The aim of the assessment is to compare 2 economies (you can choose any 2 economies) in terms of their main macroeconomic indica

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COURSE SYLLABUS

Course Prefix and Number ECO102

Title of Course MACROECONOMICS

Home Department César Ritz Colleges Switzerland

Home Program BIB in Hotel & Tourism Management BA in Hospitality Business Management

Term Winter 2022: January 10 to March 25, 2022 Meeting Schedule

Tbd Distance Learning

Instructor Information Olga Larina Office hours: by appointment [email protected]

TA, Lab Instructor Information (If Appropriate) N/A

Number of Credits 3 Credits at Level n/a Amount of Student Effort (Hours) 88 Class Contact Time (Hours) 44

Course Status Mandatory

Pre-Requisites None

Required and/or Recommended Textbooks And Course Materials

All materials will be uploaded on Moodle. In Library you can find useful texts like:

Samuelson, P.A. & Nordhaus, W.D. (2010). Economics (19th edition, International edition). New York: McGraw-Hill

Recommended texts

Mankiw, N.G. & Taylor, M.P. (2011). Economics. Publisher: Brendan George. ISBN:978-1-84480-870-0

Krugman P, Wells R. (2015). Economics (4th edition). New York: Worth Publishers

Other useful resources:

1) American Economics Association Official site of the American Economics Association, offering electronic editions of the American Economic Review, Journal of Economic Literature and Journal of Economic Perspectives to members. 2) The Economist – weekly journal and channel; 3) National Bureau of Economics Research: great site listing recent working papers in Economics. Abstracts and paper downloads available; 5) QM & RBC Job Market – The Quantitiative Macro and RBC Job Market Research Papers in Economics 
- The largest bibliographic database with over 325 000 items of research that can be browsed or searched, and over 225 000 items available for full download.

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Course Outline

Macroeconomics is the study of the total product, price level (or inflation), employment and growth. Attention is given in the short-run fluctuations (the business cycle) and its mainstream theoretical explanations. Hospitality students can learn a lot of this course since hospitality industry is a very important sector of the economy in many countries and the various shocks (either of domestic or foreign origin) affecting the economy as a whole, affect this industry as well. The hospitality sector also affects the rest of the economy. In this course we learn basic analytical tools (the IS-LM and AD-AS models) of describing and explaining the short-run fluctuations of an economy as well as the debate about the possibility or not of stabilization by means of monetary and fiscal policy instruments.

Teaching and Learning Strategy / Instructional Methods

The course will be delivered by means of lectures and discussions. Attention is paid to the analytical thinking. “Real-life” situations are analyzed by means of macroeconomic concepts.

Instructor Interaction

Office hours:10 am – 5 pm Students can come to ask questions without appointment on Wednesdays. The lecturer can be always contacted by email [email protected] For a longer discussion, students are encouraged to make an appointment in advance.

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Week-to-Week Course Outline

Week 1

Topic: Macroeconomics. Introduction • Introduction to the course • Measures of Output, Prices, and Employment. The Economy in the Long Run. • Main Concepts and Problems • Groups formation for the research project

Week 2

Topic: Measures of Output, Prices, and Employment. The Economy in the Long Run (continued) • Gross Domestic Product • The evolution of GDP over time • Determinants of long-run growth

Week 3 Topic: Economic fluctuations Topic: Unemployment

Week 4 Assessment 1: Calculations (20%)

Week 5

Topic: The Financial and the Monetary System • Financial System • Monetary System • Case study

Week 6

Topic: IS-LM Model. • Introduction to IS Model: The Real Sector. • Introduction to LM Model: The Monetary Sector. • The IS-LM Model: The Monetary Sector and its Interaction with the Real Sector

Week 7

Topic: The IS-LM Model: Fiscal and Monetary Policy in a Closed Economy • Expansionary policies • Contractionary policies • Policy Mix

Week 8

Topic: The IS-LM Model: Fiscal and Monetary Policy in an Open Economy • The Open Economy: International Flows. • Exchange Rate and its Determination by means of the PPP Theory. • IS-LM-BoP Model

Assessment 2: Article analysis (20%)

Week 9

Topic: The IS-LM Model: Fiscal and Monetary Policy in an Open Economy (continued) • IS-LM-BoP Model • Case Study

Week 10 Topic: Limitations of Keynesian Model

• Limitations of the Keynesian model

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• Problems and applications (for group work) • The Stabilization Debate

Assessment 3: Report (60%)

Week 11 Feedback Session

Student Learning Outcomes and Assessment

Upon completion of this course, students shall be able to demonstrate knowledge in the following areas:

The GDP and its components. The price level and the distinction between the real and the nominal variables.

