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Macroeconomics

  • Module code: EC5003
  • Year: 2018/9
  • Level: Year 5
  • Credits: 30.00
  • Pre-requisites: Successful completion of level 4
  • Co-requisites: None

Summary

This module aims to develop and build mainly on knowledge acquired in the Economic Policy and Principles module at level 4 but also the economics quantitatively treated module of the same level. It provides fundamental knowledge on the key areas of macroeconomic theory and policy in the short-run and long-run and within both closed and open economy settings. Real world applications are signposted at the earliest opportunity.

On completion of the module you will be able to comprehend key macroeconomic theories and policies and illustrate the application of macroeconomic models and principles in the context of policymaking.

Aims

This module aims to:

  • Consolidate and extend knowledge acquired through previous study of microeconomics and macroeconomics at level 4.
  • Make students aware of the techniques of macroeconomic theory and how they can be used to analyse contemporary macroeconomic issues/problems.
  • Prepare students for further study of macroeconomics

Learning outcomes

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

  • Demonstrate comprehension of the main workhorse models of macroeconomic theory: their strengths and weaknesses and policy relevance;
  • Demonstrate the ability to communicate and apply insightfully, the knowledge gained, to some contemporary problems;
  • Demonstrate an appreciation of the problems facing policymakers in using macroeconomic policy to achieve certain goals.

Curriculum content

  • Economic growth
  • Money and inflation
  • Economic fluctuations
  • The IS/LM framework
  • Aggregate demand and supply
  • The open economy
  • Fiscal and monetary policy
  • Fluctuations in economic activity
  • Macroeconomics and finance
  • Macroeconomic policy debates

Teaching and learning strategy

The module will be delivered via a weekly two hour lecture block and a one hour seminar. Lectures will be designed to give an overview of the issues, these issues being developed in more depth through tutorial exercises and discussion.

Problem sets will be distributed for students to prepare for seminars. These problem sets will provide students with the feedback and practice required to achieve the learning outcomes as well as preparing them for the final exam.

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]
Guided independent study Preparation of seminar portfolio 122
Guided independent study General independent study and exam revision 112
Total (number of credits x 10) 300

Assessment strategy

Assessment will be  a 'seminar portfolio' comprising a short class essay and two seen tests based on previous problem sets tackled in seminars .

The essay provides an opportunity to improve and enhance writing skills: it may be submitted twice: the first submission will receive a mark and feedback; the second submission will receive additional marks according to value added.

The two tests  will assess the ability of students to construct and apply macroeconomic models and provide them with an opportunity to receive feedback on their progress as well as hone their technique for the final  exam.

The exam tests the overall ability of students to think about, analyse and present contemporary problems/issues in macroeconomics and indicate appropriate solutions.

Mapping of Learning Outcomes to Assessment Strategy (Indicative)

Learning Outcome Assessment Strategy
1) Demonstrate comprehension of the main workhorse models of macroeconomic theory: their strengths and weaknesses and policy relevance; Problem sets (Formative/Summative), examination (S).
2) Demonstrate some fluency in communicating the knowledge gained and applying it to some contemporary problems Essay, problem sets (Formative/Summative), examination (Summative).
3) Demonstrate an appreciation of the problems facing policymakers in using macroeconomic policy to achieve certain goals. Essay, problem sets (Formative/Summative), examination (Summative).

Breakdown of Major Categories of Assessment

Assessment Type Assessment Name Assessment Weighting
CWK Coursework 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

Mankiw, N. G. (2010). Macroeconomics,  New York: Worth.

Kaufman, R. (2006). Student Guide and Workbook for use with Macroeconomics by Mankiw, New York: Worth.

Bibliography recommended reading

Abel, A., B. Bernanke, and R. McNabb (2008). Macroeconomics, London: Pearson Addison-Wesley.

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