Module ASB-2308:
Macroeconomics

Module Facts

Run by Bangor Business School

20 Credits or 10 ECTS Credits

Semester 2

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 content will consist of the main models of basic macroeconomics. In particular, it will focus on the role of macroeconomics, macroeconomic variables and statistics. The module will also introduce schools of thought and explore the classical and Keynesian models. Moreover, it will focus on aggregate demand and supply analysis,the Phillips curve and the role of expectations. It will analyse open economy macroeconomics in detail. The module will then focus on macroeconomic policy debates: monetary policy, fiscal policy, exchange rate policy, government debt management. Finally it will focus on theories of growth.

Assessment Criteria

threshold

D- to D+ (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

A- to A+ (70%+): Outstanding performance. 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

B- to B+ (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.

C- to C+

C- to C+ (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.

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 macroeconomic models.

  6. Explain major macroeconomic concepts and terms.

Assessment Methods

Type Name Description Weight
COURSEWORK On-line Test

Multiple choice online test focusing on economic growth and classical open economy

10
CLASS TEST Class Test

The class test will comprise a multiple parts exercise about classical economy. It will also present a few short answer questions about Keynesian theory, aggregate supply, unemployment and expectations.

25
EXAM Final Examination S2 2.5hrs

The exam will be composed of three parts: a multiple part exercise, short answer questions and essay questions.

65

Teaching and Learning Strategy

Hours
Lecture

Lectures: 3 hours lecture per week. The last hour in each week will be dedicate to tutorials and exercise solving.

30
Private study

Students need to prepare for lectures, attempt to solve the tutorials and study the material provided.

170

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

Resource implications for students

Students only need one out of the two books. The book I mostly recommend is the one by Mankiw costs £62.99, but is available used for about £20.

Talis Reading list

http://readinglists.bangor.ac.uk/modules/asb-2308.html

Pre- and Co-requisite Modules

Pre-requisites:

Pre-requisite of:

Courses including this module

Compulsory in courses:

Optional in courses: