M 0506 Sva Pitanja

Ivo Biani i Oriana Vukoja
PRVA POLOVICA PRVOG KOLOKVIJA IZ

MAKROEKONOMIKE: POGLAVLJA 1-3
ODRANOG 3/12/2005
Student bira odgovoriti na jedno od dva ponuenih pitanja u svakoj grupi. Ukoliko ponudi
dva odgovora boduje se samo jedno. Bodovi postignuti na ovom kolokviju pribrajaju se
bodovima druge polivice prvog kolokvija (poglavlja 4&5).
PRVA GRUPA PITANJA

(oekuju se 'kratki' odgovoro oko pola strane, odgovor vrijedi najvie 10 bodova)
1. Analizirajte jednadbu investicija na strani 54
2. Analizirajte jednadbu 2.15 na strani 52
DRUGA GRUPA PITANJA
(oekuju se 'dugi' odgovoro oko strane, odgovor vrijedi najvie 20 bodova)
3. Povezujui Keynesov kri i IS-LM model objasnite kako dolazi do istiskivanja ('crowding
out') i kakve to ima vezte sa multiplikatorom
4. Analizirajte mogue uzroke poveanja multiplikatora povezujui Keynesov kri i IS-LM
model.
TREA GRUPA PITANJA: 'TAKE HOME' ESEJ
(esej treba predati do ponedjeljka u 8:30 na Zapadnoj porti na ime Vukoja, odgvoor vrijedi
najvie 10 bodova)
1.
2.
Ivo Biani, Oriana Vukoja Ana Niki, Marko Karan
PRVI KOLOKVIJ IZ MAKROEKONOMIKE

POGLAVLJA 1-6
ZA KOLSKU GODINU 2005/2006
PETAK 14/1/2006
Izvod relevantnog odlomka iz uputa dijeljenih na poetku kolske godine.
Kolokviji
Osnovne osobine. Umjesto ispita kandidati mogu kolegij poloiti putem tri kolokvija. Za ovaj
nain polaganja potrebno je zadovoljiti preduvjet odnosno uspjeno napisali propisani broj
vjebi odnosno zadataka. Vjebe su 'open book' rjeavanje zadataka ili pitanja sa kraja
poglavlje. Odvijati e se prema rasporedu kolokvija (raspored prvog kolokvija dan je dolje). U
sluaju prvog kolokvija, koji se sastoji od gradiva poglavlja 1-6 i ukljuuje 5 vjebi treba
uspjeno napisati 3. Nadoknada vjebi nee biti. Za drugi i trei kolokvij e se kasnije odrediti
broj potrebnih vjebi.
Gradivo kolokvija i rokovi. U svakom kolokviju provjerava se gradivo jednog nastavnog
sklopa. Za prva dva kolokvija postoje dva roka (i kandidati mogu izai na obadva) a za trei
tri (i kandidati mogu izai na sva tri). Ukoliko kandidat ne poloi jedan kolokvij mora poloiti
cijeli ispit. Prvi kolokviji je drugaije strukturiran od druga dva. Kolokvij je postavljen tako
da je za prolaznu ocjenu potrebno 9 dana normalnog uenja.
Vrijeme odravanja kolokvija: prvi kolokvij: prvi rok prije Boia a drugi prvi radni dan
nakon nove godina, drugi kolokvij: prvi rok poetkom travnja a drugi sredinom travnja, trei
kolokvij: poklapa se sa tri ispitna roka ljetnog ispitnog roka (dakle nema predroka)
Struktura kolokvija U kolokviju nema testa i nema definicija nego se sastoji od pismenog
dijela i 'take home' eseja. U pismenom dijelu ponueno je etiri grupa za kratke odgovore (sa
dva pitanja u svakoj, kandidatu se boduje samo jedan odgovor iz svake grupe sa najvie 10
bodova) i dvije grupe za dulje odgovore (tri pitanja u svakoj, kandidatu se boduje samo jedan
odgovor iz svake grupe sa najvie 20 bodova). Pola pitanja (dvije grupe kratkih i jednu grupu
dugih) priprema Ivo Biani a drugu polovicu Oriana Vukoja. Raspon ocjena: 45-54 bodova:
dovoljan, 55-64 bodova: dobar, 65-73 bodova: vrlo dobar, 74-80 bodova: odlian. U "take
home" esej ponuene su dvije grupe a u svakoj grupi su tri pitanja, jednu grupu sastavlja Ivo
Biani a drugu Oriana Vukoja. Za ocjenu se boduje samo jedan odgovor iz svake grupe.
"Take home" esej ima dva pitanja (I svako vrijedi 25 bodova) a raspon ocjena je: dovoljan:
25-31 bodova, dobar 32-39 bodova, vrlo dobar 40-45 bodova i odlian 46-50 bodova
Zbog lakeg ispravljanja mole se kandidati da ispred
pitanja napiu redni broj na kone se pitanje odnosi
GRUPE PITANJA ZA 'KRATKI ODGOVOR'

(ne oekuje se odgovor dulji od pola stranice plus slike, najvii mogui broj bodova za pitanja
iz ove grupe je 10, ukupno je najvie mogue 40 bodova)
Grupa 1: poglavlja 1&2 (pitanja pripremio Ivo Biani)
1. Kojim promjenama se moe u otvorenom gospodarstvu poveati mutliplikativni efekt,
kakve promjene to podrazumijeva na grafu Keynesovog kria
2. Usporedite mutliplikativni uinak trajnog i privremenog smanjenja dravne potronje
3.Kojim promjenama na Keynesovom kriu bi mogli generirati poloeniju IS krivulju i kakve
to ima poslijedice za djelotvornost monetarne politike.
4. Analizirajte znaenje rastue FE krivulje i zato se u standardnoj analizi matra da je
vodoravna
Grupa 3: poglavlja 5&6 (pitanja pripremila Oriana Vukoja)
5.
6.
Grupa 4: poglavlja 1-6 (pitanja pripremila Oriana Vukoja)
7.
8.
GRUPE PITANJA ZA 'DUGI ODGOVOR'

(ne oekuje se odgovor dulji od stranice plus slike, najvii mogui broj bodova za pitanja iz
ove grupe je 20, ukupno je najvie mogue 40 bodova)
9.
10.
Grupa 6: poglavlja 4-6 (pitanja pripremio Ivo Biani)
11. Analizirajte uinak uvoenja kontrola na seljenje kapitala koje dovodi do poveanju straha
vjerovnika glede otplate vanskog duga. Opbrazloiite zato bi te dvije pormjene mogle ii
'zajedno'.
12. Obrazloite koja je monetarna politika najbolja ako je cilj sprijeiti monetarnom politikom
uzrokovano kolebanje zaposlenosti. Za koga u gospodarstvu to pak podrazumijeva veu
neizvjesnost
GRUPE PITANJA ZA 'TAKE HOME' ESEJ

(odgovore je potrebno predati na porti do 17 sati u subotu, 18/12/2004)
Grupa 1: (pitanja pripremio Ivo Biani)
1. Odaberite jedan od modela trita rada koji doputa prisilnu nezaposlenosti (obrazloite Va
izbor) i predloite mjere ekonomske politike na izabranom tritu rada koje bi ga dovelo blie
klasinom opisu. Da li biste te promjene smatrali dobrim, obrazloite Va stav
2. Imate gospodarstvo visoke nezaposlenosti, fiksnog teaja, velikog i neodrivog trgovinskog
deficita i velikog i neodrivog proraunskog deficita. Iskljuivo u okvirima IS-LM-FE modela
generirajte ekonomsku politiku koja bi dovela smanjenja nezaposlenosti i smanjenja
proraunskog deficita.
3. Iskljuivo u okvirima IS-LM-FE modela analizirajte utjecaj svjetske recesije povezano sa
rastom svjetskog kamatnjaka na gospodarstvo sa fiksnim teajem i predloite ekonomsku
politiku koja smanjuje prelijevanje nepovoljnog oka svjetske recesije na sdomau privredu.
Grupa 2: (pitanja pripremila Oriana Vukoja)
4.
5.
6.
Ivo Biani, Oriana Vukoja Vedrana Pribievi, Adrijana Zubac
DRUGI KOLOKVIJ IZ MAKROEKONOMIKE

POGLAVLJA 6-8
SRIJEDA 14/3/2006

Grupa 1: poglavlje 6 (pitanja pripremio Ivo Biani)
1. Izvedite Krivulju potranje za radom iz Parcijalne proizvodne funkcije
2. Objasnite odnos Krivulje ponude rada pojedinca i Krivulja ponude rada sindikata
3. Raspravite prednosti i nedostatke poveanja mininalne plae
4. Kako bi se promijenila specifikacija AD-AS modela kada dolo do zamjene fleksibilnosg
teajka fiksim?
Grupa 3: poglavlja 7&8 (pitanja pripremila Ivo Biani)
5.Objasnite kako fiskalna politika moe promijeniti strukturu GDP-a ali ne i njegovu veliinu.
6. Zbog ega se DAD krivulja seli
Grupa 4: poglavlja 8 (pitanja pripremila Ivo Biani)
7. Objasnite zato sjecite DAD i SAS krivulje uvijke mora predstavljati trenutanu rav oteu
ali ne u dugoronu
8. Usporedite EAD krivulkju fisknog i fleksibilnog teaja i, ako postoji, objasnite uzroke
razlike
Grupa 5: poglavlje 6 (pitanja pripremila Ivo Biani)
9. Objasnite kako poveanje poreskog klina ('tax wedge') utjee na razinu nezaposlenosti i
zato on ne vodi promjeni prisilne zaposlenosti.
10. Uz koje pretpostavke krivulja ravnodunosti sindikata nije kontinuirana nego ima toku
prekida ('kink')
11. Objasnite zato promjena realne ponude novca pomie gospodarstvo po Ad krivulji a
promjena nominalne ponude novca seli AD krivulju
12. Povezujui DAD-SAS model i IS-LM-FE model analizirajte tok promjena koje uzrikuje
restruktivna fiskalna politika u uvjetima fiksnih teaja uz racionlan oekivanja

(odgovore je potrebno predati na porti do 17 sati u etvrtak, 15/3/2006)
1. Odaberite jedan od modela trita rada koji doputa prisilnu nezaposlenosti (obrazloite Va
izbor) i predloite mjere ekonomske politike na izabranom tritu rada koje bi ga dovelo blie
klasinom opisu. Da li biste te promjene smatrali dobrim, obrazloite Va stav
2. Objasniter kako e se poveanje seljivosti kapitala koje ne vodi potpunoj seljivosti odraziti
na IS-LM-FE model i izvedite promjene koje zbog toga nastaju u AS-AD modelu.
3. Niz svjetskih organizacija (Svjetska banka, MMF, itd.) zagovara poveanje fleksibilnosti
trita rada. ta pod tim misle i kako bi se poveanje fleksibilnosti moglo opisati u okvirima
modela izloenih u poglavlju 6. Kakvo je Vae miljenje o poveanju gfleksibilnosti trita
rada u Hrvatskoj 2006. godine
4.
5.
6.
PITANJA ZA TREI KOLOKVIJ

MAKROEKONOMIKA-HRVATI
PRVA GRUPA KRATKIH PITANJA (ekonomski rast: poglavlja 9&10 pitanja sastavila Orian
Vukoja))
1.
2.
DRUGA GRUPA KRATKIH PITANJA (ekonomska politika: poglavlja 11&12, pitanja
sastavio Ivo Biani)
3. Analizirajte jednadbu 12.1
4. Analizirajte jednadbu 11.1
PRVA GRUPA DUGIH PITANJA(ekonomski rast: poglavlja 9&10, pitanja sastavio Ivo
Biani)
5. U Solowljevom modelu rasta analizirajte prijelaz sa nie stope tednje na stopu tednje koju
podrazumijeva zlatno pravilo te objasnite zato to ne podrazumijeva dinamiku nefikasnosti.
6. Zato je tehniki napredak 'dobar' ako u Solowljevom modelu poveanje stope tehnikog
napretka uz ostale nepromijenjen uvjete vodi smanjenju dohotka mjerenog u jedinicam
efikasnosti po zaposlenom
DRUGA GRUPA DUGIH PITANJA(ekonomska politika: poglavlja 11&12, pitanja sastavila
Orian Vukoja)
7.
8.
TAKE HOME ESEJ
PRVA GRUPA pitanja sastavila Orian Vukoja
1.
2.
DRUGA GRUPA pitanja sastavio Ivo Biani)
3. Ponudite barem tri naina kako biste u okvirima Solowljevog modela rasta analizirali
politiku rasta koje se temelji na dravnom financiranju izgradnje cesta/autoputeva. Usporedite
analitiku mo modela te objasnite koji model smatrate najboljim.
4. Da li mislite da model politikog ciklusa izloenog u udbeniku doprinosi Vaem boljem
razumijevanju makroekomskih kretanja u Hrvatskoj? U odgovoru uz ostalo objasnite kako
biste u Hrvatskoj prepoznali spomenuti model te obrazloite Va stav o njegovoj
upotrebljivosti.
PITANJA ZA TREI KOLOKVIJ

PRVA GRUPA KRATKIH PITANJA (Inflacija, poglavlje 13 i proraun, poglavlje 14, pitanja
sastavila Orian Vukoja))
1.
2.
DRUGA GRUPA KRATKIH PITANJA (nezaposlenost: poglavlje 15, pitanja sastavio Ivo
Biani)
3. U modelu koji je opisan u udbeniku objasnite zato i kako promjena cijene nafte utjee na
promjenu potranje za radom
4. Analizirajte vanost koeficijenta u jednadbi: = e + [ Y ( Y** + (Y-1 Y**)]
PRVA GRUPA DUGIH PITANJA(Inflacija, poglavlje 13 i proraun, poglavlje 14, pitanja
sastavio Ivo Biani)
5. Objasnite znaaj za gospodarstvo koje ima postojani primarni deficit ako realni kamatnjak
postane vei od stope rasta.
6. Objasnite analitike prednostin uvoenja stohastike SAS krivulje
DRUGA GRUPA DUGIH PITANJA(poglavlje 13 i proraun, pitanja sastavila Orian Vukoja)
7.
8.
TAKE HOME ESEJ
PRVA GRUPA pitanja sastavila Orian Vukoja
1.
2.
DRUGA GRUPA pitanja sastavio Ivo Biani)
3. Uskoro istie mandat sadanjeg Guvernera NBH eljka Rohatinskog. ta mislite da bi se
desilo u Hrvatskoj kada bi kao dio politikog ciklusa za naredne izbore koalicija na vlasti
uspjela imenovati novog guvernera koji bi imao manju odbojnost prema inflaciji od
sadanjeg.
4. Analizirajte ogranienja sa kojima se susree ministar financija ako je najnia inlfacija u
EMU 1.1% godinje, inflacija u Hrvatskoj 4.2% godinje a proraunski deficit 5% GDP-a.
DODATNA PITANJA IZ TREEG KOLOKVIJA: POGLAVLJUE 10
Student odgovara na 2 pitanja od ponuenih 5.
1. Kako utede obujma ('economies of scale') generiraju zamku nerazvijenosti?
2. Kako se dodatnim ogranienjima na stopu rasta stanovnitva moe generirati zamka
nerazvijenosti
3. ta je AK model
4. Kako uvoenje ljudskog kapitala utjee na poloaj proizvodne funkcije
5. ta je osnovno obiljeje endogenih modela rasta?
Ivo Biani, Oriana Vukoja
DRUGI ROK 'UPGRADE I NADOKANDE' KOLOKVIJA
IZ MAKROEKONOMIKE
UTORAK 4/7/2006
PITANJA ZA PRVI KOLOKVIJ: poglavlja 1-6

1.
2
3.?
4. Grupa 3: poglavlja 5&6 (pitanja pripremio Ivo Biani)
5. Zato je u uvjetima savrenih trita rada ('klasino tritr') Kriovulja agregatne ponude
okomita i poklaspa se sa potencijalnim dohotkom?
6. Kako se mijenja zaposlenost i nezaposlenost poveanjem poreskog klina ('tax wedge'),
kako se promjena nezaposlenosti moe tumaiti?
7. Na koj nain oekivani teaj utjee na sadanji teaj?
8. Objasnite u kojim uvjetima i zato ekonomska politika moe dovesti do promjene strukture
dohotka (GDP-a odnosno BVDP-a) ali ne i do promjene njene veliine

9. Uspoiredite glavne osobine monetarne politike koja se temelji na kontroli kamatnjaka i
monetarne politike koja se temelji na kontroli ponude novca
10. Objasnite kako i zato trajno i jednokratno poveanje dohotkas razliito utjeu na
potronju

11.
12.

(odgovore je potrebno predati na porti do 17 sati u srijedu, 5/7/2006)
1. Objasnite sve naine na koje se u okvirima udbenika moe poveati multiplikator te
obrazloite koja dva su pod najmanjim utjecajem ekonomske politike, kakvo je Vae miljenje
o korisnosti multiplikatora kao analitikog pomagala
2. Obrazloite Vas stav o tvrdnji: 'U Hrvatskoj sindikati nisu utjecajni te je analiza temeljena
na istaknutoj ulozi sindikata beskorisna za razumijevanje Hrvatskog gopsodarstva'.
3.
4.
PITANJA ZA DRUGI KOLOKVIJ: poglavlja 7-8

Grupa 1: poglavlje 7 (pitanja pripremila Oriana Vukoja)
1.
2.
3.
4.
5. Aalizirajte jednadbu 8.2 na strani 193: = e + (y-Y*)
6. Analizirajte jednadbu
7. Zato za EAD krivulju u uvjetima fleksibilnih teaja vrijedi =
8. Zato za EAD krivulju u uvjetima fiksnih teaja vrijedi = w

9. Objasnite zato je odnos razine dohotka i razine cijena nelinearan i kakav odnos implicira
koritenje semi logaritamskog mjerila?
10. Objasnite zato oekivani teaj e drugaije utjee na krivulju agragatne potranje u
uvjetima fiksnog i fleksibilnosg teaja?
11.?
12.!

1. Objasnite zato je jedina stabilna ravnotea mjesto gdje se EAD,EAS,DAD i SAS krivulja
sijeku?
2. Objasnite kako se generiraju ciklusi u EAD,EAS,DAD i SAS modelu sa fiksnim teajem
(Hint: morate objasniti prekretnice)
3.
4.
PITANJA ZA TREI KOLOKVIJ: poglavlja 9-12

1.
2.?
3.
4.

5. Zato je pristranost inflaciji ('inflation bias') jednaka /
6. Objasnite na koji se nain generira vremena nedosljednost ('time inconsistency')
7. Zato se monetarna politika ne treba posebno regulirati meu lanicama monetarne unije?
8. Kako moe doi do porasta nagiba 'exchange rate response line'

Grupa 5: poglavlje 9&10 (pitanja pripremio Ivo Biani)
9. Na koji nain poptuno integrirano trite kapitala koristi manje razvijenoj zemlji?
10. Kakve su implikacije ako gopsodarsdtvo ima stopu tednje veu od one koju zahtijeva
'zlatno pravilo'?
Grupa 6: poglavlje 11&12 (pitanja pripremila Oriana Vukoja)
11
12

1. Opravdajte izbor koritenja inflacije i razine dohotka kao varijable u krivuljama
indiferencije javne podrke ('public indiference curves').
2. U okvirima gradiva 9-12 poglavja analizirajte to znai za Hrvatsku potpuna integracija u
Euroland (potpuna integracija manje razvijene zemlje u monetarnu uniju sa vie razvijenim
zemalja)
3.
4.
PITANJA ZA ETVRTI KOLOKVIJ: poglavlja 13-15


1.
2..
3.
4.
5. Kakva trita rada implicira Beveridge krivulja?
6. Na koji nain promjena cijena nafte utjee na potranju za radom
Grupa 4: poglavlje 13-15 (pitanja pripremio Ivo Biani)
7. Usporedite slijedee dvije DAD krivulje: = b(Y-Y*) i = b(Y-Y-1)
8. Kakvi su trokovi rastue stope inflacije?

Grupa 5: poglavlje 13&14 (pitanja pripremio Ivo Biani)
9. Zato se financiranje proraunskog deficita monetarnom ekspanzijom moe smatrati
porezom?
10. Objasnite zato koeficijent rtve ('sacrifice ratio') samo ovisi a veiinu smanjenja
inflacije a ne i o vremenskom rasporedu smanjenja.
11.
12.

1. Hrvatska ima problem velikog proraunskog deficita. Kakav proraunska politika pogoduje
dananjoij omladini a kakva dananjim penzionerima?
2. Analizirajte utjecaj poveanja utjecaja prolih promjena ('hysteteze') na djelotvornost
ekonomske politike i ponudite neka objanjenja zato bi se po vaem miljenju u zemlji kao
mto je Hrvatska mogla poveati razina utjecaja prolih promjena te da li takvu promjenu
smatrate vjerojatnom.
3..
4.
Ivo Biani, Oriana Vukoja
PRVI ROK ISPITA

IZ MAKROEKONOMIKE
UTORAK 13/6/2006
RELEVANTNI DIO UPUTA PODIJELJENIH POETKOM NASTAVE
Osnovne osobine. Ispit iz Makroekonomike se sastoji od etiri dijela i za pozitivnu ocjenu
potrebno je odjedanput (u jednom roku) uspjeno poloiti sva etiri dijela (dakle ne moe se u
komadima). Tri su dijela ispita pismena i polau se isti dan a etvrti je usmeni koji se prema
potrebi polae na dan objavljivanja rezultata pismenog ispita . Kriteriji su postavljeni tako da
se sa lakoom moe proi nakon etiri tjedna normalnog uenja. Predroka nema.
Struktura ispita
Prvi dio ispita: test. Test se sastoji od 120 pitanja podijeljenih u pet vrsta (zaokruivanje
tonog odgovora izmeu pet ponuenih, zaokruivanjem odreivanje tonosti tvrdnje,
upisivanje odgovarajuih slova iz slike, povezivanje pojma sa definicijom te zadatka gdje se
zaokruuje jedno od ponuenih rjeenja. Odgovori se upisuju u posebni list (zbog lakoe
ispravljanja). Vrijeme rjeavanja je 60 minuta, 30 sekundi za svako pitanje.
Drugi dio ispita: pismeni ispit. U ovom dijelu ispita kandidat odgovara na tri vrste pitanja. Na
prvu vrstu se daju krai odgovori (do pola strane) a na drugu dui (do jedne strane) a trea se
vrsta sastoji od pisanja definicija (ne vie od pet redaka po definiciji).
- U prvoj grupi su kandidatu ponuene osam podgrupa pitanja a u svakoj podgrupi su dva
pitanja. Kandidat iz svake podgrupe bira pitanje na koje odgovara dakle sve zajedno odgovara
na osam pitanja. Svaki odgovor u ovoj grupi vrijedi najvie 10 bodova te je najvei broj
bodova za ova pitanja 80. Pitanja etiri podgrupe sastavlja Ivo Biani a pitanja iz preostale
etiri podgrupe Oriana Vukoja.
- U drugoj grupi kandidatu su ponuene etiri podgrupe pitanja a u svakoj podgrupi su dva
pitanja. Kandidat iz svake podgrupe bira jedno pitanja na koje odgovara dakle sve zajedno
odgovara na osam pitanja (dvije iz svake podgrupe). Svaki odgovor u ovoj grupi vrijedi
najvie 20 bodova te je najvei broj bodova za ova pitanja 80. Pitanja iz dvije podgrupe
sastavlja Ivo Biani a pitanja iz preostale dvije podgrupe Oriana Vukoja.
- U treoj grupi su pitanja numerikog tipa. Kandidat izabire jedan problem od dva ponuena.
Maksimalan broj bodova za numeriki problem je 20.
- U etvrtoj grupi su kandidatu ponuene etiri kolone od po tri pojma. Kandidat iz svake
kolone bira jedan pojam i daje njegovu definiciju. Svaka definicije vrijedi najvie 5 bodova te
je najvei broj bodova za definicije 20.
Vrijeme pisanja je 180 minuta (10 minuta za svaki kratki odgovor, 15 minuta za dugi, 20 za
numeriki problem i 5 minuta za svaku definiciju (8x10+4x15+4x5=160).
Trei dio ispita: "Take home" esej: Kandidatu su ponuene etiri grupe pitanja, u svakoj grupi
su ponuena dva pitanja i kandidat bira jedno na koje odgovara. Pitanja se nose kui i
slijedei dan se predaju odgovori. Svako pitanje vrijedi najvie 20 bodova, te je najvei
mogui broj bodova u ovoj grupi 80.
etvrti dio ispita: usmeni ispit
U pravilu nee biti usmenog ispita. Iznimno e ispitivai pozvati kandidata ako postoje velike
razlike ocjene pojedinih dijelova ispita ili kandidat moe traiti usmeni ispit ako smatra da je
krivo ocijenjen.
Ocjenjivanje
Svaki pismeni rad posebno ocjenjuju Ivo Biani i Oriana Vukoja te kasnije usklauju ocjene.
Prvi dio: test
Svaki toni odgovor vrijedi 1 bod, svaki krivi 0.25 negativnih a nezaokrueni odgovori
vrijede nula bodova.
Raspon ocjena: dovoljan (2):70-85 bodova, dobar (3):86-99 bodova, vrlo dobar (4):100-111
bodova i odlian (5):112-120 bodova.
Drugi dio: pismeni ispit
Za prolazni ocjenu potrebno je pozitivno odgovoriti na po jedno pitanje iz svake grupe
odnosno podgrupe (izostavljanje odgovora na bilo koju podgrupu automatski podrazumijeva
nedovoljan). Vie polovinih odgovora iz jedne grupe se ne priznaju, iz svake podgrupe
boduje se samo jedan odgovor. Najvei broj bodova je 258 (80 iz kratkih odgovora, 80 uz
dugih i 20 za definicije).
Raspon ocjena: dovoljan (2):110-139 bodova, dobar (3):140-159 bodova, vrlo dobar (4):160179 bodova i odlian (5):180-200 bodova.
Trei dio:"take home" esej
Za prolazni ocjenu potrebno je pozitivno odgovoriti na po jedno pitanje iz svake grupe. Vie
polovinih odgovora se ne priznaju, iz svake grupe boduje se samo jedan odgovor. Najvei
broj bodova je 80.
Raspon ocjena: dovoljan (2):45-54 bodova, dobar (3):55-64 bodova, vrlo dobar (4):65-71
bodova, odlian (5):72-80 bodova.
Sveukupna ocjena iz prva tri pismena dijela ispita zaokruuje se kao vagana sredina tri ocjene
u kojoj ocjena testa ima ponder 0.2, ocjena kratkog eseja 0.5a ocjena dugog eseja 0.3
U OVOJ GENERACIJI NEE BITI TESTA


(bira se jedno pitanje iz svake grupe ne oekuje se odgovor dulji od pola stranice plus slike,
najvii mogui broj bodova za pitanja iz ove grupe je 10, ukupno je najvie mogue 80
bodova)
1.U krunom toku zato uvoz predstavlja odlijev ('leakage') a izvoz priljev (injection')? Hint:
u odgovoru nemojte zaboraviti koristiti i formule platne blance
2. Koje promjene mogu dovesti do porasta nagiba krivulje agregatne potranjue u
Keynesovom kriu
3. Zato promjena kamatnjak podrazumijeva pomak po LM krivulji a ne seljenje LM krivulje?
4. Objasnite vanost nepokrivenog pariterta kamatnjaka (jednadbu 4.4)

5.
6.
Grupa 4: poglavlja 7&8 (pitanja pripremila Ivo Biani)
7. U uvjetima fleksibilnih teaja na koji nain agregatna potranja ovisi o svjetskom
kamatnjaku?
8. Objasnite pretpostavke zbog kojih je krivulja dugorone agregatne ponude ('LAS' krivulja)
okomita?
Grupa 5: poglavlja 9&10 (pitanja pripremio Oriana Vukoja)
9.
10.
11.
12.
13. Objasnite znaenje promjena preferencija izmeu dohotka/zaposlenosti i inflacije u
kojima krivulje ravnodunost postaju poloenije.
14. Analizirajte uvjete ravnotenog duga ('equilibrium debt ratio', jednadba 14.5
Grupa 8: poglavlja 15 (pitanja pripremila Oriana Vukoja)
15.
16.

(bira se jedno pitanje iz svake grupe, ne oekuje se odgovor dulji od stranice plus slike,
najvii mogui broj bodova za pitanja iz ove grupe je 20, ukupno je najvie mogue 80
bodova)
17.
18.
19. Navedite primjer mjere ekonomske politike u kojima su adaptivna oekivanja bolja od
racionalnih i primjer ekonomske politike u kojima su racionalna bolja od adaptivnih, objasnite
obadva primjera i kako bi savrena oekivanja utjecala na rezultate i izbor?
20. Istovremeno koristei IS-LM-FE model i DAD-SAS model analizirajte uinak monetarne
politike u uvjetima fleksibilnih teaja!

21.
22.
23. Objasnite razliku seljenja Beveridge krivulje i seljenja po Beveridge krivulji!
24. U kojim uvjetima nastaje i zato je vano postojanje 'hysteresis'?
ZADATAK
(bira se jedan zadatak iz grupe pitanja pripremila Oriana Vukoja, najvii mogui broj bodova
za pitanja iz ove grupe je 20)
25.
26.
DEFINICIJE POJMOVA
(ne oekuje se odgovor dulji od etiri redka, najvii mogui broj bodova za definiciju je 5,
ukupno je najvie mogue 20
bodova)
Prva grupa pojmova: poglavlja 1-6 (pojmove izabrao Ivo Biani)
a) Funkcija potranje za novcem
b) Agregatni planirani izdaci
c) Frikcijska nezaposlenost
Druga grupa pojmova: poglavlja 7&8 (pojmove izabrala Oriana Vukoja)
d)
e)
f)
Trea grupa pojmova: poglavlja 9-12 (pojmove izabrao Ivo Biani)
g) Solowljev rezidual
h) Rikardijanska ekvivalencija
i) Pakjt za stabilnost i rast
etvrta grupa pojmova: poglavlja 13-15 (pojmove izabrala Oriana Vukoja)
j)
k)
l)
Ivo Biani
Full professor Faculty of Economics, University of Zagreb
Recurrent visiting professor Central European University, Budapest
Orijana Vukoja
assistent, Faculty of Economics, University of Zagreb
EXAMINATION QUESTIONS: MACROECONOMICS

ACADEMIC YEAR 2004/2005
ENGLISH TEACHING PROGRAM
DATE: 2ND FEBRUARY 2005
Relevant extract from handout:
Exam: passing at regular examination periods
The Macroeconomics exam has four parts. Three must parts must be taken in the
same day (i.e. they cannot be taken in sections). All the three parts are written. The
fourth part is oral and takes place after the results of the written part have been
announced. The exam questions are set so that they can be passed with fouth weeks
of preparation and regular attendance and work during the semester.
Exam structure
First part: Test. The test has 120 questions divided into five kinds of questions
(multiple choice, yes/no, graph analysis and numerical problems). The answers are
written into a separate sheet which is handed in on completion. The time is 60
minutes (30 seconds per question).
Second part: closed book essay: In this part of the exam the student answers three
types of questions: 'short' answers, 'long' answers and definitions. The time allowed
for this part of the exam is 160 minutes (15 minutes for each long question, 10
minutes for each short one and 5 for each definition.
- The first type requires short answers of up to half a page. There are eight grups of
questions with two questions in each group. The student chooses one question from
each group (in case two are oferred the examiner grades only one), each answer is
worth up to 10 points sop a maximum of 80 points can be awarded in this groups.
Four groups are set by Ivo Biani and four by Orijana Vukoja.
- The second type requiers longer answers of up to one page. There are four grups of
questions with two questions in each group. The student chooses one question from
each group (in case two are oferred the examiner grades only one), each answer is
worth up to 20 points sop a maximum of 80 points can be awarded in this groups.
Two groups are set by Ivo Biani and two by Orijana Vukoja.
- The third type are definitions requiring a maximum 5 lines. Four groups of three
terms are given and the student chooses to provide the definition of one term from
each group. Each definition is worth at most 5 points so a maximunm of 20 points
can be given for this type of questions. Two sets of definitions are are set by Ivo
Biani and two by Orijana Vukoja.
Third part: of the exam is a take home essay: The student is oferred four groups of
questions with two questions in each group. He takes the questions home and hands
in the answers next day. Each answerr is worth a maximum of 20 points so the
highest score in this part of the exam is 80 points..
Fourth part of the exam: oral exam: As a rule there will be no oral exam but is the
grades in the three written sections vary a lot then the examiner resderves the right
to call the student for an oral exam. If the student cosniders he has been badly
marked he can demand an oral exam.
Grading
Each part of the written exam is independently graded by Ivo Biani and Orijana
Vukoja and the grades are later discussed.
Test grading
Each correct answer is worth 1 pojnt and each incorrect, except the first four, is worth
-0.25 pojnts, blank answers are worht 0 points. Grades: 2: 70-85 points, 3: 86-99
points, 4: 100-111 points and 5: 112-120 points.
Second part: closed book essay
To pass the student must get at least half the points in every group of answers, i.e.
must provide at least a positive answer in every group. Two half answers in a group
do not count since points are given only for individual answers. If two answeres are
oferred in one group the examiner grades only one. A maximum in this part is 180
points (eight short answers 10 points each and maximum of 80 points, four long
answrs 20 points each a maximum of 80 points and four definitions 5 points each and
a maximum of 20 points). Grading: 2: 100-129 points, 3: 130-149 points, 4: 150-164
points and 5: 165-180 points,
Take home essay
To pass the student must get at least half the points in every group of answers, i.e.
must provide at least a positive answer in every group. Two half answers in a group
do not count since points are given only for individual answers. If two answeres are
oferred in one group the examiner grades only one. A maximum in this part is 80
points (20 points each a maximum of 80 points. Grading: 2: 45-54 points, 3: 55-64
points, 4: 65.71 points and 5: 72-80 points.
Final grade
The aggregate grade is derived as a weighted average of the three written parts with
the weight given as follows: test: 0.2, closed book essay: 0.6 and take home essays
0.4. In case of an oral exam the final grade is determined after the oral exam.
QUESTIONS
PLEASE NOTE: THE EXAMINERS WOULD APPRECIATE IF YOU COULD LIST
TRHE NUMBER OF THE QUESTION YOU ARE ANSWERING IN FRONT OF THE
ANSWER
SHORT ANSWERS
(maximum 10 points each answer)
GROUP 1: CHAPTERS 1&2

1. Explain the consequences of a rise in the marginal propensity to import on the
Aggregate demand curve in the Keynesian cross and its effect on the mutliplier. If
appropriate use graphs and formulas in your answer.
2. How does an expansionary fiscal policy lead to crowding out. If appropriate use
graphs and formulas in your answer. (Hint: think about the effect of expansionary
fiscal policy on the interest rate).

3. Use the IS-LM-FE model to show the consequences of a contractionary monetary
policy on income, interest rate and the exchange rate for a small open economy with
a system of fixed exchange rate. Derive your results graphically, assuming perfect
international capital mobility, and explain the results in words.
4. Consider a small open economy with a flexible exchange rates system and a
current macroeconomic situation as shown in the IS-LM-FE graph below. Define the
initial macroeconomic position and describe the mechanisms that bring about a
macroeconomic equilibrium (if one already does not exist).

5 explain why the preference curve of trade unions is kinked?
6 Why must overshooting occur?

7 Derive the Ad curve for fixed exchange rate regimes
8. How does a rise in expectations shift the SAS curve?

9 What is a time inconsistency trap, include an example in your answer?
10. Explain the creation of the inflation bias in democratic decision making?

11 Why did Friedman propose the Friedman rule?
12 Explain na governement indiference curve.

13 How does more central bank independence influence the indifrence curve.
14 Derive and explain the equilibrium bedt ratio
GROUP 8: CHAPTER 15
15 Why cant a tax wedge explain involun tary unemployment
16 How does an increrase of persistance influence the adjusmtnet time after a
change in monetary policy
LONG ANSWERS
GROUP 1: CHAPTERS 1-4

17. Recall the quantity equation and discuss if the constant velocity of money
circulation assumption is reasonable in the light of the model of money demand?
What happens with the price level if the assumption is to be changed? (Hint: look at
the change in the interest rate and then keep M and Y unchanged.)
18. Derive the IS curve for the closed and opened economy and explain in words
where the difference comes from, if any. You can use graphs or formulas (or both) to
support your views. How would expansionary fiscal policy effects differ in a closed
and opened economy?
GROUP 2 CHAPTERS 5-8

19. Explain why the IS, LM and FE curves define a stable macroeconomic
equilibrium in a small open economy with flexible exchange rates and perfect capital
mobility
20. In terms of the IS-LM-FE model design a policy package aimed at reducing
government deficit, increasing exports and increasing equilibrium income (Hint: think
about Tinbergens policy rule). Discuss the feasibility of such a policy package and
list at least two secondary effects it may have (e.g. the influence on foreign investors
or consumers)

21 Discuss the effects of a increase in the savings rate in the Solow growth model
with regard to the steady state growth paths, the transition period and convergence
22 What limitatins does the governement face when wanting to raise growth rates in
the Solow models, how relevant do you find these reasons?

23 Explain the movmement of the debt ratio over time if the real interest rate is larger
than the rate of growth and there is a primary deficit
24 Discuss the effects of a supply shock
DEFINITIONS
DEFINITIONS GROUP 1
a) DAD curve
b) SAS curve
c) EAS curve
DEFINITIONS GROUP 2
d) AK model
e) poverty trap
f) c0nvergence hypothesis
DEFINITIONS GROUP 3
g) optimum currency area
h) efficiency wage
i) hysteresis
DEFINITIONS GROUP 4
j) Taylor rule
k) Okuns law
l) ricardian equivalence
TAKE HOME QUESTIONS

(maximum 20 points each answer, the answers musat be handed in by Wednesday
18 hours at the West entrance)
GROUP 1
1 Starting from a small open economy with flexible exchange rates and perfect
capital mobility analyse the effect of a policy introducing constraints limiting but not
completely preventing capital mobility prevent which investors who view this as a
increase in risk and default. Under what circumstances would you advise such a
policy. In your answer, among other things, discuss the speed of adjustment.
2. Recall the quantity equation and discuss if the constant velocity of money
circulation assumption is reasonable in the light of the model of money demand?
What happens with the price level if the assumption is to be changed? (Hint: look at
the change in the interest rate and then keep M and Y unchanged.)
GROUP 2
3 Using the handouts with the basic data on the Croatian economy discuss how
equation 1.2 from page 12 can be misused in economic analysis and in designing an
economic policy aimed at reducing the government deficit and current account deficit.
4. Derive the IS curve for the closed and opened economy and explain in words
where the difference comes from, if any. You can use graphs or formulas (or both) to
support your views. How would expansionary fiscal policy effects differ in a closed
and opened economy?
GROUP 3
5 Discuss how Croatias rate of convergence could be accelerated in view of the

models presented in the textbook
6 Discuss the proposition that the political cycle is extremely important for the
Croatian economy and design a political cycle which you think would lead to an
electoral victory
GROUP 4
7 Explain the case why an economist would not reecomend monetary policy
instruments because of their ineffectivness
8 How would you generate a reduction of Croatias unemploymewnt rate in terms of
the models discussed ion the textbook
Ivo Biani, Orijana Vukoja
EXAM QUESTIONS FOR 15/2/2005:

MACROECONOMICS,
ACADEMIC YEAR 2004/2005
ENGLISH TEACHING PROGRAM
RELEVANT EXTRACTS FROM THE COURSE HANDOUT
Exam: basic information
To qualitfy for the exam students will have to have attendance signatures. These will be given by Ms. O. Vukoja.
To get a signiture the student has to satisfy at 10 out of 15 excerises. These are chapter excersies written as open
book excerses according to the teaching schedule below. Those who do satisfy at the required number of
excersises will sit a qualifying exam one day before the written exam where they will solve the excersies for the
whole course..
Students will be able to pass the exam in two ways. The first is by passing the regular exam during the dates set
in the examination period (which starts February 1st), the second is by interim exams, will take place at dates
listed in the program, and seminar participation.
Students who consider themselves incorrectly marked can
a) request the examiners to re-mark their work.
b) according to the Article 46 of the Statute of the Faculty of Economics within 24 hours of the exam results
students can request in written form that the Dean appoints a three member committee in front of which they can
retake the exam, the exam in front of this committee must take place within 24 hours of the student request.
Since a new textbook is being used the examo questions from previus years (which can be distributed on
demand) will be of very limited use and cannot be used as a gudeline for this years questions.
Exam: passing at regular examination periods
The Macroeconomics exam has four parts. Three must parts must be taken in the same day (i.e. they cannot be
taken in sections). All the three parts are written. The fourth part is oral and takes place after the results of the
written part have been announced. The exam questions are set so that they can be passed with fouth weeks of
preparation and regular attendance and work during the semester.
Exam structure
First part: Test. The test has 120 questions divided into five kinds of questions (multiple choice, yes/no, graph
analysis and numerical problems). The answers are written into a separate sheet which is handed in on
completion. The time is 60 minutes (30 seconds per question).
Second part: closed book essay: In this part of the exam the student answers three types of questions: 'short'
answers, 'long' answers and definitions. The time allowed for this part of the exam is 160 minutes (15 minutes for
each long question, 10 minutes for each short one and 5 for each definition.
- The first type requires short answers of up to half a page. There are eight grups of questions with two questions
in each group. The student chooses one question from each group (in case two are oferred the examiner grades
only one), each answer is worth up to 10 points sop a maximum of 80 points can be awarded in this groups. Four
groups are set by Ivo Biani and four by Orijana Vukoja.
- The second type requiers longer answers of up to one page. There are four grups of questions with two
questions in each group. The student chooses one question from each group (in case two are oferred the
examiner grades only one), each answer is worth up to 20 points sop a maximum of 80 points can be awarded in
this groups. Two groups are set by Ivo Biani and two by Orijana Vukoja.
- The third type are definitions requiring a maximum 5 lines. Four groups of three terms are given and the student
chooses to provide the definition of one term from each group. Each definition is worth at most 5 points so a
maximunm of 20 points can be given for this type of questions. Two sets of definitions are are set by Ivo Biani
and two by Orijana Vukoja.
Third part: of the exam is a take home essay: The student is oferred four groups of questions with two questions
in each group. He takes the questions home and hands in the answers next day. Each answerr is worth a
maximum of 20 points so the highest score in this part of the exam is 80 points..
Fourth part of the exam: oral exam: As a rule there will be no oral exam but is the grades in the three written
sections vary a lot then the examiner resderves the right to call the student for an oral exam. If the student
cosniders he has been badly marked he can demand an oral exam.
Grading
Each part of the written exam is independently graded by Ivo Biani and Orijana Vukoja and the grades are later
discussed.
Test grading
Each correct answer is worth 1 pojnt and each incorrect, except the first four, is worth -0.25 pojnts, blank answers
are worht 0 points. Grades: 2: 70-85 points, 3: 86-99 points, 4: 100-111 points and 5: 112-120 points.
Second part: closed book essay
To pass the student must get at least half the points in every group of answers, i.e. must provide at least a
positive answer in every group. Two half answers in a group do not count since points are given only for individual
answers. If two answeres are oferred in one group the examiner grades only one. A maximum in this part is 180
points (eight short answers 10 points each and maximum of 80 points, four long answrs 20 points each a
maximum of 80 points and four definitions 5 points each and a maximum of 20 points). Grading: 2: 100-129
points, 3: 130-149 points, 4: 150-164 points and 5: 165-180 points,
Take home essay
To pass the student must get at least half the points in every group of answers, i.e. must provide at least a
positive answer in every group. Two half answers in a group do not count since points are given only for individual
answers. If two answeres are oferred in one group the examiner grades only one. A maximum in this part is 80
points (20 points each a maximum of 80 points. Grading: 2: 45-54 points, 3: 55-64 points, 4: 65.71 points and 5:
72-80 points.
Final grade
The aggregate grade is derived as a weighted average of the three written parts with the weight given as follows:
test: 0.2, closed book essay: 0.6 and take home essays 0.4. In case of an oral exam the final grade is determined
after the oral exam.
First part: Test. The test has 120 questions divided into five kinds of questions (multiple choice, yes/no, graph
analysis and numerical problems). The answers are written into a separate sheet which is handed in on
completion. The time is 60 minutes (30 seconds per question).
Second part: closed book essay: In this part of the exam the student answers three types of questions: 'short'
answers, 'long' answers and definitions. The time allowed for this part of the exam is 160 minutes (15 minutes for
each long question, 10 minutes for each short one and 5 for each definition.
- The first type requires short answers of up to half a page. There are eight grups of questions with two questions
in each group. The student chooses one question from each group (in case two are oferred the examiner grades
only one), each answer is worth up to 10 points sop a maximum of 80 points can be awarded in this groups. Four
groups are set by Ivo Biani and four by Orijana Vukoja.
- The second type requiers longer answers of up to one page. There are four grups of questions with two
questions in each group. The student chooses one question from each group (in case two are oferred the
examiner grades only one), each answer is worth up to 20 points sop a maximum of 80 points can be awarded in
this groups. Two groups are set by Ivo Biani and two by Orijana Vukoja.
- The third type are definitions requiring a maximum 5 lines. Four groups of three terms are given and the student
chooses to provide the definition of one term from each group. Each definition is worth at most 5 points so a
maximunm of 20 points can be given for this type of questions. Two sets of definitions are are set by Ivo Biani
and two by Orijana Vukoja.
Third part: of the exam is a take home essay: The student is oferred four groups of questions with two questions
in each group. He takes the questions home and hands in the answers next day. Each answerr is worth a
maximum of 20 points so the highest score in this part of the exam is 80 points..
Fourth part of the exam: oral exam: As a rule there will be no oral exam but is the grades in the three written
sections vary a lot then the examiner resderves the right to call the student for an oral exam. If the student
cosniders he has been badly marked he can demand an oral exam.
SECOND PART: CLOSED BOOK ESSAY

