INTERMEDIATE MACROECONOMICS 2 - 2021/2
Module code: ECO2046
In light of the Covid-19 pandemic, and in a departure from previous academic years and previously published information, the University has had to change the delivery (and in some cases the content) of its programmes, together with certain University services and facilities for the academic year 2020/21.
These changes include the implementation of a hybrid teaching approach during 2020/21. Detailed information on all changes is available at: https://www.surrey.ac.uk/coronavirus/course-changes. This webpage sets out information relating to general University changes, and will also direct you to consider additional specific information relating to your chosen programme.
Prior to registering online, you must read this general information and all relevant additional programme specific information. By completing online registration, you acknowledge that you have read such content, and accept all such changes.
Macroeconomic policy and performance are fundamental to our daily lives. This course gives the students a systematic way of thinking about Macroeconomic issues. The students will end up with a model that they could use independently to understand macroeconomic behaviour and policy issues in the real world.
PRACA CAVACO NUNES Ricardo (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 5
JACs code: L130
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
Indicative content includes:
- New Keynesian micro-foundations, Micro-foundations of consumption choices, Micro-foundations of investment choices
- Monetary policy rules, Incomplete nominal adjustments, The Phillips Curve,
- Stabilization Policy, Rational Expectations and Policy Ineffectiveness, Credibility and Policy Making - Delegation
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||CLASS TEST - 60 MINUTES, SHORT AND IN-DEPTH QUESTIONS||30|
|Examination||2 HOUR EXAMINATION - 2 IN-DEPTH TECHNICAL/ESSAY QUESTIONS||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate
Their skills in inter-temporal optimization and construction and development of the New-Keynesian micro-founded 3 equations macroeconomic model of the business cycle. The assessment strategy for this module consists of a midterm class test where student should demonstrate their skills in problem solving and derivation of the key equations of the model making use of inter-temporal optimization and of a final exam in which the students will have to demonstrate their knowledge of the model and also their ability to analyse past economic phenomena through the lens of the New-Keynesian model of the business cycle.
Thus, the summative assessment for this module consists of:
- A 60 minutes midterm class test.
- A 2 hour final exam covering material from the entire course.
- The exam consists of 2 in-depth technical/essay questions.
Formative assessment and feedback
Students will receive verbal feedback during lectures every week, as well as during the problem-solving tutorials. The solutions to the problem sets are posted online after the tutorials have taken place. Students will receive written feedback on their mid-term class test.
- provide students with an economic model necessary for the study of macroeconomic problems.
- demonstrate how to aggregate microeconomic behaviour of economic agents to analyse macroeconomic performance. Particular preference is made to the micro-foundations of macro models and to the role that imperfections play in labour and product markets and to the role of institutions in designing macroeconomic policies.
|002||Appreciate how different schools of thought approach analysis of macroeconomic problems||KC|
|003||Be aware of the areas of agreement and remaining controversy among different schools of thought||KC|
|004||Understand how to build up economic models based on rational inter-temporal optimizing behaviour of all agents||KCT|
|005||Understand microfundations of consumption and investment||KC|
|006||Understand the role of market imperfections||KC|
|001||Be able to analyze and write about macroeconomic outcomes||PT|
|007||Understand how central banks set monetary policy||KC|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 122
Lecture Hours: 22
Tutorial Hours: 6
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
- Enhance students’ understanding of the economics of macroeconomic policy questions
- Enhance students’ skills in applying analytic tools to macroeconomic policy questions, in presenting their findings in verbal and written format.
The learning and teaching methods include:
- 2-hours lecture per week x 11 weeks.
- 1-hour tutorial x 6 weeks (on selected weeks).
- 122 hours of guided independent study.
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 for INTERMEDIATE MACROECONOMICS 2 : http://aspire.surrey.ac.uk/modules/eco2046
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.