Economics
II: Macroeconomics and Economic
Policy
-- Winter
Term 2020/21
BIM 3rd semester + International Students |
This class
takes place online via
video conferences Basic Information
Literature
Student Platform Aulis
Preliminary Schedule:
(there might be changes to the schedule during the class) new
class times are: |
No |
week |
date | presentation | Unit - topics (Preliminary Schedule) | Prepare for this session: | Material & links |
1 |
1 |
04 Nov |
WHY Economics? Review of Mankiw
principles 5-7 and 8-10 / Most important OBJECTIVE(s) |
-> Reader Macroeconomics BIM 2020 Annenberg
Video @ learners.org: - Social
market economy (explainity® explainer video) and from
the KAS German National
Accounting @DeStatis: -> Overall economic equilibrium: 50th anniversary of the Magic Square (link unfortunately killed by Destatis) |
||
2 |
1 |
05 Nov | Part D: Foundations of Macroeconomics
|
For Module Exercise: Watch the video: What
if the common good was the goal of the economy? | Christian
Felber (TEDxVienna) [up to 12:45] Read the ECG-text from Reader Macroeconomics BIM 2020 (pp 2-5) |
- Eurostat
with National
Accounts
- What if the common good was the goal of the economy? | Christian Felber | TEDxVienna (ME s.b.) |
|
3 |
2 |
11 Nov | pres. 14 | 14 The National Economy:
Maximizing Welfare?
Alternative Economic Approaches Teamwork (MÜ): Most important objective(s) - and its consequences: |
(p)review=
|
- How can countries measure the well-being of their citizens? (TED institute) "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 ... The German Statistical Office (DeStatis) publishes Environmental indicators and also an "Indicator Report - Sustainable Development in Germany". OECD: "Beyond GDP" Joseph E. STIGLITZ, Jean-Paul FITOUSSIand Martine DURAND |
- |
- |
- |
- |
On Nov 11 2020 the Council of Economic Experts published its annual report 2020/21: Overcoming the Coronavirus Crisis
Together; Weitere Infos
zum Thema (in German): |
||
4 |
2 |
12 Nov | pres. 15 | Doughnut Economics
(Ways to Think Like a 21st-Century Economist) Scientist for Future: Facts + Statements of Scientists + Sketchnotes + Skeptical Science Global Warming & Climate Change Myths + The Consensus Handbook
15 Macroeconomic Issues and Analysis: an Overview |
Watch the following screencasts and find more information
in the text (book, chapter 15): |
Warm-up
questions ;-)
GapMinder
--> Factfulness
(the
book) |
5 |
3 |
18 Nov | pres. 16 Test 1 |
15 Macroeconomic Issues and Analysis: an Overview Balance of Payments:
Part E: Macroeconomics |
- Aggregate
demand and supply and the price level German balance of payments in 2019: Please read page 17 and the "Major items of the balance of payments" p. 28 |
Topics of our first test - Measuring inflation – the Harmonised Index of Consumer Prices (HICP) (ECB-Video) YOU are invited to participate: EFA-Symposium 2020 |
6 |
3 |
19 Nov | -- NO class due to EFA-Symposium 2020 -- | On October 14 2020 the Joint Economic Forecast Autumn 2020 was published: Recovery Loses Momentum -Economy and Politics Still Shapedby the Pandemic |
||
7 |
4 |
25 Nov | pres. 17 |
16 Macroeconomics Issues, Debates and Controversies |
Annenberg
Video @ learners.org: |
Annenberg
Video @ learners.org: Example for the "Multiplier rounds" |
8 |
4 |
26 Nov | 2 presentations: * Socialism / Venezuela * Sustainable Growth |
17 Short-run Macroeconomic Equilibrium Keynes' Income-Expenditure Model |
- The Keynesian National Income Determination Model:
the 45° line (MP4
version) |
-> 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? |
9 |
5 |
02 Dec | * Doughnut Economics (alternative economic approach) |
17 Short-run Macroeconomic Equilibrium |
- Equilibrium in the Keynesian National Income Determination
Model: (a) W = J (MP4
version) |
|
10 |
5 |
03 Dec | pres. 18
Test 2 |
Fiscal Policy and Balanced Budget Multiplier by Haavelmo (-Theorem) |
- Deflationary and inflationary gaps (MP4
version)
|
Main
Source : European Central Bank ECB,
Educational
