ECON4410 is the coursenumber for the master-students. ECON3410 is the coursenumber for the bachelor-students.
Course description
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 rate, emphasis on Norway and Sweden.
- The role of expectations in economic policy models
- The role of credit, financial stability and crises
Reading list
Nymoen, R. "Dynamic models", Lecture note available on the internet (website published later).
Rødseth, A: Open Economy Macro Economics. Cambridge University Press (2000). Chap.1, 3.1.
Burda, M and C. Wyplosz: Macroeconomics. A European Text, third edition. Oxford University Press (2001), Chap. 12, 13.1-13.2, 15-17 and 19.1-19.3.
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
References marked with "K" will be part of a compendium and for sale at Kopiutsalget, Akademika.
Additional readinglist
Rødseth, A: Open Economy Macro Economics. Cambridge University Press (2000). Chap. 3.4, 10.1.
Burda, M and C. Wyplosz: Macroeconomics. A European Text, third edition. Oxford University Press (2001), Chap. 9, 20.