Course content

• National accounts with an introduction to sustainable growth
• Macroeconomic models
• The relationship between the main macroeconomic variables, such consumption, investments, interest rates, unemployment, inflation and exchange rates
• Economic policy
• The effects of economic policy, such as fiscal and monetary policy, on the macro economy
• Application of the economic models to Norwegian circumstances

Learning outcome

Learning outcome

Knowledge:

• Be able to explain the developments in the Norwegian and international economy
• Define key macroeconomic concepts as they are defined in the national accounts and explain the accounting relationships in the national accounts
• Discuss central macroeconomic models relevant to the Norwegian economy
• Understand how monetary and fiscal policy impact activity levels, interest rates, exchange rates, trade balance, consumption, and investment
• Comprehend the relationship between the labor market and the rest of the economy, as well as unemployment and inflation targeting
• Analyze how openness to trade and capital flows between countries affects the economy and the effects of economic policies
• Be able to relate macroeconomic topics to other subjects included in the bachelor’s program, such as business economics and microeconomics
• Understand how businesses can utilize macroeconomic knowledge

Skills:

• Understand key macroeconomic relationships.
• Be able to analyze the prevailing macroeconomic situation
• Possess knowledge of factors influencing the real economy and insight into how economic policies can be formulated.
• Utilize macroeconomic models to discuss the effects of economic policies and other influences to which the economy is subjected.
• Connect economic theories to developments in the Norwegian and international economies.
• Use macroeconomic theory to analyze how businesses, households, and the national economy are affected by changes in the economy and economic policies.
• Apply knowledge of macroeconomics to enhance business economic outcomes.

General competence:

• Competent in asking critical and analytically sound questions about macroeconomic developments and see the relevance for the individual company
• Follow macroeconomic reasoning related to the subject, for example in connection with public debate and professional investigations
• Show how macroeconomic development (growth, interest rate and exchange rate) as well as economic policy affect the real economy and the economic choices within companies

Learning methods and activities

• Lectures and seminars
• Compulsory group assignment
• Compulsory individual mid-term test (multiple-choice)

Compulsory assignments

• Obligatorisk forkrav

Recommended previous knowledge

The following courses from the bachelor program in business administration: Mathematics, Business administration and Microeconomics

Required previous knowledge

None

Course materials

• Text book and additional course material will be announced prior to commencing the course.

Credit reductions