Sources: |
11 |
6 |
09 Dec |
|
18 Money and Interest Rates |
- The supply of money: the creation of credit
(MP4
version) |
-
definitions
of monetary aggregates - MFI
information - Inflation - ppt used in class - leitzinsen.info |
12 |
6 |
10 Dec | pres. 19 | 18 Money and Interest Rates |
||
13 |
7 |
16 Dec | pres. 20 |
18 Money and Interest Rates
19 The Relationship between the Money and Goods Markets Economic Policy issues |
Topics of our third test (17 December) • Chapter 17: Keynesian Economics • Chapter 18: Money, Banks
and Interest rates ... and why not enjoy: Deck the Halls with Macro Follies |
|
14 |
7 |
17 Dec
|
Test
3 takes place !! but no
class because
of the international
day of the HSB |
19 The Relationship between the Money and Goods
Markets 20 Fiscal and Monetary Policy: Economic Policy issues |
- The
Liquidity Trap by Roger K. Strickland (YouTube)
Some Videos "Fight
of the Century" / Fear
the boom and the bust |
|
15 |
8 |
HAPPY new Year 2021! 06 Jan |
brief presentation AIESEC pres. 21 IA:
|
---- " ----
21 Aggregate Supply, Unemployment and Inflation
22 Long-term Economic Growth |
Please watch the relevant videos ("Audio animations") in the textbook resources of our book | WTO: Economy for the Common Good Limits
to Growth
Topics of test 4 (7 January) • Chapter 18: Money, Banks
and Interest rates |
16 |
8 |
07 Jan |
pres. 22 (no pres. 23) Test 4 |
23 Supply-side Policies |
Please watch the relevant videos ("Audio animations") in the textbook resources of our book | Simulation Game TopSim Applied
Economics
Simulation Game
TopSim Applied Economics - Introduction
by the lecturer |
17 |
9 |
13 Jan | pres. 24 |
IS/LM - a model of the macroeconomy 19 The Relationship between the Money and Goods Markets
+ |
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 |
14 Jan | (no pres. 25) | ------ " ------- Economic Policy issues |
|
|
19 |
10 |
20 Jan |
(no pres. 26)
|
Part F: The World Economy 24 International trade Workshop
on Negotiation skills |
Topics of test 5 (21 January) |
|
20 |
10 |
21 Jan | pres. 27 Test 5 |
Simulation Game TopSim Applied Economics:
|
Simulation Game TopSim
Applied Economics: You can (and should!) ask questions
about your team's/sectors's topics/decisions (check their office hours
or make appointments via email) |
|
21 |
11 |
27 Jan | 26 Global and Regional Interdependence 27 Economic Problems of Developing Countries |
The team grade for the simulation game results from your participation and engagement in the game, which is documented in the final presentation (end of January, see below). As the teams are relatively big, you can divide them so that some team members deliver the pre-presentation in December and others the final presentation in January. All team members that are listed in the ppt of the final presentation will be awarded the points for the simulation game (so if you team decides that you didn't participate enough and doesn't list your name there, you're not awarded any points for the games). | ||
22 |
11 |
28 Jan |
|
Simulation Game TopSim Applied Economics 1st round (= period 2) |
You have to be prepared = Simulation Game TopSim Applied Economics 1st round (= period 2) |
|
23 |
12 |
03 Feb | - " - Analysis | - Feedback and discussion of results and experiences of the 1st round (= period 2) Topics of test 6 (4 February) |
||
24 |
12 |
04 Feb | Test 6 | Simulation Game TopSim Applied
Economics - period 3 |
- period 3 | |
25 |
13 |
10 Feb | - "
- Analysis |
Debate in The Economist (Feb
2021): - Fiscal stimulus: Why Joe Biden’s proposed stimulus is too big (-> pdf) - Public Debt: how much is too much? (9:00 min) |
- Feedback and discussion of last rounds | |
26 |
13 |
11 Feb | Simulation Game TopSim Applied
Economics - period 4 |
-> Evaluation: Please participate | - period 4 | |
27 |
14 |
17 Feb | - "
- Analysis |
- Feedback and discussion of last rounds |
||
28 |
14 |
18 Feb |
|
Simulation Game TopSim Applied Economics | please upload your presentations until Tuesday 16:00 !!
