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Economics & Statistics
 Winter term 2015/16 -  25 January 2016
Economics II: Macroeconomics and Economic Policy -- Winter Term 2015/16
BIM 3rd semester + International Students + EFA 7 elective

Basic Material:

Literature: The course is based on the textbook of Sloman: Economics. (8th edition, February 2012 - Links to Pearson-bookshop and catalogue).
You can access the material on the book webpage (of 7th ed.).   three examples of other books:
- Mankiw "Principles of Economics" ++ Case Fair Oster “Principles of Macroeconomics” ++ David Begg and Damian Ward: "Economics for Business".

In this module, we use the AULIS, the E-Learning-Platform of the Hochschule Bremen. The group is Repository (=Magazin) » Faculty 1: Business Sciences (School of Int. Business - SIB) » Business Studies / Int. Management (BIM BA) » BIM 3 - Macroeconomics - Winter term 2015-16. We are going to use this group for our internal communication and the uploads of the students.

Assessment:
The assessment is a LEARNING PORTFOLIO. Required parts of the Learning Portfolio in this class will be discussed at the beginning of the semester they might be subject to change / discussion during the semester.
Further information about the --> "Assessment"

One part of the assessment is a team presentation of a CASE STUDY about one chapter of the Sloman book.
It is expected, that you present (and quote of course) additional material from (at least 3-5) other academic sources ("literature" = books, articles from academic journals, papers, ...) and examples. To find sources, the University Library provides helpful tool. For example please check: Econmics & Business Studies, Selected Resources - Faculty 1: International Business, Data Bases (for example EconLit), OECD iLibrary); RefWorks, ...
The goal is that you deliver and moderate a discussion about contemporary issues of economic policy in class
New: In Macroeconomics / Policy there will be a stronger emphasis on the discussion of different (theoretical / political) standpoints. This holds for the content of your presentation as well as the discussion in class // after/during your presentations.

Presentations should be delivered by groups of 3 - 4 students and normally take 20 up to a maximum of 25 minutes. The groups are formed by registering in AULIS to give you the possibility to prepare your presentation during the semester break. It is expected that you provide a handout. No additional paper has to be delivered. See here for the Marking Criteria for Presentations and an example result for our discussion in class "What makes a good presentation". If you did not enrol for a presentation up to now please do so as soon as possible - using the AULIS forum mentioned above. It is required that you organize your sources in RefWorks and "share" the folder with me (link via email) or the class (link in ppt/handout).
Please recall that the material for the presentation (handout and ppt) has to be delivered on the day before the presentation up to 4 pm, so everyone has the possibility to download and print the material on time. If a team fails to deliver the material in time this will lead to a reduction in the mark.
New: The team has to deliver 3-5 review questions at the end of the presentation.  

Another part of the assesment is the weekly team-homework/simulation game, see table below.     ----> Further information about the ... "Assessment"



Preliminary Schedule
The classroom time is Wednesdays from 8.30-13.30. These are two seminar units plus a module exercise that will be integrated. In January we are going to play the simulation game.

No week date presentation Unit - topics (Preliminary Schedule) Material
1 1 Wed, 07 Oct   Review of Mankiw principles 5-7 and 8-10 /
Economic dogmata: Theories - Markets - Governments - People ...

- How useful is economics? -> Nobel Laureate Daniel McFadden
- Why inequality matters | Nobel Laureate Joseph Stiglitz

Warm-up questions ;-)
-> Socrative, waiting for the teacher

GapMinder
- http://www.gapminder.org/ignorance
- Rosling@Zeitgeist (2007)

->"This is Water" by David Foster Wallace: video, text
commencement address to the 2005 graduating class of Kenyon College in Gambier, Ohio

2 1    

Part D: Foundations of Macroeconomics

14 The National Economy
National Accounting; The circular Flow of Income

German National Accounting @DeStatis:
- Important economic indicators & publications
- current figures: "GERMAN ECONOMY 2nd quarter 2015"
- Gross Domestic Product: What does the indicator describe? + How is the indicator calculated?
- Some press releases:
   o Detailed gross domestic product results for the 2nd quarter of 2015
   o Gross domestic product up 0.4% in the 2nd quarter of 2015

In German: "Wichtige Zusammenhänge im Überblick".

