INTERMEDIATE MACROECONOMICS 2 - 2017/8

Module code: ECO2046

Module provider

Economics

Module Leader

CANTORE C Dr (Economics)

Number of Credits

15

ECT Credits

7.5

Framework

FHEQ Level 5

JACs code

L130

Module cap (Maximum number of students)

N/A

Module Availability

Semester 2

Overall student workload

Independent Study Hours: 123

Lecture Hours: 20

Tutorial Hours: 5

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test CLASS TEST - 90 MINUTES, SHORT AND IN-DEPTH QUESTIONS 30%
Examination 2 HOUR EXAMINATION - 2 IN-DEPTH TECHNICAL/ESSAY QUESTIONS 70%

Alternative Assessment

Not applicable

Prerequisites / Co-requisites

None

Module overview

Macroeconomic policy and performance are fundamental to our daily lives.  This course gives the students a systematic way of thinking about Macroeconomic issues. The students will end up with a model that they could use independently to understand macroeconomic behaviour and policy issues in the real world.

Module aims

provide students with an economic model necessary for the study of macroeconomic problems.

demonstrate how to aggregate microeconomic behaviour of economic agents to analyse macroeconomic performance. Particular preference is made to the micro-foundations of macro models and to the role that imperfections play in labour and product markets and to the role of institutions in designing macroeconomic policies.

Learning outcomes

Attributes Developed
Appreciate how different schools of thought approach analysis of macroeconomic problems KC
Be aware of the areas of agreement and remaining controversy among different schools of thought KC
Understand how to build up economic models based on rational inter-temporal optimizing behaviour of all agents KC
Understand microfundations of consumption and investment KC
Understand the role of market imperfections KC

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:


New Keynesian micro-foundations, Micro-foundations of consumption choices, Micro-foundations of investment choices
Monetary policy rules, Incomplete nominal adjustments, The Phillips Curve,
Stabilization Policy, Rational Expectations and Policy Ineffectiveness, Credibility and Policy Making - Delegation

Methods of Teaching / Learning

The learning and teaching strategy is designed to:


Enhance students’ understanding of the economics of macroeconomic policy questions
Enhance students’ skills in applying analytic tools to macroeconomic policy questions, in presenting their findings in verbal and written format.


The learning and teaching methods include:


2 hour lecture per week x 11 weeks
1 hour tutorial per week focusing on exercise based learning x 5 weeks.

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate

Their skills in inter-temporal optimization and construction and development of the New-Keynesian micro-funded 3 equations macroeconomic model of the business cycle. The assessment strategy for this module consists of a midterm class test where student should demonstrate their skills in problem solving and derivation of the key equations of the model making use of inter-temporal optimization and of a final exam in which the students will have to demonstrate their knowledge of the model and also their ability to analyse past economic phenomena through the lens of the New-Keynesian model of the business cycle.

Thus, the summative assessment for this module consists of:


A 90 minutes midterm class test in week 6 covering material from weeks 1-5.
Part A of the test consists of 3 short questions, carrying a combined weight of 30 percent toward the final mark of the test. These questions are designed to assess students’ understanding of the basic concepts.
Part B of the test consists of 2 more in-depth technical/essay questions, carrying a combined weight of 70 percent toward the final mark of the test. These questions are designed to assess students’ understanding of macroeconomic policy questions and their ability to apply analytical tools to address them.
A 2 hour final exam covering material from the entire course.
The exam consists of 2 in-depth technical/essay questions.


Formative assessment and feedback

Students will receive verbal feedback during lectures every week, as well as during the problem-solving tutorials every two weeks. The solutions to the problem sets are posted online after the tutorials have taken place. Students will receive written feedback on their mid-term class test individually.

Reading list

Reading list for INTERMEDIATE MACROECONOMICS 2 : http://aspire.surrey.ac.uk/modules/eco2046

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 2017/8 academic year.