QUESTIONS REQUIRING SHORT ANSWERS
(up to half a page plus graphs, each answer worth a maximum of 10 points, for
passing must get at least 5 points for one questions from each group)
GROUP 1: CHAPTERS 1-5, questions set by Ivo Biani
1 Derive and explain full crowding out of fiscal policy effects
2 Derive the IS curve from the Keynesian cross and explain determinants of the
slope of the IS curve
GROUP 2: CHAPTER 6, questions set by Oriana Vukoja
3
4
GROUP 3: CHAPTER 7-8, questions set by Ivo Biani
5 Explain the Aggregate demand in a fixed exchange rate regime equation: p=e+pWbY+YW+G-f(iW+e)
6 Explain the Surprise Aggregate Supply function =e+(Y-Y*)
GROUP 4: CHAPTERS 9-10, questions set by Oriana Vukoja
7
8
GROUP 5: CHAPTER 11, questions set by Ivo Biani
9 Explain the reasons for using the Tayolor rule for determining monetaray policy
10 Compare the policy poreferences in a unemployment averse society and an
inflation averse society
GROUP 6: CHAPTER 12-13, questions set by Oriana Vukoja
11
12
GROUP 7: CHAPTER 14, questions set by Ivo Biani
13 Derive and explain ther Equilibrium debt ratio
14Discuss the relationship between seignorage and the inflation tax
GROUP 8; CHAPTER 15, questions set by Oriana Vukoja
15
16
QUESTIONS REQUIRING LONG ANSWERS
(up to one a page plus graphs, each answer worth a maximum of 20 points, for
passing must get at least 11 points for one questions from each group)
GROUP 9, CHAPTERS 1-8, questions set by Oriana Vukoja

17
18
GROUP 10 CHAPTERS 9-10, questions set by Ivo Biani
19 Compare the steady state growth paths of two economies which are the same in
all respects except for the savings rate
20 Explain the poverty trap generated by economies of scale
GROUP 11, CHAPTERS 11-13, questions set by Oriana Vukoja
21
22
GROUP 12, CHAPTERS 14-15, questions set by Ivo Biani
23. In the analysis of debt dynamics derive the phase line and discuss its
dynamics it the case when it generates an unstable equilibrium (you can
choose either of the two possible, explain the causality involved, preferably
use a graph in your answer and do not forget to discuss the relevance of the
case you choose, if you seek perfection you may want to include the Deficit
ratio line in your answer)
24. By using the notion of persistance generate high equilibrium
unemployment rates following a shock and discuss how persistance could be
reduced and how it can degenerate into hysteresis, compare the two
possiblities and explain which one you think is more relevant/interesting for
understanding the Croatian economy
DEFINIOTIONS
(requiring a maximum 5 lines, each definition is worth at most 5 points, for passing
must get at least 2 points for a definition from each group)
GROUP 1, definitions chosen by Ivo Biani
A Solow residual
B Ricardian equivalence
C Okuns law
GROUP 2, questions set by Oriana Vukoja
D
E
F
GROUP 3, questions set by Ivo Biani
G SAS curve
H EAS curve
I DAD curve
THIRD PART: TAKE HOME ESSAY

THE ANSWERS MUST BE HADED IN BY XY
(each answer is worth a maximum of 20 points)
1 Discuss the possible debt reduction programs which can de derived from the
models presented in the textbook from the point of view of (i) yourselves
(young 21 year olds), (ii) your parents (let us assume they are 48 years old) and
(iii) your grandparents (let us assume they are 75 year olds). You answer will be
evaluated on your ability to generate different objective functions for each
generation using the textbook and different voting patterns.
2 Question 15.5 on page 430 of the textbook. In addition to answering the
question and calculating the scenario (which should include an explanation of
the math) discuss the relevance of this example for the Croatian economy
3
4
5 Discuss how Croatias rate of convergence could be accelerated in view of
the models presented in the textbook
6 Discuss the proposition that the political cycle is extremely important for the
Croatian economy and design a political cycle which you think would lead to
an electoral victory in the next local elections
7
8
Ivo Biani
Oriana Vukoja
ISPIT IZ MAKROEKONOMIKE
STUDENTI KOLSKE GODINE 2005/2006
ISPIT ODRAN 27/6/2006
Polaganje ispita: Izvod iz uputa dijeljenih poetkom godine

Primjedbe na ocjenjivanje. Studenti koji nisu zadovoljni ocjenom imaju dvije
mogunosti koje nisu meusobno iskljuive. Prva je da trae obrazloenje nastavnika i
uvid u pismeni ispit te ukoliko nije odran usmeni ispit. Drugi je da mogu, prema lanku
46 Statuta fakulteta, traiti ponovno polaganje pred povjerenstvom koje imenuje Dekan.
Molbu ponovnog polaganja moraju dati u roku od 24 sati nakon saopenja ocjene a
Dekan je duan u roku od 24 sata nakon primljenog zahtjeva zakazati ponavljanje ispita
pred povjerenstvom.
Ispit
Osnovne osobine. Ispit iz Makroekonomike se sastoji od etiri dijela i za pozitivnu
ocjenu potrebno je odjedanput (u jednom roku) uspjeno poloiti sva etiri dijela (dakle
ne moe se u komadima). Tri su dijela ispita pismena i polau se isti dan a etvrti je
usmeni koji se prema potrebi polae na dan objavljivanja rezultata pismenog ispita .
Kriteriji su postavljeni tako da se sa lakoom moe proi nakon etiri tjedna normalnog
uenja. Predroka nema.
Struktura ispita
Prvi dio ispita: test. Test se sastoji od 90 pitanja podijeljenih u pet vrsta (zaokruivanje
tonog odgovora izmeu pet ponuenih, zaokruivanjem odreivanje tonosti tvrdnje,
upisivanje odgovarajuih slova iz slike, povezivanje pojma sa definicijom te zadatka gdje

se zaokruuje jedno od ponuenih rjeenja. Odgovori se upisuju u posebni list (zbog
lakoe ispravljanja). Vrijeme rjeavanja je 45 minuta, 30 sekundi za svako pitanje.
Drugi dio ispita: pismeni ispit. U ovom dijelu ispita kandidat odgovara na tri vrste pitanja.
Na prvu vrstu se daju krai odgovori (do pola strane) a na drugu dui (do jedne strane) a
trea se vrsta sastoji od pisanja definicija (ne vie od pet redaka po definiciji).
- U prvoj grupi su kandidatu ponuene osam podgrupa pitanja a u svakoj podgrupi su
dva pitanja. Kandidat iz svake podgrupe bira pitanje na koje odgovara dakle sve zajedno
odgovara na osam pitanja. Svaki odgovor u ovoj grupi vrijedi najvie 10 bodova te je
najvei broj bodova za ova pitanja 80. Pitanja etiri podgrupe sastavlja Ivo Biani a
pitanja iz preostale etiri podgrupe Oriana Vukoja.
- U drugoj grupi kandidatu su ponuene etiri podgrupe pitanja a u svakoj podgrupi su tri
pitanja. Kandidat iz svake podgrupe bira jedno pitanja na koje odgovara dakle sve
zajedno odgovara na osam pitanja (dvije iz svake podgrupe). Svaki odgovor u ovoj grupi
vrijedi najvie 20 bodova te je najvei broj bodova za ova pitanja 80. Pitanja iz dvije
podgrupe sastavlja Ivo Biani a pitanja iz preostale dvije podgrupe Oriana Vukoja.
- U treoj grupi su kandidatu ponuene etiri kolone od po tri pojma. Kandidat iz svake
kolone bira jedan pojam i daje njegovu definiciju. Svaka definicije vrijedi najvie 5
bodova te je najvei broj bodova za definicije 20.
Vrijeme pisanja je 160 minuta (10 minuta za svaki kratki odgovor, 15 minuta za dugi i 5
minuta za svaku definiciju (8x10+4x15+4x5=160).
Trei dio ispita: "take home" esej: Kandidatu su ponuene etiri grupe pitanja, u svakoj
grupi su ponuena dva pitanja i kandidat bira jedno na koje odgovara. Pitanja nosi kui I
slijedei dan predaje odgovore. Svako pitanje vrijedi najvie 20 bodova. te najvei
mogui broj bodova u ovoj grupi 80.
U pravilu nee biti usmenog ispita. Iznimno e ispitivai pozvati kandidata ako postoje
velike razlike ocjene pojedinih dijelova ispita ili kandidat moe traiti usmeni ispit ako
smatra da je krivo ocijenjen.
Ocjenjivanje
Svaki pismeni rad posebno ocjenjuju Ivo Biani i Oriana Vukoja te kasnije usklauju
ocjene.
Prvi dio: test
Svaki toni odgovor vrijedi 1 bod, svaki krivi 0.25 negativnih a nezaokrueni odgovori
vrijede nula bodova. Ocjene na testu: dovoljan (2): 50-59 bodova, dobar (3): 60-74
bodova, vrlo dobar (4):75 -83 bodova i odlian (5): 84-90 bodova.
Drugi dio: pismeni ispit
Za prolazni ocjenu potrebno je pozitivno odgovoriti na po jedno pitanje iz svake grupe
odnosno podgrupe (izostavljanje odgovora na bilo koju podgrupu automatski
podrazumijeva nedovoljan). Vie polovinih odgovora iz jedne grupe se ne priznaju, iz
svake podgrupe boduje se samo jedan odgovor. Najvei broj bodova je 180 (80 iz kratkih
odgovora, 80 uz dugih i 20 za definicije). Raspon ocjena: dovoljan (2): 100-129 bodova,
dobar (3): 130-149 bodova, vrlo dobar (4): 150-164 bodova i odlian (5): 165-180
bodova
Trei dio:"take home" esej
Za prolazni ocjenu potrebno je pozitivno odgovoriti na po jedno pitanje iz svake grupe.
Vie polovinih odgovora se ne priznaju, iz svake grupe boduje se samo jedan odgovor.
Najvei broj bodova je 80. Raspon ocjena: 45-54 bodova: dovoljan, 55-64 bodova:
dobar, 65-71 bodova: vrlo dobar, 72-80 bodova: odlian.
Sveukupna ocjena iz prva tri pismena dijela ispita zaokruuje se kao vagana sredina tri
ocjene u kojoj ocjena testa ima ponder 0.2, ocjena kratkog eseja 0.5 a ocjena dugog
eseja 0.3
ISPITNA PITANJA
ZBOG LAKKEG ISPRAVLJANJA MOLE SE KANDIDATI DA ISPRED ODGOVORA
NAVEDU REDNI BROJ PITANJA NA KOJE SE ODGOVOR ODNOSI
Prvi dio ispita: test
U OVOJ GENERACIJI NEE BITI TESTA
Drugi dio ispita: pismeni ispit.
Pitanja za 'kratke odgovore'
(kandidat odgovara na jedno pitanje iz svake grupe, oekuju se odgovori do pola strane,
svaki odgovor u ovoj grupi vrijedi najvie 10 bodova te je najvei broj bodova za ova
pitanja 80)
Prva grupa pitanja: poglavlja 1-4, pitanja sastavio Ivo Biani
1. U globalnom gospodarstvu (izvoz i uvoz ne postoje) objasnite kratkoroni i
srednjoroni uinak ekspanzivne fiskalne politike povezujui promjene na 'Keynesovom
kriu' IS-LM krivuljama (minimum: slika 3-11 na strani 79)
2. Izvedite i objasnite nagib FE krivulje (minimum: slika 4.6 na strani 100)
Druga grupa pitanja: poglavlja 5&6, pitanja sastavila Oriana Vukoja
3.
4.
Trea grupa pitanja: poglavlje 7, pitanja sastavio Ivo Biani
5. Objasnite zato se u izvodu As krivukje koristi nelinearni odnos te ukaite na promjene
koje to podrazumijeva (minimum slika 7.1 na strani 167)
6. Objasnite zato je u uvjetima fiksnih teaja AD krivulja padajua (minimum slika 7.4
na strani 172)
etvrta grupa pitanja: poglavlje 8 , pitanja stavi sastavila Oriana Vukoja
7.?
8.!
Peta grupa pitanja: poglavlja 9&10, pitanja sastavio Ivo Biani
9. Kako u Solow-Swannovom modelu rasta uvoenje praga siromatva generira prag
siromatva (minimum slika 10.9 na strani 269)
10. Zato je ravnotena stopa rasta u Solow-Swannovom modelu rasta stabilna
(minimum slika 9-7 na strani 231)
esta grupa pitanja: poglavlje 12&13, pitanja stavi sastavila Oriana Vukoja
11.?
12.
Sedma grupa pitanja: poglavlje 11&14 , pitanja sastavio Ivo Biani
13. Zato u sluaju fleksibilnih teaja unutar predodreenih granica ('target zones') je
krivulja reakcije teaja ('Exchange rate respnse line') ima oblik slova 'S' (minimum slika
12.7 na strani 323)
14. Izvedite i objasnite krivulju vladinog odgovora ('governement reaction curve') i
objasnite kako se moe koristiti u analizi (minimum slika 13.9 na strani 354)
Osma grupa pitanja: poglavlje 15, pitanja stavi sastavila Oriana Vukoja
15.
16.
Pitanja za 'duge' odgovore

