That's  me ;-)

Economics & Statistics

 Winter term 2017/18 -  19 October 2017
Economics II: Macroeconomics and Economic Policy -- Winter Term 2017/18
BIM 3rd semester + International Students

Basic Information

  • First klick HERE for the Assessment.
  • It's a Learning Portfolio.
  • Required parts of the Learning Portfolio will be discussed at the beginning of the semester.
  • They might be subject to change / discussion during the semester.

Literature:

Student Platform Aulis:

Presentation:

Preliminary Schedule:
(there might (will) be changes to the schedule during the class)



No week date presentation Unit - topics (Preliminary Schedule) Material
1 1 03 Oct   - national holiday -

- 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 Wed, 04 Oct  

Review of Mankiw principles 5-7 and 8-10 /
Economic dogmata: Theories - Markets - Governments - People ...

Teamwork (MÜ): Most important objective:
What if the common good was the goal of the economy? | Christian Felber (TEDxVienna) [up to 12:45]


Part D: Foundations of Macroeconomics

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

-> Reader BIM 2017
German National Accounting @DeStatis:
- Important economic indicators & publications
- current figures: "GERMAN ECONOMY (last) quarter"
(
In German: "Wichtige Zusammenhänge im Überblick")

-> Overall economic equilibrium: 50th anniversary of the Magic Square

- Eurostat with National Accounts
- Economic indicators at the OECD
- OECD iLibrary - The OECD's Online Library of Statistical Databases, Books and Periodicals (accessible from the campus net - or via VPN) OECD-report: „How's Life? November 2015: Measuring Well-being“

3 2 10 Oct  

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

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
.
4 2    

Critiques of GDP

 

+++ OECD Berlin Centre – 15. Oktober 2015 +++
-------------------------------------------------------------
How's Life? 2015: Measuring Well-being
How`s Life? 2016: Measuring Well-being Germany

- What if the common good was the goal of the economy? | Christian Felber | TEDxVienna (ME s.b.)
-> EFA-Symposium 2017 "Politik und Finanzmärkte" wird am 30. November und 01 Dezember 2017 stattfinden.

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 2009

The German Statistical Office (DeStatis) publishes Environmental indicators and also an "Indicator Report 2016: Sustainable Development in Germany", also see "Wie misst man Wohlstand?"

5 3 17 Oct (no pres. 15)

 On September 28 2017 the Joint Economic Forecast Autumn 2017 was published:

Upturn Remains Robust – Amid Mounting Tensions

Press release with Summary with Key Forecast Figures (PDF, 192 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 24 Oct  

Part E: Macroeconomics
16 The Roots of Modern Macroeconomics

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

 

8 4    pres. 16

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

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

Data for Consumption Function
Example for the "Multiplier rounds"

9 5 31 Oct - no class -

- national holiday -

 
10 5    pres. 17

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 07 Nov - no class -

- due to a business journey -

 
12 6   - no class -

- due to a business journey -

 
13 7 14 Nov  pres. 18

18 Money and Interest Rates
-> European Central Bank ECB

19 The Relationship between the Money and Goods Markets 

The Council of Economics Experts delivered the annual report 2016/17 to the German government.

Please read the Press release of the annual report 2016/17 (German) of the German Council of economic experts

14 7     20 Fiscal and Monetary Policy

 

15 8 21 Nov  pres. 19 20 Fiscal and Monetary Policy  
16 8    

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?

17 9 28 Nov  pres. 20

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

18 9   -- no class due to a re-accreditation meeting --

 

19 10

05 Dec

 pres. 21 22 Long-term Economic Growth

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)
 

The first university in Germany to create a Common Good Balance ...

20 10  

pres. 22

pres. 23

23 Supply-side Policies 

 

Part F: The World Economy
24 International trade
  

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!

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 phone numbers of these contact persons.

21 11

12 Dec

pres. 24

24 International trade

22 11   pres. 25

25 The Balance of Payments and Exchange Rates

Workshop on Negotiation skills
(preparation for the simulation game
in January)

 
23 12 19 Dec
pres. 26

26 Global and Regional Interdependence

YOUR questions about the topics discussed up to now:
 (Contents_of7th_edition.doc -> Macro)
 (your) Review Questions Macroeconomics (see your material in AULIS)

24 12
pres. 27 Simulation Game TopSim Applied Economics:

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)

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 Tuesdays 11.00 bis 13.00 Uhr)
- banks: Prof. Dr. Carola Spiecker-Lampe, Carola.Spiecker-Lampe@hs-bremen.de, 5905 4439 (office hour Mondays at 12.00-13:00)
- CWS, government: Peter Schmidt,
Peter.Schmidt@hs-bremen.de (5905-4691 office hour Thursdays 15:00-16:30)

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

25 13 09 Jan
 Midterm Test

HAPPY new Year 2018!