Other sources of data and information:
o U.S. Department of Commerce: www.commerce.gov        o Bureau of Economic Analysis: www.bea.gov
o Bureau of Labor Statistics: www.bls.gov         o Federal Reserve System: www.federalreserve.gov
o The World Factbook (CIA): www.cia.gov/library/publications/the-world-factbook        o For data on Europe, visit europa.eu (European Union home page) and
o the European Central Bank home page on www.ecb.int        o International sources include the
  - International Monetary Fund www.imf.org       - and the World Bank www.worldbank.org

3 2 14 Oct  

14 The National Economy:
National Accounting, Concepts and Critiques of GDP

- German National Accounting @DeStatis:
- Eurostat with National Accounts
- Source OECD - The OECD's Online Library of Statistical Databases, Books and Periodicals (accessible from the campus net - or via VPN) OECD-Bericht „How's Life? November 2013: Measuring Well-being“

- GDP to NNY and summary of National Income accounting

4 2    

Critiques of GDP

 

+++ OECD Berlin Centre – 15. Oktober 2015 +++
-------------------------------------------------------------
How's Life? 2015: Measuring Well-being

Debate at the Economist about GDP as a measure of welfare

"Monitoring economic performance, quality of life and sustainability" by the German Council of Economic Experts in association with the french Council of Economic Analysis - Joint Report 2010 requested by the Franco-German Ministerial Council to Chancellor Mrs. Angela Merkel and french President Nicolas Sarkozy (deutsche Übersetzung: Wirtschaftsleistung, Lebensqualität und Nachhaltigkeit: Ein umfassendes Indikatorensystem). This report (and request) was based on the ...
-> Report of the commission on the measurement of economic performance et social progress by the "Stiglitz-Sen-Fitoussi commission" 2009

The German Statistical Office (DeStatis) publishes Environmental indicators and also an "Indicator Report 2012: Sustainable Development in Germany", also see "Wie misst man Wohlstand?"

5 3 21 Oct  

15 Macroeconomic Issues and Analysis: an Overview

 On 8 October 2015 the German research institutes published their current Joint Economic Analyses:
German Economy Stable but Needs Effective Policies to Nurture Growth
Here you can download the Press summary (PDF, 170 KB)
6 3    

15 Macroeconomic Issues and Analysis: an Overview

Part E: Macroeconomics
16 The Roots of Modern Macroeconomics

Annenberg Video @ learners.org:
5. John Maynard Keynes

7 4 28 Oct

pres. 16

 17 Short-run Macroeconomic Equilibrium
Keynes' Income-Expenditure Model

 
8 4   pres. 17

Keynes' Income-Expenditure Model
Fiscal Policy and Balanced Budget Multiplier by Haavelmo (-Theorem)

Data for Consumption Function
Example for the "Multiplier rounds"
9 5 04 Nov  pres. 18 

18 Money and Interest Rates
-> European Central Bank ECB

 Data for Consumption Function
Example for the "Multiplier rounds"
10 5    pres. 18 (2)

18 Money and Interest Rates
-> European Central Bank ECB

 Main Source : European Central Bank ECB, Educational Sources:
- videos and presentations
- definitions of monetary aggregates - MFI information - Inflation
- ppt used in class
- leitzinsen.info
11 6 11 Nov pres. 19

19 The Relationship between the Money and Goods Markets 

 
12 6   pres. 20  20 Fiscal and Monetary Policy

The Council of Economics Experts delivered the annual report 2015/16 to the German government.