(kandidat odgovara na jednom pitanje iz svake grupe oekuju se odgoovri do jedne
strane, svaki odgovor u ovoj grupi vrijedi najvie 20 bodova te je najvei broj bodova za
ova pitanja 80)
Deveta grupa pitanja: poglavlja 1-5, pitanja sastavila Oriana Vukoja
17.
18.?
Deseta grupa pitanja: poglavlja 6-8 i 15, pitanja sastavio Ivo Biani
20. U AS-AD-EAS modelu odredite promjene koje vode strmijoj AS krivulji i objasnite
kakve to ima poslijedice za djelotvornost monetarne politike u uvjetima fiksnog teaja
21. Pokaite kako se poveanjem fleksibilnosti nadnica mijenjaju trokovi desinflacije i u
svjetlu te razlike raspravite prednosti gradualistike i ok terapije smanjenja inflacije.
Jedanaesta grupa pitanja: poglavlja 9&10, pitanja sastavila Oriana Vukoja
23.
24.
Dvanaesta grupa pitanja: poglavlje 11-14, pitanja sastavio Ivo Biani
26 Izvedite i objasnite inflacijsku pristranost te analizirajte kakve poslijedice ona ima
usluaju
27. Izvedite i objasnite vremensku nedosljednost ('time inconsistency')
Definicije
(kandidat bira jednu definiciju iz svake grupe, oekuje se odgovori od najvie 3 redka,
svaka definicije vrijedi najvie 5 bodova te je najvei broj bodova za definicije 20)
Prva grupa definicija poglavlja 1-4, izabrala Oriana Vukoja
a).
b)
c)
d)
Druga grupa definicija, poglavlje 5-8 izabrao Ivo Biani
e) istiskivanje ('crowding out')
f) reim fiksnih teaja
g) granini proizvod rada
h) inflacijska oekivanja
Trea grupa definicija, poglavlja 9-12, izabrala Oriana Vukoja
i)
j)
k)
l)
etvrta grupa definicija, poglavlja 13-15, izabrao Ivo Biani
m) Taylorovo pravilo
n) Okunov zakon
o) Phillipsova krivulja
p) Beveridge krivulja
Trei dio ispita: "take home" esej
(Kandidatu su ponuene etiri grupe pitanja, u svakoj grupi su ponuena dva pitanja i
kandidat bira jedno na koje odgovara. Pitanja se nose kui i slijedei dan se predaju
odgovore. Svako pitanje vrijedi najvie 20 bodova, te je najvei mogui broj bodova u
ovoj grupi 80.)
'TAKE HOME ESEJI' SE TREBAJU PREDATI NA PORTU (BIANI/ VUKOJA) DO
SRIJEDE, 28.6.2006. U 18 SATI!
Prva grupa pitanja, pitanja sastavila Oriana Vukoja
1.
2.
Druga grupa pitanja, pitanja sastavio Ivo Biani
3. Analizirajte promijenu djelotvornosti fiskalne politike ako guvernera iji je jedini cilj
minimiziranje inflacije zamijeni guverner kojem inflacija nije glavni prioritet. Kakvo je
Vae miljenje o takvoj promjeni i kada bi se ona dogodila u Hrvatskoj ta biste oekivali
glede oekivanja i oblikovanja politike vlade
4. Opiite uvjete kada i kako nastaje pekulativni napad na teaj i analizirajte kakve
poslijedice moe izazvati takav napad te na koji nain ekonomska politika moe smanjiti
vjerojatnost poetka napada. ta mislite da bi se desilo u Hrvatskoj kada bi dolo do
pekulativnog napada?
Trea grupa pitanja, pitanja sastavila Oriana Vukoja
5..
6.?
etvrta grupa pitanja, pitanja stavi sastavio Ivo Biani
7. Analizirajte sve naine seljenja EAS krivulje desno koji su mogui u okviru osnovnog
modela prezenziranog u udbbeniku.
8. Analizirajte u okvirima modela iz zdbenika (SAS-EAD-DAD, fiksni teaj sa
specificiranom krivuljom intervencija, razliitima oekivanjima i hysteresis, velikim dugom
i deficitom i niskom 'inflation bias') poslijedice ako se vjerojatnost negativnog oka
promijeni sa 1/3 na ,
U pravilu nee biti usmenog ispita. Iznimno e ispitivai pozvati kandidata ako postoje
velike razlike ocjene pojedinih dijelova ispita ili kandidat moe traiti usmeni ispit ako
smatra da je krivo ocijenjen.
120
Ivo Biani
Redoviti profesor, Ekonomski fakultet, Sveuilite u Zagrebu
Gost profesor, Central European University, Budimpeta
Oriana Vukoja
Asistent, Ekonomski fakultet, Sveuilite u Zagrebu
Vedrana Pribievi
Demonstratorica, Ekonomski fakultet, Sveuilite u Zagrebu
Marko Karan
Demonstrator, Ekonomski fakultet, Sveuilite u Zagrebu
SECOND SECTION TEST: CHAPTERS 6-8

21 TH DECEMBER 2005
RELEVANT EXTRACT FROM HANDOUT
la Bolognese Exam, passing by section exams and seminar participation
Instead of taking the classical exam the course final grade can be determined by continuous assessment and
grades acquired by working during the whole semester. This involves passing the four section exams and seminar
participation. The further difference of this mode from the classical regime is that there is no test, no definition, no
numerical problem and there is a limited possibility of increasing the grade and each exam covers less material.
The disadvantage is that in aggregate the student answers more questions and that class participation (or its
substitute) is required.
To qualify for the section exam students will have to have the course signature. These will be given by Ms. O.
Vukoja. To get a course signature the student has to satisfy 9 out of 13 open book exercises (3 per each section
exam). These open book exercises are linked to textbook chapters and their dates are listed in the teaching
schedule given below. Their purpose is to incite continuous work by students and enable a qualified audience
during teaching and pertinent questions and discussions.
If due to illness or other reasons the student is unable to take one of the section exams he will have an
opportunity of taking it at a specified date in February.
Dates for section exams and the exam content:
Wednesday, 30th November 2005: First section test: chapters 1-5
Wednesday, 21st December 2005: Second section test: chapters 6-8
Wednesday, 18th January 2006: Third section test: chapters 9-12
February 2006 (date to be announced): Fourth section test: chapters 13-15
February 2006 (date to be announced): Re-take test: all chapters
Section exam structure
The four section exams are structured like the closed book classical exam but with fewer questions, there is a
take home essay with fewer questions but no test.
First part: Closed book exam.
Time allowed for this part of the section exam is 60 minutes (20 minutes for each long question and 10 minutes
for each short one).
- The first type of questions requires short answers of up to half a page. There are two groups of questions with
two questions in each group. The student chooses one question from each group (in case two are offered the
examiner grades only one); each answer is worth up to 10 points so a maximum of 20 points can be awarded in
this groups. One group is set by Ivo Biani and one by Oriana Vukoja.
- The second type of questions requires longer answers of up to one page. There are two groups of questions
with two questions in each group. The student chooses one question from each group (in case two are offered the
examiner grades only one); each answer is worth up to 20 points so a maximum of 40 points can be awarded in
this groups. One group is set by Ivo Biani and one by Oriana Vukoja.
Second part: take home essay
The student is offered two groups of questions with two questions; one group is set by Oriana Vukoja and the
other by Ivo Biani. Questions are taken home and the answers are handed in the next day. Each answer is
worth a maximum of 15 points so for the take home essay there is a maximum of 30 points.
Third part: in class participation.
Seminar and in class participation will account to 10 points max per section exam. These will be given on the
basis of open book exercises, the seminar paper, poster, presentation and general seminar activity.
Grading section exam
The section exams are not individually graded. Instead for each section exam the aggregate number of points is
determined by unweighted adding of points from the three parts. The maximum per section exam is 100 points
awarded in the following way. The maximum for first part is 60 points (2 short answers 10 points each = maximum
of 20 points, 2 long answers 20 points each = maximum of 40 points). The maximum for the take home essay is
30 points (each question worth 15 points). The maximum for class participation is 10 points. This total is then
used for determining the final grade.
Final course grade from section exams.
All four section exams will be taken into consideration. The final grade is derived by simple addition of the points
from the four section exams. There is a maximum of 100 points per section exam and a grand total of 400 points.
The grades are as follows (the EU grades in brackets).
Excellent/Odlian (5): 400-371 points (A 400-386, A- 385-371),
Very good/Vrlo dobar (4) 370-326 points (B+ 370-356, B 355-341, B- 340-326),
Good/Dobar (3) 325-281 points (C+ 325-311, C 310-296, C- 295-281)
Sufficient/Dovoljan (2) 280-251 points (D+280-266, D 265-251)
Fail/Nedovoljan (1) 250 points or less (F: less than 250)
Upgrading
The students who take this exam regime have a limited option to improve their initial grade by extra work. This
option is limited only for one Bologna grade (i.e. from B+ to A-, from C+ to B- and from D+ to C-). It will be
possible to do this upgrading at the same time as writing the fourth section exam (so only upgrading the first three
section exam points is possible). If less than 10 points are required the candidate will provide an extra long
answer from a list and answer an extra take home essay question. If more than 10 points are required the
candidate will have to answer two extra long questions from a list and one take home essay question.
IMPORTANT REQUEST: THE EXAMINERS WOULD APPRECIATE IF

STUDENTS CULD WRITE THE NUMBER OF THE QUESTION IN FRONT
OF THE ANSWER. THIS MAKES CORRECTING MUCH EASIOR. THANK
YOU

Group 1: Short answers, chapters 6
(answers set by Ivo Biani, answers of about half a page are expected, 10
maximum points, in case more than one answer is oferred only one is graded)
1. Analyse equation 6.5 on page 153: = Y [ x(w), L ] wL
2. Analyse equation 6.6 on page 161: P = P e + ( Y Y* )
Group 2: Short answers, chapter 7&8
(answers set by Oriana Vukoja answers of about half a page are expected, 10
maximum points, in case more than one answer is oferred only one is graded)
3.
4.
Group 3: Long answers, chapters 6
(answers set by Oriana Vukoja, answers of about one page are expected, 20
maximum points in case more than one answer is oferred only one is graded)
5.
6.
Group 4: Long answers, chapters 7&8
(answers set Ivo Biani answers of about one page are expected, 20 maximum
points in case more than one answer is oferred only one is graded)
7. Explain why the basic results of the DAD-SAS-EAS models do not depend on the
exchange rate regime.
8. Analyse the initial conditons and consequent changes in the AD-AS-LAS models if
the AD and AS lines intersect to the right of the LAS curve (hint: this is not the DAD-
SAS-EAS model and the analysis should be set in terms of the graph with p and y on
the axes)

