Macroeconomics I

Macroeconomics I, photo: Gerd Altmann

Course ID: 
Year of Study: 
For Erasmus Students: 

Learning Outcomes

The course introduces students to key topics of macroeconomic theory and policy. After successful completion of the course, students are expected to:

  • Have the ability to recognize a country's main macroeconomic problems
  • Understand the way an economy operates at the macro-level in the short- and medium term
  • Understand the effects of economic policy on output, employment and the price level
  • Understand the process of adjustment of the economy to exogenous shocks
  • Are able to use functional relationships, diagrams, and the  findings of empirical research to suggest ways to address/resolve macroeconomic problems
  • Are able to solve exercises, finding  values for  the key macroeconomic variables  and calculating  how they may change following external shocks or economic-policy changes

Course Contents

Macroeconomic objectives, macroeconomic models. Short-run equilibrium in the goods market. Equilibrium in the money market. The IS-LM model, multipliers. Effectiveness of fiscal & monetary policy, short-run effects of exogenous shocks. The aggregate demand function.  Adjustment of the price level. The labour market, wages & employment. Imperfections in the labour market (mismatch, tax distortions, unions, efficiency wages, labour contracts). General equilibrium, the AD-AS model.  Determination of output, employment and the price level. Dynamic adjustment to exogenous shocks and to economic-policy changes. Cases of malfunctioning of the adjustment mechanism (liquidity trap, inelastic investment demand, nominal/real interest rates). The Okun relationship. Expectations, the Phillips curve. Risk premiums in money & capital markets, the extended IS-LM model. Liquidity trap, QE. Oil prices, output & employment.

Teaching Activities

Lectures (4hours per week) and Tutorials (2hours per week)

Teaching Organization


Semester workload

Lectures, 4hours per week

13X4 = 52 hours

Tutorials, 2hours per week

13X2 = 26 hours


122 hours

Total number of hours for the Course (25 hours of work-load per ECTS credit)

200 hours (total student work-load)


The overall course grade is the sum of: a) the final exam grade plus b) 20 percent of a mid-term (optional) exam grade.*

The curriculum, the exercises covered in the tutorials, samples of analytical questions, the assessment method of the course and other relevant material are available on the e-class platform and are accessible to all students.

*The above student-evaluation method is a pilot one and will be re-examined at the end of the academic year 2018-2019.

Use of ICT

Use of IT in teaching, and in communication with the students (e-class)

Course Info

Current Tutors


Papaioannou Sotiris

Assistant Professor
Παπαϊωάννου Σωτήριος
Field of Expertise: 
Applied Macroeconomics
Office Hours: 
Monday 11:00-12:00
Tuesday 11:00-13:00

Tagkalakis Athanasios

Assistant Professor
Athanasios Tagkalakis
Field of Expertise: 

Reading List

Reading Recommendations: 
- Μακροοικονομική, Gartner Manfred,
- Μακροοικονομική, Frederic S. Mishkin,
- Μακροοικονομική, Blanchard Olivier,
- Μακροοικονομική Μια Ευρωπαϊκή Προσέγγιση, 7η έκδοση, Burda Michael - Wyplosz Charles, Περικλής Γκόγκας, Θεόφιλος Παπαδημητρίου (επιμέλεια),