This module introduces you to macroeconomic theory and policy at an advanced level. The module first deals with the fundamental issues of demand, growth, unemployment and inflation in the context of classical and Keynesian approaches to understanding aggregate economic behaviour. The module then discusses selected issues in current economic policy and illustrates how different economic theories approach these issues, how economic models are applied to current problems and how different theories lend themselves to different policy conclusions. The topics covered will differ each semester but may well include issues such as unemployment, financial stability and the causes and effects of changes in income distribution.
On successful completion of the module, students will be able to:
This module is delivered through workshops comprising of a combination of lecture and seminar components. Lecture component of the workshops are designed to introduce students to the key features of each topic. Students have an opportunity to demonstrate their knowledge in problem sets that apply, extend and develop further the models covered in the lectures. Seminar component of the workshops provide a forum to discuss students' work, to raise open questions and to develop models further.
| Definitive UNISTATS Category | Indicative Description | Hours |
|---|---|---|
| Scheduled learning and teaching | Workshop | 44 |
| Scheduled learning and teaching | preparation of problem sets, essays and general independent study | 256 |
| Total (number of credits x 10) | 300 | |
A selection of problem sets, policy briefs and a portfolio of essays provide formative and summative assessment, motivating and focusing students' continuous attention to the intended learning outcomes and increasing the breadth of understanding of assessed topics. Presentations will be used as formative assessment and an unseen examination will provide summative assessment of the learning outcomes.
| Learning Outcome | Assessment Strategy |
|---|---|
| Understand classical and Keynesian approaches to output, employment and inflation at an advanced level | Exam, problem sets |
| Understand, manipulate and interpret macroeconomic models | Exam, problem sets |
| Demonstrate a familiarity at advanced level with the literature surrounding key topics in current debates over economic policy | essay, policy brief |
| Locate and explain, in writing, selected pieces of economic theory and data and apply them to two topics | Essay, policy brief |
| Perceive the application of different economic theories to specific, substantive economic issues | Essay, policy brief, exam |
| Description of Assessment | Definitive UNISTATS Categories | Percentage |
|---|---|---|
| Coursework | problem sets | 20 |
| Coursework | portfolio of essays | 40 |
| Written Exam | Unseen examination (2 hrs) | 40 |
| Total (to equal 100%) | 100% | |
It IS NOT a requirement that any major assessment category is passed separately in order to achieve an overall pass for the module.
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Froyen, R. (2009) Macroeconomics, 9/E, London: Pearson Education.
Keynes, J. (1937) 'The General Theory of Employment'. Quarterly Journal of Economics 41 (2), pp. 209-223
Friedman, M. (1968) 'The Role of Monetary Policy', American Economic Review 58: pp. 1-117
Kalecki, Michal, (1943) 'Political aspects of full employment', Political Quarterly XIV, (4), pp. 322-31. Reprinted in: Kalecki, Michal, 1971. Selected Essays on the Dynamics of the Capitalist Economy. Cambridge: Cambridge University Press
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Shiller, Robert J. (2003) 'From efficient markets theory to behavioral finance', Journal of Economic Perspectives. 2003. 17, 1: 83-104
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Acocella, N. (2005) Economic Policy in the Age of Globalisation. Cambridge: Cambridge University Press
Snowdon B. and Vane, H. (2009) A Macroeconomics Reader. London: Routledge
Snowdon, B, Vane, H, Wynarczyk, P, (1994) A Modern Guide to Macroeconomics: An Introduction to Competing Schools of Thought. Northampton, MA: Edward Elgar