Economics I
Code: 40095 ECTS Credits: 15| Degree | Type | Year | Semester |
|---|---|---|---|
| 4313805 Economic Analysis | OB | 1 | 1 |
Contact
- Name:
- Maria Teresa Cabeza Gutes
- Email:
- Maite.Cabeza@uab.cat
Use of Languages
- Principal working language:
- english (eng)
Teachers
- Xavier Vilā Carnicero
- Luis Eduardo Rojas Dueņas
Prerequisites
No specific prerequisits
Objectives and Contextualisation
This module introduces, in a formal and analytical way, the basic principles of microeconomics and macroeconomics. The student learns how to analyze economic problems and derive their implications using techniques and tools that are typical of mathematical sciences. Microeconomics focuses both on consumer and production decision theory. Macroeconomics focuses on advanced analytical tools that are necessary for the analysis of dynamic problems.
Competences
- Capacity to articulate basic economic theory, analytically deriving them from mathematical reasoning
- Conceptually analyse a specific economic problem using advanced analytical tools
- Express recommendations about economic policy at macro and micro levels
- Make independent judgements and defend them dialectically
- Possess and understand knowledge that provides a basis or opportunity for originality in the development and/or application of ideas, often in a research context
- Student should possess the learning skills that enable them to continue studying in a way that is largely student led or independent
- Students should know how to communicate their conclusions, knowledge and final reasoning that they hold in front of specialist and non-specialist audiences clearly and unambiguously
- Use new technology for the collection and organisation of information to solve problems in professional activities
Learning Outcomes
- Analyse the advantages and disadvantages of neoclassical assumptions
- Frame an economic decision-making question in a simple strategic context in a mathematical problem and derive the answer using mathematical logic
- Interpret the modelling of a classical problem, the conclusion deriving from it and its limitations
- Make independent judgements and defend them dialectically
- Possess and understand knowledge that provides a basis or opportunity for originality in the development and/or application of ideas, often in a research context
- Propose a simple economic problem in an analytical manner
- Student should possess the learning skills that enable them to continue studying in a way that is largely student led or independent
- Students should know how to communicate their conclusions, knowledge and final reasoning that they hold in front of specialist and non-specialist audiences clearly and unambiguously
- Use new technology for the collection and organisation of information to solve problems in professional activities
Content
I. Microeconomics
1. Consumer theory
2. Choice under uncertainty
3. Theory of the firm
II. Macroeconomics
1. Deterministic neoclassical growth model
2. Dynamic programming
3. Stochastic models
4. Overlapping generation models
For a detailed description of the content of this module go to http://idea.uab.cat/master_program.php .
Methodology
The course will consist of sessions where the instructor presents the material, and sessions specifically dedicated to problem solving. Students are encouraged to form study groups to discuss assignments and readings.
The proposed methodology may undergo some modifications according to the restrictions imposed by the health authorities on on-campus courses.
Annotation: Within the schedule set by the centre or degree programme, 15 minutes of one class will be reserved for students to evaluate their lecturers and their courses or modules through questionnaires.
Activities
| Title | Hours | ECTS | Learning Outcomes |
|---|---|---|---|
| Type: Directed | |||
| Theory classes | 112.5 | 4.5 | 1, 4, 2, 3, 6, 8, 7, 5, 9 |
| Type: Supervised | |||
| Problems sets, tutorials | 75 | 3 | 1, 4, 2, 3, 6, 8, 7, 5, 9 |
| Type: Autonomous | |||
| Personal study, study groups, textbook readings, article readings | 187.5 | 7.5 | 1, 4, 2, 3, 6, 8, 7, 5, 9 |
Assessment
|
Final Exams |
50% |
|
Class attendance and active participation |
20% |
|
Problem sets and assignments |
30% |
The proposed evaluation activities may undergo some changes according to the restrictions imposed by the health authorities on on-campus courses.
Assessment Activities
| Title | Weighting | Hours | ECTS | Learning Outcomes |
|---|---|---|---|---|
| Class Attendance and Problem sets and assignments | 50% | 0 | 0 | 1, 4, 2, 3, 6, 8, 7, 5, 9 |
| Final Exams | 50% | 0 | 0 | 1, 4, 2, 3, 6, 8, 7, 5, 9 |
Bibliography
Microeconomics:
Mas-Colell, A., M. Whinston and J. Green, Microeconomic Theory, Oxford University Press
Jehle, G.A., P. J. Reny, Advanced Microeconomic Theory (Third Edition). Prentice hall
Macroeconomics:
Krueger, D., Macroeconomic Theory, teaching manuscript
Ljungqvist, L. and T. Sargent, Recursive Macroeconomic Theory, MIT Press
Stokey, N. L. and R. E. Lucas, Jr., Recursive Methods in Economic Dynamics, Harvard University Press.(CP) Cooley, T. F. and E. C. Prescott, Economic Growth and Busines Cycles, in Cooley, T.F. (ed.) Frontiers of Business Cycle Research, Princeton University Press
King, R. G., C. I. Plosser, and S. T. Rebelo, Production Growth and Business Cycles. I. The Basic Neoclassical Growth Model, Journal of Monetary Economics, 21, pp. 195-232
Krusell, P., L. E. Ohanian, J.-V. Ríos-Russ, and G. L. Violante, Capital-Skill Complementarity and Inequality: A Macroeconomic Analysis, Econometrica, 68 (5), pp. 1029-1053
Additional references will be provided during the course.
Software
- Matlab
- R
- Phyton
- Stata