.
Applied Macroeconomics and Statistics
Study Course Description
Course Description Statuss:Approved
Course Description Version:7.00
Study Course Accepted:02.02.2024 12:29:46
| Study Course Information | |||||||||
| Course Code: | SBUEK_179 | LQF level: | Level 6 | ||||||
| Credit Points: | 4.00 | ECTS: | 6.00 | ||||||
| Branch of Science: | Economics; Other economic and management sub-sectors | Target Audience: | Marketing and Advertising; Business Management | ||||||
| Study Course Supervisor | |||||||||
| Course Supervisor: | Tatjana Boikova | ||||||||
| Study Course Implementer | |||||||||
| Structural Unit: | Faculty of Social Sciences | ||||||||
| The Head of Structural Unit: | |||||||||
| Contacts: | Dzirciema street 16, Rīga, szf rsu[pnkts]lv | ||||||||
| Study Course Planning | |||||||||
| Full-Time - Semester No.1 | |||||||||
| Lectures (count) | 21 | Lecture Length (academic hours) | 2 | Total Contact Hours of Lectures | 42 | ||||
| Classes (count) | 21 | Class Length (academic hours) | 2 | Total Contact Hours of Classes | 42 | ||||
| Total Contact Hours | 84 | ||||||||
| Part-Time - Semester No.1 | |||||||||
| Lectures (count) | 8 | Lecture Length (academic hours) | 2 | Total Contact Hours of Lectures | 16 | ||||
| Classes (count) | 8 | Class Length (academic hours) | 2 | Total Contact Hours of Classes | 16 | ||||
| Total Contact Hours | 32 | ||||||||
| Study course description | |||||||||
| Preliminary Knowledge: | Secondary Education. Knowledge: Mathematics; Basics of Economics. | ||||||||
| Objective: | To develop students' understanding of macroeconomic theory as an integral part of economic theory and the role of statistics in market conditions. To promote knowledge of the theoretical concept of macroeconomics, its categories and basic issues by providing information in both historical and contemporary contexts, to strengthen the knowledge of macroeconomic theory and politics with examples illustrating the application of macroeconomic principles in real life, public policy and business. | ||||||||
| Topic Layout (Full-Time) | |||||||||
| No. | Topic | Type of Implementation | Number | Venue | |||||
| 1 | Macroeconomic Issues. Measuring macroeconomic performance. | Lectures | 1.00 | auditorium | |||||
| 2 | The different approaches to measuring GDP. Macroeconomic indicators. | Classes | 1.00 | auditorium | |||||
| 3 | Demand and supply. | Lectures | 1.00 | auditorium | |||||
| 4 | Aggregate demand. Investment multiplier and its practical role. | Classes | 1.00 | auditorium | |||||
| 5 | The role of the state in the market economy. Fiscal policy and its practical role. | Lectures | 1.00 | auditorium | |||||
| 6 | State budget. Government expenditure multiplier. Government debt. | Classes | 1.00 | auditorium | |||||
| 7 | Money. Banking system and monetary policy. | Lectures | 1.00 | auditorium | |||||
| 8 | Money market. Money supply components. Money multiplier. The role of the banking sector in economic development and entrepreneurship. | Classes | 1.00 | auditorium | |||||
| 9 | Aggregate supply. Macroeconomic equilibrium. IS-LM model. | Lectures | 1.00 | auditorium | |||||
| 10 | Impact of monetary policy on economic development and entrepreneurship. Practical implementation of IS LM model. | Classes | 1.00 | auditorium | |||||
| 11 | Macroeconomic instability. Inflation and unemployment. Business cycle. Economic growth. | Lectures | 1.00 | auditorium | |||||
| 12 | Practical aspects of inflation and unemployment. Factors of economic growth. | Classes | 1.00 | auditorium | |||||
| 13 | International economic relations. International trade. International monetary system. | Lectures | 5.00 | auditorium | |||||
| 14 | Contemporary aspects of international trade. Development of international monetary relations. European Monetary Union. | Classes | 5.00 | auditorium | |||||
| 15 | Types of Data and Data Collection. Population and sample data. General ideas and types of sampling, optimal sample size determination. | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 16 | Aim of the survey. Designing questionnaires: best practice, tips and common mistakes. Types of questions. Defining groups and intervals. Organizing qualitative and quantitative Data. Summary representation of data. | Lectures | 2.00 | auditorium | |||||
| Classes | 2.00 | auditorium | |||||||
