EC201-5-FY-CO:
Macroeconomics (Intermediate)

The details
2019/20
Economics
Colchester Campus
Full Year
Undergraduate: Level 5
Current
Thursday 03 October 2019
Friday 26 June 2020
30
17 September 2019

 

Requisites for this module
EC111 or IA151 or IA153
(none)
(none)
(none)

 

EC324, EC368

Key module for

BSC N233 Actuarial Science (Including Placement Year),
BSC N323 Actuarial Science,
BSC N324 Actuarial Science (Including Year Abroad),
BSC N325 Actuarial Science (Including Foundation Year),
BA 0F66 Economics (Including Placement Year),
BA L100 Economics,
BA L102 Economics (Including Foundation Year),
BA L106 Economics (Including Year Abroad),
BSC 0E45 Economics (Including Placement Year),
BSC L101 Economics,
BSC L103 Economics (Including Foundation Year),
BSC L107 Economics (Including Year Abroad),
BSC L1G2 Economics and Mathematics (Including Placement Year),
BSC LG11 Economics and Mathematics,
BSC LG18 Economics and Mathematics (Including Foundation Year),
BSC LG1C Economics and Mathematics (Including Year Abroad),
BSC L1G1 Economics with Mathematics,
BSC L1G3 Economics with Mathematics (Including Placement Year),
BSC L1G8 Economics with Mathematics (Including Foundation Year),
BSC L1GC Economics with Mathematics (Including Year Abroad),
BA 5A84 Financial Economics (Including Placement Year),
BA L111 Financial Economics,
BA L118 Financial Economics (Including Foundation Year),
BA L195 Financial Economics (Including Year Abroad),
BSC 0Q64 Financial Economics (Including Placement Year),
BSC L114 Financial Economics,
BSC L117 Financial Economics (Including Foundation Year),
BSC L194 Financial Economics (Including Year Abroad),
BA L900 International Development,
BA L901 International Development (Including Year Abroad),
BA L902 International Development (Including Placement Year),
BA 9O47 International Economics (Including Placement Year),
BA L115 International Economics,
BA L160 International Economics (Including Foundation Year),
BA L163 International Economics (Including Year Abroad),
BSC 5H18 International Economics (Including Placement Year),
BSC L116 International Economics,
BSC L161 International Economics (Including Foundation Year),
BSC L162 International Economics (Including Year Abroad),
BA 9L11 Management Economics (Including Placement Year),
BA L108 Management Economics,
BA L190 Management Economics (Including Foundation Year),
BA L192 Management Economics (Including Year Abroad),
BSC 5M00 Management Economics (Including Placement Year),
BSC L109 Management Economics,
BSC L191 Management Economics (Including Foundation Year),
BSC L193 Management Economics (Including Year Abroad),
BA P560 Journalism and Economics,
BA P561 Journalism and Economics (Including Placement Year),
BA P562 Journalism and Economics (Including Year Abroad),
BA L1R0 Economics with a Modern Language,
BSC LG01 Economics with Computing,
BSC LG02 Economics with Computing (Including Year Abroad),
BSC LG03 Economics with Computing (Including Placement Year),
BA C841 Economics with Psychology,
BA C851 Economics with Psychology (Including Year Abroad),
BA C861 Economics with Psychology (Including Placement Year),
BSC C148 Economics with Psychology,
BSC C158 Economics with Psychology (Including Year Abroad),
BSC C168 Economics with Psychology (Including Placement Year)

Module description

National income accounting; theories of growth; the government budget, fiscal and monetary policies in the short-run; balance of payments and exchange rates; international monetary regimes and domestic stabilization policies; wage-price flexibility and adjustment to macroeconomic shocks; unemployment, inflation, and the natural rate; monetary policy, dynamic inconsistency, and credibility; microfoundations of sticky wages and prices; microfoundations of aggregate consumption; the quantity theory of money and monetarism.

The aim of the module is to familiarize the student with the tools of macroeconomic analysis and show how these tools can be applied in macro-policy issues. Upon successful completion of the course students should be able to build alternative macroeconomic models; apply analytical reasoning to derive and compare their main predictions; conceptualize actual macroeconomic questions by means of these models; and evaluate critically alternative macroeconomic policies.

The module contributes towards the key skills of problem solving, numeracy, communication, and time management.

Employability skills include: Academic skills: literacy, numeracy and ICT skills, research, information and communication skills. Professional working skills: adaptability; flexibility, decision-making.
External awareness: knowledge of work, creativity and originality.
Personal development planning: Time management, target setting and action planning, self management, reflection and evaluation

Module aims

The aim of the module is to familiarize the student with the tools of macroeconomic analysis and show how these tools can be applied in macro-policy issues. Upon successful completion of the course students should be able to build alternative macroeconomic models; apply analytical reasoning to derive and compare their main predictions; conceptualize actual macroeconomic questions by means of these models; and evaluate critically alternative macroeconomic policies.

The module contributes towards the key skills of problem solving, numeracy, communication, and time management.

Module learning outcomes

Employability skills include: Academic skills: literacy, numeracy and ICT skills, research, information and communication skills. Professional working skills: adaptability; flexibility, decision-making.
External awareness: knowledge of work, creativity and originality.
Personal development planning: Time management, target setting and action planning, self management, reflection and evaluation.

Module information

National income accounting; theories of growth; the government budget, fiscal and monetary policies in the short-run; balance of payments and exchange rates; international monetary regimes and domestic stabilization policies; wage-price flexibility and adjustment to macroeconomic shocks; unemployment, inflation, and the natural rate; monetary policy, dynamic inconsistency, and credibility; microfoundations of sticky wages and prices; microfoundations of aggregate consumption; the quantity theory of money and monetarism.

Learning and teaching methods

2 lecture hours per week, weeks 2-11, 16-25, 1 class per week, weeks 3-11, 16-25, 30. Feedback for this module will occur through class meetings where we will go over the answers to problem sets and where you will be able to ask questions about your own method of solution; answers that will be posted on the website for the module that will give you written guidance on the appropriate method to approach the problems, assignments, and tests; and office hours where any additional questions can be addressed. You should be sure that you use these methods to understand how to improve your own performance. For modules including a term paper, the term paper will be returned with individualised feedback that addresses what the marking criteria are and how you could improve your own work.

Bibliography

  • Mankiw, N. Gregory. (2016) Macroeconomics, New York: Worth Publishers.

The above list is indicative of the essential reading for the course. The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students. Further reading can be obtained from this module's reading list.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Weighting
Coursework Autumn Term Test (Timetabled for Monday 18 November 2019, week 8)
Coursework Spring Term Assignment 12/02/2020
Exam 180 minutes during Summer (Main Period) (Main)

Overall assessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Reassessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Module supervisor and teaching staff
Lecture: Prof Gianluigi Vernasca (Autumn) & Lukas Mayr (Spring) / Classes: various teachers
For further information, send an email message to ueco@essex.ac.uk.

 

Availability
Yes
Yes
No

External examiner

Prof Aditya Goenka
The University of Birmingham
Chair
Resources
Available via Moodle
Of 299 hours, 291 (97.3%) hours available to students:
8 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s).

 

Further information
Economics

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