Course content

• National accounts with an introduction to sustainable growth
• Macroeconomic models
• The relationship between the main macroeconomic variables, such as 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

Knowledge:

Students should

• 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:

Upon completing the course, students should

• 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 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 (maximum 5 students per group)
• Compulsory individual assignments

Compulsory assignments

• Approved exercises

Specific conditions

Recommended previous knowledge

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

Required previous knowledge

None

Course materials

Textbook and other course material will be announced before the start of the course

Credit reductions