Please read the Press release of the annual report 2015 of the German Council of economic experts
13 7 18 Nov pres. 21  20 Fiscal and Monetary Policy  
14 7    

IS/LM model (ch. 19.3; 20.3)

21 Aggregate Supply, Unemployment and Inflation)

-> in the November-Blog I am specifically interested in your opinion about the parts of the learning portfolio: which are good, which might be replaced, do you see alternatives? Please keep in mind that less than 3 parts do not make a lot of sense. Should there be more self-responsibility of the students?
15 8 25 Nov pres. 21 (2)
 21 Aggregate Supply, Unemployment and Inflation) Simulation Game TopSim Applied Economics
Allocation of teams and roles -> see table below. .
Please download, print and read the material available in our AULIS-Group - and in your teams' dropbox directory!
16 8   pres. 22
pres. 22 (2)

Economic Policy issues

- Fiscal and Monetary Policy in the IS-LM model

- back to Schools of Economic Thought 

Please read Box 20.2 "Riding a Switchback"

- The Liquidity Trap by Roger K. Strickland (YouTube)

Some Videos "Fight of the Century" / Fear the boom and the bust
- "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem
- Fight of the Century: Keynes vs. Hayek Round Two
and more information like "The Tale of the Dueling Economists".
Texts of the videos
17 9 02 Dec

pres. 24
pres. 24 (2)

 

      ------------- " --------------

22 Long-term Economic Growth
23 Supply-side Policies

 Limits to Growth
Wiki: First edition (1972), 2004 Limits to Growth: The 30-Year Update A synopsis to: Limits to Growth: The 30-Year Update- all by Dennis Meadows and others. Presentation of 2005.
- Talk by Dennis Meadows at the Population Institute (video part 1)
- Talk by Dennis Meadows at the Population Institute (video part 2 - start at 5.50) 
18 9      

Simulation Game TopSim Applied Economics - Introduction by the lecturer
Allocation of teams and roles -> see table below. .
Please download, print and read the material available in our AULIS-Group - and in your teams' dropbox directory!
=>
- (each team selects one expert for each sector, so that each expert group consists of 6 people NO expert teams ...)
  all teams present their sector-> presentation next week:
"~10 Minute presentation to the whole group about:
o Which decisions need to be made?
o What effects are expected on your own sector?
o What effect do these decisions have for the economy as a whole?"

- each team please select one contact person. I need the mobile numbers of these contact persons.

19 10

   
09 Dec

 pres. 25 Part F: The World Economy
24 International trade     

Simulation Game TopSim Applied Economics:
Pre-Presentation by teams
(to be discussed: we could say that students who presented today don't have to participate in the final presentations - but of course in the game)
20 10  

pres. 26

pres. 27

 25 The Balance of Payments and Exchange Rates YOUR questions about the topics discussed up to now:
 (Contents_of7th_edition.doc -> Macro)
 (your) Review Questions Macroeconomics
21 11

       

16 Dec

Midterm Test

 

 

 

 

 

 

 

25 The Balance of Payments and Exchange Rates

Midterm Test (30 minutes MC)
- topics: to be discussed --> Contents_of7th_editionMacro.doc, you should also know how to solve EoC-questions 1 to 6 of chapter 14)
- time: t.b.a.

To prepare you might want to work on the tasks for the Module Exercises as well as the "Test your Knowledge" of the chapters on http://media.pearsoncmg.com/intl/ema/ema_uk_he_sloman_econ_7e/pages/textbook_resources_index.htm

There will not be a resit (in case you are ill and (only! if) you deliver an official sick certificate (issued by a doctor), you can apply (!) for an individual assessment (as described in Assessment.doc) which in this case counts for the 300 points, so it becomes a make-up for the midterm test. You have to hand in a written proposal describing the type and topic of the assessment so I can check whether it is acceptable. I'd like to point out that an individual assessment as a make-up for the midterm test requires more time and efford than the test itself.

22 11    

26 Global and Regional Interdependence

... and why not enjoy: Deck the Halls with Macro Follies 

 Individual assessment:
Workshop on Negotiation skills
(preparation for the simulation game in January)
23 12 06 Jan 2016
 1)  pres. 25

HAPPY new Year 2016!

