FOUNDATIONS OF MACROECONOMICS - 2023/4
Module code: ECOM057
The module introduces the main concepts of macroeconomic analysis, building models which allow examination of how macroeconomic policy influences economic performance. This module starts with micro foundation of macroeconomics, including intra and intertemporal optimization. Then it explores topics such as financial market, credit market frictions, money and banking, and business cycles. It is very important for the students with up to recent economic events and apply economic theory.
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
Overall student workload
Workshop Hours: 11
Independent Learning Hours: 88
Lecture Hours: 11
Tutorial Hours: 9
Captured Content: 31
Prerequisites / Co-requisites
Indicative content includes:
- The demand side
- The supply side
- The impact of macroeconomic policies
- The role of expectations
- Money, banking and the macroeconomy
- Business cycles: real business and New Keynesian model
- The financial sector and crises
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||Class test||30|
|Examination Online||Final Examination||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of themodule's material, which includes a macroeconomic framework that integrates monetary policy and the financial system.
Thus, the summative assessment for this module consists of:
- a class test
- a final examination
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.
- The module aims to provide students with the basic tools of economic analysis necessary for the study of modern macroeconomic problems.
|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|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
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. Furthermore, this will ensure students to achieve the module’s learning outcome and develop competencies such as employment, global capacities, and resourcefulness and resilience.
The learning and teaching methods include:
- Tutorials/feedback sessions
- Captured content
- 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.
Upon accessing the reading list, please search for the module using the module code: ECOM057
In line with the University's curriculum framework, the School of Economics is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability and Resourcefulness and Resilience. This module is designed to allow students to develop knowledge, skills, and capabilities in the following areas:
Resourcefulness and resilience
Students in this module will develop their understanding and skills through continuous assessment and feedback in tutorials. Tutorial feedback sessions are designed to get you provide you with the opportunity to ask question and understand the topics better.
Real life examples will be utilized in this module which will build students global capabilities to analyses macroeconomic events.
This module will provide students with skills for placement and study abroad by developing independent judgement and analytic investigation. They also improve their ability to synthesize ideas through discussion of current events and solving given assignments.
Programmes this module appears in
|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 2023/4 academic year.