Answers must be handed in by Thursday, 22nd December 18 hours at the Zapadna
porta or in room 213 or room 203
Group 1, questions set by O. Vukoja
1.
2.
Group 2: questions set by I. Biani
3. Discuss the consequences for the policy maker who is considering an
contractionary fiscal policy in a fixed exchange rate regime if in constructing his
policy he assumes adaptive expectations but agents expectations turn out to be
rational.
4. Discuss possible policy options facing a policy maker who wishes to reduce the
budgetary deficit in a flexible exchange rate regime economy (switching the exhange
rate regime is not an option).
Ivo Biani
Oriana Vukoja
Vedrana Pribievi
Marko Karan
THIRD SECTION TEST: CHAPTERS 9-12

18TH JANUARY 2006
RELEVANT EXTRACT FROM COURSE HANDOUT
Instead of taking the classical exam the course final grade can be determined by
continuous assessment and grades acquired by working during the whole semester. This
involves passing the four section exams and seminar participation. The further difference
of this mode from the classical regime is that there is no test, no definition, no numerical
problem and there is a limited possibility of increasing the grade and each exam covers
less material. The disadvantage is that in aggregate the student answers more questions
and that class participation (or its substitute) is required.
To qualify for the section exam students will have to have the course signature. These
will be given by Ms. O. Vukoja. To get a course signature the student has to satisfy 9 out
of 13 open book exercises (3 per each section exam). These open book exercises are
linked to textbook chapters and their dates are listed in the teaching schedule given
below. Their purpose is to incite continuous work by students and enable a qualified
audience during teaching and pertinent questions and discussions.
If due to illness or other reasons the student is unable to take one of the section exams
he will have an opportunity of taking it at a specified date in February.
Tuesday, 7th February 2006: Fourth section test: chapters 13-15
Tuesday, 21st February 2006: Re-take test: all chapters
The four section exams are structured like the closed book classical exam but with fewer
questions, there is a take home essay with fewer questions but no test.
Time allowed for this part of the section exam is 60 minutes (20 minutes for each long
question and 10 minutes for each short one).
- The first type of questions requires short answers of up to half a page. There are two
groups of questions with two questions in each group. The student chooses one question
from each group (in case two are offered the examiner grades only one); each answer is
worth up to 10 points so a maximum of 20 points can be awarded in this groups. One
group is set by Ivo Biani and one by Oriana Vukoja.
- The second type of questions requires longer answers of up to one page. There are two
The student is offered two groups of questions with two questions; one group is set by
Oriana Vukoja and the other by Ivo Biani. Questions are taken home and the answers
are handed in the next day. Each answer is worth a maximum of 15 points so for the
take home essay there is a maximum of 30 points.
Seminar and in class participation will account to 10 points max per section exam. These
will be given on the basis of open book exercises, the seminar paper, poster, presentation
and general seminar activity.
The section exams are not individually graded. Instead for each section exam the
aggregate number of points is determined by unweighted adding of points from the three
parts. The maximum per section exam is 100 points awarded in the following way. The
maximum for first part is 60 points (2 short answers 10 points each = maximum of 20
points, 2 long answers 20 points each = maximum of 40 points). The maximum for the
take home essay is 30 points (each question worth 15 points). The maximum for class
participation is 10 points. This total is then used for determining the final grade.
All four section exams will be taken into consideration. The final grade is derived by
simple addition of the points from the four section exams. There is a maximum of 100
points per section exam and a grand total of 400 points. The grades are as follows (the
EU grades in brackets).
Upgrading
The students who take this exam regime have a limited option to improve their initial
grade by extra work. This option is limited only for one Bologna grade (i.e. from B+ to
A-, from C+ to B- and from D+ to C-). It will be possible to do this upgrading at the
same time as writing the fourth section exam (so only upgrading the first three section
exam points is possible). If less than 10 points are required the candidate will provide an
extra long answer from a list and answer an extra take home essay question. If more
than 10 points are required the candidate will have to answer two extra long questions
from a list and one take home essay question.
IMPORTANT REQUEST:
THE EXAMINERS WOULD APPRECIATE IF STUDENTS CULD WRITE THE NUMBER
OF THE QUESTION IN FRONT OF THE ANSWER. THIS MAKES CORRECTING MUCH
EASIER. THANK YOU
First part: Closed book exam
(Answers of about half a page are expected, 10 maximum points, in case of more than
one answer offered, only one is graded)
Group 1: chapters 9-10 (questions set by Ivo Biani)
1. Explain how economies of scale can lead to a poverety trap
2. discuss the implications of the equation: K = s F(K,L) + (1-s)T (1-)G K (hint :
do not forget to show when governement investment boosts income more than private
savings)
Group 2: chapter 11-12 (questions set by Oriana Vukoja)
3. Explain how fixing the exchange rate may influence the inflation bias.
4. List the convergence criteria from the Maaastricht Treaty.
(Answers of about one page are expected, 20 maximum points, in case of more than one
answer offered, only one is graded)
Group 3: chapters 9-10 (questions set by Oriana Vukoja)
5. What are the basic implications of the AK models and in what respect do they differ
from the Solow growth model.
6. Discuss the effects of an increase in the savings rate in the Solow growth model with
regard to the steady state growth paths, the transition period and convergence.
Group 4: chapters 11-12 (questions set by Ivo Biani)
7. Explain the importance of time inconsistency, list at least three ways out of the time
incon sistency trap and discuss one of them, explain your choice
8. Why isnt the Exchange rate resposne line linear under a regime of managed floating?

Answers must be handed in by Thursday, January 19th, 2006, 18:00h at the
Zapadna porta or in room 213!!
Group 1, questions set by Oriana Vukoja
1. Suppose two countries have the same steady-state capital stock, but in country A this
is due to a larger population, whereas in country B it is due to a more advanced
technology and thus higher productivity. How does the steady-state income of country A
differ from the steady-state income of country B? Does it make sense to say that country
B is richer than country A?
2. Suppose that a small open economy within the EMS went through a transformation
similar to that following German unification. How would the course of events differ from
that induced by German unification?
Group 2: questions set by Ivo Biani
3. Construct a scenario for a succesfull speculative attack and explain what policy
changes could prevent the success of specilative attack you have constucted in the first
part of your answer.
4. Imagine ylurself as the pri9ncipal economic advisor of the Minister of the economy in
Croatia. Discuss the pros and cons of using the expanded Solow growth model as a
basis for your policy advice.
Ivo Biani
Oriana Vukoja
Vedrana Pribievi
Marko Karan
FOURTH SECTION TEST: CHAPTERS 13-15

7TH FEBRUARY 2006
RELEVANT EXTRACT FROM COURSE HANDOUT
Instead of taking the classical exam the course final grade can be determined by
continuous assessment and grades acquired by working during the whole semester. This
involves passing the four section exams and seminar participation. The further difference
of this mode from the classical regime is that there is no test, no definition, no numerical
problem and there is a limited possibility of increasing the grade and each exam covers
less material. The disadvantage is that in aggregate the student answers more questions
and that class participation (or its substitute) is required.
To qualify for the section exam students will have to have the course signature. These
will be given by Ms. O. Vukoja. To get a course signature the student has to satisfy 9 out
of 13 open book exercises (3 per each section exam). These open book exercises are
linked to textbook chapters and their dates are listed in the teaching schedule given
below. Their purpose is to incite continuous work by students and enable a qualified
audience during teaching and pertinent questions and discussions.
If due to illness or other reasons the student is unable to take one of the section exams
he will have an opportunity of taking it at a specified date in February.
Tuesday, 7th February 2006: Fourth section test: chapters 13-15
Tuesday, 21st February 2006: Re-take test: all chapters
In the fourth test the student is offered only one group of questions with three questions
to choose from. He chosees only one question and hands in the answer next day. This
answer is worth a maximum of 15 points so for the take home essay there is a
maximum of 30 points.
Seminar and in class participation will account to 10 points max per section exam. These
will be given on the basis of open book exercises, the seminar paper, poster, presentation
and general seminar activity.
The section exams are not individually graded. Instead for each section exam the
aggregate number of points is determined by unweighted adding of points from the three
parts. The maximum per section exam is 100 points awarded in the following way. The
maximum for first part is 60 points (2 short answers 10 points each = maximum of 20
points, 2 long answers 20 points each = maximum of 40 points). The maximum for the
take home essay is 30 points (each question worth 15 points). The maximum for class
participation is 10 points. This total is then used for determining the final grade.

All four section exams will be taken into consideration. The final grade is derived by
simple addition of the points from the four section exams. There is a maximum of 100
points per section exam and a grand total of 400 points. The grades are as follows (the
EU grades in brackets).
Upgrading
The students who take this exam regime have a limited option to improve their initial
grade by extra work. This option is limited only for one Bologna grade (i.e. from B+ to
A-, from C+ to B- and from D+ to C-). It will be possible to do this upgrading at the
same time as writing the fourth section exam (so only upgrading the first three section
exam points is possible). If less than 10 points are required the candidate will provide an
extra long answer from a list and answer an extra take home essay question. If more
than 10 points are required the candidate will have to answer two extra long questions
from a list and one take home essay question.
IMPORTANT REQUEST:
THE EXAMINERS WOULD APPRECIATE IF STUDENTS CULD WRITE THE NUMBER
OF THE QUESTION IN FRONT OF THE ANSWER. THIS MAKES CORRECTING MUCH
EASIER. THANK YOU
First part: Closed book exam
(Answers of about half a page are expected, 10 maximum points, in case of more than
one answer offered, only one is graded)
Group 1: chapters 13&14 (questions set by Ivo Biani)
1. What is the purpose of introducing the Taylor rule as a policy guideline?
2. Explain why a Primary deficit (t<g) and low growth (y<r) leads to a unstable
equilibrium?
Group 2: chapter 15 (questions set by Oriana Vukoja)
3..
4.
(Answers of about one page are expected, 20 maximum points, in case of more than one
answer offered, only one is graded)
Group 3: chapterS 13&14 (questions set by Oriana Vukoja)
5.
6..
Group 4: chapter 15 (questions set by Ivo Biani)
7. Explain and discuss the consequences of introducing persistence into the SAS curve!
8. Show under what cisrcumstances a temporary adverse supply shock (such as a
temporary sudden and unexpected increase in oil prices) does not influence employment!

Answers must be handed in by Wednesday, February 8th, 2006, 18:00h at the
Zapadna porta or in room 213!!
Questions set by Ivo Biani
1. Discuss ther proposition: As chief economic advisor of the Prime Minister of Croatia I
would with full confidence base my advice on the models explained in the Macroeconomic
textbook written by Manfred Grtner?
2. Using arguments and models explained in the Macroeconomic textbook written by
Manfred Grtner discuss the propostion: In Croatia we would be better of with less
central Bank independence because that would allow the governement more flexibility in
designing a policy dealing with the central economic problems of Croatia!
3. Section 15.3 Discusses the DAD-SAS model with pesistence and adaptive
expectations. Reconstruct the same model using rational expectations and compare the
conclusions of this model with the adaptive expectations version and the model without
persistence with resperct to explaining real world economies.
Ivo Biani, Oriana Vukoja, Vedrana Pribievi, Marko Karan
RETAKE TESTS AND UPGRADE TESTS 1

February 21st 2006
STUDENTS FOR RETAKE:

Answer one question from each group and take home essay
STUDENTS FOR UPGRADE:

A) If less than 10 points are required the candidate will provide one long
answer from the four given in the relevant test and answer an extra take
home essay question of his choice from any test.
B) If more than 10 points are required the candidate will have to answer two
long questions from the four given in the relevant test and one take
home essay question.of his choice from any test
RELEVANT EXTRACT FROM HANDOUT

Instead of taking the classical exam the course final grade can be determined by continuous
assessment and grades acquired by working during the whole semester. This involves
passing the four section exams and seminar participation. The further difference of this mode
from the classical regime is that there is no test, no definition, no numerical problem and
there is a limited possibility of increasing the grade and each exam covers less material. The
disadvantage is that in aggregate the student answers more questions and that class
participation (or its substitute) is required.
To qualify for the section exam students will have to have the course signature. These will be
given by Ms. O. Vukoja. To get a course signature the student has to satisfy 9 out of 13 open
book exercises (3 per each section exam). These open book exercises are linked to textbook
chapters and their dates are listed in the teaching schedule given below. Their purpose is to
incite continuous work by students and enable a qualified audience during teaching and
pertinent questions and discussions.
If due to illness or other reasons the student is unable to take one of the section exams he
will have an opportunity of taking it at a specified date in February.
February 2006 (date to be announced): Fourth section test: chapters 13-15
February 2006 (date to be announced): Re-take test: all chapters
worth up to 10 points so a maximum of 20 points can be awarded in this groups. One group
is set by Ivo Biani and one by Oriana Vukoja.
worth up to 20 points so a maximum of 40 points can be awarded in this groups. One group
is set by Ivo Biani and one by Oriana Vukoja.
The student is offered two groups of questions with two questions; one group is set by Oriana
Vukoja and the other by Ivo Biani. Questions are taken home and the answers are handed
in the next day. Each answer is worth a maximum of 15 points so for the take home essay
there is a maximum of 30 points.
Seminar and in class participation will account to 10 points max per section exam. These will
be given on the basis of open book exercises, the seminar paper, poster, presentation and
general seminar activity.
The section exams are not individually graded. Instead for each section exam the aggregate
number of points is determined by unweighted adding of points from the three parts. The
maximum per section exam is 100 points awarded in the following way. The maximum for
first part is 60 points (2 short answers 10 points each = maximum of 20 points, 2 long
answers 20 points each = maximum of 40 points). The maximum for the take home essay is
30 points (each question worth 15 points). The maximum for class participation is 10 points.
This total is then used for determining the final grade.

