BSc International Business, Finance and Economics with Industrial/Professional Experience

Year of entry: 2020

Course unit details:
Macroeconomics 3

Unit code ECON30031
Credit rating 10
Unit level Level 3
Teaching period(s) Semester 1
Offered by Economics
Available as a free choice unit? Yes

Overview

The aims of this unit are to: (i) to introduce students to macroeconomic theory and policy analysis at an intermediate level; (ii) to develop critical analysis and lay the foundation for economics courses in the final year (iii) to provide the employability skills of describing macroeconomic events and key global issues to non-economists with confidence.

Pre/co-requisites

Unit title Unit code Requirement type Description
Macroeconomics 2 ECON20262 Pre-Requisite Compulsory
ECON20262 Macro 2

 ECON20262 Macro 2

 

Aims

The aims of this unit are to: (i) to introduce students to macroeconomic theory and policy analysis at an intermediate level; (ii) to develop critical analysis and lay the foundation for economics courses in the final year (iii) to provide the employability skills of describing macroeconomic events and key global issues to non-economists with confidence.

Syllabus

  1. The Data of Macroeconomics: Movements and Inter-Relations between Macroeconomic Variables; National Income, Unemployment, Inflation, the Balance of Payments and the Interest Rate.
  2. A Flexible Price Model: The Determination of Aggregate Income, the Role of the Factors of Production, and the Effectiveness of Macroeconomic Policy, Under the Assumption of Flexible Prices.
  3. Money and The Financial Markets: Monetary Policy, Bond Markets and Interest Rates, Endogenous Money and Monetary Policy Enactment, Financial Innovations and the Financial Crisis.
  4. The Market for Goods and Services. The Market for Loanable Funds Approach to The Goods Market, Fiscal Policy and Government Debt, Fiscal Multipliers, Open Economy in the Loanable Funds Market. A Heterodox Approach to Macroeconomic Stabilization Policy
  5. IS/LM Part I: Building the IS/LM model. The Keynesian Cross and the Investment Savings Schedule, The Money Market and the Liquidity Money Schedule.
  6. IS/LM Part I: Applying the IS/LM model. Using the IS/LM for Economic Policy Analysis, Comparative Statics and the Financial Crisis Revisited.
  7. The Open Economy IS/LM/BP Model, Using the IS/LM/BP to Understand Trade Policy. Fixed Exchange Rate Regimes, Floating Exchange Rates and Currency Wars.

Intellectual skills

(i) problem-solving skills; (ii) the application of analytical models; (iii) the evaluation and critical analysis of arguments, theories and economic policy choices. 

Practical skills

(i) assess time series data and draw some macroeconomic perspective and narrative. (ii) comment on economic events and inter-relations between key macro variables.

Transferable skills and personal qualities

(i) select and deploy relevant information from macroeconomic time series data; (ii) communicate ideas and arguments in writing making used of standard macroeconomic model predictions; (iii) apply skills of critical analysis and interpretation.

Assessment methods

 

  • Online Mid Term Test           20%
  • Final Exam                             80%

Feedback methods

 Homeworks

There will be a set of exercises in a separate folder on Blackboard which will be considered homeworks (formative assessment). Formative assessment is ‘non’ compulsory, but highly recommended for your successful progression towards the final assessment. Students should complete their homeworks at home and then see a teaching assistant for feedback on their written attempt.

Feedback and help with the formative assessment can be obtained from your teaching assistant during advertised weekly feedback sessions. (please remember to take the written attempt of your homework with you). See Blackboard for times and locations of feedback sessions.

Additional Feedback Opportunities:
After each interaction slide in the interaction lectures there will be response specific feedback given to allow you to measure your progress towards preparation for the final assessment.

Use the 10-15 minute break following lecture slots to ask questions to the lecturer on the material covered during the lecture.

Use the course twitter account @Macro3_PM to post questions about the material, course meetings and during the revision period leading up to the final assessment. The live feed for the course twitter account will also appear on Blackboard.

Recommended reading

The Textbooks for this course will be:

•      Gregory Mankiw (2013), "Macroeconomics" Palgrave Macmillan

(Chapters 1,2,3,11,12)

•      Paul Middleditch (2018), "Introduction to Macroeconomics", Pearson Education.

(Chapters 1,3,4,6,8)

Study hours

Independent study hours
Independent study 0

Teaching staff

Staff member Role
Paul Middleditch Unit coordinator

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