Run by Bangor Business School
20.000 Credits or 10.000 ECTS Credits
Organiser: Prof John Ashton
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.
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.
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.
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.
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.
Explain the linkages and connections among macroeconomic variables.
Explain major macroeconomic concepts and terms.
Understand the relationships between the domestic economy and the global economy.
Comment critically upon macroeconomic policy.
Solve simple macroeconomic models.
Contrast mainstream macroeconomic models.
|Final Examination S2 2.5hrs||65.00|
Teaching and Learning Strategy
Lectures: 3 hours lecture per week. The last hour in each week will be dedicate to tutorials and exercise solving.
Students need to prepare for lectures, attempt to solve the tutorials and study the material provided.
- 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.
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.