Simulation Game TopSim Applied Economics
- Final presentations of teams: (~ 15 min) |
|
further topics |
Review and conclusion 26 Global and Regional Interdependence 27 Economic Problems of Developing Countries Feedback and Review |
Please watch the relevant videos ("Audio animations") in the textbook resources of our book | Video about economic approaches: "60 Second Adventures in Economics" Some
Videos "Fight of the Century" / Fear
the boom and the bust |
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
|
Alpha
|
Beta
|
Gamma
|
Delta
|
Epsilon
|
Zeta
|
|
Simulation Game | Firm 1 |
Firm 2 |
Bank 1 |
Bank 2 |
Advocacy
groups / CWA |
Government |
|
names of students
|
Carolin |
Laura K. Lara Kira Annalena Meike Imke |
Julia |
Marcel Simon Lennart Jonathan Matze Joschka Felix |
Viktoria Luise Miruna Marie Katja Marcella |
Floriane |
|
1. week 4 November
|
Review of Mankiw principles 5-7 and 8-10 (in class) (recall that you find the texts in the reader of last semester) Teamwork: Most important objective What
if the common good was the goal of the economy? |
Christian Felber (TEDxVienna) [up to 12:45] |
Read the text
about "The Economy of the common Good" + present and discuss the THREE most important issues from your viewpoint |
Read the text
about "The Economy of the common Good" + present and discuss the THREE most important issues from your viewpoint |
Read the text
about "The Economy of the common Good" + present and discuss the THREE most important issues from your viewpoint |
Read the text
about "The Economy of the common Good" + present and discuss the THREE most important issues from your viewpoint |
Read the text
about "The Economy of the common Good" + present and discuss the THREE most important issues from your viewpoint |
Read the text
about "The Economy of the common Good" + present and discuss the THREE most important issues from your viewpoint |
2nd week |
+ Teamwork IN class about exercises on chapter 14 and basics of economic policy |
Discussion of the "common good economy"
approach based on your research. - what are the functions of the CG balance? - describe some firms, universities and/or commCG balances |
Discussion of the "common good economy"
approach based on your research. - what are the functions of the CG balance? - describe some firms, universities and/or commCG balances |
Presentation of another alternative approach of Economics | Presentation of another alternative approach of Economics | Climate change and economic development. |
Climate change and economic development. e.g.: - carbon taxes: how they work + their impact - ideas of scientists / fridays ... for future |
19.11 -- NO class due to | EFA-Symposium 2020 -- | ||||||
26 November Critiques of GDP - Measuring Sustainable Development (See also the Joint Report for the |
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. |
Recommendations 1 and 2 |
Recommendations 3 and 4 | Recommendations 5 and 6 | Recommendations 7 and 8 | Recommendations 9 and
10 |
Recommendations 11 and 12 |
NOT a task at the moment | Teamwork
about the
Joint Economic Forecast
Autumn 2018 that was published Upturn Loses Momentum – World Economic Climate Grows Harsher |
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) |
15-1 |
15-2 |
15-3 |
15-4 |
15-5 |
15-7 |
||
The Council of Economic Experts delivered the annual report 2018/19 to the German government --Towards a Forward-Looking Economic Policy" Please read the Executive summary of the Annual Report 2017/18 |
What are the three most important messages? Important results domestic economy |
What are the three most important messages? Monetary policy |
What are the three most important messages? Euro Area |
What are the three most important messages? Globalisation |
What are the three most important messages? Greenhouse gas reduction |
What are the three most important messages? Demography, structural change and the labourforce |
|
ALL teams please prepare EoC-question 1 (ch 17) = letters -> + search the current conditions of the ECB: Main refinancing instrument, standing facilities, minimum reserve |
(a) 2 |
(b and c) 3 |
(d) 3 |
(e) 4 |
(f) 5 |
(g) 7 |
|
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) | |
All Teams please perform a regression
analysis for the consumption function for ... |
... the USA |
... France |
... Germany |
... England (/ GB) |
... Ireland |
... Spain |
|
EoC-question chapter 18 |
|||||||
EoC-question chapter 20 We might 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/Feb 2021 | 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 |
Final Test 2019 (40 minutes.- might incl.
MC questions)
- topics as discussed last week (Contents_of7th_edition.doc
-> Macro)
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 - recall that ours is 40 minutes)
Data Sources:
Links:
Links:
- WIKIPEDIA,
the free Encyclopedia (english)
- Leo -
Online Dictionary
- odge.de: Online-German-English-Dictionary
Learning / Improving your English:
- See the tips on the web page of the "Fremdsprachenzentrum",
especially "Internet
Quellen", "Medien",
and "Englisch
in Bremen"
- Somewhat less actual are the English
Language Resources (ELR) web site of Hochschule Bremen (Bremen
university of applied sciences)
with many useful tips, among other things: "How
can I improve my English outside class?" (with tips for going out:
English Club ... and more).
- also useful a list of English radio stations: http://www.surfmusik.de/land/england.html
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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