FOUNDATIONS OF MACROECONOMICS - 2021/2
Module code: ECOM057
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.
Module Overview
The module introduces the main concepts of macroeconomic analysis, building models which allow examination of how macroeconomic policy influences economic performance.
Module provider
Economics
Module Leader
JOO Hyungseok (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 7
JACs code: L130
Module cap (Maximum number of students): N/A
Module Availability
Semester 1
Prerequisites / Co-requisites
None
Module content
Indicative content includes:
- The demand side;
- The supply side;
- The impact of macroeconomic policies;
- The role of expectations;
- Money, banking and the macroeconomy;
- The financial sector and crises;
Assessment pattern
| Assessment type | Unit of assessment | Weighting |
|---|---|---|
| School-timetabled exam/test | Class test (60 min) | 30 |
| Examination | Examination (2 hours) | 70 |
Alternative Assessment
n/a
Assessment Strategy
The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of the module's material, which includes a macroeconomic framework that integrates monetary policy and the financial system.
Thus, the summative assessment for this module consists of:
- 1-hour class test – multiple choice and essay-based questions.
- 2-hour final examination – three compulsory essay/problem-solving questions.
The multiple choice tests and essay/problem-solving questions provide an effective way to examine students’ understanding of underlying concepts and theories as well as technical aspects of the material covered in the module as outlined in the learning outcomes and module content.
Formative assessment and feedback
Students have weekly feedback sessions. For these, students are being provided with a set of exercises relating to the lecture material which they solve independently or in teams. In the feedback sessions, they receive feedback on their answers and guidance on how these answers could be improved. In addition to this, students receive solutions online. Moreover, the marked coursework scripts provide students with individual feedback on their learning and identify potential weaknesses to enhance their performance. Finally, general feedback (verbal and online) is provided after the coursework.
Module aims
- The module aims to provide students with the basic tools of economic analysis necessary for the study of modern macroeconomic problems.
Learning outcomes
| Attributes Developed | ||
|---|---|---|
| 002 | Evaluate the impact of governmental policy (focus on fiscal and monetary policy) on a nation's macroeconomic performance | KCP |
| 003 | Be able to discuss issues related to the dynamics of government budget deficits and debt | KCT |
| 004 | Critically evaluate the appropriateness of macroeconomic models for explaining observed macroeconomic phenomena | KCPT |
| 001 | Demonstrate a critical understanding of the relationships between the main aggregate markets in the economy (e.g., labour, credit, money) and how their interaction determines the dynamics of the economy | KCT |
Attributes Developed
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 121
Lecture Hours: 20
Tutorial Hours: 9
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
- enhance written and verbal presentation skills as well as problem-solving and analytical skills
- enhance skills in discussing and reasoning about macroeconomic problems by using a conceptually rigorous analytical framework
- appreciate the role of market imperfections on macroeconomic policy and performance
The learning and teaching methods include:
- 2 hour lecture per week x 11 weeks
- 1 hour feedback session per week x 10 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
https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECOM057
Programmes this module appears in
| Programme | Semester | Classification | Qualifying conditions |
|---|---|---|---|
| Economics MA | 1 | 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 2021/2 academic year.