| Unit name | Introduction to Macroeconomics |
|---|---|
| Unit code | ECON10011 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
| Unit director | Dr. Katerina Raoukka |
| Open unit status | Not open |
| Pre-requisites |
A-level Mathematics (or equivalent) |
| Co-requisites |
None |
| School/department | School of Economics, Finance and Management |
| Faculty | Faculty of Social Sciences and Law |
The central aims of this unit are to introduce the concepts and analytical techniques used in modern macroeconomics, to enhance awareness of macroeconomic facts and to encourage ability to use macroeconomic theory to understand and interpret macroeconomic events.
It gradually builds up the standard macroeconomic model – IS-LM Aggregate Demand-Aggregate Supply analysis. Having done so it then uses that model to analyse the behaviour of the major macroeconomic variables such as inflation, unemployment, aggregate output and the interest rate. Finally it analyses government macroeconomic policy: what it is and what it should be.
The emphasis throughout the unit is on using theory to explain current and past macroeconomic problems.
ECON 10011 assumes no prior knowledge of macroeconomics. The exposition is mainly diagrammatic but at times uses simple algebra and a certain amount of differential calculus.
Lectures (27) plus two hours for revision in the summer term. Plus 9 exercise lectures. Plus 15 classes of roughly 14 students.
January in-class test 10%; June exam 90%
The text book for the unit is Olivier Blanchard’s Macroeconomics. Certain chapters in J.M. Keynes “The General Theory of Employment, Interest and Money” are also referenced and increasingly, students are referred to blogs and websites where current macroeconomic issues are discussed by major economists.
