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| Detailed information |
| Pre-requisites |
(*)keine
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| Original study plan |
Bachelor's programme Economics and Business 2025W |
| Learning Outcomes |
Competences |
| The students are able to examine the effects of exogenous changes (e.g., fiscal and monetary policy measures or energy price shocks) on the short- and medium-term equilibrium in the goods, financial, and labor markets using graphical and formal analysis.
Course Objectives:
The students are familiar with fundamental concepts of macroeconomic theory for closed economies and empirical regularities of the business cycle. They are able to apply this knowledge to analyze typical scenarios (e.g., a recession or the effects of monetary and fiscal policy) and can read and understand general and specific newspaper articles about national and global economic developments. Students know how the equilibrium GDP is determined in the goods market, as well as the equilibrium interest rate and money supply in the financial markets, how goods and financial markets interact, and can analyze the effects of monetary and fiscal policy measures on short-term equilibrium in an economy. They understand how the medium-term equilibrium in the labor market is established and how the (change in) unemployment rate is related to price inflation in an economy.
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| Skills |
Knowledge |
- Learning Outcome 4 (LO4): Students can determine the equilibrium GDP of an economy before and after a fiscal policy measure.
- Learning Outcome 5 (LO5): Students are able to graphically depict the short-term simultaneous equilibrium in the goods and financial markets using the IS-LM model.
- Learning Outcome 6 (LO6): Students can extend the IS-LM model to include the Phillips Curve (PC) and use the resulting IS-LM-PC model to analyze the effects of fiscal and monetary policy measures or energy price fluctuations in the short and medium term.
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- Learning Outcome 1 (LO1): Students know the essential components of aggregate demand in an economy and the three methods of calculating GDP.
- Learning Outcome 2 (LO2): Students understand that in the short-term goods market equilibrium, production must match aggregate demand, and how the equilibrium GDP of an economy can be calculated from this.
- Learning Outcome 3 (LO3): Students understand the relationship between the (change in) inflation rate and the unemployment rate in an economy, and how this so-called Phillips Curve is related to assumptions about inflation expectations of economic agents.
Course Content
- Introduction
- National Accounts
- The Goods Market
- Money and Financial Markets
- The IS-LM Model
- The Labor Market
- The Phillips Curve (PC)
- The IS-LM-PC Model
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| Criteria for evaluation |
The assessment for the course "Introduction to Macroeconomics" varies depending on the instructor. However, the preparation of exercises and the participation of students in the course are always factored into the final grade. Depending on the instructor, the preparation of exercises and participation may be a prerequisite for attending the final exam and/or positively impact the final grade. The final exam may consist of open-ended questions, single-choice, and/or multiple-choice questions. To successfully complete the course, students must score at least 30% of the points in the final exam (regardless of the preparation and participation). The final exam will take place on two dates (main and resit exam) on the JKU Linz campus and must be completed without aids (i.e., no course materials, textbooks, etc.).
Synchronization of learning outcomes and assessments:
- LO1: Exercises, participation, and final exam
- LO2: Exercises, participation, and final exam
- LO3: Exercises, participation, and final exam
- LO4: Exercises, participation, and final exam
- LO5: Exercises, participation, and final exam
- LO6: Exercises, participation, and final exam
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| Methods |
This course is the "Intensification Course" for the corresponding "Lecture" of the same name. The course includes, in addition to a lecture by the instructor, collaborative problem-solving of exercises that students must solve in advance. The goals are to:
- Deepen the students' understanding of the course content and methods,
- Encourage the students to independently engage with and understand the course material,
- Enable the students to solve macroeconomic problems.
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| Language |
German |
| Study material |
- Lecture slides (with links to economic databases & sources)
- Problem sheets with exercise questions
- Selected chapters from the textbook by:
Olivier Blanchard and Gerhard Illing, Macroeconomics, 8th updated and extended edition, Pearson, 2021
Lecture slides, problem sheets, and other materials will be made available to students on JKU Moodle (https://moodle.jku.at).
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| Changing subject? |
No |
| Corresponding lecture |
(*)572K2AVEBFU15: IK Einkommen, Beschäftigung und Finanzmärkte (3 ECTS)
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