INTERMEDIATE MACROECONOMICS 1 - 2017/8

Module code: ECO2052

Module provider

Economics

Module Leader

ARSENIS P 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 1

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 - MULTIPLE CHOICE AND ESSAY QUESTIONS 30
Examination EXAM - 2 HOURS - ESSAY/PROBLEM SOLVING QUESTIONS 70

Alternative Assessment

Not applicable

Prerequisites / Co-requisites

None

Module overview

The module builds on the New Keynesian framework to analyse the role of market imperfections in short- and medium-run marcoeconomics, and examines how macreconomic policy influences economic performance.

Module aims

Provide students with the basic tools of economic analysis necessary for the study of modern macroeconomic problems;

Help students to understand macroeconomic policy issues that relate to market imperfections, and how institutional changes influence macroeconomic performance.

Learning outcomes

Attributes Developed
Demonstrate a critical understanding of the relationships between the main macroeconomic variables KCT
Identify the role of trade unions in macroeconomic policy KC
Evaluate the impact of governmental policy and institutional change on a nation's macroeconomic performance KCP
Be able to discuss issues related to the dynamics of government budget deficits and debt KCT
Appreciate the role and implications of different exchange rate regimes in macroeconomic policy KCT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:


The demand side;
The supply side;
The 3-equation model and macroeconomic policy;
Expectations;
Money, banking and the macro-economy;
The financial sector and crises;
The global financial crisis: applying the models.

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
appreciate the role of market imperfections and institutional structures on macroeconomic policy and performance


The learning and teaching methods include:


2 hour lecture per week x 11 weeks
1 hour feedback session per week x 5 weeks

Assessment Strategy

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

Awareness of the links between main macroeconomic variables in a New Keynesian framework, critical understanding of policies aiming to attain fiscal and monetary objectives, ability to evaluate such policies and recognise the issues that may arise in policy implementation.

Thus, the summative assessment for this module consists of:


30% Class test – multiple choice and one essay questions.
70% Final Exam -  two essay/problem-solving questions out of a choice of four.


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 fortnightly 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

Reading list

Reading list for INTERMEDIATE MACROECONOMICS 1 : http://aspire.surrey.ac.uk/modules/eco2052

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Economics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics and Finance BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics and Mathematics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Business Economics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Politics and Economics BSc (Hons) 1 Compulsory A weighted aggregate mark of 40% is required to pass the module
Liberal Arts and Sciences BA (Hons)/BSc (Hons) 1 Optional A weighted aggregate mark of 40% 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 2017/8 academic year.