The determinants of the long-run growth. The ingredients of the financial system and its basic tools. The characteristics of unemployment. The monetary system and the tools of the monetary policy. The inflation and its relationship with the money growth. The determinants of the exchange rates.

The IS-LM and the AS-AD models for short-run fluctuations. Stabilisation policies and their debate.

Description of Required Assessments

This course will be assessed in the following way:

Assessment 1: Calculations (20%; Week 4) A separate document with the tasks for the calculations will be provided later during the term. The topics for Weeks 1-4 will be covered (GDP, Unemployment, Inflation so on). Assessment 2: Article analysis (20%; Week 8) The article for the analysis will be provided as well as the questions to answer. The topics on Fiscal and Monetary Policies will be the target for this assessment. ASSESSMENT 3: Research Project (60%; Week 10) The aim of the assessment is to compare 2 economies (you can choose any 2 economies) in terms of their main macroeconomic indicators, monetary and fiscal policies and global positioning of these economies. The comparison should be provided on the basis of 3-5 years time frame. This Assessment is made of 2 parts:

1. Report (70% of the final grade) – Week 10 2. Presentation (30% of the final grade) – Week 10

1. Report Structure:

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Section 1 – National Overview (from 500 words up to 1000 words): Analyse the national performance and compare the chosen economies through the following indicators:

• Population • Inflation • Unemployment rate • GDP (nominal, real, nominal per capita, PPP per capita) • GDP structure (C+I+G+NX; industrial contributions) • Foreign trade analysis (Export, Export to GDP, Import, Import to

GDP, trade balance; main trading partners; main products and services in X and IM)

Students can provide the graphs and tables to support the analysis. Section 2 – Monetary and Fiscal Policies (from 500 words up to 1500 words): Critically analyse and discuss these themes:

• Monetary policy in the economies (interest rates, money supply, reserve requirements, exchange rates and their regimes)

• Fiscal policy in the economies (general structure, overall tax burden, tax rates)

Section 3 – Conclusion (max 500 words) Provide final comments and recommendations. The outcomes of each section should be provided as well as the critical analysis of macroeconomic policy. Section 4 – References At least 10 credible resources (Harvard method of referencing). Format Style:

• Font size 12, Times New Roman • 1.5 spacing • Cover page with course title, instructor’s name, names and student

numbers, assessment title, word count • Table of contents should be provided • All pages should be numbered • Need to use at least 10 different references. Suggested texts should

not be the sole source of reference. References need to be credible. Ask if in doubt.

• Use a spellchecker Assessment Criteria:

• Accurate use / link of theory and economic concepts

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• Analysis, synthesis, evaluation-level thinking has occurred • Development of a logical and well-ordered argument • Works needs to conform to the Harvard guidelines • Organisation: paragraphs, transition of words and phrases are

important in terms of how you present your thoughts • Clarity or expression is expected throughout the Work. Ensure that

you write in a clear and concise manner • Spelling and grammar Grading system for the Research Project:

Part of the Assessment

Content % of the total

grading Section 1 National Overview (from 500 words up to

1000 words) 45

Section 2 Monetary and Fiscal Policies (from 500 words up to 1500 words):

• Monetary policy in the economies • Fiscal policy in the economies

(max 30%) 20 20

Section 3 Conclusion (max 500 words) Provide final comments and recommendations. The outcomes of each section should be provided as well as the critical analysis of macroeconomic policy.

10

Section 4 References (Harvard Style)

5

TOTAL 100% 2. Assessment Brief – Presentation guidelines: Each presentation will last up to maximum of 15 minutes (although up to 3 minutes grace may be given depending upon the quality of presentation) being followed with the Q&A session (15 min max). 30min (presentation and Q&A) will be provided to each team. In your presentation you must consider the following:

• Use of appropriate slides and other visual materials (including audio- visual): do not overload the slides with information. You should also think carefully about the best visual format (although that does not mean using colourful graphics and images, or making them visually- attractive for the sake of it!)

• Verbal communication – please do not underestimate the importance of enunciation and fluency…it is not all in the visuals!

• Organisation and sequence of speakers – you should carefully rehearse the timing and sequence of the presentation so that each member has approximately the same amount of time to speak. If

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one or more members does not speak, this will result in the deduction of marks.

• Hand-outs and other additional material you may wish to provide to the audience. Please provide a hard copy of the presentation for the Lecturer who will be marking the presentation.

Assessment Criteria

• Relevance of presentation to topic • Quality of Argument and Reasoning: Is the presentation

appropriately structured? Does it develop a coherent and convincing argument?

• Evidence of Background Reading: Does the presentation draw its information from relevant sources of data? Are the arguments backed up through the use of appropriate supporting evidence and relevant academic literature.

