International Macroeconomics

International Macroeconomics
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The subject of International Macroeconomics, part of the curriculum of the Degree in Economics, is revealed as an essential practical component. Its relevance lies in providing students with fundamental knowledge to understand the global environment in which companies operate.

With a load of 6 ECTS credits, this compulsory and Basic Training subject stands out for its applicability to the student's daily life. The daily economic decisions of citizens, regardless of their location, exert a significant influence on economic reality. Individual perception of the economic cycle conditions the decisions of each citizen.

The course addresses crucial aspects of current economic affairs, given the importance of international trade in the distribution of National Income. Topics such as the foreign exchange market, the balance of payments, the benefits of international trade (which goes beyond the exchange of tangible goods) and even migrations, exchange of services and risky assets, such as stocks and bonds, will be explored. From the point of view of economic policy, the debate on free trade and protectionism will be analyzed. The methodology of the course will be eminently practical, constantly linking theoretical concepts with current topics to demonstrate their practical usefulness.

General competencies:

1. Ability to understand, analyze and synthesize economic situations.
2. Ability to search and manage information in documentary sources relevant to the economy.
3. Methodological skills to organize and plan business activities adapted to the context.
4. Capacity for decision-making at the national and international level.
5. Development of linguistic strategies in the technical communication of the economy.
6. Practical application of knowledge acquired in international business.
7. Ability to apply specific knowledge in international environments.
8. Active search for information and updating of knowledge.
9. Ability to disseminate economic topics.

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Specific competencies:

1. Capacity for macroeconomic analysis in open economies.
2. Analytical ability to understand macroeconomic theory, exchange rates and models of international macroeconomic interdependence.
3. Practical use of concepts and techniques of international macroeconomic theory.
4. Identification of the behavior of macroeconomic phenomena in open economies.
5. Experience in technology to obtain relevant information on international macroeconomics.
6. Search and selection of information in each area of study.
7. Ability to develop and exploit macroeconomic models of open economies, individually or as a team.

Transversal skills:

1. Flexibility to work in international and multicultural environments.
2. Teamwork.
3. Interpersonal skills.
4. Communication and negotiation skills in national and international business contexts.
5. Analytical and deductive thinking.

Learning outcomes:

After presenting and analyzing the empirical evidence and monetary theory, the choice of exchange rate regime and the effects of real and monetary shocks under different regimes will be studied. The analysis will be expanded to incorporate non-internationally tradable goods and build an integrated model for determining the real exchange rate and the real interest rate. The systematic study of the theory of exchange rate determination will be addressed, both in the long and short term. Emphasis will be placed on the asset market approach and the existence of imperfectly substitutable domestic and foreign assets. Models of international macroeconomic interdependence will be studied, analyzing the international transmission of disturbances under different degrees of capital mobility and exchange rate regimes.


The methodology adapts to the UDIMA continuous and distance training model. International Macroeconomics Includes the comprehensive study of teaching materials, self-assessment activities and activities in the Virtual Classroom, which will serve to consolidate and understand the concepts acquired. Practice is encouraged and solving practical assumptions is essential to understanding the topics.

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Dedication required:

1. Presentation by the teacher on the program topics: 1 ECTS credit.
2. Participation in forums and tutorials: 1 ECTS credit.
3. Completion of group work and presentation in a computer room: 1 ECTS credit.
4. Completion of individual work with periodic monitoring: 1 ECTS credit.
5. Written exams: 2 ECTS credits.


The teacher offers individualized monitoring to guarantee the best learning conditions. Tutorials are carried out through the educational platform and/or by telephone, where students can clarify doubts about the subject studied.

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Didactic materials:

The manual "International Economy. Theory and Politics" by Krugman, Obstfeld and Melitz will be used. In addition, the teacher may provide voluntary complementary material.

Contents and programming:

World trade: an overview.
Labor productivity and comparative advantage: the Ricardian model.
Specific factors and income distribution.
The standard model of commerce.
Trade policy instruments.
Trade policy controversies.
National accounting and balance of payments.
Exchange rates and the foreign exchange market: an asset approach.
Money, interest rates and exchange rates.
Financial globalization: opportunities and crises.
Evaluation system:
The evaluation is continuous and includes learning activities, continuous evaluation, controls and a final in-person exam. The weight of each activity varies, with the final in-person exam being the one with the greatest weight.

Grading system:

Grades are given numerically from 0 to 10 with expression to one decimal, along with a qualitative grade. The system includes the categories of Fail (SU), Pass (AP), Notable (NT), Outstanding (SB) and Honor Roll (MH). Honors registration is awarded based on the excellence of the student's activities and grades, in accordance with the academic criteria of the department.

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