• Undergraduate study:
• Courses
• Order a prospectus
• How to apply
• Information for applicants
• Why choose Kingston University
• Disability and mental health support
• Accommodation
• Undergraduate fees
• Fees, funding and payments
• Access, participation and inclusion

• Undergraduate study:
• Courses
• Order a prospectus
• How to apply
• Information for applicants
• Why choose Kingston University
• Disability and mental health support
• Accommodation
• Undergraduate fees
• Fees, funding and payments
• Access, participation and inclusion

Advanced Economic Policy and Principles

• Module code: EC6002
• Year: 2018/9
• Level: 6
• Credits: 30
• Pre-requisites: Completion of full-field requirements for any economics full field at level 5
• Co-requisites: None

Summary

This module considers recent developments in micro and macroeconomic theory and policy. Inter alia this involves the incorporation of market imperfections and institutions into formal models and the use of more advanced techniques in economics. The interaction between models and data in macroeconomics is emphasised where appropriate.

Aims

The module aims to:

• Develop an understanding of the central ideas and concepts applied in information economics;
• Introduce some of the more recent themes and techniques of macroeconomics;
• Develop an understanding of the interplay between finance and macroeconomics;
• Prepare students for postgraduate work.

Learning outcomes

On successful completion of the module, students will be able to:

• Demonstrate an understanding of the differences in the nature of economic outcomes when there are market imperfections;
• Understand the motivation behind some of the recent developments in macro and micro economics and their implications for policy;
• Demonstrate critical thinking about the consistency and usefulness of the approaches presented.

Curriculum content

• Adverse Selection, Moral Hazard and Signalling
• Uncertainty and expected utility
• Applications to insurance markets, labour market and credit market
• Economic growth
• Imperfect competition macroeconomics
• Debt and default
• Inflation targeting
• Financial macroeconomics

Teaching and learning strategy

The content of the module is delivered through weekly workshops that will comprise a combination of lecture and seminar components. Students will be introduced to the major concepts through the lecture component of the workshops and the completion of assigned readings. Regular problem sets will provide students with the practice and feedback needed to develop and strengthen their writing and problem solving skills.

Breakdown of Teaching and Learning Hours

Assessment strategy

Formative assessment includes the weekly problem sets.

An unseen end of year two hour exam provides summative assessment of the learning outcomes.

A selection of submitted problem sets provides formative and summative assessment. The problem sets will form the basis of weekly seminars and a class test will be held at the beginning of Teaching Block 2 and this will be based on the problem sets distributed during Teaching Block 1.

Mapping of Learning Outcomes to Assessment Strategy (Indicative)

Elements of Assessment

Achieving a pass

It IS NOT a requirement that any element of assessment is passed separately in order to achieve an overall pass for the module.

Bibliography core texts

Carlin, Wendy and David Soskice (2015), Macroeconomics: institutions, instability, and the financial system, Oxford: Oxford University Press.

Gravelle, H. and R. Rees (2005). Microeconomics, 3^rd Edition, Harlow: Financial Times Prentice Hall.

Macho-Stadler, I. And J. David Perez-Castrillo (2001).

An Introduction to theory of Information: Incentives and contracts, 2^nd edition, Oxford: Oxford University Press.

Bibliography recommended reading

Jones, C., (2010). Macroeconomics, New York: W.W. Norton

Miles, D. and A. Scott (2005). Macroeconomics: Understanding the Wealth of Nations, New York: W.W. Norton.