Back
| Semester | spring semester 2021 |
| Course frequency | Every spring sem. |
| Lecturers |
Lukas Hitz (lukas.hitz@unibas.ch)
Sarah Lein (sarah.lein@unibas.ch, Assessor) Heinz Zimmermann (heinz.zimmermann@unibas.ch) |
| Content | The course part “Macroeconomics” is held in the first half of the semester until April 13 (via screencasts, see Syllabus on ADAM for details), the course part “Finance” follows from April 20 until the end of the semester. Course outline Part Macroeconomics: The largest part of the course Macroeconomics focuses on modern theories of macroeconomic fluctuations. Modern macroeconomics is built explicitly on microeconomic foundations. That is, the modern study and analysis of macroeconomics begins by considering how the microeconomic units, namely consumers and firms, in an economy make their decisions and then considers how the choices of these great many individuals interact with each other to yield economy-wide outcomes. We will also introduce financial markets in our model and discuss intertemporal choices. In the last part of this course, we will focus the long-run by analyzing models of economic growth. Course outline Part Finance The lecture provides an overview on some of the key topics of the theory of finance 1) Capital market under certainty: Consumption, investment, economic growth, and interest rates; Fisher separation and economic implications 2) Capital market under uncertainty: Consumption-based pricing, risk aversion, state (SDF) valuation, CAPM, arbitrage pricing with applications to options 3) Corporate financial decisions: Capital structure and cost of capital, Modigliani-Miller, contingent-claim analysis of corporate securities, over- and underinvestment, real options, pecking order theory, payout decisions |
| Learning objectives | Course objective: Introduction to key long-run and short-run issues in macroeconomics Treatment of key principles of financial economics, in particular related to time and uncertainty, and some corporate finance |
| Bibliography | Reading Part Finance (recommended, not required): Cochrane, J., Asset pricing, Princeton Univ Press, 2005 Lengwiler, Y., Microfoundations of financial economics, Princeton Univ Press, 2006 Niepelt, D., Macroeconomic models, book draft, available online (chapters 3 and 4) de Matos, J.A., Theoretical foundations of corporate finance, Princeton Univ Press, 2001 Sharpe, W., Investors and markets, Princeton Univ Press, 2008 Readings Part Macroeconomics: Williamson, Stephen “Macroeconomics”, 6th global edition. (MAIN textbook) Additional references: David Romer, Advanced Macroeconomics, 4th ed. 2012. Olivier Blanchard, Alessia Amighini/Francesco Giavazzi, Macroeconomics – A European Perspective, 2nd.ed. 2014, Chapter 11. |
| Comments | Finance part: For each of the three subjects of the lecture, a package of slides is available. They are used in the lectures. |
| Weblink | Weblink to ADAM |
| Admission requirements | Completed Bachelor in Business and Economics |
| Course application | Registration: Please enrol in MOnA. EUCOR-Students and students of other Swiss Universities have to enrol at the students administration office (studseksupport1@unibas.ch) within the official enrolment period. Enrolment = Registration for the exam! |
| Language of instruction | English |
| Use of digital media | Online course |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| wöchentlich | Tuesday | 12.15-16.00 | - Online Präsenz - |
| Comments | The course will be taught online at 12.15-16.00 from April 20, 2021 onwards. Before that, the course will be taught via screencasts (see Syllabus document in ADAM for the Macroeconomics sequence). |
| Date | Time | Room |
|---|---|---|
| Tuesday 02.03.2021 | 12.15-16.00 | - Online Präsenz -, From 02.03. - 13.4. course is taught by screencasts (see Syllabus on ADAM) |
| Tuesday 20.04.2021 | 12.15-16.00 | - Online Präsenz -, -- |
| Tuesday 27.04.2021 | 12.15-16.00 | - Online Präsenz -, -- |
| Tuesday 04.05.2021 | 12.15-16.00 | - Online Präsenz -, -- |
| Tuesday 11.05.2021 | 12.15-16.00 | - Online Präsenz -, -- |
| Tuesday 18.05.2021 | 12.15-16.00 | - Online Präsenz -, -- |
| Tuesday 25.05.2021 | 12.15-16.00 | - Online Präsenz -, -- |
| Tuesday 01.06.2021 | 12.15-16.00 | - Online Präsenz -, -- |
| Modules |
Basic Module: Advanced Topics in Economics (Master's Studies: International and Monetary Economics) Core Module: Economics (Master's Studies: Business and Economics) (Pflicht) Modul: Methoden der Wirtschaftswissenschaften (Master's Studies: European Global Studies) Module: Core Competences in Economics (Master's Studies: Sustainable Development) Module: Selected Subjects of Economics and Jurisprudence (Master's Studies: Actuarial Science) Module: Theory of Finance (Master's Studies: Actuarial Science) |
| Assessment format | end-of-semester examination |
| Assessment details | written exam: 21.06.21; 15:00-16:30.The exam will take place at Basel Exhibition Center (Messe Basel). In case COVID-19 protective measures prevent examination on site, the faculty reserves the right to conduct the examination electronically during the same time slot. You will receive details of the on-site examinations (Exhibition Center or WWZ) by email approximately one week before the examination date. |
| Assessment registration/deregistration | Registration: course registration |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |