MACROECONOMIC MODELS, THEORIES AND POLICY - 2021/2

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

Economics

Module Leader

NURMIKKO-METSOLA Sanna (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 3

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

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 coursework 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

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.

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

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECO0002

Other information

None

Programmes this module appears in

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 2021/2 academic year.