Unit information: Macroeconomic Analysis in 2021/22

Unit name	Macroeconomic Analysis
Unit code	EFIM20037
Credit points	20
Level of study	I/5
Teaching block(s)	Teaching Block 1 (weeks 1 - 12)
Unit director	Dr. Marion Prat
Open unit status	Not open
Pre-requisites	EFIM10008 Mathematical and Statistical Methods and EFIM10026 The Economy OR EFIM10010 Economic Principles and EFIM10024 Probability, Statistics, and Econometrics
Co-requisites	None
School/department	School of Economics
Faculty	Faculty of Social Sciences and Law

Description including Unit Aims

The unit will take a modern look at the macroeconomy, incorporating both recent insights into how the economy works and also pedagogical concerns that macroeconomics has become too mathematical. Students will understand both that (i) macroeconomic models are simplifications of a complicated economy and also; (ii) that such models are only provisionally correct, since they are dependent on empirical verification.

The main topics to be studied will be:

(i) the determinants of long-run economic growth and productivity and income differences between countries;

(ii) the components of aggregate demand - investment and consumers’ expenditure;

(iii) the consequence of market failures in credit and labour markets for macroeconomic behaviour;

(iv) the operation and efficacy of fiscal and monetary policy in developed economies.

Intended Learning Outcomes

Students will be able:

1. To have a basic understanding of how macroeconomic models work and to sketch the derivation of such models;
2. To use economic models to answer hypothetical questions about the operation of the macroeconomy and to draw appropriate policy conclusions;
3. To compare and contrast competing theories of the macroeconomy and to understand the logic of different views of the economy;
4. To understand the conclusions/measurement problems and methods used (albeit without a technical knowledge) by empirical papers in macroeconomics and to evaluate economic models.

Teaching Information

Teaching will be delivered through a combination of synchronous and asynchronous sessions such as online teaching for large and small group, face-to-face small group classes (where possible) and interactive learning activities

Assessment Information

Coursework 1 (1,500 words) (40%)

Coursework 2 (2,500 words) (60%)

Resources

If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIM20037).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

Assessment
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.