1. Requisites for a passing grade. To obtain a passing grade, students must get a minimum sum of 5 out of 10 total points. Also, they must answer correctly to 15 out of 20 questions in the Macroeconomics Minimum Knowledge Test. Not responding correctly to at least 15 questions implies a final note of "Fail" ("suspenso").

2. About the "not presented" condition. It corresponds to students who participate in assessment activities that have a weight of less than 20% over the final grade, regardless of the grade achieved.

3. About the condition of the final evaluation. It is not allowed to access the exam room with any device that permits the communication with people outside the room, or any storage device.

4. About the evaluation in the second opportunity and the early opportunity. Evaluation criteria established in this guide are of application to all opportunities. Concerning the second and the early opportunities, students may obtain the continuous evaluation points detailed here. Regarding short answer questions (2 points out of 10), they may be substituted by a unique test in a date agreed with the professor. Regarding projects (4 points out of 10), they may be replaced with alternative activities. The deadline for these activities must be agreed with the professor. For organisational reasons, people interested in recovering continuous evaluation points must contact the professor at the beginning of the course (for the early opportunity) or immediately after the publication of the first opportunity grades (for the second opportunity).

5. Part-time students and attendance waiver. The evaluation system established in point 4 for the early opportunity will also apply to students who have been officially accredited with a part-time or attendance waiver.

6. Students identification. Students must provide personal ID when requested, under current regulations

Learning outcomes	Study programme competences
Understand the dynamic character of production and inflation cycles, and the effect that monetary and fiscal policies exert on them.	A1 A2 A3 A5 A8 A10 A11 A13	B1 B2 B4	C1
Understand the role of expectations in consumption and investment decisions.	A1 A2 A3 A4 A5 A8 A10 A12	B1 B2 B4 B5 B6	C1 C2 C3 C4 C5 C6 C7 C8
Understand the concept of the exchange rate and how it is affected by commercial and economic policies.	A1 A2 A3 A4 A5 A7 A8 A9 A10	B1 B2 B3 B7 B8	C1 C2
Analyse the interrelation across macroeconomic variables and stabilisation policies in an open economy.	A2 A3 A8 A10	B1 B2 B7	C1 C2
Value and discuss Macroeconomics and economic models critically.	A3 A4 A7 A10 A13	B1 B2 B3 B4 B5 B6 B7 B8 B9	C6 C8
Analyse the medium-run adjustment processes of an economy.	A2 A3 A5 A8	B3 B4 B5 B6 B7 B8	C1 C3 C4

Topic	Sub-topic
1. Basic concepts and relevant facts about the demand and supply sides.	1.1 The demand side: characteristics; the equilibrium relation investment-savings; the role of expectations in consumption and investment decisions; the Fisher equation. 1.2 The supply side: production and unemployment; supply side effects on unemployment; nominal rigidities, inflation and the business cycle.
2. The 3-equations model and macroeconomic policy.	2.1 Overview: economic cycle, output gap and stabilisation; the role of central banks; inflation and deflation. 2.2 The 3-equations model: modelling; applications.
3. The role of expectations.	3.1 Risk, uncertainty and expectations. 3.2 The Phillips curve, expectations and inflation. 3.3 Expectations in the 3-equations model.
4. Money, banking, and the macro-economy.	4.1 Money and the macro-economy. 4.2 A modern financial system. 4.3 Banks and macro stabilisation.
5. The open economy.	5.1 A model of an open economy: the foreign exchange market; the UIP condition; the medium-run equilibrium of the open economy; stabilisation under flexible exchange rates. 5.2 Applications: demand and supply shocks; exchange rate overshooting; exchange rate volatility.