Midterm Test (40 minutes incl. MC)
- topics: to be discussed --> Contents_of7th_editionMacro.doc, you should also know how to solve EoC-questions 1 to 6 of chapter 14)

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
- example from 2015/16 (30 minutes)

26 13
  Simulation Game TopSim Applied Economics  Simulation Game TopSim Applied Economics 1st round (= period 2)
27 14 16 Jan
  - " - - Feedback and discussion of 1st round (= period 2)
28 14
  Simulation Game TopSim Applied Economics
- periods 3 and 4
29 15

23 Jan

 
- " -
- Feedback and discussion of last rounds
- period 5
30 15
 

- " -

 

 

Review and conclusion
+ YOUR questions

26 Global and Regional Interdependence

27 Economic Problems of Developing Countries

Feedback and Review

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.

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

Alpha  
Beta  
Gamma  
Delta  
Epsilon  
Zeta

names of students

Alicia
Alicja
Gian Marco
Hauke
Hélène
Moritz

Anna
Anna-Franziska
Frauke
Karen
Lisa
Philine
Simone

Annika
Céline
Charlene
Jasmin
Kira Lena
Maren
Rieke

Carolin
Jessica
Katherina
Larissa
Lina
Sarah Aylin
Sophia

Andre
Kai
Niclas
Robert

Dovudshoh

Seda
Jakob
Maximilian
Vanessa
Veronica

Loik

  Simulation Game
Firm 1
Firm 2
Bank 1
Bank 2
Advocacy groups / CWA
Government
1. week
Wed, 4 Oct
(integrated in class)

Review of Mankiw principles 5-7 and 8-10 (in class)

Teamwork: Most important objective:
What if the common good was the goal of the economy? | Christian Felber (TEDxVienna) [up to 12:45]

           

2nd week
11 October

+ What if the common good was the goal of the economy? | Christian Felber | TEDxVienna

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

Discussion of the "common good economy" approach
- issues from video
- your research
- universities with common good balances
Discussion of the "common good economy" approach
- issues from video
- your research
- universities with common good balances
Discussion of the "common good economy" approach
- issues from video
- your research
- universities with common good balances
Discussion of the "common good economy" approach
- issues from video
- your research
- universities with common good balances
Discussion of the "common good economy" approach
- issues from video
- your research
- universities with common good balances
Discussion of the "common good economy" approach
- issues from video
- your research
- universities with common good balances

18 Oct.

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 invited to refer to the more detailed part of the report or/and other sources.

1) Recommendations 1 and 2

1) Recommendations 3 and 4 1) Recommendations 5 and 6 1) Recommendations 7 and 8
1) Recommendations 9 and 10

-> next week
1) Recommendations 11 and 12
25 Oct.

Teamwork about the Joint Economic Forecast Autumn 2017 was published:

Upturn Remains Robust – Amid Mounting Tensions

Press release with Summary with Key Forecast Figures (PDF, 192 KB)

Inflation

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

Europe

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

Employment

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

International issues

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

Growth

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

Global Economy

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

01 Nov.  
 15-1, 15-2
15-3, 15-4
15-5, 15-7
16-1
 16-3, 16-4
 16-5, 16-8
08 Nov

The Council of Economics Experts delivered the annual report 2016/17 to the German government.
Please read the Press release of the annual report 2016 (German) of the German Council of economic experts

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)

Important results domestic economy (GDP)

 

 

... the USA

Important results domestic economy (other indicators)

 

 

... France

Important results international economy (GDP)

 

 

... Germany

Important results international economy (other indicators)

 

 

... England (/ GB)

What does Bofinger say about distribution?

 

 

... Ireland

What does Bofinger say about other topics (choose one)?

 

 

... Spain
15 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

22 Nov no class
(EFA Symposium) -> you are invided to participate !!  

29 Nov (no MÜ due to a reaccreditation meeting)

Do this task FOR NEXT WEEK
(= 06 December) ------>

Read the (press release of) the annual report 2016/17 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?

06 Dec 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)
13 Dec

EoC-question chapter 18

           
20 Dec

EoC-question chapter 20

We'll do tasks together in class: MacroExamSoSe10.pdf

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 2018 Simulation Game TopSim Applied Economics - Presentations by the teams 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 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 - 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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