Introductory description

This module provides students with the opportunity to understand the core theoretical models used in macroeconomics, for both closed and open economies, and how to use them to enhance their comprehension of real-world macroeconomic experiences, especially involving macroeconomic policy.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

The module will typically cover the following topics:

1. Flex-Price Models and Policy Issues (Closed Economy). Price-setting. Investment. Consumption. Growth. Wage-setting and Unemployment. Money and Inflation.
2. Sticky-Price Models and Monetary Policy (Closed Economy). (Term 1)
3. Fiscal Policy. Business Cycles. Economic Policy. Financial Markets.
4. Open Economy and Policy Issues. International Trade. International Financial Markets. Exchange Rate Systems. Monetary unions. (Term 2)

Learning outcomes

By the end of the module, students should be able to:

• Subject-specific and Professional Key General Skills:...demonstrate proficiency in study and research skills such as data skills: Use of library and internet as information sources; knowledge of how to locate relevant data, extract appropriate data, analyse and present material. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Subject-specific and Professional Key General Skills:...demonstrate proficiency in study and research skills such as mathematical/statistical skills: use/application of mathematics and diagrams in economic analysis; understanding of statistical analysis of data. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Subject-specific and Professional Key General Skills:...demonstrate proficiency in study and research skills such as communicating their knowledge and understanding to others, verbally and in writing. The teaching and learning methods that enable students to achieve this learning outcome are: Seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Subject Knowledge and Understanding:...demonstrate knowledge and understanding of the core theoretical models used in macroeconomics, for both open and closed economies. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Subject-specific and Professional Key General Skills:...demonstrate proficiency in study and research skills such as reviewing the relevant literature and evidence. The teaching and learning methods that enable students to achieve this learning outcome are: Seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Subject Knowledge and Understanding:...demonstrate knowledge and understanding of Economic Principles; knowledge and understanding of core concepts and methods in macroeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Subject Knowledge and Understanding:...demonstrate knowledge and understanding of real-world macroeconomic experiences, especially those involving macroeconomic policy. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Subject Knowledge and Understanding:...demonstrate knowledge and understanding of the relationships between different models and how to apply them in the analysis of recent macroeconomic episodes, and policy discussions affecting actual economies. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Cognitive Skills:...demonstrate capacity of analytical thinking, reasoning and application. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Cognitive Skills:...demonstrate capacity of critical, creative and strategic thinking. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Cognitive Skills:...demonstrate capacity of abstraction and problem solving. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.
• Cognitive Skills:...demonstrate capacity of applying critical analysis to the topics of the module, formulating concepts and hypotheses, and showing how they are tested in relevant literature. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, seminars, guided reading and independent study. The summative assessment methods that measure the achievement of this learning outcome are: Tests and examination.

Indicative reading list

Please see Talis Aspire link for most up to date list.

View reading list on Talis Aspire

Subject specific skills

Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of institutions

Transferable skills

Students will have the opportunity to develop:
Numeracy and quantitative skills
Data-based skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills