TOPICS IN MACROECONOMICS - 2018/9

Module code: ECO3043

Module Overview

The module mainly consists of two themes. i) The first theme develops a micro-founded dynamic macro-economy by combining agents and firms in a formal utility maximizing RBC framework. This will demonstrate the art of modern formal modelling in macroeconomics. Thinking in a structured framework and the importance of rigorous arguments will be highlighted.   iii) The second theme focuses on economic growth. The aim is to survey the main models that are currently used to describe the determinants of economic growth. This includes both exogenous and endogenous growth models.

Module provider

Economics

Module Leader

TABASSO N Dr (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 6

JACs code: L130

Module cap (Maximum number of students): N/A

Module Availability

Semester 1

Prerequisites / Co-requisites

ECO2046 Intermediate Macroeconomics II. This course uses algebra, calculus, optimisation and differential equations based on material covered in levels 1 and 2.

Module content

Indicative content includes:


Time, intertemporal preferences, Dynamic optimisation and general equilibrium
The RBC model and applications, The Solow model and important variations
Empirical applications of the neoclassical growth models, Endogenous growth models

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test CLASS TEST - 60 MINUTES, IN-DEPTH TECHNICAL / ESSAY QUESTIONS 30
Examination 2 HOUR EXAMINATION - IN-DEPTH, ANALYTICAL & DISCUSSION ASPECTS 70

Alternative Assessment

n/a

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate:

 

Their technical skills relating to, and understanding of, Dynamic optimisation problems, the basic Real Business Cycle model, and exogenous and endogenous growth models, as well as some of their empirical applications.

 

Thus, the summative assessment for this module consists of:


One 60 minutes coursework test, covering the material of weeks 1-5 and normally held in week 7 or 8. This consists of two in-depth technical / essay questions.
A two-hour long final exam, covering the entire material with a slightly stronger focus on the material of weeks 6-11. Questions are again in-depth and include both analytical and discussion aspects.
The mixture between technical analysis and discussion / interpretation ensures that students are able to demonstrate that they have the skills necessary to apply some of the workhorse models of modern Macroeconomics to important problems, as well as showing their understanding of the real-world applications of these models.


 

Formative assessment and feedback:

 

Students receive verbal feedback during both lectures and tutorials. During lectures, smaller practice exercises are solved and discussed (encouraging students also to work in small groups), while the problems discussed in tutorials are more substantial. Guideline solutions are posted online after tutorials have taken place. Feedback relating to the coursework test is predominantly given individually and in detail on the scripts of students, and main issues are discussed further in a lecture.

Module aims

  • familiarize students with conceptual and appropriate mathematical tools in macroeconomic theory and also to present macroeconomic models that explain economic growth.

Learning outcomes

Attributes Developed
1 Apply static and dynamic optimization KC
2 Understand the micro-foundations of modern macroeconomics KCT
3 Appreciate the insights and applications of the Real Business Cycle model KCT
4 Explain various sources of economic growth KT
5 Discuss the issue of convergence in living standards across countries KC
6 Discuss intuitively and technically the main models of economic growth KCT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Overall student workload

Independent Study Hours: 123

Lecture Hours: 22

Tutorial Hours: 5

Methods of Teaching / Learning

The learning and teaching strategy is designed to:


Enhance student’s analytic skills, and appreciation of complex real-world issues through analytic tools, as well as enhance their skills in presenting their findings in verbal and written format (through discussions in lectures and tutorials as well as written answers to exercises).
Apply appropriate economic tools and principles to complex, important, and intertemporal, problems.


 

The learning and teaching methods include:


2 hour lecture per week x 11 weeks
1 hour tutorial per week x 5 weeks

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

Reading list for TOPICS IN MACROECONOMICS : http://aspire.surrey.ac.uk/modules/eco3043

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Economics and Mathematics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2018/9 academic year.