Module Catalogue 2017/18

ECO2005 : Macroeconomic Analysis

  • Offered for Year: 2017/18
  • Module Leader(s): Dr Roxana Radulescu
  • Lecturer: Dr David Barlow
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
Semesters
Semester 2 Credit Value: 20
ECTS Credits: 10.0
Pre Requisites
Code Title
ECO1010Mathematics for Economics
ECO1002Economic Analysis
Pre Requisite Comment

N/A

Co Requisites
Code Title
ECO2003Economic Modelling
Co Requisite Comment

Semester 1 material in this new module – Economic Modelling - provides fundamental building blocks for this Semester 2 module – Macroeconomic Analysis. The learning undertaken in Semester 1 of ‘ Economic Modelling’ needs to be undertaken in advance of pursuing this Semester 2 module .

Aims

To equip the student with intermediate-level macroeconomic concepts, and develop students' problem-solving abilities in the context of macroeconomics.

This is the core second-year module in macroeconomic analysis. It is a pre-requisite for several final-year modules in Economics. At a broad level, it is the study of the economy as a whole; and the module focuses on developing skills in macroeconomic analysis that could be applied to any economy in the world. A key emphasis is placed on understanding the relevance of different frameworks for different contexts. The concepts of short run, medium run and long run are central to this process; as is the distinction between open and closed economy modelling. There is also an emphasis on helping students understand contemporary policy-making issues. For example, students have the opportunity to develop knowledge and understanding of a (medium run) macroeconomic framework typical of that used in central banks to support contemporary monetary policy design; and attention is given to preparing students for thinking about fiscal policy and the sustainability of a fiscal stance. The material builds on principles of macroeconomics typically covered in Stage 1 studies and Term1 material in the co-requisite module Economic Modelling, but it is conducted at greater depth and with a much greater reliance on analysis, mainly diagrammatic, but with some mathematics. It is a core module, as it covers the economic techniques that are essential to modern economic analysis at Stage 3 of economics programmes.

Outline Of Syllabus

The demand side – recap of the IS curve
The supply side – the labour market and unemployment
The 3 equation model
Expectations
Money and banking, the financial sector and crises
The 3 equation model in the open economy
Monetary and fiscal policies.

Learning Outcomes

Intended Knowledge Outcomes

A formal and structured understanding of the theory and application of Macroeconomics principles at an intermediate level.
By the end of the module, students will have had opportunity:
-       to develop familiarity with a range of macroeconomic models
-       to develop a critical understanding of a range of macroeconomic models
-       to identify appropriate models for the analysis of particular contexts
-       to undertake macroeconomic analysis using relevant economic models
-       to understand the importance of abstracting and the role of assumptions; and thereby develop a critical appreciation of the macro models they use for analysis

Intended Skill Outcomes

Application of macroeconomic analysis to appropriate topic areas. The use of formal analytical techniques in problem solving.

Graduate Skills Framework

Graduate Skills Framework Applicable: Yes
  • Cognitive/Intellectual Skills
    • Critical Thinking : Assessed
    • Active Learning : Assessed
    • Numeracy : Assessed
    • Literacy : Assessed
    • Information Literacy
      • Source Materials : Present
      • Synthesise And Present Materials : Assessed
  • Self Management
    • Self Awareness And Reflection : Present
    • Planning and Organisation
      • Goal Setting And Action Planning : Present
      • Decision Making : Present
    • Personal Enterprise
      • Independence : Present
      • Problem Solving : Assessed
      • Adaptability : Present
  • Interaction
    • Communication
      • Oral : Present
      • Interpersonal : Present
      • Written Other : Assessed
    • Team Working
      • Collaboration : Present
      • Relationship Building : Present
  • Application
    • Social Cultural Global Awareness : Present

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion164:0064:00N/A
Scheduled Learning And Teaching ActivitiesLecture241:0024:00N/A
Guided Independent StudyDirected research and reading150:0050:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching81:008:00N/A
Scheduled Learning And Teaching ActivitiesDrop-in/surgery41:004:00N/A
Guided Independent StudyIndependent study150:0050:00N/A
Total200:00
Teaching Rationale And Relationship

Lectures provide an in-depth treatment of the core course material; and incorporate student engagement with guided analysis. They will provide the structure through which learners develop familiarity with and understanding of a range of macroeconomic models and frameworks.

Seminars facilitate small group interaction with peers and the seminar leader to reinforce learning: seminar worksheets structure the student learning activity prior, during and after each seminar. The seminars will support learners to identify appropriate models for the analysis of particular contexts and undertake macroeconomic analysis.

Seminars provide each learner with the opportunity to obtain feedback on their understanding to date; and resources made available on Blackboard after seminars provide material for self-assessment of student understanding.

Drop-in/Surgery to deal with specific problems experienced by students and provide a forum for consolidation of understanding.

Private study facilitates review and understanding of lecture material and problem sets.

Reading Lists

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
Written Examination1802A100Candidates will be required to answer 3 questions from a choice of 6 with unrestricted choice
Assessment Rationale And Relationship

The unseen examination is designed to encourage study and test understanding across a range of macroeconomic topics. Student learning and development of analytical skills tends to build and mature over time. End of session summative assessment should give learners maximum opportunity to develop their analytical skills before being formally assessed – and will test their understanding on exit from the programme of learning.

Timetable

Past Exam Papers

General Notes

N/A

Disclaimer: The information contained within the Module Catalogue relates to the 2017/18 academic year. In accordance with University Terms and Conditions, the University makes all reasonable efforts to deliver the modules as described. Modules may be amended on an annual basis to take account of changing staff expertise, developments in the discipline, the requirements of external bodies and partners, and student feedback. Module information for the 2017/18 entry will be published here in early-April 2017. Queries about information in the Module Catalogue should in the first instance be addressed to your School Office.