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Advanced Economic Policy and Principles

  • Module code: EC6002
  • Year: 2018/9
  • Level: Year 6
  • Credits: 30.00
  • 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 two hour lectures and one hour seminars. Students will be introduced to the major concepts through lectures and the completion of assigned readings. Weekly 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

Definitive KIS Category Indicative Description Hours
Scheduled learning and teaching Lecture 44 [22 x 2 hours]
Scheduled learning and teaching Seminar 22 [22 x 1 hour]
Scheduled learning and teaching Preparation of short essay and problem sets 138
Scheduled learning and teaching General independent study and exam revision 96
Total (number of credits x 10) 300

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)

Learning Outcome Assessment Strategy
1) Demonstrate an understanding of the differences in the nature of economic outcomes when there are market imperfections; Seminar portfolio (F/S), exam (S)
2) Understand the motivation behind some of the recent developments in macro and micro economics and their implications for policy; Seminar portfolio (F/S), exam (S)
3) Demonstrate critical thinking about the consistency and usefulness of the approaches presented. Exam (S)

Breakdown of Major Categories of Assessment

Assessment Type Assessment Name Assessment Weighting
CWK Seminar portfolio 50
EXWR Two hour unseen examination 50
Total (to equal 100%) 100%

Achieving a pass

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

Bibliography core texts

Blanchard, O.  et al. (2010). Macroeconomics, Harlow, Essex: Pearson.

Burda, M. and C. Wyplosz (2009). Macroeconomics: A European Text, Oxford: Oxford University Press.

Carlin, W. and D. Soskice (2006). Macroeconomics: Imperfections, Institutions and Policies, Oxford: Oxford University Press.

Feenstra, R. and A. Tayor (2011). International Economics. New York: Worth Publishers.

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

Macho-Stadler, I. And J. David Perez-Castrillo (2001). An Introduction to theory of

Information: Incentives and contracts, 2nd 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.

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