Module ASB-2308:
Macroeconomics

Module Facts

School:Bangor Business School
Credits:20 (or 10 ECTS credits)
Level:2
When:Semester 2
Taught in:English
Organiser:Dr Noemi Mantovan

Overall aims and purpose

To develop students understanding of the core components of macroeconomics, building upon the material introduced in first year Introduction to Economics. To provide a basis on which to study theoretical and applied macroeconomics in third year modules.

In particular, the module will extend students’ analytical skills in relation to classical and Keynesian theories of the macroeconomy, and develop their understanding of policy interventions.

Course content

• The role of macroeconomics, macroeconomic variables and statistics; • Introduction to schools of thought; • The classical model; • The Keynesian model; • Aggregate demand and supply analysis; • The Phillips curve; • The role of expectations; • Open economy macroeconomics; • Macroeconomic policy debates: monetary policy, fiscal policy, exchange rate policy, government debt management; • Theories of consumption; • Theories of growth.

Assessment Criteria

threshold

Satisfactory standard: 40-49: No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work’s objectives.

excellent

Excellent standard: 70+: An outstanding performance, exceptionally able. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

good

Average Standard: 50-59: Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills. High Standard: 60-69: Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

Learning outcomes

  1. Comment critically upon macroeconomic policy.
  2. Solve simple macroeconomic models.
  3. Understand the relationships between the domestic economy and the global economy.
  4. Explain the linkages and connections among macroeconomic variables.
  5. Contrast mainstream macroneconomic models.
  6. Explain major macroeconomic concepts and terms.

Assessment Methods

Type Name Description Weight
On-line Test 10
Class Test 25
Final Examination S2 2.5hrs 65

Teaching and Learning Strategy

Hours
Lecture

Lectures: 4 hours of lectures in week 1. 3 hours of lectures in all other weeks.

31
Tutorial

Classes: 1 hour of small group classes each week from week 2 onwards.

9
Private study 160

Transferable skills

  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Exploring - Able to investigate, research and consider alternatives
  • Information retrieval - Able to access different and multiple sources of information
  • Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.

Subject specific skills

  • Abstraction. From the study of economic principles and models, students see how one can abstract the essential features of complex systems and provide a useable framework for evaluation and assessment of the effects of policy or other exogenous events. Through this, the typical student will acquire proficiency in how to simplify while still retaining relevance. This is an approach that they can then apply in other contexts, thereby becoming more effective problem-solvers and decision-makers.
  • Analysis, deduction and induction. Economic reasoning is highly deductive, and logical analysis is applied to assumption-based models. However, inductive reasoning is also important. The development of such analytical skills enhances students' problem-solving and decision-making ability.
  • Quantification and design. Data, and their effective organisation, presentation and analysis, are important in economics. The typical student will have some familiarity with the principal sources of economic information and data relevant to industry, commerce, society and government, and have had practice in organising it and presenting it informatively. This skill is important at all stages in the decision-making process.
  • Framing. Through the study of economics, a student should learn how to decide what should be taken as given or fixed for the purposes of setting up and solving a problem, i.e. what the important 'parameters' are in constraining the solution to the problem. Learning to think about how and why these parameters might change encourages a student to place the economic problem in its broader social and political context. This 'framing' skill is important in determining the decision-maker's ability to implement the solutions to problems.

Resources

Pre- and Co-requisite Modules

Courses including this module

Compulsory in courses:

Optional in courses: