FE4057 - Principles of Macroeconomics (2022/23)
|Module specification||Module approved to run in 2022/23|
|Module title||Principles of Macroeconomics|
|Module level||Certificate (04)|
|Credit rating for module||15|
|School||Guildhall School of Business and Law|
|Total study hours||150|
|Running in 2022/23(Please note that module timeslots are subject to change)||
The module will introduce students to key themes and theories of macroeconomics, providing a secure foundation for students pursuing specialist degrees in Economics, Business Economics, Banking and Finance, Economics and Finance; Economics, Finance and International Business.
Students will be introduced to the main concepts of macroeconomic theory, national income accounting, simple macroeconomic models and policy issues. The module will look at the role of government in managing the national economy and explain the main determinants of economic growth, short-run fluctuations in economic activity and business cycles, inflation, unemployment, balance of payments and exchange rates. Reference will be made to key macro-economic variables and the relationships between these variables. The underlying theme of this module will be the application of macroeconomic principles and policies to contemporary macroeconomic issues, and the exploration of their relevance in the context of business and finance.
The module also aims to develop a number of transferable skills of students, e.g. communication skills, numeracy, research, analytical and problem-solving skills.
Macro-Economic concepts and related issues
Main macroeconomic objectives of a government,
National income accounting: the circular flow of income, expenditure, and product. The relationship between circular flow and withdrawals from and injections to national income.
Aggregate demand and aggregate supply.
Short run economic growth and business cycles. Economic growth and the long run.
Monetary, fiscal and supply side policies.
Demand and supply of money, credit creation and interest determination.
Employment and inflation.
Foreign trade, balance of payments, and determination of exchange rates.
Balance of independent study and scheduled teaching activity
Teaching is structured around a lecture (2 hour) and a seminar (1 hour) session per week. Lecture topics are designed to progress from basic concepts and issues onto more complex ones. Each lecture session will be given a clear context and will then introduce new economic concepts, ideas and applications. This is an effective way for students to discover the operation and the interactive nature of economic theory and to develop their ability to explore economic concepts in real world issues and problems. Lectures are designed to be lively and interactive. Students are encouraged to take part in thought-provoking debates and discussions. Participating in debates, in conjunction with note taking, reinforces students’ understanding of economics and helps improve their oral and analytical skills.
For each seminar session students are given a set of questions and other activities. Students are expected to prepare the answers to these questions before attending their seminar. The seminars will provide an opportunity for students to discuss the topics covered in the lecture session and to work in groups. These activities will help develop students’ comprehension of economic concepts as well as skills relating to academic writing, quantitative analysis and team working.
On successful completion of the module, students will be able to:
1. Demonstrate knowledge and understanding of the main concepts and principles of macro-economic theory
2. Explore the main concepts and principles of macro-economic theory in the context of business.
3. Examine the main concepts and principles of macro-economic theory in the context of finance.
There will be one piece of summative assessment for this module – an exam. The final part seen, part unseen exam will last two hours and will assess the knowledge and understanding of the macroeconomics concepts, theories and policies covered in the module.
As well as the summative assessment described above, there will be a number of formative assessments with instant formative feedback to monitor student progress and to help students prepare for the final exam.
Sloman, J., Guest, J. and Garratt, D. (2018) Economics, 10th Edition, Harlow, Pearson
Case K. E., Fair R.C. and Oster S. E. (2019) Principles of Economics, 13th Edition, Harlowe, Pearson
Mankiw, N. G. and Taylor, M. P. (2017) Economics, Andover, Cengage Learning.
Parkin, M., Powell M. and Mathews K. (2017) Economics, 10th European ed., Harlowe, Pearson
Sloman, J., and Garratt, D. (2019) Essentials of Economics, 8th Edition, Harlow, Pearson
Sloman, J., Garratt, D., Guest, J. and Jones, E. (2019) Economics for Business, 8th Edition, Harlow, Pearson
http://veconlab.econ.virginia.edu games / experiments
www.projects.exeter.ac.uk/feele games / experiments
www.dirkmateer.com film clips
Other online resources at www.economicsnetwork.ac.uk