| 17 | Distributions of random variables. Exploring data: basic concepts of descriptive statistics, measures of central tendency (mean, median, mode and modal class) and measures of dispersion (range, interquartile range, variance and standard deviation), quartiles and percentiles. | Lectures | 2.00 | auditorium | |||||
| Classes | 2.00 | auditorium | |||||||
| 18 | Bivariate analyses. Correlation and covariance. Lines of best fit. Least-squares regression. The coefficient of determination. | Lectures | 2.00 | auditorium | |||||
| Classes | 2.00 | auditorium | |||||||
| 19 | Time series analysis. Moving average and exponential smoothing techniques. Seasonality. Use of a trend line and seasonal component in prediction. | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 20 | Elementary concepts of probability theory. Treatment of mutually exclusive and independent events. Probability distributions for discrete and continuous random variables. Expectation (including expected profit and loss in simple games). | Lectures | 2.00 | auditorium | |||||
| Classes | 2.00 | auditorium | |||||||
| Topic Layout (Part-Time) | |||||||||
| No. | Topic | Type of Implementation | Number | Venue | |||||
| 1 | Macroeconomic Issues. Measuring macroeconomic performance. | Lectures | 1.00 | auditorium | |||||
| 2 | The different approaches to measuring GDP. Macroeconomic indicators. | Classes | 1.00 | auditorium | |||||
| 4 | Aggregate demand. Investment multiplier and its practical role. | Classes | 1.00 | auditorium | |||||
| 5 | The role of the state in the market economy. Fiscal policy and its practical role. | Lectures | 1.00 | auditorium | |||||
| 6 | State budget. Government expenditure multiplier. Government debt. | Classes | 1.00 | auditorium | |||||
| 7 | Money. Banking system and monetary policy. | Lectures | 1.00 | auditorium | |||||
| 10 | Impact of monetary policy on economic development and entrepreneurship. Practical implementation of IS LM model. | Classes | 1.00 | auditorium | |||||
| 13 | International economic relations. International trade. International monetary system. | Lectures | 1.00 | auditorium | |||||
| 15 | Types of Data and Data Collection. Population and sample data. General ideas and types of sampling, optimal sample size determination. | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 16 | Aim of the survey. Designing questionnaires: best practice, tips and common mistakes. Types of questions. Defining groups and intervals. Organizing qualitative and quantitative Data. Summary representation of data. | Lectures | 1.00 | auditorium | |||||
| Classes | 1.00 | auditorium | |||||||
| 18 | Bivariate analyses. Correlation and covariance. Lines of best fit. Least-squares regression. The coefficient of determination. | Lectures | 1.00 | auditorium | |||||
| 19 | Time series analysis. Moving average and exponential smoothing techniques. Seasonality. Use of a trend line and seasonal component in prediction. | Lectures | 1.00 | auditorium | |||||
| 20 | Elementary concepts of probability theory. Treatment of mutually exclusive and independent events. Probability distributions for discrete and continuous random variables. Expectation (including expected profit and loss in simple games). | Classes | 2.00 | auditorium | |||||
| Assessment | |||||||||
| Unaided Work: | Literature analysis, summaries, homework, case studies, group work and presentation, individual report according to instructions and assignments given by the course leaders. | ||||||||
| Assessment Criteria: | 50% of the final grade consists of the assessments of independent work, interim tests and examination on topics related to statistics: Attendance of lectures and seminars: 5% Activity and quality of answers in seminars: 15% Summaries of the topics covered during lectures and seminars: 25% Independent interim test: 25% Exam Part 1: 30% 50% of the final grade consists of the assessments of independent work, interim tests and examination on topics related to macroeconomics: Lecture and seminar attendance: 5% Participation in seminars (activity and quality of answers, completion of tests, group work): 20% Assessment of summaries and homework: 15% Individual report: 20% Exam Part 2: 40% | ||||||||
| Final Examination (Full-Time): | Exam (Written) | ||||||||
| Final Examination (Part-Time): | Exam (Written) | ||||||||
| Learning Outcomes | |||||||||
