ECON4410 is the coursenumber for the master-students. ECON3410 is the coursenumber for the bachelor-students.
Content
Intermediate level course in macroeconomic analysis of small open economies. Key models and concepts include: Theoretical and empirical dynamic models of wage and price setting. The basic concepts and models of financial markets, and the role of financial markets in the macro economy.
Some specific topics and issues:
- Introduction to dynamic models and multipliers
- The Phillips curve, the Scandinavian model of inflation, the role of unions
- The international monetary system
- Theories of the exchange rate, theoretical and empirical models
- Economic policy with floating exchange rates: USA, the Euro area, UK, Norway and Sweden
- The role of expectations in economic policy models
- The role of credit, financial stability and crises
Literature
References marked with "K" will be part of a compendium and for sale at Kopiutsalget, Akademika.
Rødseth, A: Open Economy Macro Economics. Cambridge University Press (2000). Chap.1,3.1, 3.4, 10.1.
Burda, M and C. Wyplosz: Macroeconomics. A European Text, third edition. Oxford University Press (2001), Chap. 9, 12-13, 15-17 and 19-20.
DeGrauwe, P: Economics of Monetary Union. Oxford University Press (2003).
Rødseth A. Monetary Policy Objectives in Norway in: Christiansen A. B, and J. F Qvigstad (eds): Choosing a Monetary Policy Target. Scandinavian University Press (1997)- K
In addition the most recent reports on macroeconomic and financial stability in Norway will be used in lectures and in seminars. Internet based resources from other central banks will be used