Module description
What is the module about?
This module intends to provide students with theoretical and practical understanding of macroeconomics. The course covers long run and short run analysis of the economy, goods, money and labour market analysis and policy implications. The module is divided into three blocks: (1) very long-run analysis (growth theories), (2) long-run analysis (labour market, money market and inflation analysis) and short-run analysis (IS/LM model and AD/AS). It is planned to have the last lecture as an introductory session to open economy and giving instruction about the exam.Pre-requisites:
Visiting students must have studied an introductory economics course and must also have a good knowledge of calculus and mathematics.
Who should do this module?
This module is aimed at students wanting a deeper understanding of the foundations of the macroeconomy. The module aims to provide students with a solid knowledge of macroeconomic concepts and models and the ability to apply them to economic events. It develops the tools required for third year optional courses involving macroeconomics. The module uses basic maths concepts such as simultaneous linear equations, exponential and logarithmic functions, and differentiation. Knowledge of these concepts will be essential.
Provisional Lecture Outline
Lecture 1: National Income: Where it Comes from and Where it Goes
Lecture 2: Long-run Economic Growth: Growth Theory I and II
Lecture 3: C Unemployment and Labour Market
Lecture 4: The Monetary System and Inflation
Lecture 5: T Introduction to Economic Fluctuations
Lecture 6: Building IS/LM Model
Lecture 7: Applying IS/LM Model
Lecture 8: Aggregate Supply and the Short-Run Trade-off between Inflation & Unemployment
Lecture 9: Dynamic Model of Economic Fluctuation
Lecture 10: Revision and Exam Guidance Open Economy
Assessment details
70% Examination
15% Mid-term Test
15% Test (Video Submission)
Teaching pattern
Weekly Lecture
Weekly Tutorial
Suggested reading list
Burda, Michael and Wyplosz, Charles (2017). Macroeconomics, A European Text, 7th Edition, Oxford University Press.
The main reading for this module is Macroeconomics by N. Gregory Mankiw (9th or 10th Edition). There are some extra readings which will be introduced every week. Students are required to check KEATS for the weekly reading list.