2) Simulation Game TopSim Applied Economics -

You can (and should!) ask questions about your team's/sectors's topics/decisions
- companies: Prof. Dr. Stephan Form, Stephan.Form@hs-bremen.de, 5905 4402 (office hour Wednesdays 10.00 bis 12.00 Uhr)
- banks: Prof. Dr. Carola Spiecker-Lampe, Carola.Spiecker-Lampe@hs-bremen.de, 5905 4439 (office hour Mondays at 14.30)
- CWS, government: Peter Schmidt, Peter.Schmidt@hs-bremen.de (5905-4691)
24 12
  Simulation Game TopSim Applied Economics

Simulation Game TopSim Applied Economics 1. round (= period 2) and discussion 1. round
25 13 13 Jan
  Simulation Game TopSim Applied Economics - period 3
26 13
    (we didn't play period 4 due to technical problems)
27 14 20 Jan
  Simulation Game TopSim Applied Economics - periods 4 and 5- Feedback and discussion
28 14
 
- periods 4 and 5- Feedback and discussion
29 15

27 Jan

10:15

  
Review and conclusion
+ YOUR questions

class + FEEDBACK +

Simulation Game TopSim Applied Economics - Final presentations of teams: (~ 15 min)
- basic results of your sector
- basic results for the economy as a whole
- what did you learn for your sector?
- what did you learn about Economics?
- what are advantages and disadvantages of the simulatioin game TopSim?
- do you recommend to use TopSim in future classes / what should be changed?
- ... (+ your own aspects!)
these questions are not a structure to be followed point after point but aspects that should help you to prepare your concluding presentation containing your "message" about the simulation game.

30 15
 

26 Global and Regional Interdependence

27 Economic Problems of Developing Countries

Feedback and Review

Video about economic approaches: "60 Second Adventures in Economics"

Some Videos "Fight of the Century" / Fear the boom and the bust
- "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem
- Fight of the Century: Keynes vs. Hayek Round Two
and more information like "The Tale of the Dueling Economists".
Texts of the videos

 

Module exercise (ME): The tasks of the module exercise normally refer to the topics discussed in the last week(s). The numbers refer to the chapter in the textmook (Sloman: "End of chapter questions").
       Parts of the ME will take place doing the Simulation Game TopSim Applied Economics, details will be discussed in class
Teams:

Date:

 


All students / photos
Alpha  
Beta  
Gamma  
Delta  
Epsilon  
Zeta

names of students /

           


(old teams - ok?)

+ International students

+ EFA 7

            
  Simulation Game
Firm 1
Firm 2
Bank 1
Bank 2
Advocacy groups / CWA
Government
1. week
Wed, 07 Oct
   Review of Mankiw principles 5-7 and 8-10 /
Economic dogmata: Theories - Markets - Governments - People ...		            

14 October

Teamwork IN class about exercises on chapter 14 and basics of economic policy

            
21 Oct.

Teamwork IN class about the Joint Economic Analyses:
German Economy Stable but Needs Effective Policies to Nurture Growth
Here you can download the Press summary (PDF, 170 KB)
Inflation
Employment
Europe/International
Growth
Europe/International
Europe/International

28 Oct. -> 4. Nov:

Critiques of GDP - Measuring Sustainable Development

(See also the Joint Report for the
Franco-German Ministerial Council: "Monitoring economic performance,
quality of life and sustainability"), esp. the dashboard on p. 27

In the Report of the "Stiglitz-Sen-Fitoussi commission" on the "Measurement of economic performance and social progress" (2009) the authors deliver 12 recommendations. Each team is requested to present a brief (~ 5-7 min.) summary of two recommendations -------->

In the Executive summary (p.7-18) each recommendation is described in one paragraph but you are also requested to refer to the more detailed part of the report or/and other sources.

1) Recommendations 1 and 2

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

 1) Recommendations 3 and 4

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

 1) Recommendations 5 and 6

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

 1) Recommendations 7 and 8

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

 1) Recommendations 9 and 10

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

 1) Recommendations 11 and 12

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)
   
 15-1, 15-2
15-3, 15-4
15-5, 15-7
16-1
 16-3, 16-4
 16-5, 16-8
 

All Teams please perform a regression analysis for the consumption function for ...

