Macroeconomic theories and policies in Global Economy

Macroeconomic theories and policies in Global Economy

  • Study programme and level:The joint doctoral study programme Governance and Economics in the Public Sector (third cycle)
  • 2nd year
  • 5 ECTS
  • Course type: Elective course
  • Lectures: 20
  • Seminar: 20
  • Other forms of study. 20
  • Individual work: 90
  • Lecturer: Nela Vlahinić, PhD

1. Objectives and competences


  • Use the most important knowledge and skills needed for successful macroeconomic analysis in a modern global economy.
  • Distinguish and appraise the differences in macroeconomic schools of thought.
  • Develop arguments by explaining actual macroeconomic examples based on scientific macroeconomic analysis.


  • To understand the macroeconomic reality based on the knowledge of  macroeconomic theories.
  • To critically evaluate changes in national and international macroeconomic policy.
  • To explain macroeconomic problems and dilemmas in modern highly opened economies.
  • To understand and assess the problems of small open economies and their international trade in the regional and global economy.

2. Content (Syllabus outline)

  • The review of confronting macroeconomic theories
  • Critical view on modern macroeconomic theory and open issues
  • Business cycles theories: causes, consequences and moduses how to come out of recession
  • Real business cycles
  • Energy shocks and business cycles: What do theory and empirics say?
  • Macroeconomics of open economy: Mundel-Fleming model and its extensions
  • New growth theories and international trade
  • Transition: Washington Consensus, experiences and dilemmas

3.  Readings

  • Stojanov, D. (2012) Ekonomska kriza i kriza ekonomske zanosti- Quo Vadis Economics, znanstvena monografija, Ekonomski fakultet Rijeka
  • Romer, D. (2006), Advanced Macroeconomics, McGraw-Hill
  • Blanchard, O. (2010), Macroeconomics, Prantice Hall

4. Intended learning outcomes

The student will be qualified for independent critical macroeconomic analysis in the context of global trade and financial flows. Knowledge of macroeconomic theories and macroeconomic schools is necessary to critically evaluate macroeconomic developments and economic policy on the national, regional and global level. Knowledge of macroeconomic theories and policies will also help the student to understand the economic reality.
Consequently, the student will be able to shape the design of economic policies in the national and the global environment.

5. Learning and teaching methods

  • Lectures and seminars in class room; individual study and research work of students.
  • Lectures – contemporary topics in macroeconomic theory and policy are presented.
  • Seminars – students present topics and results of their research work.
  • Individual study for the exam.

6. Assessment

Research paper preparation and presentation 50%
Written exam 50%