PRINCIPLES OF MACROECONOMICS - 2027/8

Module Overview

In this module we pose the 'big' questions about the economy, study the relevant data, build models that help explain what we observe, and evaluate these models.

Module provider

Economics

Module Leader

MANDILARAS Alexandros (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 4

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

Module Availability

Semester 2

Prerequisites / Co-requisites

None

Module content

This module introduces students to the core concepts and analytical tools of modern macroeconomics using the CORE Macroeconomics framework, covering topics such as economic fluctuations (the business cycle), unemployment & inflation (Phillips Curve), financial cycles, the roles of fiscal and monetary policy in stabilising the economy and long-term growth.

Assessment pattern

Alternative Assessment

None.

Assessment Strategy

The assessment strategy is designed to enable students to demonstrate achievement of the module¿s learning outcomes while supporting the development of analytical reasoning, problem-solving skills, and the ability to interpret macroeconomic mechanisms and policy outcomes.

The summative assessment for this module consists of:

1. A midterm in-person multiple-choice test, which primarily assesses students¿ understanding of key macroeconomic concepts and models covered in the module. The questions require students to interpret economic mechanisms, apply theoretical frameworks, and reason through analytical problems under time constraints.
2. A final in-person examination consisting of essay-based questions, which assesses students¿ ability to explain and critically discuss macroeconomic concepts and policy issues using the analytical frameworks studied in the module.

Formative assessment

Weekly formative self-tests consisting of conceptual and analytical questions with built-in feedback are provided to support student learning and allow students to check their understanding of the material covered in lectures and readings.

Feedback

Immediate feedback is provided through the weekly formative questions and through online polling activities during lectures, which help students identify areas of misunderstanding and reinforce key concepts.

Feedback on summative assessments is provided through the release of solutions and guidance following the midterm test, and students may seek additional clarification and discussion during weekly consultation hours.

Module aims

• To develop students' understanding of key macroeconomic concepts and policy issues using the applied and data-driven approach of the CORE Macroeconomics framework.
• To enable students to interpret and apply core macroeconomic models, including wage-setting/price-setting and aggregate demand/aggregate supply frameworks, in order to analyse contemporary economic developments.
• To develop students' ability to reason critically about macroeconomic outcomes such as inflation, unemployment, and economic fluctuations, drawing on both theoretical mechanisms and empirical evidence.
• To support students in demonstrating their individual understanding of macroeconomic principles and analytical techniques through structured learning activities and in-person assessment.

Learning outcomes

Methods of Teaching / Learning

Teaching on this module combines structured lectures with interactive and formative learning activities designed to promote active engagement and deepen students¿ understanding of macroeconomic concepts. Lectures introduce the key analytical frameworks and policy issues covered in the CORE Macroeconomics units, with emphasis on developing economic intuition and linking theoretical models to real-world macroeconomic developments. To support preparation and structured learning, students are provided with short summaries of the relevant CORE units in advance of each lecture, highlighting key concepts, diagrams, and learning objectives.

During lectures, online polling tools are used to pose conceptual and analytical questions that allow students to test their understanding in real time and receive immediate feedback. These activities encourage participation, help identify common misunderstandings, and create opportunities for discussion and clarification during class.

In addition, each week students are provided with a set of formative assessment questions with built-in feedback, enabling them to check their understanding of the material covered in lectures and readings. These exercises are designed to support independent learning by allowing students to identify gaps in their knowledge and receive immediate explanations that reinforce key concepts and analytical reasoning.

Lectures also focus on the application of economic models to problem-solving exercises and contemporary macroeconomic issues, enabling students to practise interpretation of economic mechanisms and policy outcomes in a guided environment. Together, these teaching and learning methods combine conceptual explanation, active learning, and regular formative feedback, supporting students in developing both a solid understanding of macroeconomic theory and the ability to apply it to real-world economic questions.

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: ECO1019

Other information

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 contributes to the development of these capabilities as follows:

Employability. Students develop analytical reasoning and problem-solving skills by applying macroeconomic models to interpret real-world economic developments and policy issues.

Digital Capabilities. Students engage with digital learning tools, including online polling during lectures and weekly formative assessment questions with automated feedback, to support active learning and monitor their progress.

Global and Cultural Intelligence. The module draws on international economic examples and policy experiences to examine macroeconomic issues across different countries and institutional contexts.

Resourcefulness and Resilience. Regular formative assessments with immediate feedback encourage students to identify gaps in their understanding and develop persistence in tackling analytical economic problems.

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 2027/8 academic year.