Run by Bangor Business School
10 Credits or 5 ECTS Credits
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.
The content is divided in six main topics: 1. Economic growth, with analysis of both the Solow model and endogenous growth models. The module will provide a detailed description of physical and human capital, and total factor productivity. 2. Labour market. Analysis of both demand and supply of labour, as well as models of competing monopolies. Also, discussion of unemployment and the effects of institutional factors, including the effects of employment protection legislation. 3. Business cycles, with a specific focus on consumption and investment and different economic school of thoughts (Keynesian and Real Business Cycle). 4. Fiscal policy and public finances: this topic will focus on taxation, government consumption and government debt. 5. Monetary policy: this topic will focus on different approaches to monetary policy in theory and in practice, including a detailed discussion of the operating and intermediate instruments of monetary policy. It will also entail discussion of inflation and money demand and supply. 6. International macro: this topic will focus on currencies and exchange rates as well as international trade and trade policy.
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.
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.
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.
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.
Analyse the inter-linkages between various macro variables.
Understand and explain the principles and motivation underlying government economic policy.
Analyse the determinants of the long run performance of various economies around the world.
Analyse the determinants of short run economic performance, or business cycles.
Analyse the determinants of inflation and unemployment.
The assignment is a very short research project. It shows the ability of the student to understand and critically analyse a current economic problem using the theory learned in class. It can be about any of the topic areas of the module.
The exam comprises six essay questions, each relating to a topic analysed in the class. Students are required to answer 3 essay questions, linking economic theory to economic events and policies.
Teaching and Learning Strategy
Students are required to perform some simple independent research, as well preparation for lectures, and reading the material available on blackboard
Lectures are both in the form of frontal lectures and of group discussion facilitated by the lecturer.
- 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.
Resource implications for students
The core book costs £57.99 is available for about £20 is used. The students are also provided with weekly readings via blackboard, those are all free of charge.
Talis Reading listhttp://readinglists.bangor.ac.uk/modules/asb-3301.html
Pre- and Co-requisite Modules
Courses including this module
Compulsory in courses:
- LN15: BA Accounting & Economics (with International Experience) year 4 (BA/ECAIE)
- L1T1: BA Economics and Chinese year 4 (BA/ECCH)
- LR13: BA Economics/Italian year 4 (BA/ECIT)
- LL13: BA Sociology/Economics year 3 (BA/ECS)
- LL2B: BA Sociology & Economics (4 yr with Incorporated Foundation) year 3 (BA/ECS1)
- LR14: BA Economics/Spanish year 4 (BA/ECSP)
- LR11: BA French/Economics year 4 (BA/FREC)
- LR12: BA German/Economics year 4 (BA/GEC)
- LV11: BA History/Economics year 3 (BA/HEC)
- LL14: BA Social Policy/Economics year 3 (BA/SPEC)
- LL1B: BA Social Policy & Economics (4yr with Incorp Foundation) year 3 (BA/SPEC1)
- NL41: BSc Accounting and Economics year 3 (BSC/ACCEC)
- NL4B: BSc Accounting and Economics (4 year with Incorp Foundation) year 3 (BSC/ACCEC1)
- NL42: BSc Accounting and Economics with International Experience year 4 (BSC/AEIE)
- L190: BSc Business Economics year 3 (BSC/BEC)
- L19B: BSc Business Economics (4 year with Incorporated Foundation) year 3 (BSC/BEC1)
- L191: BSc Business Economics with International Experience year 3 (BSC/BECIE)
- L192: BSc Business Economics (Bangor International College) year 3 (BSC/BICBE)
- L193: BSc Financial Economics (Bangor International College) year 3 (BSC/BICFE)
- L111: BSc Financial Economics year 3 (BSC/FINEC)
- L11B: BSc Financial Economics (4 year w Incorporated Foundation) year 3 (BSC/FINEC1)
Optional in courses:
- NG10: BA Business and Computer Information Systems year 3 (BA/BCIS)
- 8V55: BSc Banking and Finance (with International Experience) year 3 (BSC/BFIE)
- N391: BSc Banking and Finance year 3 (BSC/BFIN)
- N39B: BSc Banking and Finance (4 year w Incorporated Foundation) year 3 (BSC/BFIN1)
- N324: BSc Banking and Finance (Bangor International College) year 3 (BSC/BICBF)