Economics II

The module Economics II introduces the students to the Theory of the Firm and Macroeconomics. In the course Economics of the Firm, they study the consequences of imperfect markets and learn to develop solution strategies. The course presents different approaches of the New Institutional Economics that allow for a better understanding of the existence and functioning of firms, organizations, and institutions as well as related management problems. The course Macroeconomics introduces the students to basic macroeconomic variables and their interrelations. The course discusses the goods, money, financial and foreign exchange market. The students learn how to derive optimal policy responses in times of economic shocks and apply different fiscal, monetary and trade strategies. Besides this, the set of policy options and their economic consequences are discussed within the course.