** **

**Course
descriptions for the summer term 2012**

** **

**040185 UK
Introduction to Macroeconomics**

UK, 4 hours per week

Language of instruction: **English**

**Time and location: **Monday 12:00–13:30, Hörsaal 6, BWZ

Tuesday 12:00–13:30 Hörsaal 9, BWZ

**Start**: March 5, 2012

**Course description: **The course offers an introduction to modern
macroeconomics. Most of it is based on the textbook by **Olivier Blanchard:
Macroeconomics** (Prentice-Hall) in its fifth edition (older editions can be
used, but note that there are some changes in some formulas and in notation
between editions; usage of the German edition is discouraged). For an
introduction to national accounting, see **Dudley Jackson: The New National
Accounts** (Edward Elgar). In this field, the relevant material for all tests
is a set of lecture notes by Ana Ania-Martinez, which
will be made available to participants. No special preliminary knowledge is
required, but some competence in mathematical methods is certainly useful.

In line with the current study
plan does this course contain an inseparable mix of elements of ‘lectures’ and
of ‘exercises’. Approximately one fourth of the time should be devoted to
repetition and to exercises. It is essential that students participate
actively. The final grade is determined from a weighted average of exercises
(30%), a written midterm test (30%), and a written final test (40%). You need
50% of the total achievable score to pass the course. In particular, note that
a positive midterm test is not a binding constraint. However, you cannot pass
without participating in the midterm test. In the ‘exercises’ component, you
can score points by regular attendance, by occasional unannounced quizzes, or
possibly by occasional written homework assignments. Midterm and final tests
will be organized jointly with the parallel groups.

**Course contents:**

1. National accounts

2. The goods market

3. The financial market

4. The IS-LM model (short-run equilibrium on goods and financial
markets)

5. The labor market

6. The AS-AD model (medium-run equilibrium on three markets)

7. Phillips curve, Okun's law

8. The open economy (exchange rates, Mundell-Fleming
model)

The course contents correspond roughly to chapters 1-8 and 18-21 of
Blanchard’s book. All economic theories and models are illustrated using
Austrian and international data.

**390018 UK
PhD-E: Econometrics of Seasonality**

UK, 2 hours per
week

University
course (UK, 2h)

**Time and location**: Wed 12:00–13:30 Seminarraum 2 Hohenstaufengasse 9, 1st floor

**Begins**: March 7, 2012

**Description of course contents**:

**"The Econometric Analysis of Seasonal Time Series"
by Eric Ghysels and Denise R. Osborn** (Cambridge
University Press, 2001). In particular, the following issues will be addressed:

3. Seasonal Unit Root
Processes (seasonal random walk, tests with complex unit roots as their null,
e.g. the HEGY test)

4. Seasonal Adjustment
Programs