Methodologies / tests	Competencies	Ordinary class hours	Student’s personal work hours	Total hours
Guest lecture / keynote speech	A1 A2 A3 A4 A5 A7 B2 B1 B3 C4 C5 C7 C8	17	0	17
Collaborative learning	A2 A3 A4 A7 A8 A9 A10 A11 A13 B2 B3 B4 B6 B9 C1 C2 C3 C4 C7 C8	27	0	27
Supervised projects	A13 A12 A11 A10 A9 A8 A7 A5 A4 A3 A2 A1 B2 B1 B3 B4 B5 B6 B7 B8 B9 C1 C2 C3 C6	6	30	36
Long answer / essay questions	A4 A5 A7 B2 B1 B3 B4 B5 B6	2	20	22
Multiple-choice questions	A3 B1 B5	1	10	11
Short answer questions	A2 A3 A4 A8 A9 A11 A12 A13 B2 B4 B5 B6 B9 C1 C4 C6	2	20	22

Personalized attention		15	0	15

(*)The information in the planning table is for guidance only and does not take into account the heterogeneity of the students.

Methodologies	Description
Guest lecture / keynote speech	Learning activities include traditional lectures. Attendance, though not mandatory, is highly recommended.
Collaborative learning	Group work in the classroom aimed at improving the understanding of theoretical concepts discussed throughout the course.
Supervised projects	Several supervised projects will be proposed during the course. These projects are linked to each part of the subject and contribute to an improved understanding.
Long answer / essay questions	The final exam attempts to evaluate the knowledge the students have developed during the course. An essay question will evaluate theoretical knowledge and mathematical and graphical developments.
Multiple-choice questions	In order to pass the final exam of the course, students must pass a multiple-choice test, as detailed in the evaluation section of this guide.
Short answer questions	During the course, the continuous learning of students will be assessed by short-answer questions.

Methodologies	Competencies	Description	Qualification
Multiple-choice questions	A3 B1 B5	Minimum Knowledge Test	20
Short answer questions	A2 A3 A4 A8 A9 A11 A12 A13 B2 B4 B5 B6 B9 C1 C4 C6	Short answer questions will be asked during the course to assess continuous learning.	20
Long answer / essay questions	A4 A5 A7 B2 B1 B3 B4 B5 B6	The final exam will include essay questions or problem sets.	20
Supervised projects	A13 A12 A11 A10 A9 A8 A7 A5 A4 A3 A2 A1 B2 B1 B3 B4 B5 B6 B7 B8 B9 C1 C2 C3 C6	Several activities will be proposed during the course, such as problems and presentation of results, and exercises related to the subject content. Both the capacity for solving problems and the individual or group presentation of results will be considered for the assessment.	40

Assessment comments
1. Requisites for a passing grade. To obtain a passing grade, students must get a minimum sum of 5 out of 10 total points. Also, they must answer correctly to 15 out of 20 questions in the Macroeconomics Minimum Knowledge Test. Not responding correctly to at least 15 questions implies a final note of "Fail" ("suspenso"). 2. About the "not presented" condition. It corresponds to students who participate in assessment activities that have a weight of less than 20% over the final grade, regardless of the grade achieved. 3. About the condition of the final evaluation. It is not allowed to access the exam room with any device that permits the communication with people outside the room, or any storage device. 4. About the evaluation in the second opportunity and the early opportunity. Evaluation criteria established in this guide are of application to all opportunities. Concerning the second and the early opportunities, students may obtain the continuous evaluation points detailed here. Regarding short answer questions (2 points out of 10), they may be substituted by a unique test in a date agreed with the professor. Regarding projects (4 points out of 10), they may be replaced with alternative activities. The deadline for these activities must be agreed with the professor. For organisational reasons, people interested in recovering continuous evaluation points must contact the professor at the beginning of the course (for the early opportunity) or immediately after the publication of the first opportunity grades (for the second opportunity). 5. Part-time students and attendance waiver. The evaluation system established in point 4 for the early opportunity will also apply to students who have been officially accredited with a part-time or attendance waiver. 6. Students identification. Students must provide personal ID when requested, under current regulations

Basic	W. Carlin y D. Soskice (2014). Macroeconomics: Institutions, Instability, and the Financial System. Oxford University Press

Complementary	O. Blanchard (2017). Macroeconomía (7.ª edición). Madrid: Prentice Hall W. Mitchell, L. Randall Wray y M. Watts (2019). Macroeconomics. London: Red Globe Press Ben Fine y Ourania Dimakou (2016). Macroeconomics: A critical companion. London, UK: Pluto Press M. Lavoie (2015). Post-keynesian economics: new foundations. Edward Elgar Publishing