All four section exams will be taken into consideration. The final grade is derived by simple
addition of the points from the four section exams. There is a maximum of 100 points per
section exam and a grand total of 400 points. The grades are as follows (the EU grades in
brackets).
Upgrading
The students who take this exam regime have a limited option to improve their initial grade
by extra work. This option is limited only for one Bologna grade (i.e. from B+ to A-, from C+ to
B- and from D+ to C-). It will be possible to do this upgrading at the same time as writing the
fourth section exam (so only upgrading the first three section exam points is possible). If less
than 10 points are required the candidate will provide an extra long answer from a list and
answer an extra take home essay question. If more than 10 points are required the
candidate will have to answer two extra long questions from a list and one take home
essay question.
FIRST SECTION TEST: CHAPTERS 1-5

YOU

Group 1 Chapters 1-3
1. Explain the consequences of a rise in the marginal propensity to import on the
Aggregate demand curve in the Keynesian cross and its effect on the mutliplier. If
appropriate use graphs and formulas in your answer.
2. How does an expansionary fiscal policy lead to crowding out. If appropriate use
graphs and formulas in your answer. (Hint: think about the effect of expansionary
fiscal policy on the interest rate).
Group 2 Chapters 4&5

3. Explain which variable is endogenous in the case of flexible exchange rates, why
and what are the implications of thgis for the IS-LM-FE model
4. Explain in a flexible exchage rate regime why a money supply increase generates
very quickly first a temporara equilibrium and then reaches a new stabvle equilibrium
over time.

Group 3 Chapters 1-3
5. Derive and discuss the investment function
6. Derive and discuss the demand for money function

7. Explain why the IS, LM and FE curves define a stable macroeconomic equilibrium
in a small open economy with flexible exchange rates and perfect capital mobility
8. In terms of the IS-LM-FE model design a policy package aimed at reducing
government deficit, increasing exports and increasing equilibrium income (Hint: think
about Tinbergens policy rule). Discuss the feasibility of such a policy package and
list at least two secondary effects it may have (e.g. the influence on foreign investors
or consumers)
QUESTIONS FOR TAKE HOME ESSAY

ANSWER MUST BE HANDED IN BYWEDNESDAY 22/2/2006 AT 18 OCLOCK ON
THE WESTERN ENTRANCE
1. Explain the consequences of increasing the mobility of capital in the economy and
discuss the advantages and/or disadvantages such a policy could have for the
national economy.
2. Assuming an economy has a flexibvle exchage rate regime and then decides to
integrate into a larger econmic space. One of the regime chages is the switch tro a
fixed exchange rate regime. Discuss the implications of the swotch.
SECOND SECTION TEST: CHAPTERS 6-8

YOU

Group 1 Chapters 6
1. Why is the classical aggregate supply curve vertical?
2. Why is the Trade union labour supply curve above the Individual labour supply
curve, dicsuss the implications?

3. Why does expected depreciation shift the FE curve?
4. In what circumstances are adaptive expectations reliable and can be used in
deriving economic models

Group 3 Chapters 6
5. If efficiency wages being paid why is the profit maximizing point above the
Individual labour supply curve?
6 Derive a Aggregate supply curve from a Trade union labour supply curve and
Labour demand curve

7. Compare the Aggregate supply (AS) and Surpise Aggregatre Supply (SAS) curves
and discuss the implications of the difference
8. Explain why perfect foresight makes economic policy aimed at influencing income
ineffective

ANSWER MUST BE HANDED IN BYWEDNESDAY 22/2/2006 AT 18 OCLOCK ON
1. If efficiency wages are being paid why is the profit maximizing point above the
Individual labour supply curve?
2. Explain how different kinds of expectations can influence the policy outciome of a
devaluation in a fixed exchange rate regime
THIRD SECTION TEST: CHAPTERS 9-11

YOU

1. Discuss the analitical use of Solows residual
2. Explain the short and medium term changes in consumption per capita when the
savings rate increases to its Golden steady state value
Group 2 Chapters 11
3. Generate a poverty trap by assumptions about population growth.
4. Poroove that in an exogenous growth model an increase in the rate of technical
progress leads a higher level of income per labour

5. Compare and discuss the importance of Avbsolute and Conditonla convergence
6 What limitatins does the governement face when wanting to raise growth rates in
the Solow models, how relevant do you find these reasons?
Group 4 Chapters 11
7. Justify the use of a Public support function used in ther textbook
8. Explain how the Inflation bias in a democracy can be reduced

ANSWER MUST BE HANDED IN BY WEDNESDAY 22/2/2006 AT 18 OCLOCK ON
1. Discuss how Croatias rate of convergence could be accelerated in view of the
models presented in the textbook
2. Discuss the proposition that the political cycle is extremely important for the
Croatian economy and design a political cycle which you think would lead to an
electoral victory
FOURTH SECTION TEST: CHAPTERS 12-15

YOU

1. Explain the implications of a decrease of the slope of the Exchange rate response
line under conditions of a target zone for the exchange rate.
2. Define a sacrifice ratio and discuss its importance with special reference to the two
policy options it offers

3. What is the importance of Beweridge curves
4. Derive a Phillips curve and briefly exlain the reasions why it is so appealing

5. Discuss the importance of the European Central Banks no bail out clause
6 Derive and discuss the importance of a governement reaction curve and explain
the implications if its slope increases

7. In the analysis of debt dynamics derive the phase line and discuss its dynamics in
the case when it generates an unstable equilibrium. You can choose either of the two
possible cases
8. By using the notion of persistance generate high equilibrium unemployment rates
following a shock and discuss how persistance could be reduced and how it can
degenerate into hysteresis, compare the two possiblities and explain which one you
think is more relevant/interesting for understanding the Croatian economy

ANSWER MUST BE HANDED IN BY WEDNESDAY 22/2/2006 AT 18 OCLOCK ON
1.Discuss the possible debt reduction programs which can de derived from the
models presented in the textbook from the point of view of (i) yourselves (young 21
year olds), (ii) your parents (let us assume they are 48 years old) and (iii) your
grandparents (let us assume they are 75 year olds). You answer will be evaluated on
your ability to generate different objective functions for each generation using the
textbook and different voting patterns.
2 Discuss the arguments in favour of a complete liberalization of labour markets and
against those against. Explain which arguments you find more convincing

M 0506 Sva Pitanja

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Ivo Biani i Oriana Vukoja

PRVA POLOVICA PRVOG KOLOKVIJA IZ

PRVA GRUPA PITANJA

PRVI KOLOKVIJ IZ MAKROEKONOMIKE

GRUPE PITANJA ZA 'KRATKI ODGOVOR'

GRUPE PITANJA ZA 'DUGI ODGOVOR'

GRUPE PITANJA ZA 'TAKE HOME' ESEJ

DRUGI KOLOKVIJ IZ MAKROEKONOMIKE

GRUPE PITANJA ZA 'KRATKI ODGOVOR'

GRUPE PITANJA ZA 'DUGI ODGOVOR'

GRUPE PITANJA ZA 'TAKE HOME' ESEJ

PITANJA ZA TREI KOLOKVIJ

PITANJA ZA TREI KOLOKVIJ

DRUGI ROK 'UPGRADE I NADOKANDE' KOLOKVIJA

PITANJA ZA PRVI KOLOKVIJ: poglavlja 1-6

GRUPE PITANJA ZA 'DUGI ODGOVOR'

Grupa 6: poglavlja 4-6 (pitanja pripremila Oriana Vukoja)

GRUPE PITANJA ZA 'TAKE HOME' ESEJ

PITANJA ZA DRUGI KOLOKVIJ: poglavlja 7-8

GRUPE PITANJA ZA 'DUGI ODGOVOR'

GRUPE PITANJA ZA 'TAKE HOME' ESEJ

PITANJA ZA TREI KOLOKVIJ: poglavlja 9-12

Grupa 3: poglavlje 11 (pitanja pripremio Ivo Biani)

GRUPE PITANJA ZA 'DUGI ODGOVOR'

GRUPE PITANJA ZA 'TAKE HOME' ESEJ

PITANJA ZA ETVRTI KOLOKVIJ: poglavlja 13-15

Grupa 1: poglavlje 13 (pitanja pripremila Oriana Vukoja)

GRUPE PITANJA ZA 'DUGI ODGOVOR'

GRUPE PITANJA ZA 'TAKE HOME' ESEJ

PRVI ROK ISPITA

U OVOJ GENERACIJI NEE BITI TESTA

GRUPE PITANJA ZA 'KRATKI ODGOVOR'

Grupa 3: poglavlja 5&6 (pitanja pripremila Oriana Vukoja)

GRUPE PITANJA ZA 'DUGI ODGOVOR'

Grupa 11: poglavlja 9-12 (pitanja pripremila Oriana Vukoja)

EXAMINATION QUESTIONS: MACROECONOMICS

GROUP 1: CHAPTERS 1&2

GROUP 2: CHAPTERS 3&4

GROUP 3: CHAPTERS 5&6

GROUP 4: CHAPTERS 7&8

GROUP 5: CHAPTERS 9&10

GROUP 6: CHAPTERS 11&12

GROUP 7: CHAPTERS 13&14

GROUP 1: CHAPTERS 1-4

GROUP 2 CHAPTERS 5-8

GROUP 3 CHAPTERS 9-12

GROUP 4 CHAPTERS 13-15

TAKE HOME QUESTIONS

5 Discuss how Croatias rate of convergence could be accelerated in view of the

EXAM QUESTIONS FOR 15/2/2005:

SECOND PART: CLOSED BOOK ESSAY

GROUP 9, CHAPTERS 1-8, questions set by Oriana Vukoja

THIRD PART: TAKE HOME ESSAY

Polaganje ispita: Izvod iz uputa dijeljenih poetkom godine

upisivanje odgovarajuih slova iz slike, povezivanje pojma sa definicijom te zadatka gdje

Pitanja za 'duge' odgovore

SECOND SECTION TEST: CHAPTERS 6-8

IMPORTANT REQUEST: THE EXAMINERS WOULD APPRECIATE IF

First part: Closed book exam.

Second part: take home essay

THIRD SECTION TEST: CHAPTERS 9-12

Second part: take home essay

FOURTH SECTION TEST: CHAPTERS 13-15