| Knowledge: | On completion of the course students: • can demonstrate knowledge of information – its role, types, acquisition possibilities, grouping, data processing methods; • understand the macroeconomic concept of the functioning of a market economy and its practical implications in line with recent developments; • know macroeconomic theories and their role in public policy and business; • understand the cyclical development of the economy and methods of regulation according to modern theories; • understand the role of international economic relations in the global economic system. | ||||||||
| Skills: | Students will be able to calculate, interpret and use macroeconomic indicators to assess the economic situation. Students will be able to carry out analysis of the macroeconomic equilibrium and its influencing factors, classify types and causes of unemployment and inflation, to reasonably discuss the use of fiscal and monetary policy instruments depending on the business cycle changes, to determine economic growth factors in the context of sustainable development. Students will be able to apply theoretical knowledge of macroeconomics for analysis of economic processes and business environment and for solution of topical problems, as well as for scientific research and professional work. Students will be able to reasonably discuss current issues of macroeconomics and their practical significance based on macroeconomic information analysis. To answer logically and reasonably the questions on the topics covered, to analyse the theoretical questions discussed in the lectures; will be able to understand and systematically summarise the main theoretical questions and regularities of statistics. | ||||||||
| Competencies: | Students will be able to classify information data sets, perform economic interpretation of matrices, explain functional research algorithm, define financial mathematics concepts. Students will be able to analyse and interpret macroeconomic indicators, explain macroeconomic equilibrium research algorithm, characterise fiscal and monetary policy instruments and determine their application depending on the economic situation in the country, choose inflation and unemployment reduction tools, determine economic growth and living standard factors and indicators, to describe the competitive advantages of countries and their role in the global economy, to analyse exchange rate factors and international financial system concepts. Students will be able to analyse public policy and business environment using macroeconomic categories. | ||||||||
| Bibliography | |||||||||
| No. | Reference | ||||||||
| Required Reading | |||||||||
| 1 | Krugman, P. and Wells, R. Macroeconomics. 5th ed., NY: Macmillan Education, 2018. | ||||||||
| 2 | Begg, D., Vemasca, G., Fisher, S. and Dornbush, R. Economics. Mc Graw-Hill book company, 11th ed., 2013. | ||||||||
| 3 | Mankiw, N. G. Macroeconomics. Worth Publishers, 7th ed., 2015. | ||||||||
| 4 | Statistika: | ||||||||
| 5 | Essential Quantitative Methods: For Business, Management and Finance. | ||||||||
| 6 | Koliškins, A., Volodko, I. un Antimirovs, M. Matemātika I tehnisko augstskolu studentiem. R: RTU, 2004-2005. | ||||||||
| 7 | Koliškins, A., Volodko, I. un Antimirovs, M. Matemātika II tehnisko augstskolu studentiem. R: RTU, 2005. | ||||||||
| 8 | Kronbergs, E., Rivža, P. un Bože, Dz. Augstākā matemātika, 1. daļa. R: Zvaigzne, 1988. | ||||||||
| 9 | Kronbergs, E., Rivža, P. un Bože, Dz. Augstākā matemātika, 2. daļa. R: Zvaigzne, 1988. | ||||||||
| 10 | Revina, I., Peļņa, M. un Bāliņa, S. Uzdevumu krājums matemātikā ekonomistiem. R: Zvaigzne ABC, 2002. | ||||||||
| Additional Reading | |||||||||
| 1 | Eteris, E. Latvia in Europe and the World. Growth Strategy for a New Centennial. 2018. | ||||||||
| 2 | Statistika: | ||||||||
| 3 | Arhipova, I. un Bāliņa, S. Statistika ar Excel ikvienam. 2.sēj. 1999, Rīga, Datorzinību centrs. | ||||||||
| 4 | Krastiņš, O. Statistika un ekonometrija. Rīga, LR CSP, 1998. | ||||||||
| 5 | Revina, I. Ekonometrija. Rīga, EuroFaculty, 2002. | ||||||||
| 6 | Vasermanis, E. un Šķiltere, D. Varbūtību teorija un matemātiskā statistika. Rīga, LU, 2003. | ||||||||
| 7 | Нименья, И.Н. Статистика, Санкт-Петербург, Издательский дом «Нева». 2004. | ||||||||
| Other Information Sources | |||||||||
| 1 | World Economic Outlook Reports. | ||||||||
| 2 | CIA The World Factbook. | ||||||||
| 3 | Eurostat. | ||||||||
| 4 | IMF Global Financial Stability Reports. | ||||||||
| 5 | ECB. | ||||||||