(You might find data sources at the Statistische Bundesamt, ECB, IMF, ... There are also some links below)

 ... the USA ... France ... Germany ... England (/ GB) ... Ireland ... Spain
18 Nov

ALL teams please prepare EoC-question 1 = letters ->

(ch 17)   plus question: -->

(a)

2

(b and c)

3

(d)

3

(e)

4

(f)

5

(g)

7
18 Nov Read the Press release of the annual report 2015 of the German Council of economic experts

What are the most important messages?

Do you agree?

What are the most important messages?

Do you agree?

What are the most important messages?

Do you agree?

What are the most important messages?

Do you agree?

What are the most important messages?

Do you agree?

What are the most important messages?

Do you agree?
18 Nov I' like to discuss rules of classroom behaviour with you.            
25 Nov Have a look at this exam (I'm aware that you don't know task 1 yet, nor 3-2 and 3-3 -- and of course your test will still only be 30 minutes) task 2 but using:
C = 1000 + 0.8 Y 		 task 2 but using:
C = 2000 + 0.9 Y 		 3.1 (own research)  4.2 in your own words (and perhaps some own research), don't use my ppt, we all know that.  4.4 in your own words (and perhaps some own research)  4.1 (own research)
25 Nov

EoC-question chapter 18

            
02 Dec EoC-question chapter 20            
02 Dec We'll do tasks together in class: MacroExamSoSe10.pdf            
09 Dec We'll do tasks together in class Pre-Presentation by teams or experts -
Simulation Game TopSim Applied Economics		  Pre-Presentation by teams or experts -
Simulation Game TopSim Applied Economics		  Pre-Presentation by teams or experts -
Simulation Game TopSim Applied Economics		  Pre-Presentation by teams or experts -
Simulation Game TopSim Applied Economics		  Pre-Presentation by teams or experts -
Simulation Game TopSim Applied Economics		  Pre-Presentation by teams or experts -
Simulation Game TopSim Applied Economics
Jan 2016 Simulation Game TopSim Applied Economics - Presentations by the teams
(... Presentations by the teams)
(... Presentations by the teams)
(... Presentations by the teams)
(... Presentations by the teams)
(... Presentations by the teams)
(... Presentations by the teams)
 

 Simulation Game TopSim Applied Economics

 we'll play the simulation game during class time and in the module exercise we'll play the simulation game during class time and in the module exercise we'll play the simulation game during class time and in the module exercise we'll play the simulation game during class time and in the module exercise we'll play the simulation game during class time and in the module exercise we'll play the simulation game during class time and in the module exercise
  Simulation Game
 - " -
 - " -
 - " -
 - " -
 - " -
 - " -
  Simulation Game
 - " -
 - " -
 - " -
 - " -
 - " -
 - " -
   Simulation Game - Final Presentation
Final Presentation
Final Presentation
Final Presentation
Final Presentation
Final Presentation
Final Presentation

 

Top

Data Sources:

Links:

 Quotations form the book of Thomas Friedman: "The World is flat":
- For some, particularly among the older generations, this was an unwelcome transformation. Communism was a great system for making everyone equally poor. In fact, there was no better system in the world for that than Communism. Capitalism made people unequally rich, and for some who were used to the plodding, limited, but secure Socialist lifestyle--where a job, a house, an education, and a pension were all guaranteed, even if they were meager--the fall of the Berlin wall was deeply unsettling. (p. 51/52)
- ... to some degree Mikhail Gorbachev's hapless efforts to reform something that was unreformable brought communism to an end. But if I had to point to one factor as first among equals, it was the information revolution that began in the early- to mid-1980s. Totalitarian systems depend on a monopoly of information and force, and too much information started to slip through the Iron Curtain, thanks to the spread of fax machines, telephones, and other modern tools of communication. (p 54)

 Interesting Economics-related links (arranged by Christopher Langelage - in memoriam)

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