• Presentation Style: Clarity; fluency; timing and organisation; use of visuals and other materials; audience interaction.

Grading system for the Presentation:

Part of the Assessment

Content % of the total grading

Section 1 Presentation 60

Section 2 Questions and Answers 40

TOTAL 100%

Final Exams Final exams are scheduled the last week of the term.

Grading Policy

Works submitted late – irrespective of the reason – will receive zero grade. If a student fails the course the Progression Board will decide on the appropriate action. Grading Scheme

Letter GPA From – To Interpretation A 4.0 94-100 Excellent A- 3.7 90-93 Excellent B+ 3.3 87-89 Above average B 3.0 83-86 above average B- 2.7 80-82 course average C+ 2.3 75-79 minimum pass C 2.0 70-74 minimum pass C- 1.7 67-69 Below average /

Marginal Fail D+ 1.3 63-66 Below average /

Marginal Fail

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D 1.0 60-62 Below average / Marginal Fail

F 0.0 0-59 Course Fail

Attendance Policy Class attendance is critical to student learning. Attendance is compulsory in all lessons, seminars, practical lessons, professional visits and other scheduled school activities. Students who miss more than 15% of classes in any course (including but not limited to documented medical illness, scheduled interviews, or professional visits) will be withdrawn (W) from the class through week six of the term. As of week seven, they will be removed from class and will receive an automatic failing grade (“F”) for the course. Students are required to monitor their attendance. A student who is absent from a test due to documented illness, an authenticated or for a legitimate reason may sit a make-up exam. The student will take the makeup exam at the discretion of the lecturer with approval from the Program Manager. The student must contact the Program Manager within 24 hours of the missed test. If not, the student will receive a zero for that exam. Students absent from an exam without a valid reason will receive a zero with no opportunity for a make-up exam.

Instructor expectations Acquiring good work habits will also be a focus of this class. Completing work on time and participating are very important. Refer to course schedule for due dates; late assignments will not be accepted. Participation means being an active listener, asking questions, taking notes, and concentrating.

Expectations for Student Effort

The students are expected to do their homework and prepare for class. To portray your level of professionalism and give others the respect they deserve, please make sure you follow the professional attire, attendance and punctuality policy.

eLearning / Course Website All material used in class will be posted on the César Ritz eLearning platform

Reasonable Accommodation Policy

Students with Disabilities: reasonable accommodations are available for students with a documented (learning) disability and should be filed with their admission papers. If you have a disability and need accommodations to fully participate in this class, please contact and schedule an appointment with your Program Manager or Program Advisor. Please also notify your instructor about any special needs by the end of the first week of each term and in each course taken.

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For more information contact a Disability Specialist on your home campus and refer to your Student Handbook and Academic Program Guide.

Academic Integrity Statement

Academic integrity is the cornerstone of the university. You assume full responsibility for the content and integrity of the academic work you submit. You may collaborate with classmates on assignments, with the instructor's permission. However, the guiding principle of academic integrity shall be that your submitted work, examinations, reports, and projects must be your own work. Any student who violates the University's standard of conduct relating to academic integrity will be reported and may fail the assignment or the course. To learn more about Academic Integrity on your campus please refer to you Academic Program Guide. Please use these resources to ensure that you don’t inadvertently violate the university’s standard of conduct. PLAGIAIRISM What is plagiarism? Failure to fully reference all your sources could be construed by the tutor as intentional and therefore as plagiarism. Plagiarism is a serious academic offence. It arises when a student is suspected of presenting work undertaken by other people as if it were their own. A student is liable to be found guilty of plagiarism if any work presented for individual assessment is found to contain the unacknowledged work of some other person or persons. If this involves deliberate misrepresentation of material as the student’s own in an attempt to deceive the examiners then the offence is very grave indeed. All sources should be cited and all quotations from the works of other authors clearly identified as such. If a student’s work is found to contain verbatim (or near verbatim) quotation from the work of other authors (including other students past or present) without clear acknowledgement, then plagiarism has been committed whether or not the student intended to deceive the examiners. This rule also applies to the fraudulent provision of work by anyone for the use of another student as his/her own work. Students will receive a 0 grade if work is deemed to be plagiarized.

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REFERENCING If you have made use of any material that needs referencing then make sure it is referenced correctly both in the text and in the referencing section, using the Harvard method of referencing.

Safety and Emergency Notification

César Ritz Colleges and its partner institutions are committed to enhancing the safety of the students, faculty, staff, and visitors. It is highly recommended that you review campus safety plans and your Student Handbook for a comprehensive listing of university policies, procedures, and information related to campus safety, emergency management, and the health and welfare of the campus community.

Additional Notes and Comments

The instructor reserves the right to change the syllabus to meet the needs and progress of the students.