ECO-10029 - Introductory Macroeconomics
Coordinator: Christopher Tsoukis Tel: +44 1782 7 33101
Lecture Time: See Timetable...
Level: Level 4
Credits: 15
Study Hours: 150
School Office: 01782 733094

Programme/Approved Electives for 2019/20

None

Available as a Free Standing Elective

Yes

Co-requisites

None

Prerequisites

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


Barred Combinations

None


Description for 2019/20

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.

Aims
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.

Talis Aspire Reading List
Any reading lists will be provided by the start of the course.
http://lists.lib.keele.ac.uk/modules/eco-10029/lists

Intended Learning Outcomes

explain the notion of macroeconomic equilibrium and its key determinants; will be achieved by assessments: 01, 02
discuss, analyse and evaluate government policy with respect to the management and control of the macroeconomy; will be achieved by assessments: 01, 02
assess the performance of the UK and other economies and of the global economy; will be achieved by assessments: 01, 02
solve simple numerical models and relate the implications in a wider economic context; will be achieved by assessments: 01, 02
apply a range of mathematical and analytical techniques to the framing and solution of models of the macroeconomy. will be achieved by assessments: 01, 02

Study hours

24 hours lectures
10 hours tutorials
4 hours online task completion
30 hours class preparation
82 hours private study


School Rules

None

Description of Module Assessment

1: Unseen Exam weighted 60%
2 hour end of semester examination
Written examination comprised of compulsory short-answer questions and two essay questions (from a choice of four). The short-answer questions are designed to test students' knowledge of key concepts, and proficiency in relevant analytical methods. The essays will allow a more in-depth discussion of specific issues, which will test students' ability to apply, synthesize, and evaluate macroeconomic theory.

2: Online Tasks weighted 40%
FOUR Online multiple choice-type exercises, the best THREE to be counted
FOUR Multiple choice-type tests, of which the best THREE will be counted - their average will contribute to the Module mark by a weight of 40%. The tests are designed to formatively assess students' understanding of the material as the module progresses, and hence provide an opportunity for feedback and improvement. The questions test students' conceptual understanding, ability to apply theory to real-world situations, ability to perform simple calculations, and understanding of relevant graphs and diagrams.