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On successful completion of the module, students will be able to:
Investigate and illustrate the relationship between the real economy and the monetary sector, and the role of savings and investment for long-term economic growth.
Interpret the impact of monetary and fiscal policy on domestic macroeconomic variables, as well as on exports, imports, and exchange rates.
Compare and contrast the impact of recent global economic trends on different national economies and consider local and global policy solutions.
Use appropriate mathematical and graphical techniques in evaluating government policies within a range of real world issues.
This module will introduce students to a range of intermediate macroeconomic concepts and theories, including theories of production and productivity, national income, consumption, savings, and investment in closed and open economies, currency exchange rates, imports and exports, and the factors determining gross domestic product, employment, the general level of prices, and interest rates. Students will also analyse economic growth through Solow model onwards, the IS curve and the role of aggregate demand and aggregate supply in monetary and fiscal policy analysis, as well as the concepts of money, inflation, employment, and the impact of central banking, financial crises and globalisation on domestic economies.
The module will be delivered via a series of weekly 3-hour teaching blocks, comprising whole-group interactive lecture and seminar covering fundamental theories and applications. Lectures and seminars will be supported by in-depth applied workshops.
The module will present students with selected scenarios for basic analysis in order to develop both analytical competence and the ability to identify and apply appropriate techniques in a range of typical situations. Students will be provided problem sets or be required to create basic models and spreadsheets to explain and illustrate specific concepts related to aggregate supply and demand, exchange rates and balance of payments, central bank interest rate manipulation, and monetary and fiscal policies. Seminars and workshops will also focus on assessment planning, preparation, and research.
The module will make use of current newsworthy case studies and developing business and political trends, and so the nature of the topics and exercises will vary. Students will be provided with, and/or directed to, relevant reading and additional questions/ exercises to support their progress through the module material.
Lectures / seminars
Hours: 30
Intended Group Size: Cohort
Workshops / tutorials
Hours: 10
Intended Group Size: Cohort or variable-size groups
Guided independent study
Hours: 160
Further details relating to assessment
Problem sheet: Student understanding of key concepts like employment, inflation, interest rates, savings and investments, and their ability to measure and predict the impact of monetary measures and fiscal regulations will be tested through a set of five to ten problems requiring graphical or mathematical illustration.
Essay: The second assignment tests students ability to research, collect and interpret data to inform their consideration of the causal relationships between and relative impact of monetary and fiscal policies on employment, inflation, interest rates and exchange rates, and the balance of payments, as well as their ability to model, compare and contrast local and global policy measures.
Formative feedback: Weekly lectures and tutorials are taught in an interactive manner, providing semi-formal discussion and debates, peer critique and feedback, as well as quizzes and individual or group presentations, which offer ample opportunities for ample feedback and feed forward to students before their assignments.
Module Coordinator - Daniel Perez-Ruiz
Level - 5
Credit Value - 20
Pre-Requisites - ECO4012 PRINCIPLES AND APPLICATIONS OF MACROECONOMICS
Semester(s) Offered - 5S2