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Unit information: Intermediate Economics 1 with Extended Essay in 2018/19

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Unit name Intermediate Economics 1 with Extended Essay
Unit code EFIM30022
Credit points 30
Level of study H/6
Teaching block(s) Teaching Block 1 (weeks 1 - 12)
Unit director Professor. Jolivet
Open unit status Not open
Pre-requisites

None

Co-requisites

None

School/department School of Economics, Finance and Management
Faculty Faculty of Social Sciences and Law

Description

This unit is only available to Graduate Diploma students.

The course develops economic theory at an intermediate level.

At the microeconomic level it considers the impact of asymmetric information, uncertainty and strategic interaction.

At the macroeconomic level it studies economic growth, modern consumption theory and a dynamic 3-equation macro framework that will allow students to achieve a deeper understanding of the determinants of key macro variables.

Intended learning outcomes

Students should be able to:

1. Demonstrate a good understanding of a variety of games, the importance of information and beliefs, and solution concepts.

2. Understand the implications of uncertainty and asymmetric information in a variety of economic settings.

3. Formalize an economic problem using the models presented and use the models to undertake analyses.

4. Understand the basic theories of economic growth and development, including the key concepts of capital accumulation, technological progress and development traps.

5. Demonstrate a solid understanding of modern dynamic consumption theories, including the ideas of prudence and precautionary behaviour and be able to apply this knowledge to the real world.

6. Analyse the behaviour of the output gap, the interest rate and the rate of inflation using a dynamic, rational expectations 3-equation model of an economy that is disturbed by various shocks.

Teaching details

28 Lectures

8 Exercise Lectures

9 classes

Assessment Details

Summative assessment

1. Three hour closed book exam.

2. Extended essay

Diploma students follow the same programme of study as second year undergraduates taking Intermediate Economics 1. In addition to the exam students will complete an extended essay (3,500 words) on a set topic. This is to give students an opportunity for more extended study and the writing of a critical survey of more recent research, and will provide a useful basis for any future work at postgraduate level.

Final assessment in this unit will be based on a weighted average of the examination (67%) and extended essay (33%) and the unit as a whole will be worth 30 credit points.

The assessment examines the ILOs.

Formative assessment

Six short assignments consisting mainly of problems.

Reading and References

J. Perloff, Microeconomics, Pearson.

R. Gibbons, A Primer in Game Theory, Prentice Hall.

F.Cowell, Microeconomics, Oxford University Press.

Lecture notes for the macro component of the unit.

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