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| Semester | spring semester 2022 |
| Course frequency | Every spring sem. |
| Lecturers |
Andreas Freitag (andreas.freitag@unibas.ch)
Lukas Hitz (lukas.hitz@unibas.ch) Heinz Zimmermann (heinz.zimmermann@unibas.ch, Assessor) |
| Content | The course part “Macroeconomics” is held in the first half of the semester until April 12, 2022, the course part “Finance” follows from April 19, 2022 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. The course will be taught in - class with a simoultaneous live-stream. |
| 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 | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| wöchentlich | Tuesday | 12.15-16.00 | Wirtschaftswissenschaftliche Fakultät, Auditorium |
| Comments | The course will be taught in - class with a simoultaneous live-stream. |
| Modules |
Basic Module: Advanced Topics in Economics (Master's Studies: International and Monetary Economics) Core Module: Economics (Master's Studies: Business and Economics (Start of studies before 01.08.2021)) (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 | record of achievement |
| Assessment details | written exam: 17.06.22; 12:30-14:00. Bernoullianum: A-P; WWZ S15: R-Z. The addresses of the examination rooms can be found here: https://wwz.unibas.ch/de/studium/pruefungen/vorlesungs-und-pruefungsraeume/ The exam is scheduled in presence. If entrance checks are necessary for the exam due to Covid protection measures, the start of the exam may still be delayed by up to 30 minutes. 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. |
| Assessment registration/deregistration | Reg.: course registration, dereg: cancel 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 |