MACROECONOMIC MODELS, THEORIES AND POLICY - 2019/0

Module code: MAN0006

Module Overview

The focus will be on the macroeconomic environment and the theoretical and conceptual frameworks which underpin it. The module will begin with the introduction of key macroeconomic topics, i.e., economic growth and business cycles, unemployment, inflation and open economy. The focus will then move onto the study of macroeconomic models analysing these topics. The role of fiscal and monetary policy in shaping economic outcomes will also be discussed. The methodological approach will emphasise the use of mathematical tools in the analysis of the theoretical models.

Module provider

Surrey Business School

Module Leader

NURMIKKO-METSOLA S Dr (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 3

JACs code: N120

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

Module Availability

Semester 2

Prerequisites / Co-requisites

None

Module content

Indicative content includes:


Contemporary macroeconomic issues and topics
Core macroeconomic theories and models
Government economic policy
Mathematical skills development

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test Class test 20
Coursework Home Assignment 20
Examination Exam 60

Alternative Assessment

N/A

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of core macroeconomic models. Students will be able to reinforce their mathematical skills development whilst experiencing the pressures of examination conditions.

Thus, the summative assessment for this module consists of:
• A class test
• A home assignment
• An examination

Formative assessment and Feedback

Students will receive verbal feedback during the lectures and seminars through direct questioning. After the class test, the test questions, solutions, and main feedback will be discussed in class. The students will receive individual feedback on their home assignment. All this feedback will help students to judge their own performance and prepare for the final exam. In addition, students will be encouraged to attend office hours to receive further individual feedback.

Module aims

  • Develop an up-to-date knowledge and understanding of the mainstream macroeconomic models and theories
  • Build knowledge of how economies function and how government policies may shape economic outcomes
  • Develop analytical skills to solve and analyse macroeconomic models
  • Develop the ability to analyse and discuss the impact of various shocks on economic outcomes

Learning outcomes

Attributes Developed
001 Understand and engage in discussions and debates on the macroeconomic environment and current economic trends CK
002 Have a comprehensive knowledge of how economies function and how economic outcomes may be influenced by government policies CK
003 Be able to mathematically solve and graphically illustrate core macroeconomic models CKPT
004 Be able to build, develop and enhance personal examination technique T

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Overall student workload

Workshop Hours: 60

Independent Study Hours: 57

Lecture Hours: 22

Seminar Hours: 11

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

The learning and teaching strategy is designed to introduce students to the macroeconomic environment and the theoretical and conceptual frameworks which underpin it. Developing mathematical skills, students will be able to solve and analyse macroeconomic models in order to draw conclusions about economic outcomes. In addition to this, students will be empowered to engage in discussions and debates on the current macroeconomic environment and current economic trends.

Emphasis will be placed on developing analytical skills for interpretation and analysis of macroeconomic theories and models in order to prepare students for the demands of FHEQ level 4.

The learning and teaching methods include:

The learning and teaching methods will include lectures (2 hours per week) and seminars (2 hours per week). Lectures will introduce students to core macroeconomic models and theories. An emphasis will be placed on developing analytical skills to solve macroeconomic models using mathematical tools and graphical illustrations. Seminars will seek to reinforce the knowledge of theories and mathematical skills by providing opportunities to problem solving where these skills and knowledge can be applied.

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 MACROECONOMIC MODELS, THEORIES AND POLICY : http://aspire.surrey.ac.uk/modules/man0006

Other information

None

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Business Economics with Foundation Year BSc (Hons) 2 Compulsory A weighted aggregate mark of 50% is required to pass the module
Economics With Foundation Year BSc (Hons) 2 Compulsory A weighted aggregate mark of 50% is required to pass the module
Economics and Finance With Foundation Year BSc (Hons) 2 Compulsory A weighted aggregate mark of 50% 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 2019/0 academic year.