Module ASB-3301:
Macroeconomics

Module Facts

Run by Bangor Business School

10 Credits or 5 ECTS Credits

Semester 2

Organiser: Dr Noemi Mantovan

Overall aims and purpose

To familiarise students with the workings of the global economy. The focus is on analysing the behaviour of real world economies in the light of macroeconomic theory. Topics covered will include growth, business cycles and monetary and fiscal policy; stressing the role that each of these elements plays in determining the performance of the global economy.

Course content

Economic growth, physical and human capital, technological progress; Labour market, skills and unemployment; Business cycles, consumption and investment; Fiscal policy, public finances; Monetary policy, money and inflation; International macro, currencies and exchange rates.

Assessment Criteria

threshold

A basic knowledge of course material.

good

In addition to the above, an ability to write analytically on specific issues.

excellent

In addition to the above, the ability to illustrate and enhance arguments and analyses through the use of relevant supporting evidence drawn from the established literature.

Learning outcomes

  1. Analyse the determinants of the long run performance of various economies around the world.

  2. Analyse the determinants of short run economic performance, or business cycles.

  3. Analyse the determinants of inflation and unemployment.

  4. Analyse the inter-linkages between various macro variables.

  5. Understand and explain the principles and motivation underlying government economic policy.

Assessment Methods

Type Name Description Weight
Assignment 25
Examination S2 2hrs 75

Teaching and Learning Strategy

Hours
Private study 80
  One 2-hour lecture per week.  
Lecture 20

Transferable skills

  • 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

Pre-requisites:

Courses including this module

Compulsory in courses:

Optional in courses: