Introduction to Macroeconomics · 2016/17
1r Grau d'Economia, ADE, FIC, ADE+FIC, ADE+Dret · M4
   

 
 


Antonio Quesada
Office 314
Departament d'Economia
Universitat Rovira i Virgili

Avinguda de la Universitat 1
43204 Reus

E-mail: aqa@urv.cat  

Office hours (February - May 2017)
Thursday  08:00-11:00
Friday
      08:00-11:00

Lecture room A2.1 · 7 February 2017 - 23 May 2017
Tuesday 09
:00-11:00 & Thursday 11:00-13:00  
 
Class timetable
February
7
9
14
16
21
23
28  

March
2
7
9
1416
21
23 2830
April
4
6
18
20
25
27


May
2
49
11
1618
23
 



 Q&A session: Friday, 31 March, 13:00-15:00, Classroom A0.3 

Q&A session: Wednesday, 24 May, 11:00-13:00, Classroom A2.2

The Spanish economy
  

 
 


Contents  

  First session information  Audience   Sketch of macroeconomic concepts 


  1. Metamacroeconomic ideas  | 14 Feb 2017

      
  Slides to hallucinate | 7 Feb 2017

         The stock market as a beauty contest | 9 Feb 2017


  2. GDP and inflation rate  | 16 Feb 2017
  

  3. Unemployment and unemployment rate  |  23 Feb 2017  
  

  4. Models to explain unemployment  |  28 Feb 2017 
    

  5. Basic macroeconomic accounting  |  9 Mar 2017 
     

  6. Aggregate supply and aggregate demand (AS-AD) model and expenditure multiplier  |  16 Mar 2017 


  7. Money  |  21 Mar 2017           Sketch of the financial sector 


  8. Financial assets  |  23 Mar 2017  Minsky moment
   
    
  Dow Jones | 1928-2017 | 1928-53  | 1986-2017 | 2007-17 | 2015-17  
      Dow Jones historical data 

       NASDAQ | 1971-2017  
       NASDAQ historical data 

 

  9. Interest rates and central banks  |   23 Mar 2017 


  10. Interest rate determination  |   28 Mar 2017 
    

  11. Exchange rate and exchange rate determination  |  28 Mar 2017 

      
  Big Mac Index   
       
On the trilemma  (with thanks to Maggie F)


  12. Theory of macroeconomic policy  |  6 Apr 2017  Slides   Fiscal policy rules (Spain) 

 
     Swan diagram  
       'Whatever it takes'   ( Spain's risk premium)
    
Nobel laurate Christopher Sims on how (not?) to fight corruption  |  LV 24 Apr 2017

      Macroeconomic forecast 2017-20 by the Spanish government |  28 Apr 2017 
           (  www.lamoncloa.gob.es)
      Stability programme update by the Spanish government |  28 Apr 2017 

      National reform programme, 2017, Kingdom of Spain 
      Investors presentation, April 2017, Spanish Treasury 

    Spanish law 2/2012, from the 27 of April, on budget stability and financial sustainability 
    AIReF        On the reform of art. 135 of the Spanish 1978 Constitution

     Seven deadly innocent frauds of economic policy by Warren Mosler (click here if the link is broken)
    Fifteen fatal fallacies of financial fundamentalism by William Vickrey (click here if the link is broken)   
  

Problem sets

  Problem set 1:  Exercises | Multiple choice questions
       GDP, GDP per capita, CPI, GDP deflator, inflation rate

  Problem set 2:  Exercises | Multiple choice questions 
       Unemployment, business cycle, AS-AD model, savings and balance identities

  Problem set 3:  Exercises | Multiple choice questions  
       Monetary aggregates,financial assets, interest rate, exchange rate

  Problem set 4:  Exercises | Multiple choice questions 
       Macroeconomic policy


Evaluation

1st call
 

35% of the final mark: mid-term activities and mid-term exam (Tuesday 4 April 2017)
25% of the final mark: end-of-term exam (Thursday 23 May 2017)

40% of the final mark: final exam (Friday 26 May 2017, 12:00)
    It is necessary to pass the final exam to pass the course
   
2nd call

100% of the mark: final exam (Monday 19 June 2017, 12:00)


Exams

  Exam 1  23 Feb 2017 
  Exam 2  7 Mar 2017 

  Exam 3  Mid-term exam (on topics 1-6)  4 Apr 2017 

  Exam 4  27 Apr 2017  
  Exam 5 (non natus) 2 May 2017

  Exam 5 (end-of-term exam) 23 May 2017

  Final exam (1st call) 26 May 2017 

  Final exam (2nd call) 19 Jun 2017 

 


Marks

  From Exam 1  | 23 Feb 2017 
  From Exam 2  | 7 Mar 2017 

  From Exam 4  | 27 Apr 2017 
  
  From the end-of-term exam  | 23 May 2017 

  From the final exam (1st call)  | 26 May 2017 
      Includes the final mark in the 1st call

  From the final exam (2nd call)  | 19 Jun 2017 


Links

Happy planet index |  Calculate your personal score on the Happy Planet Index here     
New Maddison Project Database: Economic growth in the world between AD 1 and 2010
World press

CIA World factbook  
World economic outlook (IMF, January 2017)

Tradingeconomics 

The end of male supremacy?  usnews.com  npr.org 

Cum hoc fallacy? The male organ hypothesis  | Animated chart  | Chart  
Can men's intelligence be seen?  | Paper 
  Hair colour and intelligence 
Stockpile of correlations | More 
Men are more stupid than women | Male idiot theory and the Darwin awards 
      (Darwin awards 1995-2014: 282 men, 36 women, 14 shared)

Rich and poor countries: the Earth at night  1  2  3  4  5  6  |    Nightearth.com
Blue banana  BB  |    Golden banana GB  Other bananas 

Spain · National accounts  Methodology 

The inflation monster!

  Will a robot take your job BBC news   
  Will your job be done by a machine |  npr.org   
       [The site says that college professors have a 3.2% chance of being automated]

  An algorithm defeats professional poker players  |  THE INDEPENDENT.co.uk  2 Mar 2017

  This 2013 paper by CB Frey and MA Osborne suggests a list of occupations ranked
       according to their probability of computerization 


  Pyramid of the capitalist system

  Banknote statistics (UK)  
  Reserve Bank of India  (Database

  New €50 baknote on 4 April, 2017  
  The new euro banknotes  
  Euro coins and banknotes in circulation 
  The €500 baknote is dead   

  Banknotes of the world 

  New US dollar note designs 
  US banknotes 

  Eurozone monetary aggregates  
  ECB Statistical Data Warehouse  

  Spain's national debt  
  US debt clock  

  Speculation and the attack on the Borussia Dortmund team bus  
  China's impossible trinity   
  'The big short'   Film   Book   

  Links suggested by Manel F  1   2   3 

  Spanish public debt again above 100% GDP: 100,33%  |  EL MUNDO 18 May 2017






Figures


      WORLD
 
  GDP growth  GDP per capita  1 2 3 4 |

  Argentina 1 2 Ecuador | France India | Indonesia 1 2 | Italy | Spain 1 2 | US   

  GDP per capita FRA ITA SPA ID IN ARG ECU USA · 1820-2010
       FIS
| FISII | ALL | ALL2 | NoUS | 9 Feb 2017  Source: Maddison

  Phillips curve (WEO Oct 2016)  Argentina 1  2Ecuador | France India | Indonesia | Italy | Spain | US 
  Okun's law (WEO Oct 2016)  Argentina Ecuador | France India | Indonesia | Italy | Spain | US



      EUROZONE
 


  Exchange rate against   Dollar 1  2  Pound 1  2  Indian rupee  
  Euribor 1  2  ECB rates   



      SPAIN
 

 
  Inflation rate 1962M1-2017M1  2003M1-2017M1  2003M1-2017M1 (monthly) 
  GDP growth rate (1971Q1-2016Q4)  quarterly   annual  WEO Oct 2016
  GDP & inflation rate | GDP growth rate & inflation rate 

  GDP, CPI, GDP deflator, unemployment (WEO Oct 2016)
  Inflation rate & unemployment rate (1976Q3-2016Q4)  quarterly  annual  |  WEO Oct 2016 

  Unemployment rate 1976Q3-2004Q4  2001Q1-2016Q4  |  Labour force 1976Q3-2004Q4
  Employment  1976Q3-2004Q4   2001Q1-2016Q4  Inflation & unemployment (1976-2016)

  Phillips curve  | 1976-2016  |  Decomposition: 1976-86   1987-2016   1976-2016         
  Okun's law (1976Q3-2016Q4)  1  2   

  Savings identity 1995Q1-2016Q4


      CATALONIA 
  
  Unemployment rate  1976Q3-1995Q4   2001Q1-2016Q4  Participation rate
  Employment  1976Q3-1995Q4   2001Q1-2016Q4 













Last update: 19 June 2017 · 20:57