Fixed Exchange Rate
      3. The AD Curve: Flexible Exchange Rate (ε=0)
      4. The AS-AD Model: Fixed Exchange Rate
      5. The AS-AD Model: Flexible Exchange Rate (ε=0)


Literature:

Blanchard, Olivier, Macroeconomics, 5th ed., Prentice Hall: Upper Saddle River, NJ 2008

Blanchard, Olivier und Gerhard Illing, Makroökonomie, 6., aktualisierte Aufl., Pearson Studium, München 2014

Burda, Michael und Charles Wyplosz, Macroeconomics: A European Text, Oxford University Press: Oxford 1993 (deutsche Übersetzung im Vahlen Verlag erschienen)

Dornbusch, Rüdiger und Stanley Fischer, Macroeconomics, 9th ed., McGraw-Hill: New York 2003 (deutsche Übersetzung: 8 Auflage, Oldenbourg Verlag, 2003)

Mankiw, N. Gregory, Macroeconomics, 6th ed., Palgrave Macmillan, 2006 (deutsche Übersetzung: 5. Auflage, Schäffer-Poeschel, 2003

)Maußner, Alfred und Joachim Klaus, Grundzüge der mikro- und makroökonomischen Theorie, 2. Aufl., Franz Vahlen: München 1997


More information:

Recommended semester: Bachelor
Field of study: Bachelor iVWL: VWL I; Diplom: Grundstudium
Duration: 2 SWS
Type: V - Vorlesung
Semester: every winter term