Module overview
The aims of the module are to develop a simple dynamic framework in order to:
(b) give microeconomic foundation to macroeconomic analysis,
(a) learn to approach macroeconomic problems from a general equilibrium perspective,
(c) enable students to evaluate critically the policy debate with the methods and tools developed by economists.
Pre-requisite for ECON3010
Linked modules
prerequisites: ECON1021 and (ECON1007 or MATH1024) and (ECON1008 or ECON1005 or MATH1058 and MATH1059).
Aims and Objectives
Learning Outcomes
Knowledge and Understanding
Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:
- the microeconomic foundations and tehir importance in macroeconomic analysis
- the equilibrium approach to macroeconomics.
Subject Specific Intellectual and Research Skills
Having successfully completed this module you will be able to:
- apply the equilibrium approach to macroeconomics as a general method for analysing real-world macroeconomic problems
- assess the implications of this model and to relate them to the implications of alternative theoretical approaches to macroeconomic issues
Syllabus
The module shows how market-clearing models with strong microeconomic foundations can be used to understand real-world phenomena and to evaluate alternative macroeconomic policies. It presents a single, unified framework for the study of short-term business fluctuation and long term economic growth. The approach of the course follows the general recognition of the need to build the microeconomic foundations of macroeconomic analysis - that is, to explain aggregate economic phenomena as the implications of the choices of rational individuals who seek to improve their welfare within their limited means.
The use of microeconomic foundations makes macroeconomics easier to understand because the performance of abstract economic processes like GDP and inflation is linked to something intuitively understood by all -rational individual behaviour.
Learning and Teaching
Teaching and learning methods
.
| Type | Hours |
|---|---|
| Teaching | 28 |
| Independent Study | 122 |
| Total study time | 150 |
Resources & Reading list
General Resources
Lecture notes and problem sets, available on Blackboard.
Textbooks
Stephen D. Williamson (2018). Macroeconomics. Pearson.
Assessment
Assessment strategy
Assessment of the module is through two pieces of coursework (each worth 10% of the final mark) and an end of module examination (80%). Coursework consists of take-home problem sets that is solved by applying the theory and techniques discussed in the lectures. The final assessment tests the ability to use the theoretical concepts and tools learned during the course in the analysis and critical evaluation of macroeconomic problems and policies. This is accompanied by continuous formative assessment in form of problem sets. This is the same for internal repeat. Assessment for external repeat and referral is through end of module examination.
Summative
This is how we’ll formally assess what you have learned in this module.
| Method | Percentage contribution |
|---|---|
| Coursework | 10% |
| Coursework | 10% |
| Final Assessment | 80% |
Referral
This is how we’ll assess you if you don’t meet the criteria to pass this module.
| Method | Percentage contribution |
|---|---|
| Final Assessment | 100% |
Repeat
An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.
| Method | Percentage contribution |
|---|---|
| Final Assessment | 100% |
Repeat Information
Repeat type: Internal & External