ECO-10029 - Module Specification
Keele Business School
Faculty of Humanities and Social Sciences

Programme/Approved Electives for 2020/21

Available as a Free Standing Elective

Co-requisites

None

Prerequisites

Barred Combinations

None

Description for 2020/21

Macroeconomics is concerned with, and seeks to explain, the large-scale movements that we observe in the economy as a whole and the regularities of aggregate behaviour. This module will introduce students to the key concepts of national income accounting and measures of economic activity that macroeconomists utilise when discussing these developments. The module will subsequently examine the role of the real and financial sectors in determining aggregate output, employment and inflation.
Much of the content of modern macroeconomics dates from the experience gained from two particularly important historical episodes: the high levels of unemployment of the 1930s and the stagflation of the 1970s. The understanding gained from these episodes remains important today. Governments around the world struggle with the problem of balancing the needs of the economy in the short term (by attempting to control movements in unemployment and inflation), with the need to maintain long-term growth in the economy. The nature of government commitments to each of these policy areas will be described in the historical context and the notion of trade-off in the policy agenda will be discussed.

The aim of this module is to familiarise students with the study of macroeconomics at an introductory level. The module is concerned with and seeks to explain the large-scale movements that we observe in the economy as a whole and the regularities of aggregate behaviour. The module will introduce students to the key concepts of national income accounting and measures of economic activity and will subsequently examine the role of the real and financial sectors in determining aggregate output, employment and inflation.

Intended Learning Outcomes

explain the notion of macroeconomic equilibrium and its key determinants: 1,2
assess the performance of the UK and other economies and of the global economy: 1,2
solve simple numerical models and relate the implications in a wider economic context: 1,2
apply a range of mathematical and analytical techniques to the framing and solution of models of the macroeconomy: 1,2
discuss, analyse and evaluate government policy with respect to the management and control of the macroeconomy: 1

Study hours

18 hours lectures
6 hours tutorials
12 hours discussion seminars
1 hour online task completion
30 hours class preparation
81 hours private study
2 hour exam

School Rules

The module has no prerequisites. In particular, we do not assume any prior knowledge of economics or mathematics beyond GCSE grade C.

Description of Module Assessment